Stanford University endowment

Last updated
Stanford Management Company
Company type Private
Industry Investment management
Founded1991 (1991)
Headquarters
Stanford, California
,
U.S.
Key people
Robert Wallace (CEO & CIO)
AUM Increase2.svg US$36.5 billion (FY '23) [1]
Owner Stanford University
Website stanford.edu
smc.stanford.edu

The Stanford University endowment includes real estate and other investments valued at $36.5 billion as of August 31, 2023, [1] and is one of the four largest academic endowments in the United States. [2] The endowment consists of $29.9 billion in a merged pool of assets and $6.6 billion of real estate near the main campus. Along with Stanford's pension assets, working capital, and non-cash gifts, the endowment is managed by Stanford Management Company (SMC), a Stanford-owned investment management company. [3]

Contents

History

Nineteenth century

1895-1899

The history of the Stanford University endowment predates the university's founding. The endowment began in 1885 when Leland Stanford and his wife Jane conveyed approximately $20 million to the university. [4] Upon Leland's death, the federal government filed a claim against his estate for $15 million which threatened the university's financials. Jane, who had assumed full control of the university and its finances, managed to keep the university afloat by selling personal assets and contributing personal funds. [5] In 1896, the U.S. Supreme Court ruled in favor of the Stanford Estate in the case United States v. Stanford which relieved financial pressure on the university. [6]

Twentieth century

1900-1950

In the early 20th century, Stanford University, founded in 1885 by Leland and Jane Stanford, relied heavily on the initial endowment of lands and the wealth left by the Stanfords. The initial years saw modest growth in the endowment, primarily through traditional philanthropic avenues. However, it was during this period that the foundation for later growth was laid. For example, Stanford's early association with the fledgling technology industry began with faculty members like Frederick Terman, who is often credited with fostering the early development of Silicon Valley. [7]

During this period, Stanford's endowment grew from approximately $10 million in 1900 to about $20 million by 1950. [8]

1950-1970

The post-World War II era marked a significant phase in expanding Stanford's endowment. The federal government's increased funding for research, especially in defense and technology, benefited the university substantially. [9] By the 1950s, Stanford had established the Stanford Industrial Park, later known as the Stanford Research Park, which attracted technology firms and facilitated partnerships between the university and the burgeoning tech industry. [10]

This period also saw substantial donations from alumni and industrialists who increasingly recognized Stanford's pivotal role in innovation and technology. By 1970, Stanford's endowment had grown to approximately $100 million. [11]

1970-1990

The 1970s and 1980s were transformative decades for Stanford's endowment, driven significantly by the university's strategic involvement in the growth of Silicon Valley. Stanford's faculty, students, and alumni played crucial roles in founding numerous high-tech companies, including Hewlett-Packard and Cisco Systems. [12] The university's proactive policies in allowing faculty to commercialize their research and in taking equity positions in start-ups resulted in substantial financial gains. [13]

One of the landmark contributions to Stanford's endowment came from Bill Hewlett and David Packard, founders of Hewlett-Packard, who were instrumental in establishing the William and Flora Hewlett Foundation and the David and Lucile Packard Foundation. These foundations donated significantly to Stanford, enhancing its financial stability and capacity for future growth. [14]

In addition to direct donations, Stanford's endowment benefited immensely from its venture capital and private equity investments, particularly those connected to the tech industry. The university's participation in venture capital funds, such as those managed by Sequoia Capital and Kleiner Perkins, yielded impressive returns. [15] By 1990, Stanford's endowment had surged to approximately $1 billion. [16]

1990-1999

By the 1990s, Stanford's endowment had grown to be one of the largest in the world, thanks in large part to the success of its investments in Silicon Valley companies. In response to the growing complexity of investment markets and the need for specialized asset management, the university founded the Stanford Management Company in 1991. [3] Before the establishment of SMC, Stanford's financial assets were managed internally by the university's Office of the Treasurer, which is now a function of the SMC. [17] The creation of SMC aimed to professionalize asset management, bringing in specialized financial expertise to optimize investment strategies and enhance returns. [18]

The university continued to receive substantial philanthropic contributions from tech entrepreneurs and investors. For instance, Google co-founders Larry Page and Sergey Brin, both Stanford graduates, made significant contributions to the university, further bolstering its endowment. [19] Moreover, the university's strategic decision to retain ownership stakes in successful start-ups continued to pay off handsomely. Notably, Stanford's early investment in Google, when the company was still a small start-up, resulted in a substantial financial windfall that significantly augmented the university's endowment. [20] By the end of 1999, Stanford's endowment had grown to approximately $4 billion. [11]

