Key Takeaways
- • Pitt chief investment officer Jeffer Choudhry received a $1.27 million bonus, according to tax records for fiscal year 2024-2025, reported by The Pitt News.
- • Choudhry's total calendar 2024 compensation was $2.08 million, making him the third-highest-paid Pitt employee that year, behind football coach Pat Narduzzi and basketball coach Jeff Capel, and above Chancellor Joan Gabel's $1.2 million.
- • Pitt spokesperson Jared Stonesifer said the $1.27 million reflects bonuses for fiscal years 2023 and 2024, and that performance-tied bonuses are common for investment officers at large universities.
- • The endowment passed $6 billion, rising from $4.2 billion at the end of fiscal 2019-2020 to about $6.19 billion at the end of fiscal 2024-2025, with net investment earnings of $550 million in 2024-2025.
- • Experts cited in the article describe university CIO bonuses as a recruiting and retention tool, since these roles can pay less than comparable positions at major investment banks or large asset managers.
Summary
Chief investment officer Jeffer Choudhry received a $1.27 million bonus, according to recently filed tax records for the 2024-2025 fiscal year, The Pitt News reported. The bonus coincides with the University of Pittsburgh's endowment surpassing the $6 billion mark, with net investment earnings rising in tandem. Choudhry had total compensation of $2.08 million for calendar year 2024, making him the third-highest-paid Pitt employee that year, behind football coach Pat Narduzzi and basketball coach Jeff Capel. His pay exceeded that of Chancellor Joan Gabel, who earned $1.2 million.
Pitt spokesperson Jared Stonesifer said the $1.27 million reflects bonuses paid to Choudhry for fiscal years 2023 and 2024. Stonesifer stated that "such bonuses, which are tied to investment performance, are common for investment officers at large universities." Figures cited in the article are rounded and drawn from the university's IRS 990 filings for fiscal years ending June 2025 and June 2024. The endowment grew from $4.2 billion at the end of 2019-2020 to about $6.19 billion at the end of 2024-2025, with interim balances of $5.68 billion, $5.56 billion, $5.52 billion and $5.84 billion over the intervening years. Net investment earnings have been the largest single contributor to growth since 2021-2022, rising from $1.2 million that year to $129 million in 2022-2023, $480 million in 2023-2024 and $550 million in 2024-2025. According to recent rankings cited by the article, Pitt has the 28th-largest endowment among U.S. colleges and universities.
Choudhry was nominated as CIO in January 2022, after Greg Schuler left the role in June 2021. Treasurer Paul Lawrence served as acting CIO in the interim. Thomas McGahan, founder and chief investment officer of Eamon Capital Management, described university CIO bonuses as a "recruiting tool," suggesting Choudhry may be forgoing higher pay at firms such as JPMorgan or Goldman Sachs. McGahan said such CIOs on average earn $1 million to $2 million in salary, plus bonuses. Julie Wollman, former president of Widener University and Edinboro University of Pennsylvania, said investment officers are among the few university leaders who could earn considerably more at large corporate firms, and that boards often set specific fundraising or return targets that bonuses are tied to.
Pitt spokesperson Jared Stonesifer said the $1.27 million reflects bonuses paid to Choudhry for fiscal years 2023 and 2024. Stonesifer stated that "such bonuses, which are tied to investment performance, are common for investment officers at large universities." Figures cited in the article are rounded and drawn from the university's IRS 990 filings for fiscal years ending June 2025 and June 2024. The endowment grew from $4.2 billion at the end of 2019-2020 to about $6.19 billion at the end of 2024-2025, with interim balances of $5.68 billion, $5.56 billion, $5.52 billion and $5.84 billion over the intervening years. Net investment earnings have been the largest single contributor to growth since 2021-2022, rising from $1.2 million that year to $129 million in 2022-2023, $480 million in 2023-2024 and $550 million in 2024-2025. According to recent rankings cited by the article, Pitt has the 28th-largest endowment among U.S. colleges and universities.
Choudhry was nominated as CIO in January 2022, after Greg Schuler left the role in June 2021. Treasurer Paul Lawrence served as acting CIO in the interim. Thomas McGahan, founder and chief investment officer of Eamon Capital Management, described university CIO bonuses as a "recruiting tool," suggesting Choudhry may be forgoing higher pay at firms such as JPMorgan or Goldman Sachs. McGahan said such CIOs on average earn $1 million to $2 million in salary, plus bonuses. Julie Wollman, former president of Widener University and Edinboro University of Pennsylvania, said investment officers are among the few university leaders who could earn considerably more at large corporate firms, and that boards often set specific fundraising or return targets that bonuses are tied to.
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