University Endowments Records of Investing in Adversarial Countries:
BELOW IS THE HISTORICAL RECORD OF PRIVATE INVESTMENTS IN THE LISTED COUNTRIES.
INSIGHTS ON UNIVERSITY ENDOWMENTS, GIVEN THE LIMITED INFORMATION AVAILABLE:
While the US Public Pension system has an ongoing track record of investing in China and adversarial countries, similarly, the higher education system has a dubious track record of controversial investments. While the US higher education system has long purported to champion principles of equality, human rights and freedom of thought on campus, these ideals seem to more circumspect, or absent, when it comes to the endowments’ investment decisions. The facts are clear, the largest US and well-known university systems continue to invest into the competing Chinese technology ecosystem at disturbing levels.
This map depicts states with universities’ with documented investments ties to China and Hong Kong. However, the reality is that the level of investment is far more prolific and pervasive in higher education than the map depicts. This is because in the vast majority of cases, there is no requirement for public disclosure of private universities investment choices, and many public universities continue to shield such disclosures from public disclosure through elaborate and intentionally opaque blocking structures or funded political opposition to public disclosure in order to avoid public scrutiny with the justification that such public revelation would lead to more controversy.
From the information available, the results are shocking. Some of our most well-known and beloved universities, such as the University of Michigan, continue to make significant investments in China, having invested $1.6B invested across 83 investments, the latest having been a few months ago. Similarly, the University of Texas has invested $1.5B across 29 investments, with nearly $419M allocated in the last 36 months, while the University of California has invested $1.5B across 22 investments, with 54% allocated in the last 36 months. Notably, all three are bellwether universities that publicly claim to foster equality and promote the protection of human rights, neither of which is synonymous with Chinese investments.
*As noted, this data is derived from publicly available sources and both public and private universities go to great lengths to obscure their investments, thus, this categorically underreports the size, number, and level of investment in China and Hong Kong.
Total Commitments per Year
*As noted, this is merely a sliver of the total investments, as available data only relates to public university endowments, as private university endowments are not required to disclose investments, and full transparency would undoubtedly reveal a much more shocking reality.
According to available data, endowments’ total dollar investment into China and Hong Kong continues to rise. This map depicts the amount of committed capital university funds have made to China and Hong Kong in the last 5 years. What this information makes clear is that greater transparency and scrutiny is needed across our university endowment system.
Disclaimer: As indicated, while the available data on the US pension system underestimates the scale and scope of the issue, endowment information in general is far less accessible than pensions, especially for private universities but also frequently shielded from scrutiny by public universities. Thus, the fuller picture would reveal a more extensive size, scale and scope of the issue. Also, noted, is that when disclosure is required or provided, the timing of such disclosure is often delayed or incomplete.
Endowments that have made investment commitments to funds in adversarial countries.
The following are listed by State and Assets Under Management:
Alabama
Auburn University Foundation (AUM: $0.8 billion / #138)
The university has made at least one investment, with the latest reported commitment in 2007, which underreports – likely significantly – the total figures given the limited disclosure required.
Alaska
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
Arizona
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
Arkansas
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
California
Regents of the University of California (AUM: $152.3 billion / #1)
The university has made a total of 22 investments, amounting to at least $1,556 million in total commitments, with the latest reported commitment in 2022, which underreports – likely significantly – the total figures given the limited disclosure required.
California Institute of Technology Endowment (AUM: $4.2 billion / #37)
The university has made a total of at least 2 investments, with the latest reported commitment in 2008, which underreports – likely significantly – the total figures given the limited disclosure required.
Claremont McKenna College Endowment (AUM: $1.2 billion / #116)
The university has made a total of at least 3 investments, with the latest reported commitment in 2007, which underreports – likely significantly – the total figures given the limited disclosure required.
Pomona College Endowment (AUM: $3.0 billion / #49)
The university has made a total of at least 5 investments, with the latest reported commitment in 2017, which underreports – likely significantly – the total figures given the limited disclosure required.
Santa Clara University Endowment (AUM: $1.5 billion / #96)
The university has made a total of at least 3 investments, with the latest reported commitment in 2007, which underreports – likely significantly – the total figures given the limited disclosure required.
Stanford Management Company (AUM: $40.1 billion / #7)
The university has made a total of 12 investments, with the latest reported commitment in 2014, which underreports – likely significantly – the total figures given the limited disclosure required.
Colorado
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
Connecticut
Yale University Endowment (AUM: $42.2 billion / #6)
The university has made a total of at least 6 investments, with the latest reported commitment in 2015, which underreports – likely significantly – the total figures given the limited disclosure required.
