Cambridge, FWIW, seems to be mostly individual colleges rather than the University itself. Given the size (and presumably diversity) of their endowment assets[0

Cambridge, FWIW, seems to be mostly individual colleges rather than the University itself. Given the size (and presumably diversity) of their endowment assets[0], I don't find this much of a surprise. [0] e.g. Trinity ~£1bn per https://www.trin.cam.ac.uk/alumni/giving-to-trinity/annual-report/financial-faqs/ https://www.trin.cam.ac.uk/alumni/giving-to-trinity/annual-r..., Gonville and Caius ~£150m per https://www.cai.cam.ac.uk/alumni/campaign-brochure/the-endowment https://www.cai.cam.ac.uk/alumni/campaign-brochure/the-endow...