Pension Funds & Endowments

Pension Funds & Endowments
July 2026

Status and Trends of Unfunded Liabilities of State and Local Pension Funds 2024

Hoover Institution

Oliver Giesecke

Research

46 Pages

Oliver Giesecke examines the true size of U.S. state and local pension liabilities by comparing traditional actuarial accounting with market-based valuation.

Read more
Pension Funds & Endowments
June 2026

University Endowments Are About to Strike It Big on the SpaceX IPO

The Wall Street Journal

Juliet Chung

Article

3 Pages

The Wall Street Journal explores how SpaceX has become one of the most consequential investments in higher education endowments.

Read more
Pension Funds & Endowments
June 2026

US Endowment Study: Top 17 Funds Asset Allocation, Risk, and Risk-Adjusted Returns

CAIA Association

Mila Sherman

Research

8 Pages

CAIA Association examines how the top 17 U.S. endowments differ in allocation, risk, and efficiency.

Read more
Pension Funds & Endowments
March 2026

Annual Pension Review “First Take”

Goldman Sachs

Michael Moran

Research

19 Pages

In its 24th year, the Pension Review “First Take” analyzes the 50 largest US Defined Benefit plans in the S&P 500 based on asset values to review the factors that impacted corporate DB plan sponsors in 2025 and share potential trends for 2026.

Read more
Annual Report
March 2026

2025 Public Pension Funding Study

Milliman

Research

17 Pages

The Milliman Public Pension Funding Study annually explores the funded status of the 100 largest U.S. public pension plans.

Read more
Annual Report
March 2026

2026 Global Family Office Report

J.P. Morgan Asset Management

Research

47 Pages

J.P. Morgan’s report shares a comprehensive look at today’s family office landscape. It features 333 offices from 30 countries and an average net worth of $1.65 billion.

Read more
Pension Funds & Endowments
February 2026

2025 NACUBO – Commonfund Study of Endowments

Nacubo

Research

13 Pages

The 2025 NACUBO-Commonfund Study of Endowments has data based on 657 colleges managing just under $944 billion in endowment assets. NCSE reports a 10-year average annual return of 7.7% in fiscal year 2025.

Read more
Annual Report
December 2025

The Asset Owner 100

Thinking Ahead Institute

Research

16 Pages

The study reveals the world’s 100 largest asset owners are now responsible for US$ 29.3 trillion as of the end of 2024; experiencing an increase in assets of 11.3% compared to the previous year.

Read more
Portfolio Management
November 2025

The Next Chapter for U.S. Corporate Pension Plans

KKR

Research

14 Pages

KKR looks at how stronger funded status and shorter liabilities are reshaping U.S. corporate pension plans.

Read more
Portfolio Management
September 2025

A Closer Look at Long-term Returns

Commonfund

Research

5 Pages

The 2024 CCSF Study shares a closer look at long-term returns for foundations.

Read more
Portfolio Management
September 2025

Global Pension Assets Study

Thinking Ahead Institute

Research

44 Pages

The Thinking Ahead Institute published their Global Pension Assets Study, covering $58 trillion across 22 markets.

Read more
Portfolio Management
September 2025

Adapting to the Terrain: 2025 Family Office Investment Insights

Goldman Sachs

Research

44 Pages

Goldman Sachs published their 2025 Family Office Investment Insights report.

Read more
Portfolio Management
July 2025

The Risk, Reward, and Asset Allocation of Nonprofit Endowment Funds

Richard Ennis

Research

79 Pages

The authors analyze more than 800 U.S. nonprofit endowments to assess their performance, asset allocation, and risk-adjusted outcomes over two decades.

Read more
Alternative Assets
May 2025

The Demise of Alternative Investments

Richard Ennis

Research

21 Pages

Richard Ennis argues that alternative investments bring extraordinary costs but ordinary returns.

Read more
Markets
November 2024

The Asset Owner 100

Thinking Ahead Institute

Research

69 Pages

Explore the global asset management landscape through an analysis of the world’s 100 largest asset owners, uncovering their scale, influence, and the key themes reshaping the investment world today.