Twenty-first century

2000-2010

In the early 2000s, Stanford's endowment saw substantial growth, spurred by the continued success of Silicon Valley companies and large philanthropic contributions. By 2000, the endowment had reached approximately $9 billion. [21]

One of the significant factors contributing to the endowment's growth was Stanford's strategic investments in technology firms. Although it ended abruptly in 2001, the dot-com boom left Stanford with significant returns from earlier investments in successful tech companies. [15] Moreover, significant donations continued to flow in. For instance, in 2001, Jim Clark, the founder of Netscape, donated $150 million to the Stanford University Medical Center. [22]

The university also benefited from its partnerships with tech giants. In 2005, Google announced a $2.8 million gift to support the Stanford School of Engineering's new center for innovation. [23] Also in 2005, SAP SE founder Hasso Plattner donated $35 million to establish the Hasso Plattner Institute of Design, which is also known as the Stanford d.school. [24]

In 2006, President John L. Hennessy launched a five-year campaign called the Stanford Challenge, which reached its $4.3 billion fundraising goal in 2009, two years ahead of time, but continued fundraising for the duration of the campaign. It concluded at the end of 2011, having raised $6.23 billion and breaking the previous campaign fundraising record of $3.88 billion held by Yale. [25] [26] Funds supported 366 new fellowships for graduate students, 139 new endowed chairs for faculty, and 38 new or renovated buildings. The new funding also enabled the construction of a facility for stem cell research, a new campus for the business school, an expansion of the law school, a new Engineering Quad, a new art and art history building; an on-campus concert hall; the new Cantor Arts Center; and a planned expansion of the medical school. [27] [28]

Additionally, in 2007, co-founder of Netscape and Andreessen Horowitz Marc Andreessen and his wife Laura Arillaga-Andreessen donated $27 million to create a new central building of the Stanford Hospital. [29]

By the end of the decade, the endowment had grown to approximately $12 billion despite the financial crisis of 2008, which caused a short-lived dip in its value. [30]

2010-2020

The decade from 2010 to 2020 was a period of extraordinary growth and expansion for Stanford's endowment. By 2010, the endowment had rebounded to about $13.8 billion after recovering from the global financial crisis. [31]

Significant contributions during this period included a $100 million donation from Nike co-founder and Stanford alumni Phil Knight in 2011 to establish the Knight-Hennessy Scholars program. [32]

The university became the first school to raise more than a billion dollars in a year after raising $1.035 billion in 2012. [33]

In 2013, Dorothy and Robert King, prominent venture capitalists, donated $150 million to support Stanford's global development programs. [34]

Stanford's venture capital investments continued to yield high returns. The university maintained stakes in several high-profile tech companies, benefiting from IPOs and acquisitions. [35] By 2015, the endowment had grown to $22.2 billion. [36]

In 2016, Phil Knight made another transformative gift, pledging $400 million to the Knight-Hennessy Scholars program, marking one of the largest donations to any university in the world. [37] By the end of the decade, Stanford's endowment had reached approximately $28.9 billion. [38]

The 2018 NACUBO-TIAA survey of colleges and universities in the United States and Canada noted that only Harvard University, the University of Texas System, and Yale University had larger endowments than Stanford at the time. [39] Within five years, Stanford had eclipsed both the University of Texas System and Yale University in terms of assets under management. [1]

2020-Present

Despite challenges posed by the COVID-19 pandemic in the early part of the decade, Stanford's endowment continued to grow, driven by its strong investment strategy and substantial donations.

In 2020, Stanford received a historic $1.1 billion gift from Silicon Valley investor John Doerr and his wife, Ann, to establish the Stanford Doerr School of Sustainability. [40] This gift was among the largest ever made to a university. It underscored Stanford's leading role in addressing global sustainability challenges. [41]

Stanford's endowment strategy focused on diversified investments, including private equity, real estate, and hedge funds. The endowment's value reached approximately $34.6 billion by 2022, reflecting the financial markets' strong performance and the university's successful fundraising efforts. [42] 2022 also saw a $75 million donation by Phil Knight and his wife Penny in support of a multidisciplinary neurodegenerative brain disease research initiative at the university's Wu Tsai Neurosciences Institute. [43]

