Beneficiaries of the Endowment Fund Payout
The endowment is similar to a mutual fund, with several beneficiary units represented as investors, or “holders.” For example, Northwestern’s Treasury Pool is the largest holder, followed by Northwestern University Feinberg School of Medicine, Lyrica Funded, and Central Administration.
The Treasury Pool is the University’s working capital for operations, internal liabilities, and short- and long-term credit obligations. Rather than keeping all its assets in low-yielding cash vehicles, the Treasury Pool invests a significant portion in the endowment. Each group’s portion includes all the individual funds that are designated to benefit that unit.
The Endowment Fund By Holder
Total Shares: 47,129,137 (as of June 30, 2023)
| Holders | Market Value (in millions) |
Percent of Total |
|---|---|---|
| Treasury Pool | $3,218 | 23.5% |
| Feinberg School of Medicine | $2,569 | 18.7% |
| Lyrica Funded | $1,458 | 10.6% |
| Central Administration | $1,255 | 9.2% |
| Kellogg School of Management | $1,044 | 7.6% |
| Weinberg College of Arts and Sciences | $1,012 | 7.4% |
| University Scholarships | $625 | 4.6% |
| All Other Unit Holders* | $2,519 | 18.4% |
| $13,700 | 100% |
*Other unit holders include the Pritzker School of Law, Bienen School of Music, McCormick School of Engineering, and Office of the Provost, among others.