Several major university endowments are on pace to match or exceed the S&P 500's 20% annual return, reversing years of underperformance thanks to heavy private equity exposure in tech firms like SpaceX, OpenAI, and Anthropic. Harvard held roughly $2.2B in SpaceX shares as of June 30, while early investments in the aerospace manufacturer helped North Carolina drive returns past 30% on its $15B endowment. The $3.5B University of Colorado Foundation also recorded a 20.3% return to snap a dry spell in private market distributions. Cerity Partners partner Chris Bittman, who manages capital for the University of Colorado Foundation, explained how the concentrated tech windfalls are reshaping institutional ledgers: "There have been schools that have been beaten up over the last several years because of their private exposure. This year you’ll probably see return[s] from historical outperformers back at the top of the charts again because of some of the technology names." (link)

Meanwhile, Utah is launching a comprehensive modernization initiative to restructure its administrative infrastructure, address rising expenses and prepare for a projected multiyear decline in college-age enrollment beginning in 2032. As part of the broader framework—which includes centralizing campus operations and establishing Crimson Brand Partners' new sustainability model for Utah Athletics—the institution expects its 5,700-person non-faculty workforce to shrink by 5% to 15% (285 to 855 positions) through attrition and position eliminations by June 2027. Utah President Taylor Randall emphasized that acting now from a position of financial strength is essential to protecting the university's long-term academic and athletic mission: "The University of Utah has never become stronger by standing still. One of the most important responsibilities of being a leader is stewardship. We inherited a remarkable university that was shaped by those who came before, and we have an obligation to leave it stronger for those who follow." (link)

Colorado recorded its first enrollment decline since 2020 this fall, dropping 0.8% to 38,510 students (298 fewer than last year) and missing a projected 1.3% growth mark. The reversal stems largely from an 18.6% decrease in international students, with international graduate enrollment falling 24% (363 students) and undergraduate numbers dropping 5.8% (37 students). 9News’ Rhea Jha nots the decline created a $25M revenue shortfall against the June budget—with $11.7M directly attributed to the international deficit—though CU CFO Chad Marturano notes the campus budget model can accommodate the 1.9% revenue change. Boulder-based immigration attorney Brad Hendrick on the broader consequences of federal policy shifts: “Particularly thinking about a university town. If the world's best researchers don't want to come here and they decide they want to go somewhere else, I don't think that bodes well for the future of our country. Our universities are going to pay the price in the short term, but I think our society in general is going to pay the price in the long term.” (link)

Stanford has submitted a proposal to Santa Clara County to expand its campus by nearly 2M square feet over the next two decades. To help secure local approval, the university offered a $100M Stanford Community Fund to support regional affordable housing, transportation, and education. The physical expansion includes 2,500 new student beds to alleviate an admissions bottleneck, as first-year applications have jumped more than 40% over the past decade while enrollment grew by just 7%. The proposal also features 500 public housing units within the Stanford Research Park and 500 additional workforce homes, representing a smaller footprint than a withdrawn 2019 application that requested 20% more academic space. Stanford Senior AVP Whitney McNair explained the revised approach ahead of an anticipated 2028 board vote: "We undertook a dedicated effort to listen closely to the ideas and concerns of residents in our neighboring communities. A key goal of this planning effort has been to ensure the plan reflects the university’s academic needs and simultaneously responds to the shared priorities of our region as a whole." (link)

The NFL's private equity arm, 32 Equity, is in talks with external partners to launch a larger investment fund as annual league revenue reaches $25B. Sportico's Eben Novy-Williams notes initial contributions seeded the vehicle with $32M in 2013 before subsequent capital calls brought total commitments to $256M, building a 46-investment portfolio including Fanatics, On Location, and DAZN that yields returns outside the player salary cap. NFL CFO Christine Dorfler and new fund head Sumit Varshney are evaluating proposals that would require teams to contribute $5M to $10M each alongside institutional partners, allowing the league to serve as a general partner and collect carry fees. Washington Commanders owner Josh Harris: "The NFL has an incredible business opportunity [with 32 Equity]. It has unique knowledge and a competitive advantage in terms of understanding what’s happening in sports more generally, across the ecosystem. I think 32 Equity is setting itself up to be part of that." (link)

