It’s the last resort for institutions on the brink: tapping restricted funds from donors to keep the lights on. ‘The money they donated is not being used for what they gave it for.’

SpaceX is among the most widely held investments across colleges and universities, endowment executives say, likely making the rocket company’s coming IPO one of the great windfalls for American endowments.

Princeton will not have to pay any net investment income tax on returns from its $36.4 billion endowment, a University investment official said at a private event in January, after a recent expansion of its undergraduate financial aid program left the University below a 3,000 tuition-paying student threshold to qualify for taxation.

Officials from Yale University’s endowment, which manages over 65 trillion won ($44 billion) in assets, are set to visit Korea to discuss investments with domestic asset managers. As expectations for a re-rating of Korean equities grow on the back of the government’s corporate value-up initiative and expanding shareholder returns, even global university endowments are now scouting investment opportunities in the country.