In 2023, Stanford announced another significant gift of $600 million from venture capitalist Marc Andreessen to support the development of a new engineering complex and fund scholarships for underrepresented students in STEM fields. [44]

By mid-2024, Stanford's total assets under management, combining the $10.7 billion hospital and donor-advised funds, $29.9 billion merged pool, and $6.6 billion in real estate, reached approximately $47.2 billion, [45] making Stanford the second largest university by assets under management in the world.[ citation needed ]

Investment Strategy

SMC employs a diversified investment strategy to manage Stanford University's endowment, allocating funds across various asset classes, including public equities, fixed income, private equity, venture capital, real estate, and natural resources. [46] [47] The investment strategy currently is comprised of 8,800 smaller funds, of which more than 75% have restricted usage for purposes specified by donors. [17]

Sustainable and Responsible Investing

In recent years, SMC has increasingly focused on sustainable and responsible investing. The company has integrated environmental, social, and governance (ESG) factors into its investment processes, reflecting a broader trend among institutional investors to consider the long-term impact of their investments on society and the environment. [48] [49]

Performance

The endowment has experienced significant growth, particularly during periods of economic expansion, while facing challenges during market downturns, such as the 2008 financial crisis. [50] [51]

Governance

SMC is governed by a board of directors, including Stanford University's board of trustees and experienced investment professionals. This governance structure ensures that SMC's investment strategies align with the university's mission and goals. [52] [53]

Impact

The successful management of Stanford's endowment by SMC has significantly impacted the university. It has provided critical funding for scholarships, faculty positions, research projects, and campus infrastructure, enhancing Stanford's ability to attract top talent and remain at the forefront of academic and scientific innovation. [54] [55] SMC's approaches and strategies have influenced endowment management practices across higher education institutions, setting a benchmark for diversification, innovation, and responsible investing. [56]

See also

Related Research Articles

<span class="mw-page-title-main">James H. Clark</span> American computer scientist and entrepreneur

James Henry Clark is an American entrepreneur and computer scientist. He founded several notable Silicon Valley technology companies, including Silicon Graphics, Netscape, myCFO, and Healtheon. His research work in computer graphics led to the development of systems for the fast rendering of three-dimensional computer images.

Kleiner Perkins, formerly Kleiner Perkins Caufield & Byers (KPCB), is an American venture capital firm which specializes in investing in incubation, early stage and growth companies. Since its founding in 1972, the firm has backed entrepreneurs in over 900 ventures, including America Online, Amazon.com, Tandem Computers, Compaq, Electronic Arts, JD.com, Square, Genentech, Google, Netscape, Sun Microsystems, Nest, Palo Alto Networks, Synack, Snap, AppDynamics, and Twitter. By 2019 it had raised around $9 billion in 19 venture capital funds and four growth funds.

<span class="mw-page-title-main">Marc Andreessen</span> American entrepreneur, investor, and software engineer (born 1971)

Marc Lowell Andreessen is an American businessman and former software engineer. He is the co-author of Mosaic, the first widely used web browser with a graphical user interface; co-founder of Netscape; and co-founder and general partner of Silicon Valley venture capital firm Andreessen Horowitz. He co-founded and later sold the software company Opsware to Hewlett-Packard; he also co-founded Ning, a company that provides a platform for social networking websites. He is an inductee in the World Wide Web Hall of Fame. Andreessen's net worth is estimated at $1.7 billion.

<span class="mw-page-title-main">Stanford Research Park</span> Technology park in Palo Alto

Stanford Research Park (SRP) is a technology park established in 1951 as a joint initiative between Stanford University and the City of Palo Alto. It was the world's first university research park. It has more than 150 companies, including Hewlett-Packard, Tesla Motors, TIBCO and VMware; previous high-profile tenants include Steve Jobs's NeXT Computer, Xerox PARC, and Facebook. It has been called "an engine for Silicon Valley" and "the epicenter of Silicon Valley".

The William and Flora Hewlett Foundation, commonly known as the Hewlett Foundation, is a private foundation, established by Hewlett-Packard cofounder William Redington Hewlett and his wife Flora Lamson Hewlett in 1966. The Hewlett Foundation awards grants to a variety of liberal and progressive causes.

