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Key Findings From the 2025 Study of Foundations [Infographic]

August 25, 2026 |
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Key Findings From the 2025 Study of Foundations | Commonfund
3:27
Council on Foundations-Commonfund CCSF

Investment results, asset allocation, spending and governance practices reported by 285 private and community foundations for the year ended December 31, 2025.

Study at a glance

  • 285

    participating foundations

  • $126.9B

    total assets represented

  • $445M

    average assets per foundation

Private foundations171 Community foundations114

Performance

Average total net returns and long-term return objective. All returns are net of fees.

One-year average total net return

Private 14.1%
 
Community 14.7%
 

Ten-year average total net return

Private 9.0%
 
Community 8.6%
 

Average long-term return objective

Private 7.4%
 
Community 7.2%
 

Long-term returns

Net annualized returns as of December 31, 2025.

15-year average total net return

Private 8.1%
 
Community 7.9%
 

20-year average total net return

Private 7.2%
 
Community 7.1%
 

Asset allocation

Dollar-weighted average allocation. May not add to 100 percent due to rounding.

  • U.S. equities
  • Fixed income
  • Non-U.S. equities
  • Alternative strategies
  • Short-term securities, cash and other

Private foundations

25
10
16
46
3

Community foundations

39
17
20
21
3

Spending

5.2%
average stated policy spend rate, private foundations
4.6%
average stated policy spend rate, community foundations

Investment management

Use an outsourced investment office

Private39%
 
Community47%
 

Use an investment consultant

Private53%
 
Community61%
 

Share of portfolio outsourced, among those outsourcing

Private93.4%
 
Community89.7%
 

Responsible investing

Share of foundations that seek to include investments with:

ESG

Private28%
 
Community26%
 

Negative screening

Private25%
 
Community10%
 

Impact investing

Private29%
 
Community26%
 

Diverse managers

Private20%
 
Community21%
 

Gifts and donations

Community foundations only. Prior-year figures in parentheses.

51%
reported an increase in gifts (46% in 2024)
34%
reported a decrease in gifts (41% in 2024)
79%
median growth among those reporting an increase

Source: 2025 Council on Foundations–Commonfund Study of Investment of Endowments for Private and Community Foundations®. All returns are net of fees. Asset allocations are dollar-weighted and may not add to 100 percent due to rounding.
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Disclaimer

Certain information contained herein has been obtained from or is based on third-party sources and, although believed to be reliable, has not been independently verified. Such information is as of the date indicated, if indicated, may not be complete, is subject to change and has not necessarily been updated. No representation or warranty, express or implied, is or will be given by The Common Fund for Nonprofit Organizations, any of its affiliates or any of its or their affiliates, trustees, directors, officers, employees or advisers (collectively referred to herein as “Commonfund”) or any other person as to the accuracy or completeness of the information in any third-party materials. Accordingly, Commonfund shall not be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement in, or omission from, such third-party materials, and any such liability is expressly disclaimed.

All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.

To the extent views presented forecast market activity, they may be based on many factors in addition to those explicitly stated herein. Forecasts of experts inevitably differ. Views attributed to third-parties are presented to demonstrate the existence of points of view, not as a basis for recommendations or as investment advice. Market and investment views of third-parties presented herein do not necessarily reflect the views of Commonfund, any manager retained by Commonfund to manage any investments for Commonfund (each, a “Manager”) or any fund managed by any Commonfund entity (each, a “Fund”). Accordingly, the views presented herein may not be relied upon as an indication of trading intent on behalf of Commonfund, any Manager or any Fund.

Statements concerning Commonfund’s views of possible future outcomes in any investment asset class or market, or of possible future economic developments, are not intended, and should not be construed, as forecasts or predictions of the future investment performance of any Fund. Such statements are also not intended as recommendations by any Commonfund entity or any Commonfund employee to the recipient of the presentation. It is Commonfund’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client. All market outlook and similar statements are based upon information reasonably available as of the date of this presentation (unless an earlier date is stated with regard to particular information), and reasonably believed to be accurate by Commonfund. Commonfund disclaims any responsibility to provide the recipient of this presentation with updated or corrected information or statements. Past performance is not indicative of future results. For more information please refer to Important Disclosures.

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Disclaimer

Certain information contained herein has been obtained from or is based on third-party sources and, although believed to be reliable, has not been independently verified. Such information is as of the date indicated, if indicated, may not be complete, is subject to change and has not necessarily been updated. No representation or warranty, express or implied, is or will be given by The Common Fund for Nonprofit Organizations, any of its affiliates or any of its or their affiliates, trustees, directors, officers, employees or advisers (collectively referred to herein as “Commonfund”) or any other person as to the accuracy or completeness of the information in any third-party materials. Accordingly, Commonfund shall not be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement in, or omission from, such third-party materials, and any such liability is expressly disclaimed.

All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.

To the extent views presented forecast market activity, they may be based on many factors in addition to those explicitly stated herein. Forecasts of experts inevitably differ. Views attributed to third-parties are presented to demonstrate the existence of points of view, not as a basis for recommendations or as investment advice. Market and investment views of third-parties presented herein do not necessarily reflect the views of Commonfund, any manager retained by Commonfund to manage any investments for Commonfund (each, a “Manager”) or any fund managed by any Commonfund entity (each, a “Fund”). Accordingly, the views presented herein may not be relied upon as an indication of trading intent on behalf of Commonfund, any Manager or any Fund.

Statements concerning Commonfund’s views of possible future outcomes in any investment asset class or market, or of possible future economic developments, are not intended, and should not be construed, as forecasts or predictions of the future investment performance of any Fund. Such statements are also not intended as recommendations by any Commonfund entity or any Commonfund employee to the recipient of the presentation. It is Commonfund’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client. All market outlook and similar statements are based upon information reasonably available as of the date of this presentation (unless an earlier date is stated with regard to particular information), and reasonably believed to be accurate by Commonfund. Commonfund disclaims any responsibility to provide the recipient of this presentation with updated or corrected information or statements. Past performance is not indicative of future results. For more information please refer to Important Disclosures.