(Bloomberg) -- Cornell University's endowment returned 42% in fiscal 2021, the largest gain in more than three decades.
The advance pushed the school's fund to a record $10 billion for the year ended June 30, Cornell said in an emailed statement Thursday. In fiscal 2020, the endowment's investments gained 1.9%.
The latest return is the result of a five-year effort to restructure asset classes and reduce fees, the university in Ithaca, New York, said. Earlier Thursday, several other schools posted increases that also boosted their fund values to records:
- The Massachusetts Institute of Technology said its endowment returned 56%, bringing the total to $27 billion.
- Brown University saw an increase of 52%, according to a statement. That put the fund at $7 billion.
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