Apollo Sports Capital aims to join the roster of private equity firms approved to invest in the NFL, according to Bloomberg's Randall Williams. Although the league recently capped institutional ownership at 10% across a maximum of six clubs for pre-approved funds, Apollo Global Management launched ASC roughly a year ago and has already deployed or committed $13B across the sports industry. The firm's recent portfolio additions include a $2.6B stake in the New York Yankees, along with investments in Atlético de Madrid and Wrexham AFC. ASC CEO Al Tylis explained at Bloomberg Power Players New York that Yankees owner Hal Steinbrenner welcomed him to the family after their transaction, underscoring how sports ownership requires a different mindset compared to highly transactional sectors like real estate: "It’s a connection in a way that I think is just different than your typical businesses. This means something different." Also from Tylis: “We’re interested in any great sports property anywhere in the world, which clearly includes the NFL.” (link)

Arsenal engaged management consulting firm Boston Consulting Group to evaluate its non-footballing departments and identify potential cost reductions. CEO Richard Garlick is spearheading the review after the Premier League club reported record revenues of £691M ($934.4M) for the 2024-25 season. The organization posted a £1.4M overall loss despite the revenue surge, as underlying operating losses grew to £65M, driven by a £53M increase in operating costs to £200.8M from inflationary pressures and higher staging expenses. Garlick recently outlined the financial mandate driving the evaluation: "We’re a football club. Our job is to win major trophies but we want to do it in a financially sustainable way which means we need to grow our revenues, focus on our partnerships, venue and retail." (link)

Elsewhere in the rare air of elite European soccer clubs, FC Barcelona generated over €1B in revenue for the 2025-26 season but posted a €17.8M post-tax loss as infrastructure and roster costs escalate, according to The Athletic's Chris Weatherspoon. Commercial income reached €564.1M, anchored by a long-term kit agreement with Nike and a four-year renewal with Spotify that retains naming rights for Camp Nou. The club carries €1.84B in total debt, largely tied to the Espai Barca stadium renovation that is projected to produce an additional €250M in annual revenue upon its 2028 completion. President Joan Laporta oversaw a wage bill that reached €573.7M last season—56% of total revenue—and is budgeted to hit €648.9M in 2026-27. A club spokesperson addressed the organization's reliance on deferred transfer payments and additional short-term debt to bridge the gap until the stadium opens: "Routine cash flow management, aligning the timing of receipts and payments, as any business does." (link)

Saudi Arabia’s Public Investment Fund (PIF) is evaluating a merger between Electronic Arts and Savvy Games to consolidate its assets within the $214B gaming industry, according to Bloomberg's Dinesh Nair and Cecilia D'Anastasio. The proposed entity would combine console properties like EA Sports College Football with mobile franchises like Pokemon Go, but the transaction will likely have to wait until Savvy Games finalizes its $6B acquisition of Moonton. The PIF recently completed a $55B buyout of Electronic Arts and previously allocated $38B to Savvy Games, funding the $4.9B purchase of Scopely and the $3.5B acquisition of Niantic's games division. The merger aims to bolster mobile development after Electronic Arts canceled titles from its $2.1B acquisition of Glu Mobile. Any combination would face regulatory scrutiny similar to Microsoft’s $69B purchase of Activision Blizzard. The structural review follows a leadership transition where PIF Deputy Governor Turqi Alnowaiser replaced Brian Ward as interim CEO of Savvy Games. (link)

Key Digits…
➤ The consumer price index, an inflation barometer, rose 3.4% on an annual basis in August 2026, well above the Fed’s 2% target, according to the Bureau of Labor Statistics. (link)
➤ U.S. existing-home sales fell 2% in August to a seasonally adjusted annual rate of 3.98M, the lowest level in more than a year. (link)
➤ Interest rates on a 30-year fixed mortgage topped 7% for the first time in more than a year, reaching 7.07% this past Thursday. (link)

Latham & Watkins became the first major law firm to purchase its own Nvidia GPU servers to fine-tune open-weight AI models, diverging from industry peers who rely on cloud-based subscriptions. The firm, which generated $8.3B in revenue last year, leases secure data center space to run Nvidia Nemotron 3 models, a distinct approach from competitors like Kirkland & Ellis (Palantir), A&O Shearman (Harvey), and Freshfields (Anthropic). The hardware investment is supported by a roster of more than 900 technology specialists, including machine learning engineers and coding lawyers. Chief Information Officer Rene Mendoza outlined the rationale behind building an internal network rather than relying exclusively on commercial models from OpenAI or Anthropic: "Sometimes we may have information that is so sensitive, client information that we really want to protect, we don’t want to put it to any cloud vendor. ... We are not hitching our wagon to one particular company." (link)