Read more
Portfolio Management
September 2024

Are private assets worth the effort? A study of their impact on endowments and foundations’ returns and spending

Fidelity Investments

Ian Johnson, Erika Murphy, Emil Iantchev

Research

9 Pages

Fidelity’s analysis shows nonprofits can potentially both improve investment performance and reduce spending volatility by accessing above-median private market managers.

Read more
Portfolio Management
May 2024

Analysis of Large US University Endowment Outperformance

True North Institute

Stan Miranda, David Hurdle

Research

29 Pages

Stan Miranda analyzed the performance of 12 large US university endowments and shares four key takeaways.

Read more
Portfolio Management
March 2024

FY2023 Ivy Report Card: Volatility Laundering and the Hangover from Private Markets Investing

Research

10 Pages

Fiscal year 2023 proved challenging for Ivy and elite endowments, which underperformed both smaller endowments and global benchmarks.

Read more
Portfolio Management
December 2023

Endowment asset allocations: insights and strategies

Research

20 Pages

This paper highlights the importance of asset allocation in portfolio performance, along with the relevance of various asset classes (including International Equity, Real Estate, and Natural Resources) over time.

Read more
Pension Funds & Endowments
April 2022

Endowments Record Their Best Performance Since 1989

Pictet

Research

5 Pages

Pictet Wealth Management examines why US university endowments delivered their strongest results in decades.

Read more
Pension Funds & Endowments
April 2022

Endowment and Foundation Annual Newsletter

Meketa

Research

9 Pages

Meketa Investment Group reviews the extraordinary 2021 market environment and how it translated into outcomes for endowments and foundations.

Read more
Pension Funds & Endowments
April 2022

2021 NACUBO-TIAA Study of Endowments

Nacubo

Research

16 Pages

TIAA and NACUBO analyze how US college and university endowments invested and performed in fiscal 2021.

Read more
Portfolio Management
November 2020

The Risk Report

Northern Trust

Research

19 Pages

Northern Trust Asset Management examines why institutional equity portfolios often fail to deliver intended outcomes, focusing on hidden risk exposures and portfolio construction decisions.

Read more
Portfolio Management
July 2020

2019 Endowment Update

Yale University

Research

32 Pages

Yale Investments outlines its endowment strategy, emphasizing long-term investing, illiquid assets, and disciplined spending to balance growth with stability.

Read more
Portfolio Management
June 2020

The COVID-19 Crash And The Abandonment Of The Pensioner

Research Affiliates

Rob Arnott

Research

14 Pages

Research Affiliates examines how the COVID-19 market shock exposed and accelerated structural weaknesses in pension systems, particularly through collapsing interest rates and rising liabilities.

Read more
Portfolio Management
September 2019

Global Pension Assets Study 2019

Thinking Ahead Institute

Roger Urwin

Research

41 Pages

Thinking Ahead Institute explores the evolution of global pension systems, focusing on funding challenges, shifting asset allocations, and the rise of defined contribution structures across major markets.

Read more
Portfolio Management
February 2019

Verdad Weekly Research: Lessons from Oregon

Verdad

Research

3 Pages

Verdad examines the long-term private equity experience of the Oregon Public Employee Retirement Fund, highlighting how industry evolution has reshaped returns over time.

Read more
Portfolio Management
February 2018

Global Pension Assets Study 2018

Thinking Ahead Institute

Roger Urwin

Research

38 Pages

Thinking Ahead Institute explores the evolution of global pension assets across major markets, focusing on growth, allocation shifts, and concentration risks.

Read more
Portfolio Management
February 2018

Is 5% The Right Return Target For Institutional Investors?

Vanguard

Daniel Wallick

Research

15 Pages

Vanguard examines whether institutional investors can realistically sustain a 5% real return in a lower return world.

Read more
Portfolio Management
September 2014

Annual Endowment Report: Message from the CEO

Harvard Management Company

Jane Mendillo

Research

7 Pages

Harvard Management Company examines how the Harvard endowment recovered after the financial crisis through active management, direct investing, and shifting asset allocations.

Read more

Join our newsletter to have all of this content
+ Exclusive Newsletter Bonus Content
delivered to your inbox every week

Scroll to Top