<span class="mw-page-title-main">John Doerr</span> American businessman (born 1951)

L. John Doerr is an American investor and venture capitalist at Kleiner Perkins in Menlo Park, California. In February 2009, Doerr was appointed a member of the President's Economic Recovery Advisory Board to provide the President and his administration with advice and counsel in trying to fix America's economic downturn. Forbes ranked Doerr as the 40th richest person in tech in 2017, and as of August 1, 2023, as the 146th richest person in the world, with a net worth of US$11.9 billion. Doerr is the author of Measure What Matters, a book about goal-setting, and Speed & Scale: An Action Plan for Solving Our Climate Crisis Now.

Sequoia Capital Operations, LLC is an American venture capital firm headquartered in Menlo Park, California which specializes in seed stage, early stage, and growth stage investments in private companies across technology sectors. As of 2022, the firm had approximately US$85 billion in assets under management.

<span class="mw-page-title-main">Financial endowment</span> Legal structure for managing investments

A financial endowment is a legal structure for managing, and in many cases indefinitely perpetuating, a pool of financial, real estate, or other investments for a specific purpose according to the will of its founders and donors. Endowments are often structured so that the inflation-adjusted principal or "corpus" value is kept intact, while a portion of the fund can be spent each year, utilizing a prudent spending policy.

An institutional investor is an entity that pools money to purchase securities, real property, and other investment assets or originate loans. Institutional investors include commercial banks, central banks, credit unions, government-linked companies, insurers, pension funds, sovereign wealth funds, charities, hedge funds, real estate investment trusts, investment advisors, endowments, and mutual funds. Operating companies which invest excess capital in these types of assets may also be included in the term. Activist institutional investors may also influence corporate governance by exercising voting rights in their investments. In 2019, the world's top 500 asset managers collectively managed $104.4 trillion in Assets under Management (AuM).

<span class="mw-page-title-main">Harvard University endowment</span> American investment management company

The Harvard University endowment, valued at $50.7 billion as of June 30, 2023, is the largest academic endowment in the world. Its value increased by over 10 billion dollars in fiscal year 2021, ending the year with its largest sum in history. Along with Harvard's pension assets, working capital, and non-cash gifts, the endowment is managed by Harvard Management Company, Inc. (HMC), a Harvard-owned investment management company.

John Arrillaga was an American billionaire real estate developer and philanthropist who was one of the largest landowners in Silicon Valley. He was also a college basketball player when he attended Stanford University.

<span class="mw-page-title-main">David O. Sacks</span> South African American entrepreneur (born 1972)

David Oliver Sacks is a South African-American entrepreneur, author, and investor in internet technology firms. He is a general partner of Craft Ventures, a venture capital fund he co-founded in late 2017. Additionally, he is a co-host of the All In podcast, alongside Chamath Palihapitiya, Jason Calacanis and David Friedberg. Previously, Sacks was the COO and product leader of PayPal, and founder and CEO of Yammer. In 2016, he became interim CEO of Zenefits for ten months. In 2017, Sacks co-founded Craft Ventures, an early-stage venture fund. His angel investments include Facebook, Uber, SpaceX, Palantir Technologies, and Airbnb.

<span class="mw-page-title-main">Douglas G. Bergeron</span> American businessman

Doug Bergeron is a Senior Advisor to GTCR, a leading private equity firm based in Chicago.

Jane L. Mendillo is an American endowment fund manager. She was the president and chief executive officer of the Harvard Management Company, charged with managing Harvard University's endowment. She led the investment team from 2008 to 2014, when the endowment was valued at $36.4 billion, having recovered fully from the impact of the global financial crisis. Prior to leading the company, from 1987 to 2002, she was in charge of managing the endowment's domestic equities, venture capital, natural resources investments and charitable trusts.

Mackenzie Investments was founded in 1967 and is one of Canada's largest investment management firms by assets under management. Mackenzie Investments provides investment advisory and related services for retail and institutional clients. With $201.1 billion in assets under management, Mackenzie Investments distributes its services through a diversified network of third-party financial advisors. Mackenzie Investments is a member of the IGM Financial Inc. group of companies. IGM Financial is one of Canada's largest financial services companies by assets with over $262 billion in total assets under management.

<span class="mw-page-title-main">Ben Horowitz</span> American technology entrepreneur (born 1966)

Benjamin Abraham Horowitz is an American businessman, investor, blogger, and author. He is a technology entrepreneur and co-founder of the venture capital firm Andreessen Horowitz along with Marc Andreessen. He previously co-founded and served as president and chief executive officer of the enterprise software company Opsware, which Hewlett-Packard acquired in 2007. Horowitz is the author of The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers, a book about startups, and What You Do Is Who You Are: How to Create Your Business Culture.

