New gene-editing system enables large-scale studies of gene function.
The Massachusetts Institute of Technology Investment Management Company (MITIMCo) has announced that the Institute's endowment generated a return of 23.0 percent for the fiscal year ending June 30, 2006.
As a result of strong investment performance and gifts, the endowment's assets totaled $8.4 billion as of June 30, 2006, an increase of $1.7 billion from the previous year, net of spending. For the past 10 years the Institute's endowment has had an annualized return of 15.3 percent.
Investment gains were broadly spread across MITIMCo's diversified portfolio, with real estate, real assets, private equity and international equities performing particularly well.
Strong investment performance and gifts to the Institute have made it possible for spending from the endowment to more than triple over the past 10 years. Total spending is projected to be $345 million in fiscal year 2007, up from $109 million just 10 years ago.
MITIMCo is led by Seth Alexander, who became president in May, succeeding Allan S. Bufferd, who retired as MIT's treasurer and founding president of MITIMCo after 34 years of service to the Institute.
MITIMCo is a division of the Massachusetts Institute of Technology, created to manage and oversee the investment of the Institute's endowment, retirement plans and operating funds. As of June 30, 2006, MITIMCo had $12.4 billion of total assets under management.