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Key Findings From the 2025 Study of Foundations | Commonfund

Written by Commonfund Institute | Aug 25, 2026, 5:33:49 PM

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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