UNC Chapel Hill Foundation Investment Fund

Overview

The UNC Chapel Hill Foundation Investment Fund is a nonprofit organization that offers investment management services to the University of North Carolina System and its affiliated endowments and foundations. It manages the long-term assets of its investors through the UNC Investment Fund, a commingled investment vehicle with assets of over $11 billion. The fund is overseen by a board of directors that includes Carolina alumni who are professional investors. It is well diversified among asset classes and fund managers who are recommended by UNC Management Company, Inc. and approved by the board. The fund's investment philosophy includes a wide array of asset classes, such as domestic and international equities, emerging market equities, opportunistic equity, absolute return, venture capital, direct real estate and real estate securities, energy, domestic and foreign bonds, and cash equivalents. The fund's market value increased from $5.59 billion at the beginning of the fiscal year to $6.06 billion at June 30, 2025. Over the past 10 years, the market value of the Chapel Hill Investment Fund has more than doubled from $2.88 billion at June 30, 2015, to $6.06 billion at June 30, 2025. During this 10-year period, $2 billion has been distributed from the Chapel Hill Investment Fund to support University programs and development. The fund's investment strategy focuses on generating a steady stream of income while leaving the principal untouched, allowing the University to respond to unforeseen opportunities and weather fluctuations in state funding, tuition income, and federal government grant making. The fund's spending policy aims to provide a stable, predictable, and sustainable stream of spending intended to grow with inflation to support programs at the University. In high return years, investment returns in excess of the spending rate are reinvested so that in down years, increases in the distribution amount can be maintained. This approach ensures that the fund can continue to support the University's programs and development over the long term.

Investment Focus

• Investment horizon of 5-10 years
• Alignment with the University's mission and values
• Diversification across asset classes and geographies
• Compliance with applicable laws and regulations

Portfolio Companies