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Harvard Endowment Surges to $19 Billion

The report is in the form of a "John Harvard" letter, which will be sent to 1,000 overseers, fellows and other prominent alumni.

Much of the increase is a result of outstanding returns on venture capital investments, according to University financial officials.

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Light said that the venture capital return was "very extraordinary" and is in the "hundreds of percents."

Fifteen percent of Harvard's investments are in long-term private equity, the accounting category that includes venture capital.

Domestic equities are the largest accounting category of Harvard's holdings, according to the University's policy portfolio, making up 22 percent of the endowment. Fifteen percent is invested in foreign equities and 10 percent in domestic bonds.

HMC manages most of Harvard's money internally, but private firms handle the University's venture capital investments.

Light emphasized that growth in the venture capital category this year was caused by especially high returns from a small group of the strongest firms.

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