University of California Investments annual report 2023 - 2024

UC Investments

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Less division, more multiplication. That sums up the UC Investments Way. That’s our culture and our investment returns.

It wasn’t always so.

When Jagdeep Singh Bachher became chief investment officer 10 years ago, the investment office he inherited was divided internally and isolated from the university as a whole. Investment returns had barely budged in years.

The path forward was clear: Eliminate the divisions and multiply the opportunities for collaboration. From there, the returns—on investments and in goodwill—would grow. It’s worked, and it’s taken years.

In hundreds of conversations throughout our 10 campuses and six academic health centers, Jagdeep and our team have engaged—about ways to help mitigate climate change, about boosting innovation and entrepreneurship, about bringing exciting discoveries to market, about how to best manage campus bottom lines, about adding value to foundation returns and to retirees’ pensions. To the students, faculty, staff, board members, and others across the table or beside us on a walk, our recurring question was always, “How can we help?”.

As we hope you’ll see in the pages of this annual report, the UC Investments Way is inseparable from the University of California. It’s about how we invest, of course, but just as important, it’s the way we operate as partners, colleagues, and members of the university community. The 10 pillars detailed in this report underpin our culture and our investment success.

UC Investments Way Star

Jagdeep Singh Bachher, Ph.D. 

CIO Letter

Michael V. Drake, M.D.

President's Q&A

Mark Robinson

Regent's Q&A

Introduction

Highlights

2023-2024 Highlights

Overview

Our 10 Pillars

Our Pillars

The Markets

Markets 2023 - 24

Results

Endowment

Blue and Gold

Pension

Retirement Savings 

Working Capital

Total Return

Short-Term Investment

General Endowment Pool

UC Retirement Savings Program

Short-Term

Markets 2023 - 2024

Our Team

UC Regents & Officers

Team

Our Way