Delaware
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
Florida
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
Georgia
Emory University (AUM: $10.0 billion / #22)
The university has made a total of at least 3 investments, with the latest reported commitment in 2013, which underreports – likely significantly – the total figures given the limited disclosure required.
hawaii
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
idaho
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
Illinios
Loyola University - Chicago (AUM: $1.3 billion / #107)
The university has made a total of at least 1 investments, with the latest reported commitment in 2012, which underreports – likely significantly – the total figures given the limited disclosure required.
Northwestern University Endowment (AUM: $10.9 billion / #20)
The university has made a total of at least 4 investments, with the latest reported commitment in 2011, which underreports – likely significantly – the total figures given the limited disclosure required.
University of Chicago Endowment (AUM: $8.5 billion / #24)
The university has made a total of at least 7 investments, with the latest reported commitment in 2015, which underreports – likely significantly – the total figures given the limited disclosure required.
Indiana
The Notre Dame Endowment (AUM: $20.8 billion / #12)
The university has made a total of at least 3 investments, with the latest reported commitment in 2011, which underreports – likely significantly – the total figures given the limited disclosure required.
iowa
Grinnell College Endowment (AUM: $2.5 billion / #60)
The university has made a total of at least 4 investments, with the latest reported commitment in 2015, which underreports – likely significantly – the total figures given the limited disclosure required.
University of Iowa Center for Advancement (AUM: $1.4 billion / #99)
The university has made a total of at least 2 investments, with the latest reported commitment in 2014, which underreports – likely significantly – the total figures given the limited disclosure required.
Kansas
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
Kentucky
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
Louisiana
Univ. of Louisiana Foundation/Univ. of Louisiana at Lafayette Foundation (AUM: $1.4 billion / #105)
The university has made a total of at least 5 investments, with the latest reported commitment in 2015, which underreports – likely significantly – the total figures given the limited disclosure required.
Maine
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
Maryland
University System of Maryland Foundation (AUM: $0.4 billion / #117)
The university has made a total of at least 2 investments, with the latest reported commitment in 2006, which underreports – likely significantly – the total figures given the limited disclosure required.
Massachusetts
Amherst College Endowment (AUM: $3.3 billion / #42)
The university has made a total of at least 3 investments, with the latest reported commitment in 2008, which underreports – likely significantly – the total figures given the limited disclosure required.
Dartmouth College Endowment (AUM: $8.1 billion / #27)
The university has made a total of at least 2 investments, with the latest reported commitment in 2012, which underreports – likely significantly – the total figures given the limited disclosure required.
Harvard Management Company (AUM: $50.9 billion / #5)
The university has made a total of at least 7 investments, the latest reported commitment in 2011, which underreports – likely significantly – the total figures given the limited disclosure required.
Massachusetts Institute of Technology (AUM: $24.7 billion / #7)
The university has made a total of at least 6 investments, with the latest reported commitment in 2016, which underreports – likely significantly – the total figures given the limited disclosure required.
MITIMCo/MIT Basic Retirement Plan (AUM: N/A)
The university has made a total of at least 7 investments, with unknown dates of investment, which underreports – likely significantly – the total figures given the limited disclosure required.
Mount Holyoke College Endowment (AUM: $1.1 billion / #128)
The university has made a total of at least 2 investments, with the latest reported commitment in 2007, which underreports – likely significantly – the total figures given the limited disclosure required.
Wellesley College Endowment (AUM: $3.2 billion / #43)
The university has made a total of at least 5 investments, with the latest reported commitment in 2015, which underreports – likely significantly – the total figures given the limited disclosure required.
Michigan
Regents of the University of Michigan (AUM: N/A)
The university has made a total of at least 2 investments, with unknown dates of investment, which underreports – likely significantly – the total figures given the limited disclosure required.
University of Michigan Endowment (AUM: $17.3 billion / #14)
The university has made a total of 83 investments, amounting to at least $1,570 million in total commitments (9.0% of the total portfolio's asset under management), with the latest reported commitment in 2023, which underreports – likely significantly – the total figures given the limited disclosure required.
Minnesota
University of Minnesota Foundation (AUM: $2.5 billion / #62)
The university has made a total of at least 4 investments, with the latest reported commitment in 2008, which underreports – likely significantly – the total figures given the limited disclosure required.
Missouri
University of Missouri System Endowment (AUM: $2.2 billion / #70)
The university has made a total of at least 9 investments, amounting to at least $155 million in total commitments (7.1% of the total portfolio's asset under management), with the latest reported commitment in 2022, which underreports – likely significantly – the total figures given the limited disclosure required.
Montana
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
Nebraska
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
Nevada
Nevada System of Higher Education Endowment (AUM: $0.25 billion / #147)
The university has made a total of at least 2 investments, with the latest reported commitment in 2019, which underreports – likely significantly – the total figures given the limited disclosure required.
new Hampshire
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
New Jersey
Princeton University Investment Company (AUM: $35.8 billion / #8)
The university has made a total of 12 investments, amounting to at least $155 million in total commitments, with the latest reported commitment in 2020, which underreports – likely significantly – the total figures given the limited disclosure required.
new Mexico
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
New York
Columbia University Endowment (AUM: $13.3 billion / #17)
The university has made a total of at least 5 investments, with the latest reported commitment in 2015, which underreports – likely significantly – the total figures given the limited disclosure required.
