BOSTON, (Reuters) – Harvard University is already one of the most wealthy universities in the world. It announced on Thursday that it saw a 34% increase in its endowment and increased to $53.2 billion for the fiscal year ended June.

The university called the year an “outstanding”, citing that it was fueled by investments in both public and private markets. Harvard had reported 7.3% growth in fiscal 2020, a year prior, months after the markets crashed amid the coronavirus epidemic.

However, the returns are lower than those from other notable endowments which invest in venture capital, private equity and hedge funds like Harvard.

N.P. Narvekar (the university’s chief investor officer and chief executive at Harvard Management Company) said Harvard would have made more if it had invested in higher-risk assets. However, he cautioned that these returns won’t be generated every year by the endowment.

Narvekar, the university’s annual finance report, stated that Harvard had taken less risk in its portfolio over the past years than most of its peers. “For example, considering HMC’s extraordinaryly strong performance this year, an even higher degree of portfolio risk would have greatly increased HMC’s returns,” Narvekar stated.

The endowment of Massachusetts Institute of Technology returned 56% to $27.4B in the last year. Brown University’s was up 52% to $6.9B, according to schools.