The College reported a 49.5 percent return on its investments for the fiscal year ending June 30, one of the top three returns among colleges and universities across the country. As a result, the school's endowment ballooned from $634 million to $912 million. The high returns were primarily due to money invested as venture capital.

"Williams, Notre Dame, Amherst, and to some extent the Ivies, have felt rich enough and brave enough to take greater risks, and that's led to much greater returns," said President Tom Gerety. "This was extraordinarily good fortune-and to some extent it reflects our willingness to take greater risks with a proportion of the portfolio."

"When I came here I was very worried that we were going to be in kind of a laggard position and we've made up that territory-although Williams continues to have staggering results," added Gerety. "But we're getting close to Swarthmore, which just a few years ago was 50 percent ahead of us."

"The range of different asset classes, and because the investment companies adopted a diversified portfolio and actually pursued it, provided the opportunity to generate returns at this level," said Treasurer Sharon G. Siegel.

"We can rest assured that core activities we provide-salaries, scholarships, and physical plant-are maintained at the same high level," said Chief Advancement Officer Michael Kiefer. "The more coming from endowment, the better, because the endowment is the most solid financial source."

The endowment is used to support the operations of the College. A portion of the endowment is invested in US stocks and bonds, hedge funds, venture capital, private equity, oil and gas, and real estate, Siegel said.

"Our purpose is not to make money but it is to educate men and women to lead fuller lives and create a community where scholarship can take place," said Kiefer. "To do that, we need to think very long term and we need to create a climate where professors can make their homes forever. We don't get up each day and think of how we can leverage investments for higher return. We want to create a welcoming environment."

Venture capital, which includes funds made available for startup firms and small businesses with exceptional growth potential, was responsible for generating particularly high returns while private equity alone returned of more than 150 percent.

"The things that came back so hot were new companies," said Gerety. "You could have a whole lot of losses and still look very very good."

According to Kiefer, the funds will go towards the core functions of the College: salaries for faculty and staff, financial aid, and the physical plant.

Siegel did not release information about the specific companies in which the College invests.