• Value of school's endowment rose 1.5% to record $7.6 billion
  • Endowment was 13th-largest among U.S. universities in 2014

The University of Chicago, the third wealthiest private university in the Midwest, posted a 4.8 percent investment gain on its endowment for the year ended June 30.

The size of the fund grew 1.5 percent to a record $7.6 billion, according to a statement by the Chicago-based school Thursday. The fund has been managed since 2009 by Mark Schmid, a former chief investment officer at Boeing Co.

Its 10-year annualized return is 8.3 percent. The university’s endowment was the 13th largest in the U.S. as of June 2014.

The median return for endowments and foundations with more than $500 million in the latest year is 3.6 percent, according to an estimate by Wilshire Trust Universe Comparison Service.

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