Andreessen Horowitz is a private American venture capital firm, founded in 2009 by Marc Andreessen and Ben Horowitz. The company is headquartered in Menlo Park, California. As of April 2023, Andreessen Horowitz ranks first on the list of venture capital firms by assets under management, with $42 billion as of May 2024.

The Silicon Valley Community Foundation (SVCF) is a donor-advised community foundation serving the Silicon Valley region. It is the largest charitable foundation in Silicon Valley.

<span class="mw-page-title-main">Wealthfront</span> Automated investment service firm

Wealthfront Inc. is an automated investment service firm based in Palo Alto, California, founded by Andy Rachleff and Dan Carroll in 2008. As of October 2024, Wealthfront had over $75 billion AUM across more than 1,000,000 accounts.

References

  1. 1 2 3 "FAQ". Investment Office of Stanford Management Company. 2023-08-31. Retrieved 2024-07-04.
  2. ↑ Wood, Sarah (2023-10-02). "15 National Universities With the Biggest Endowments".
  3. 1 2 "About Stanford Management Company". Stanford Management Company. Retrieved July 3, 2024.
  4. ↑ "About Stanford University | Bondholder Information". bondholder-information.stanford.edu. Retrieved 2024-07-03.[ dead link ]
  5. ↑ Edith R., Mirrielees (1959). Stanford: The Story of a University. G. P. Putnam's Sons. pp. 82–91. LCCN   59013788.
  6. ↑ "Rugged Justice". publishing.cdlib.org. Retrieved 2024-07-03.
  7. ↑ Lowen, Rebecca (1997). Creating the Cold War University: The Transformation of Stanford. University of California Press. ISBN   978-0520211346.
  8. ↑ "Stanford University". Endowment Report 1950.[ dead link ]
  9. ↑ Leslie, Stuart W. (1994). The Cold War and American Science: The Military-Industrial-Academic Complex at MIT and Stanford. Columbia University Press. ISBN   0231079591.
  10. ↑ "A Brief History of the Stanford Research Park". Stanford University Archives.
  11. 1 2 "Stanford University Endowment History". Stanford Historical Society.[ dead link ]
  12. ↑ Malone, Michael S. (1985). The Big Score: The Billion-Dollar Story of Silicon Valley. Doubleday. ISBN   1953953166.
  13. ↑ "Silicon Valley: How Stanford, science, and war made tech history". Stanford Historical Society.[ dead link ]
  14. ↑ "The Hewlett Foundation and its Impact on Higher Education". William and Flora Hewlett Foundation Archives.[ dead link ]
  15. 1 2 Twaij, Abbas (1999). Venture Capital and Stanford University: A Case Study. National Bureau of Economic Research.
  16. ↑ "Endowment Report 1990". Stanford University.[ dead link ]
  17. 1 2 "How does Stanford's $36.5 billion endowment work?". 2024-04-28. Retrieved 2024-07-04.
  18. ↑ Kolata, Gina (December 15, 1991). "Personal Finance; A Rich School Tries to Get Richer". The New York Times. Retrieved July 3, 2024.[ dead link ]
  19. ↑ Vise, David A.; Malseed, Mark (2006). The Google Story: Inside the Hottest Business, Media, and Technology Success of Our Time. Delta. ISBN   0553383663.
  20. ↑ "How Google Went Public". Stanford University News and Publications.[ dead link ]
  21. ↑ "Endowment Report 2000". Stanford University.[ dead link ]
  22. ↑ "Jim Clark's $150 Million Gift to Stanford University". Stanford News Service.[ dead link ]
  23. ↑ "Google Donates $2.8 Million to Stanford". Stanford News Service.[ dead link ]
  24. ↑ "SAP founder gives $35 million for Stanford D-School". Bloomberg.com. 2005-10-03. Retrieved 2024-07-04.
  25. ↑ Kiley, Kevin (February 8, 2012). "Stanford Raises $6.2 Billion in Five-Year Campaign". Inside Higher Ed. Retrieved August 19, 2017.
  26. ↑ "Stanford Nets $6.2 billion in 5-year Campaign". The Huffington Post. February 9, 2012. Archived from the original on January 1, 2016. Retrieved July 4, 2024.
