The fifth annual Consolidated Endowment Fund Environmental, Social and Governance Report was released by the University of Pittsburgh’s Investment Office in May 2026. The Fiscal Year 2025 report continues to enhance transparency regarding the Consolidated Endowment Fund (CEF), implementation of the University’s Environmental, Social and Governance (ESG) Policy, and it provides an update regarding the endowment’s fossil fuel exposure.
Since March 2020, the Investment Office, which manages the CEF, has followed an ESG Policy for the CEF. The ESG Policy provides the University with a more consistent and comprehensive approach to evaluating investment opportunities.
The ESG Policy states the University’s commitment to “fully integrating ESG factors into the University’s decision-making processes, on the core belief that supporting responsible business practices also supports strong investment outcomes.” ESG factors are shown on this webpage.
This report directly supports the progress of the Pitt Sustainability goal: Increase Pitt community understanding about the purpose and management of the Consolidated Endowments Fund (CEF), including education and engagement about the CEF’s aggregate status, trends, and current and future fossil fuel exposure (including the basis for any material changes in expectations).
Some highlights from the FY25 CEF ESG Report include:
The Consolidated Endowment Fun (CEF) is Pitt’s largest financial asset, valued at 1.6 billion. The CEF works to provide long-term preservation of assets by providing a steady, meaningful stream of income which is used for the purposes in Figure 1.
Total (public & private) exposure to fossil fuels decreased from 7.8% of the CEF from June 2024 to 6.7% as of June 2025 (Figure 3).
- Private investment exposure to fossil fuels during this timeframe decreased from 5.9% to 4.8% and is projected to become de minimis by 2035. Public investment exposure remained flat at 1.9%.
External investment managers overseeing ~94% of the CEF by value have formal ESG policies in place or have indicated they take ESG considerations into account when making investments when there are financial implications. Figure 4 provides a breakdown of CEF assets handled by managers with formal ESG polices, those who have no formal policies but take ESG considerations into accounting, and by managers that do not consider ESG when making investments.
