UK Endowment

The University of Kentucky Endowment ($2.27 Billion as of June 30, 2024) is an aggregation of funds comprised of gifts from donors and grants from the Commonwealth of Kentucky with the requirement that they be invested in perpetuity to generate a reliable and steadily growing revenue stream to support the mission of the University now and in the future. The revenue stream supports scholarships, chairs, professorships, basic research, as well as academic and public service programs, as defined by the individual endowment agreements. The Endowment is expected to provide fiscal stability since the principal is invested for long-term growth and total return spending distributions are generated year after year.

Learn more about the Investment Committee of the Board of Trustees

Download the Endowment Investment Policy for More Information (Updated December 3th, 2024)

Financial and Investment Objectives

The Investment Committee has established the following financial and investment objectives for the Endowment:

To preserve the long-term purchasing power of the endowment assets and the related revenue stream over time to evenly allocate support between current and future beneficiaries (intergenerational equity).
To earn an average annual return, after expenses, of at least 7.5% per year over full economic market cycles.

Asset Allocation

Diversification of investments among assets that are not similarly affected by economic, political, or social developments is highly desirable. The general policy shall be to diversify investments so as to provide a balance that will enhance total return, while avoiding undue risk concentrations in any single asset or investment category. To ensure broad diversification, the asset allocation will be set with the following target percentages and within the following ranges:

Asset Class	Target	Range
GLOBAL EQUITY	64%	40-75%
Public Equity	40%
Private Equity	24%
GLOBAL FIXED INCOME	12%	5-25%
Public Fixed Income	10%
Private Credit	2%
REAL ASSETS	12%	5-20%
Public Real Assets	3%
Private Real Assets	9%
DIVERSIFYING STRATEGIES	12%	5-20%

Note: Sub-asset category (e.g., Public Equity) figures reflect working targets. Investment staff has flexibility to adjust sub-asset category exposures within broader, asset category (e.g., Global Equity) ranges, based on market conditions and ongoing research.

View definitions of the various asset classes that are utilized in the endowment

Investment Strategies

Within the asset allocation approved by the Investment Committee, the endowment portfolio is invested in strategies managed by external investment firms. Investment staff has been delegated authority by the Investment Committee to evaluate and appoint external investment managers for the endowment. Each investment manager exercises discretion over these assets in accordance with specified investment guidelines.

View the complete listing of the UK endowment investments as of June 30, 2024

For investment managers interested in contacting the University of Kentucky Investment Office about their strategies, please contact InvestmentManagerResearch@uky.edu.

Endowment Performance

Historical Endowment Values

Ten-Year History of Endowment Values FY24

Breakdown of Total Endowment Assets

Endowment Assets by Purpose FY24 — *_{As of June 30, 2024}*
*_{*Operating Funds include $436M Hospital quasi endowment and $244M University Operating quasi endowment}*
*_{**Fiduciary Funds include $250M Other Post-Employment Benefits (OPEB) quasi endowment}*

Endowment Assets by Type FY24 — *_{As of June 30, 2024}*
*_{*Fiduciary Funds include $250M Other Post-Employment Benefits (OPEB) quasi endowment}*

Assets by Entity
UK Financial Services*	23.9%	UK Graduate School	0.8%
UK HealthCare Hospital System	19.1%	UK College of Pharmacy	0.8%
UK College of Medicine	14.7%	UK Student Success	0.7%
UK College of Agriculture, Food, and Environment	6.5%	UK University Wide	0.7%
UK Libraries	5.5%	UK Office of VP for Research	0.7%
UK Gatton College of Business and Economics	5.2%	UK College of Dentistry	0.6%
UK College of Engineering	5.1%	UK College of Education	0.5%
UK College of Art and Sciences	2.8%	Other UK Colleges and Departments	3.7%
UK Enrollment Management	2.8%	UK Research Foundation**	0.9%
UK Rosenberg College of Law	1.6%	UK Gluck Equine Research Foundation**	0.5%
UK College of Fine Arts	1.5%	UK Mining Engineering Foundation**	0.1%
UK Athletics	1.2%	UK Humanities Foundation**	0.1%

_{As of June 30, 2024}

_{*UK Financial Services includes $250M Other Post-Employment Benefits (OPEB) quasi endowment, $244M University Operating quasi endowment, $26M Medical Malpractice quasi endowment, and other endowments administered by UK Financial Services}
_{**Affiliated corporation}

Staff

Dr. Eric Monday	Executive Vice President for Finance & Administration, Co-Executive Vice President for Health Affairs	(859) 257-6231
Todd Shupp	Chief Investment Officer	(859) 218-3901
Nancy Rohde	Investment Director	(859) 323-8393
Connor McKee	Investment Analyst	(859) 562-0702
Kristina Goins	Operations Manager	(859) 323-4471

Endowment Internship Program

Two Students Work Collectively on Project — The Investment Office offers paid part-time internships to University of Kentucky undergraduate students.
Additional information on the program, including application guidance and perspective from former interns

Find Us

Exterior view of the Peterson Service Building — The Investment Office is located in suite 310 of the Peterson Service Building on the University of Kentucky’s Lexington campus. The address is 411 South Limestone, Lexington, Kentucky 40508.
For parking needs, the Cornerstone Garage is located just north of the Peterson Service Building. From the Cornerstone Garage, there are two pedestrian bridges at the third level. One connects from the third floor of the garage to the second floor of the Peterson Service Building. The other crosses South Limestone Street and connects to the main campus.