Bowdoin’s endowment was honored with the Institutional Investor “Endowment of the Year” award at the magazine’s 12th annual Hedge Fund Industry Awards gala June 26, 2014.
The Bowdoin endowment surpassed the $1 billion mark for the first time in the College’s history, generating an investment return of 16% for the fiscal year ending June 30, 2013. Approximately 45% of the endowment is restricted to the support of student financial aid.
“This impressive award is recognition by professionals in a highly specialized and competitive industry of the exceptional work done by Paula Volent, our senior vice president for investments, and by our Investment Committee, chaired by Jes Staley,” said Bowdoin President Barry Mills.
“It tells the world what many of us already know — that Bowdoin is tremendously fortunate to have this talented and nimble team working on our behalf and that their success is something truly extraordinary. It also tells our alumni and other donors that their gifts are managed in a way that maximizes their investments in the College. A strong endowment is critical to the pursuit of excellence at Bowdoin and to our ability to preserve access and opportunity for students of promise, regardless of their economic circumstances. That’s why everyone associated with our College ought to be proud of this recognition and grateful to those who made it possible.”
Volent and Staley and were on hand to accept the award at the Mandarin Oriental in New York City. Read more about the event in Institutional Investor.
On June 30, 2013, Bowdoin’s endowment was valued at $1,038,640,000. During the fiscal year, the College received approximately $33 million in endowment gifts and additions, and provided $38.1 million to the annual operations of the College. Of this, approximately $17 million supports financial aid.
Returns for the fiscal year just ended will be released in the fall.
Bowdoin’s endowment had previously been recognized as Institutional Investor’s “Small Endowment or Foundation of the Year” in 2010.