PwC's 2026 AI Jobs Barometer indicates entry-level accounting positions in AI-exposed industries are seven times more likely to require advanced skills, accelerating a "seniorization" trend that replaces manual tasks with automated technology, according to CFO Brew's Courtney Vien. KPMG partnered with Centaurian AI to prepare junior accountants for these complex roles by developing TaxSIM, a gamified accounting simulator launching later this year. Centaurian CEO Kes Sampanthar noted the software utilizes AI personas to provide feedback on technical reviews and simulate client interactions regarding delayed documents or macroeconomic shifts. The firm enforces human oversight through a "think-prompt-check" protocol, while KPMG national managing partner for tax Ann Holley welcomes the shift away from the manual ledger entry she witnessed over her 30-plus-year career. Holley detailed how the software accelerates employee development by replacing basic data entry with scenario-based judgment training: "It’s getting our professionals those ‘reps at the gym’ to build the muscle memory, to get that experience, to give them the confidence and the judgment that is so critical. ... As is the case with major tax law changes, the novelty of AI means anybody can be the expert pretty quickly because nobody else has a leg up on you. There’s nobody that has 20 years of experience using AI." (link)

A survey of 902 finance executives by Protiviti revealed 78% of respondents prioritized cash management in Q2 2026 amid economic volatility. West Monroe Managing Director Connor Augustyn notes that forecasting is increasingly complicated by volatile operational variables such as unexpected $150K AI token invoices, shifting customer payment behaviors, and tariff fears. To manage these rapid shifts, finance teams are deploying AI tools to identify broken forecast assumptions before they hit actual balance sheets. Augustyn on how leaders are rethinking cash visibility: "The question that CFOs are asking is not simply, 'How much cash do I have today and when is the cash going to run out?' It’s 'How quickly could that position change?' ... The predictability, that’s where we’ve started to see AI take its most impactful place within cash forecasting, using that financial forecasting engine to be able to say, 'Can AI tell me what assumptions underlying in my cash forecast are starting to break?'" (link)

Employer healthcare benefit costs are projected to increase 11.1% in 2027, prompting CFOs to partner with HR departments to navigate plan redesigns. CFO Dive's Maura Webber Sadovi sat down with WTW Senior Managing Director of Health and Benefits Tim Stawicki, who noted that businesses with at least 50 employees must offer plans with a 60% minimum actuarial value or face annual penalties of roughly $3.5K per worker, though most companies maintain 80% to 85% coverage levels even as total costs reach $15K to $20K per employee. To control expenses without gutting core benefits, midmarket companies currently finalizing 2027 plans are focusing on vendor oversight, fraud reduction, and eligibility restrictions like spousal surcharges or 90-day waiting periods. More from Stawicki…

➤ On the timeline for redesigning healthcare plans: "For larger employers it’s probably too late for 2027 plans. ... For the midmarket, they’re probably in the midst of these strategies right now. Now would be the time they need to think about what the final changes are."

➤ Minimum amount of coverage companies can provide: "It essentially means it has to have a 60% actuarial value. Of the total health care dollar [cost], 60% needs to be covered by a plan, so the remaining 40% could be in the form of deductibles, copay, co-insurance that the members are paying out of their own pockets."

➤ Methods to pull back spending by redesigning plans: "What I see many employers doing is they’re looking for ways that they can make changes that won’t have as much impact on employees. Examples of which would be evaluating their vendor partners, looking into fraud waste and abuse, and paying claims most effectively; They’re looking into alternative plan designs that help steer members to lower cost and or higher quality providers."

➤ On what executives can actually control during plan redesigns: "Where employers do have a say is which vendors they do work with. And they have some control on trying to influence the utilization of their network." (link)

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(Posted from most recent over the last 30 days).

(NEW!) Assistant Director for Business Services (University of Connecticut / Storrs Mansfield, CT): The University of Connecticut is seeking applications for the full-time position of Assistant Director for Business Services More details HERE.

(NEW!) Assistant or Associate Athletic Director, Business Operations/SWA (Sacred Heart University / Fairfield, CT): Provides operational leadership for Athletics' business functions. Oversees financial management, budgeting, purchasing, contracts, revenue and expense tracking to ensure fiscal responsibility More details HERE.

Associate VP & Chief Commercial Officer/Chief Revenue Officer (Ohio State University / Columbus, OH): Responsible for developing and executing a comprehensive revenue growth strategy for the Department of Athletics and Buckeye Enterprises at The Ohio State University. More details HERE. What would it cost to move to Columbus? Click HERE.

