NEW HAVEN, Conn. (AP) — Yale University's endowment has grown to a record $27.2 billion.

The Ivy League university said in a statement Tuesday the endowment earned an 11.3 percent investment return for the fiscal year that ended June 30.

The endowment was valued at $25.4 billion on June 30, 2016.

The university said it plans to spend $1.3 billion from the endowment for the 2018 fiscal year, much of it on financial aid that ensures Yale meets "the full financial need of every student enrolled."

Endowment distributions to the operating budget have increased at an annualized rate of more than 9 percent over the past 20 years.

Yale has the second-largest collegiate endowment in the U.S. behind Ivy league rival Harvard University, which last month reported an endowment worth $37.1 billion.