UPenn Portfolio Update

This week, we’ll take a look at disclosures recently made by UPenn. UPenn’s endowment oversees just under $25 billion as of 6/30/25 and has been led by CIO Peter Ammon since 2013.

UPenn has generated annualized returns of 9.2% over the past 10 years, ranking it in the top 20 of the 900+ endowments we track in OWL.

UPenn comes in at 4^th amongst the Ivy League endowment pack based on both its 10-year and 5-year annualized returns.

As we highlighted in our 2025 update on UPenn’s portfolio, the school discloses numerous manager investments in a tax filing for its employee retirement plan, one of the pools of capital managed by the investment office.

Ammon previously spent time at the investment offices of both Yale and Princeton, and the crossover between the endowment’s portfolios is apparent. As an example, Yale is also invested in nine of the 18 managers included on the table of UPenn’s managers that OWL users received in Friday’s newsletter.

UPenn’s managers include 5Y Capital, a16z, Bain, Bracebridge Capital, Centerbridge, Felicis, Fortress, HongShan, Kingsway, Naya Capital, Ribbit Capital, Thrive Capital, XN, and Y Combinator.

UPenn first disclosed a relationship with Naya in 2013 when it disclosed a $55 million holding in Naya 1740 Fund, which is now valued at $469 million as of 6/30/25, according to UPenn tax filings. The 1740 fund captures the endowment’s entire holdings with Naya, while other filings show the retirement plan’s individual holdings amounts.

Naya 1740 Fund submitted its first regulatory filing in 2013 and appears to be a “fund of one” for UPenn as the fund’s filings list just a single investor, and UPenn’s most recent tax filings disclose 100% ownership of the vehicle. 1740 is also the year that the University of Pennsylvania was founded.

UPenn also appears to have 1740-named separate accounts with other managers including Parvus, Palo Duro, and Cyrus Capital.

The Naya 1740 Fund has leveled off in recent years after growing from roughly $250 million to $400 million from 2018 to 2022, according to Naya regulatory filings.

Based in London, Naya was founded in 2012 by Masroor Siddiqui following his two-year stint as a partner overseeing global credit and equity investments at TCI. At TCI, Siddiqui was reportedly CEO and managing partner Chris Hohn’s “right hand man” and is also understood to be close with Rupert Murdoch of News Corp, where Siddiqui leads the board of directors, and former UK Prime Minister Rishi Sunak. Siddiqui and Sunak initially met at Goldman Sachs before crossing paths again at TCI. 

Siddiqui also previously served as a managing director at Canyon Partners where he founded and managed its European office, and earlier in his career was a senior vice president at Putnam Investments covering utilities, telecommunications, and media.

Naya has disclosed more positions in the past, but only discloses four positions as of 3/31/26 – Humana, Liberty Media Formula One Series C, UnitedHealth Group, and Woodward.

Of note, Naya has previously owned Humana from early 2018 to late 2019 and Liberty from mid-2018 through early 2023.

Naya also engages in select private markets investments, to date participating in funding rounds for at least three companies: the $55 million Series B round of India-based digital commerce and financial services startup DotPe in September 2022; the $132 million post-IPO equity round of Southeast Asia-focused proptech company PropertyGuru Group in March 2022; and multiple late-stage rounds of Estonian mobility company Bolt.

The manager has invested in Bolt at least four times since 2019:

OWL is an intelligence platform built for allocators, by allocators. Leading endowments, foundations, and family offices use the system to find, monitor, and connect with thousands of fund managers globally. OWL's analytics engine has collected over one billion data points from 65 countries. We make it easy for allocators to find and track information about the managers they care about – not just positions but also performance analytics, people data, business information, and details about the manager investments of other allocators.

Returns represent the return on invested capital of publicly disclosed long positions, as calculated by OWL. Actual returns may vary based on a number of factors, including (but not limited to) undisclosed positions, short exposure, non-equity holdings, cash holdings, and lagged disclosure of positions.

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