The Endowment was established in August 2005 to generate income from unfettered assets to support the College’s academic mission; this includes gifts made by donors which are restricted for a specific purpose as well as College assets that are formally confirmed as ‘Non-Core’ – i.e. assets that can be sold for cash, in extremis, without detriment to the academic mission.
Since its inception, the Endowment has grown from a founding capital of £129m as additional gifts, donations and ‘Non-Core’ assets have been transferred in and investment returns have been reinvested. The Endowment’s value as of 31 July 2019 was £477m.
The Endowment is composed of three portfolios which are managed separately:
- Marketable Assets: a publicly marketed mixed asset portfolio made up of shares, stocks and funds managed externally. Investment decisions are made by external fund managers against an agreed investment mandate.
Property: directly managed private real estate. The portfolio is weighted towards commercial property and investment is focused on West London; however, there is some exposure to the residential and agricultural sectors across the South East region.
- Strategic Asset Investments: a portfolio that is principally composed of the College’s remaining shareholding in IP Group as well as donated shares with restrictions and a small number of private equity investments. This portfolio is managed in-house.