Hedge funds with a side hustle in sports, research, and memorial garden construction? At the end of fiscal year 2020, the market value of just the top twenty endowment funds of colleges and universities was $691 billion — approaching the gross domestic product of the entire nation of Taiwan. For 2022 the top 678 institutions reported $807 billion. Blackrock — the world’s largest asset manager — has market capitalization of $103 billion.