MIT's endowment rebounds

The Massachusetts Institute of Technology's endowment has rebounded, generating an investment gain of more than 10 percent to climb to $8.3 billion.

The Massachusetts Institute of Technology Investment Management Co. announced Monday the endowment had investment gains of $800 million in the fiscal year that ended June 30, along with the addition of $104 million in new gifts and transfers. The university spent about $460 million in endowment funds. MIT's endowment lost 21 percent of its value in the previous fiscal year amid a global recession that hit higher education endowments hard.

MIT's endowment has earned an annualized return of 7.2 percent in the past five years.