Both private equity and venture capital provided strong returns for college and university endowments in 2006 and 2007, according to new survey results compiled by TIAA-CREF and the National Association of College and University Business Officers. The study included data from 785 institutions in the U.S. and Canada, covering $411.2 billion in endowment assets.

It found that the average private equity return in 2007 was 19.8%, which was up from 17.9% in 2006. Average venture capital returns rose to 15% in 2007 from 10.2% in 2006. Both private equity and venture capital outperformed hedge funds and real estate in 2007, but underperformed non-U.S. equities. It was a mixed bag when compared to U.S. equities, with private equity just above and venture capital well below.

Here is the release: Results.pdf
Here is some additional info on allocations: AssetClass.pdf
Full details are available here.