By Svea Herbst-Bayliss

A pedestrian casts a shadow on a Harvard University sign after U.S. President Donald Trump said that his administration was close to a deal with Harvard University, in Cambridge, Massachusetts, U.S., September 30, 2025. REUTERS/Brian Snyder Purchase Licensing Rights , opens new tab

BOSTON, Oct 16 (Reuters) – The value of Harvard University’s endowment, the world’s largest among universities, grew by nearly $4 billion to $56.9 billion in fiscal 2025 on the back of strong investment returns even as the Trump administration cut the school’s research funding.

Harvard Management Co, the university’s investment arm, said on Thursday it earned an 11.9% return in the fiscal year that ended June 30. The return beat the school’s long-term target of 8%, according to its annual report. In fiscal 2024, Harvard’s endowment earned a 9.6% return to total $53.2 billion.

The school said it also received a record $600 million in unrestricted gifts from alumni and friends as its battles with the Trump administration made news headlines.

President Donald Trump accused Harvard of fostering antisemitism on campus amid Israel’s war in Gaza, but critics said the charge was a pretext for a broader campaign against what Trump views as anti-conservative bias in academia.

The dispute, now playing out in court, also involves federal efforts to cut research funding and restrict international student enrollment at the university.

The school’s endowment allocated 41% of its assets to private equity investments and 31% to hedge funds, and kept its allocation to public equities unchanged at 14%, Harvard Management Chief Executive N.P. Narvekar wrote in a letter.

by having less public than private equity, HMC’s performance overall was bolstered by discerning manager selection,” Narvekar wrote, referring to the endowment’s use of outside investment advisers.

Returns from Ivy League schools like Harvard are watched closely because they pioneered practices like using hedge funds and private equity funds, and they are under even more scrutiny due to the current political battles.

“We continue to adapt to uncertainty and threats to sources of revenue,” Harvard President Alan Garber wrote, without naming Trump.

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