New York University Endowment (AUM: $5.3 billion / #33)
The university has made a total of at least 2 investments, with the latest reported commitment in 2014, which underreports – likely significantly – the total figures given the limited disclosure required.
Rensselaer Polytechnic Institute Endowment (AUM: $0.9 billion / #137)
The university has made a total of at least 2 investments, with the latest reported commitment in 2006, which underreports – likely significantly – the total figures given the limited disclosure required.
North Carolina
Duke University Endowment/The Duke Management Company (AUM: $18.0 billion / #13)
The university has made a total of at least 7 investments, with the latest reported commitment in 2020, which underreports – likely significantly – the total figures given the limited disclosure required.
North Dakota
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
Ohio
Case Western Reserve University Endowment (AUM: $1.9 billion / #78)
The university has made a total of at least 2 investments, with the latest reported commitment in 2012, which underreports – likely significantly – the total figures given the limited disclosure required.
University of Cincinnati Endowment (AUM: $1.7 billion / #85)
The university has made a total of at least one investment, with the latest reported commitment in 2011, which underreports – likely significantly – the total figures given the limited disclosure required.
oklahoma
Oklahoma State Regents for Higher Education (AUM: $0.7 billion / #140)
The university has made a total of at least 5 investments, with the latest reported commitment in 2022, which underreports – likely significantly – the total figures given the limited disclosure required.
University of Oklahoma Foundation (AUM: $1.2 billion / #114)
The university has made a total of at least 10 investments, with the latest reported commitment in 2011, which underreports – likely significantly – the total figures given the limited disclosure required.
Oregon
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
Pennsylvania
Carnegie Mellon University Endowment (AUM: $3.1 billion / #47)
The university has made a total of at least 7 investments, with the latest reported commitment in 2020, which underreports – likely significantly – the total figures given the limited disclosure required.
Pennsylvania State University Endowment (AUM: $4.4 billion / #36)
The university has made a total of at least 4 investments, with the latest reported commitment in 2011, which underreports – likely significantly – the total figures given the limited disclosure required.
University of Pittsburgh Endowment (AUM: $5.6 billion / #32)
The university has made a total of at least 10 investments, with the latest reported commitment in 2020, which underreports – likely significantly – the total figures given the limited disclosure required.
Rhode Island
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
South Carolina
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
South Dakoda
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
Tennessee
Vanderbilt University Endowment (AUM: $10.3 billion / #21)
The university has made a total of at least one investment, with the latest reported commitment in 2000, which underreports – likely significantly – the total figures given the limited disclosure required.
Texas
Baylor University Endowment (AUM: $2.0 billion / #75)
The university has made at least one investment, with the latest reported commitment in 2007, which underreports – likely significantly – the total figures given the limited disclosure required.
Texas A&M University System Endowment (AUM: $1.4 billion / #100)
The university has made a total of 9 investments, with the latest reported commitment in 2021, which underreports – likely significantly – the total figures given the limited disclosure required.
Texas Permanent School Fund (AUM: $51.8 billion / #4)
The university has made a total of 39 investments, amounting to at least $1,971 million in total commitments (3.8% of the total portfolio's asset under management), with the latest reported commitment in 2022, which underreports – likely significantly – the total figures given the limited disclosure required.
Texas Tech University System Endowment (AUM: $1.6 billion / #89)
The university has made a total of 8 investments, with the latest reported commitment in 2021, which underreports – likely significantly – the total figures given the limited disclosure required.
University of Texas Investment Management Company (AUM: $54.6 billion / #3)
The university has made a total of 29 investments, amounting to at least $1,607 million in total commitments, with the latest reported commitment in 2022, which underreports – likely significantly – the total figures given the limited disclosure required.
Utah
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
Vermont
University of Vermont Endowment (AUM: $0.2 billion / #148)
The university has made a total of at least 2 investments, with the latest reported commitment in 2017, which underreports – likely significantly – the total figures given the limited disclosure required.
Virginia
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
Washington
Washington State University Foundation (AUM: $0.5 billion / #143)
The university has made a total of at least one investment, with the latest reported commitment in 2006, which underreports – likely significantly – the total figures given the limited disclosure required.
University of Washington Endowment (AUM: $4.5 billion / #35)
The university has made a total of 11 investments, amounting to at least $89 million in total commitments, with the latest reported commitment in 2022, which underreports – likely significantly – the total figures given the limited disclosure required.
Wisconsin
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
west Virginia
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
Wyoming
Publicly-available information is insufficient to determine if any
universities in this state have invested in adversarial countries.
