University endowment funds present the possibility for universities to achieve stable investment returns for attaining financial stability and independence. Especially the largest endowment funds like Yale and Harvard have a progressive asset allocation to alternative asset classes and they have the status as role-model to other investors. The university endowments achieved over the last years mostly double-digit returns at much lower volatility than other investors. The book deals with the question whether the asset allocation is responsible for their success or if there are other key factors. In the second part university endowment funds will be discussed using the example of the Yale university.