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What was the actual return?

Venture capital earned an annual average of 93 percent over the past 20 years, according to the Ivy League school’s 2015 investment report posted on its website.

Ok, so that's a gain of about 5 million percent over 20 years if compounded. (1.93^20)-1 = 5.13M%

Sound feasible.

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The math's a bit off since they don't completely reinvest every dollar they earn back into VC.. So if they put $100 in year one, and get $193 in year two, their investment in year two might also be $100.. Their endowment will mandate a certain asset allocation (that's been moving more towards VC recently as shown in the article) which prevents them from just completely reinvesting their returns upon disbursement.

"Yale has gained 13.7 percent annually over the past two decades."

That threw me, but I think it's for the entire endowment.

I was just shocked at the shoddy reporting of the numbers.

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