Endowment Fund Growth History The Endowment declined -2.7% for fiscal year 2021–2022, net of all fees. While the public equity asset class generated negative performance consistent with the precipitous decline in equity markets, we were able to offset losses with significant positive performance across the real estate, absolute return, and private equity asset classes. The real estate portfolio was the top performing asset class, generating a +22% return through both meaningful rental growth and higher sales prices. The absolute return portfolio generated an +11% return with consistent positive performance across hedge funds, private credit and opportunistic strategies. The private equity portfolio generated an +8% return with positive performance across venture, growth equity and buyout strategies, despite write-downs to capture the multiple compression and overall negative market environment. The treasury portfolio, while marginally negative, held up well as we shortened the overall duration, therefore reducing sensitivity to rising interest rates and repositioning the portfolio to capture an attractive yield opportunity. Endowment Review Lehigh Endowment Target Asset Allocation PUBLIC EQUITY 37% PRIVATE EQUITY 30% ABSOLUTE RETURN 20% TREASURIES/CASH 8% REAL ESTATE 5% 37302085 $ (reporting in thousands) $1,600,000 $1,200,000 $800,000 $400,000 $200,000 $600,000 $1,000,000 $1,400,000 $1,800,000 $2,000,000 JAN-97 JAN-98 JAN-99 JAN-00 JAN-01 JAN-02 JAN-03 JAN-04 JAN-05 JAN-06 JAN-07 JAN-08 JAN-09 JAN-10 JAN-11 JAN-12 JAN-13 JAN-14 JAN-15 JAN-16 JAN-17 JAN-18 JAN-19 JAN-20 JAN-21 JAN-22 1 9 | L E H I G H U N I V E R S I T Y
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