TIFF Investment Management reported that $1B-plus university endowments delivered an average 11.5% return in fiscal 2025, driven by private equity, venture and AI-related equities — marking the sector’s second straight year of double-digit gains. Those returns come as federal policy and College Board data show modest tuition increases but a 19% jump in Pell Grant funding and growing grant aid overall. Institutions face new political pressures, including proposals to tax large endowments, even as many universities reinvest gains in financial aid and strategic priorities.