Cornell University’s long-term investments (LTI) earned a 3.4 percent rate of return in fiscal year 2015. Despite “challenging market conditions,” according to Chief Investment Officer A.J. Edwards, the endowment reached a record high value of $6.3 billion, up from $6.2 billion at the end of fiscal year 2014.

Investment gains totaled $192 million and gifts reached $188 million. The endowment’s payout to the university – which provides about 10 percent of university revenues and supports campus operations and student financial aid – totaled $306.1 million for the 2015 fiscal year, compared with $311.1 million in FY14. For FY15 there was a $68.1 million net increase in the ending value of the LTI compared to the end of FY14.

During the past three years, the LTI rate of return exceeded 10 percent annualized, and the five-year rate of return was 10 percent annualized. Over the past decade, the LTI rate of return was 7.2 percent annualized.

The largest returns for the 2015 fiscal year are from private equity, real estate, hedge funds, domestic equity and enhanced fixed income.

“During the 2015 fiscal year, cash distributions continued at a strong pace,” Edwards said. “Distributions from private equity and real estate continued at a high level. We continue to make new commitments across private equity, resource related, enhanced fixed income and real estate as well as public markets, as the current level of volatility is creating opportunities to deploy cash.”

“The continued improvement in our overall financial position should provide an opportunity to manage the risk and liquidity of the portfolio with a focus on long-term investments offering attractive return potential,” he said.