Director, Business Office (Spartan Ventures / East Lansing, MI): This role, in conjunction with the Spartan Ventures CFO, will manage all financial activity related to the organization and contribute directly to the success of Michigan State University Athletics. More details HERE.

Manager, Financial Planning and Analytics (University of Texas – Austin / Austin, TX): This position will serve as a point-of-contact for financial planning and internal control functions within the Department of Athletics. More details HERE.

Director of Athletics Budget and Finance (Syracuse University / Syracuse, NY): The Director of Athletics Budget and Finance oversees the comprehensive stewardship, fiscal integrity, and business operations of the athletic department More details HERE.

Assistant Athletic Director, Business Operations (FINANCIAL ANL SUPV 1) Job 88459. (University of California – Davis / Davis, CA): This position is responsible for overseeing all Business Office operations, including account management and oversight of an approximately $50M budget as well as all purchasing and travel activities. More details HERE.

Associate Athletic Director (California State University – Fullerton / Fullerton, CA): Assist the AD with overall organization and management of the Athletic Department, operational and strategic planning, sport supervision, policies and procedures, assist with budgetary decisions. More details HERE.

Assistant Director or Director of Business Procurement & Operations (University of Arkansas / Fayetteville, AR): The role supports the financial and operational functions of the Athletic Business Office. More details HERE.

Chief Revenue / Chief Marketing Officer (Atlantic 10 Conference / Washington, DC): Provide strategic leadership by identifying and developing new commercial opportunities, generating revenue, strengthening the A10 brand, growing audiences and building corporate partnerships. More details HERE. What would it cost to move to Washington, DC? Click HERE.

Vice President - Human Resources (Atlantic Coast Conference / Charlotte, NC): Serve as the senior HR professional leading and overseeing the human resources function, including HR practices, policies, procedures, systems, and all employee-related matters. More details HERE. What would it cost to move to Charlotte? Click HERE.

Athletics Business Manager (Augusta University / Augusta, GA): The Athletics Business Manager (Business Manager 1) position manages all matters of financial reporting, budgeting, contracts, and collection of funds for the Athletic Department. (DII) More details HERE.

Assistant Director, Business & Finance (University of California – Los Angeles – UCLA / Los Angeles, CA): Manage key financial operations, including departmental revenue, accounts receivable, financial reporting, budgeting, Foundation funds and procurement, in a dynamic collegiate athletics environment. More details HERE.

Associate/Senior Associate Athletic Director for Business and Administrative Operations (Ohio University / Athens, OH): Serves as a member of the Athletics Executive Team and responsible for providing strategic oversight, implementation, and management of the Athletics financial functions, procedures, and policies. More details HERE. What would it cost to move to Athens? Click HERE.

Senior Associate Athletic Director/Chief Revenue Officer (Murray State University / Murray, KY): Serves as a senior leader responsible for advancing revenue generation, philanthropic development, commercial strategy, customer engagement, and business innovation for Murray State Athletics. More details HERE. What would it cost to move to Murray? Click HERE.

Director of Business Operations/Assistant AD-Business Operations (University of Wisconsin – Milwaukee / Milwaukee, WI): Position performs all financial duties within the athletic department. Supports the Deputy AD in budget management and advises staff on policies. Has the potential for an Assistant AD title. More details HERE.

Director of Business Operations (Louisiana Tech University / Ruston, LA): Louisiana Tech Athletics is seeking a highly qualified and motivated individual to serve in Business Operations. More details HERE.

Operations Analyst for Roster Management (University of Minnesota / Minneapolis, MN): Support athletic roster strategy through data management, modeling, reporting, dashboards, and analytics focused on player valuation, revenue sharing, scholarships, performance, and financial planning. More details HERE.

Executive Assistant to the Director of Athletics (University of California – Los Angeles – UCLA / Los Angeles, CA): Serve as a key partner to the Director of Athletics, managing strategic priorities, executive communications, and high-level projects that support the leadership and operations of the department. More details HERE.

Executive Associate Athletics Director, Business & Finance (University of Nevada – Las Vegas / Las Vegas, NV): The University of Nevada, Las Vegas invites applications for Executive Associate Athletics Director, Business & Finance. More details HERE. What would it cost to move to Las Vegas? Click HERE.

Associate or Senior Associate Athletic Director for Finance and Business Operations (Oregon State University / Corvallis, OR): The Director of Finance & Business Operations provides strategic leadership for all financial and business operations within the Department of Athletics. More details HERE. What would it cost to move to Corvallis? Click HERE.