  27. ↑ Stanford, © Stanford University; Notice, California 94305 Copyright Complaints Trademark (February 8, 2012). "Stanford concludes transformative campaign". Stanford University. Archived from the original on November 20, 2012. Retrieved July 8, 2012.{{cite web}}: CS1 maint: numeric names: authors list (link)
  28. ↑ "The Stanford Challenge – Final Report – By the Numbers: Overall". Archived from the original on February 12, 2012. Retrieved February 26, 2012.
  29. ↑ Clark, Don (2013-06-28). "Silicon Valley Donor Gives Big Again to Stanford". The Wall Street Journal . Retrieved 2024-07-04.
  30. ↑ "Endowment Report 2010". Stanford University.[ dead link ]
  31. ↑ "Stanford University Endowment Reports". Stanford University.[ dead link ]
  32. ↑ "Nike Co-founder Phil Knight Donates $100 Million to Stanford". Stanford News Service.[ dead link ]
  33. ↑ Chea, Terence (February 20, 2013). "Stanford University is 1st College to raise $1B". Associated Press. Archived from the original on November 10, 2013. Retrieved March 12, 2013.
  34. ↑ "Robert and Dorothy King's $150 Million Gift to Stanford". Stanford News Service.[ dead link ]
  35. ↑ "Stanford's Investment Success". Stanford Report.[ dead link ]
  36. ↑ "Endowment Report 2015". Stanford University.[ dead link ]
  37. ↑ "Phil Knight's $400 Million Gift to Stanford". Stanford News Service.[ dead link ]
  38. ↑ "Endowment Report 2020". Stanford University.[ dead link ]
  39. ↑ U.S. and Canadian Institutions Listed by Fiscal Year (FY) 2018 Endowment Market Value and Change in Endowment Market Value from FY 2017 to FY 2018 (PDF), National Association of College and University Business Officers and TIAA, retrieved October 9, 2019
  40. ↑ "John and Ann Doerr's $1.1 Billion Gift to Stanford". Stanford News Service.[ dead link ]
  41. ↑ Gelles, David (2022-05-04). "Stanford Gets $1.1 Billion for New Climate School From John Doerr". The New York Times. ISSN   0362-4331 . Retrieved 2024-07-04.
  42. ↑ "Endowment Report 2022". Stanford University.[ dead link ]
  43. ↑ "Stanford University launches $75 million brain disease initiative". Philanthropy News Digest. April 28, 2022. Retrieved May 3, 2022.[ dead link ]
  44. ↑ "Marc Andreessen's $600 Million Gift to Stanford". Stanford News Service.[ dead link ]
  45. ↑ "Endowment Report 2024". Stanford University.[ dead link ]
  46. ↑ "Our Investment Approach". Stanford Management Company. Retrieved July 3, 2024.[ dead link ]
  47. ↑ Whitesides, John (November 14, 2018). "Stanford endowment returns beat market, trail Ivy League peers". Reuters. Retrieved July 3, 2024.[ dead link ]
  48. ↑ "Stanford Management Company Commits to ESG Investing". The Stanford Daily. November 2, 2021. Retrieved July 3, 2024.[ dead link ]
  49. ↑ DiNapoli, Jessica (October 15, 2019). "Stanford Management to focus more on sustainable investing". Reuters. Retrieved July 3, 2024.[ dead link ]
  50. ↑ "Stanford Endowment Investment Performance". Stanford News. May 10, 2021. Retrieved July 3, 2024.[ dead link ]
  51. ↑ McDonald, Michael (October 25, 2018). "Stanford Endowment Gains 11.3% in Year, Trailing Ivy League Rivals". Bloomberg. Retrieved July 3, 2024.[ dead link ]
  52. ↑ "Leadership". Stanford Management Company. Retrieved July 3, 2024.[ dead link ]
  53. ↑ Browning, E.S. (June 25, 2012). "Stanford Hires Veteran Endowment Chief". The Wall Street Journal. Retrieved July 3, 2024.[ dead link ]
  54. ↑ "Impact Report". Stanford University. Retrieved July 3, 2024.[ dead link ]
  55. ↑ Rosenberg, John (October 22, 2018). "Stanford's Successful Capital Campaign Raises a Record $6.2 Billion". U.S. News & World Report. Retrieved July 3, 2024.[ dead link ]
  56. ↑ Swensen, David (2005). Unconventional Success: A Fundamental Approach to Personal Investment. Free Press. ISBN   978-0743228381.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.