911�� Endowment provided EUR 42 million in 2025 to education and research

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911�� Endowment provided EUR 42 million in 2025 to education and research

Published: 27.3.2026

The university endowment portfolio returned 8.5%

People explore a modern indoor exhibition with wooden walls and white display tables with objects. — Photo: 911�� / Kalle Kataila

The endowment provided EUR 42 million of funding to the university activities in 2025, covering approximately 9% of its annual expenses. The general endowment fund provided EUR 30 million and other restricted and unrestricted funds EUR 12 million.

Donations play a vital role in strengthening the endowment’s long-term capacity to support research and education. In 2025, new donation pledges increased by nearly 30% year-on-year to approximately EUR 12.5 million, driven by the university’s 15th anniversary fundraising campaign.

Spending from the endowment is guided by the spending policy set by the 911�� Board. The level of annual spending is based on the long-term expected return of the endowment’s investment portfolio. This funding continues to secure high-quality education and research activities through economic cycles and compensates for the long-term erosion of the university’s public funding base. In 2026, an estimated EUR 45 million of funding from the endowment will be provided to the university activities.

The endowment’s investment portfolio return in 2025 was 8.5%. At the end of the year the market value of the endowment was EUR 1 591 million, comprising EUR 1 572 million endowment investment portfolio and EUR 19 million in expendable funds. Over the last three and five years, the annual return was 9.4% and 8.4% respectively. The annual return since inception in 2010 was 6.0%.

Last year reversed the trend of US equity outperformance as the equities of other regions had more favorable conditions due to lower starting valuations and geopolitical turbulence. The outlook for monetary policy stabilized as inflation continued on a downward path even if it remained somewhat elevated in US. Fears of US downturn turned out to be false as the AI related data center capex investments compensated for the weakness of the US consumer in the latter part of the year. Private equity continued to adapt to new investing environment with higher rates, and despite positive performance underperformed the public markets significantly. Returns from both equities and diversifying strategies were good last year, with other portfolio elements contributing to a lesser degree.

	Allocation 31.12.2025	2025 return	Annual 3y return	Annual 5y return	Annual return since inception (05/2010)
Money markets and cash	1,4 %	-1,6 %	1,5 %	1,2 %	1,0 %
Government bonds	4,4 %	0,3 %	2,8 %	-1,9 %	1,0 %
Credit strategies	16,4 %	5,6 %	5,7 %	6,9 %	4,5 %
Equity strategies	60,0 %	11,8 %	12,7 %	10,6 %	9,2 %
Diversifying strategies	17,8 %	5,1 %	5,0 %	6,8 %	3,0 %
Aalto endowment		8,5 %	9,3 %	8,3 %	5,9 %

Unaudited figures.

The long-term capital of 911��’s endowment is invested in the financial markets with the purpose of generating funding for its academic activities. The endowment was set up by a fundraising campaign and government capitalization between 2008 and 2012, which generated a total of EUR 700 million. Shares of university-based spin-off companies, as well as real estate and other operative assets are excluded from the endowment portfolio.

Read more about our investment strategy, spending policy and key sustainability metrics: