﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xsi:schemaLocation="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2024v5.2">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2025-11-06T12:17:09-05:00</ReturnTs>
    <TaxPeriodEndDt>2025-05-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1Txt>ERNST &amp; YOUNG US LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>ONE MANHATTAN WEST</AddressLine1Txt>
        <CityNm>NEW YORK</CityNm>
        <StateAbbreviationCd>NY</StateAbbreviationCd>
        <ZIPCd>10001</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2024-06-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>137109419</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>Randolph L Cowen and Phyllis Green Foundation</BusinessNameLine1Txt>
      </BusinessName>
      <InCareOfNm>% GOLDMAN SACHS PFO</InCareOfNm>
      <BusinessNameControlTxt>RAND</BusinessNameControlTxt>
      <PhoneNum>2129028711</PhoneNum>
      <USAddress>
        <AddressLine1Txt>PO Box 73 Bowling Green Station</AddressLine1Txt>
        <CityNm>New York</CityNm>
        <StateAbbreviationCd>NY</StateAbbreviationCd>
        <ZIPCd>102740073</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>RANDOLPH COWEN</PersonNm>
      <PersonTitleTxt>TRUSTEE</PersonTitleTxt>
      <PhoneNum>2129028711</PhoneNum>
      <SignatureDt>2025-11-06</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>true</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>Christine DiIonna</PreparerPersonNm>
      <PTIN>P00999533</PTIN>
      <PhoneNum>2127733000</PhoneNum>
    </PreparerPersonGrp>
    <TaxYr>2024</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="11">
    <IRS990PF documentId="IRS990PF">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>17610852</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>0</ContriRcvdRevAndExpnssAmt>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>10647</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>10647</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>169180</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>169180</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>565088</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>3575030</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>565088</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="OtherIncomeSch2">20293</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>20293</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>765208</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>765208</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="AccountingFeesSch">17500</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>8750</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>0</AccountingFeesAdjNetIncmAmt>
        <AccountingFeesChrtblPrpsAmt>8750</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="OthProfFeesSch">63474</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>63474</OtherProfFeesNetInvstIncmAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="TaxesSchedule">50692</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>692</TaxesNetInvstIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSch">13495</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>12745</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>750</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>145161</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>85661</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>0</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>9500</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>1000000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>1000000</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>1145161</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>85661</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>0</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>1009500</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-379953</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>679547</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>128620</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>301795</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>301795</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>2321700</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestCorpStockSch">2640739</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>4882917</CorporateStockEOYFMVAmt>
        <OtherInvestmentsBOYAmt>9106473</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="InvOtherSch2">8234306</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>12426140</OtherInvestmentsEOYFMVAmt>
        <TotalAssetsBOYAmt>11556793</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>11176840</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>17610852</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <CapitalStockBOYAmt>11556793</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>11176840</CapitalStockEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>11556793</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>11176840</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>11556793</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>11176840</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>11556793</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-379953</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>11176840</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>11176840</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES GS - 7203</PropertyDesc>
          <GrossSalesPriceAmt>50000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>48450</CostOrOtherBasisAmt>
          <GainOrLossAmt>1550</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>1550</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES GS - 8091</PropertyDesc>
          <GrossSalesPriceAmt>1571266</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1264785</CostOrOtherBasisAmt>
          <GainOrLossAmt>306481</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>306481</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES GS - 1820</PropertyDesc>
          <GrossSalesPriceAmt>1853808</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1696707</CostOrOtherBasisAmt>
          <GainOrLossAmt>157101</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>157101</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>GAINS THROUGH VINTAGE IX B OFFSHORE SCSP</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>12344</GrossSalesPriceAmt>
          <GainOrLossAmt>12344</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>12344</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>GAINS THROUGH VINTAGE VIII OFFSHORE SCSP</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>45395</GrossSalesPriceAmt>
          <GainOrLossAmt>45395</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>45395</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>42217</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>42217</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>42217</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>42217</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>42217</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>565088</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>9446</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>9446</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>9446</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>23460</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <TotalPaymentsAndCreditsAmt>23460</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="IRS2220">X</Form2220AttachedInd>
        <EsPenaltyAmt>0</EsPenaltyAmt>
        <OverpaymentAmt>14014</OverpaymentAmt>
        <AppliedToESTaxAmt>14014</AppliedToESTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd referenceDocumentId="BinaryAttach BinaryAttachN1 BinaryAttachN2">false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd referenceDocumentId="BinaryAttach BinaryAttachN1 BinaryAttachN2">false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd referenceDocumentId="BinaryAttach BinaryAttachN1 BinaryAttachN2">false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>NY</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>GOLDMAN SACHS PFO</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>2129028711</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>200 WEST STREET</AddressLine1Txt>
          <CityNm>New York</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>10282</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <UncorrectedPriorActsInd>false</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>PHYLLIS GREEN</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO Box 73 Bowling Green Station</AddressLine1Txt>
            <CityNm>New York</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>102740073</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>RANDOLPH L COWEN</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO Box 73 Bowling Green Station</AddressLine1Txt>
            <CityNm>New York</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>102740073</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName referenceDocumentId="ContractCompenExpln">
            <BusinessNameLine1Txt>GOLDMAN SACHS &amp; CO LLC</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>200 WEST STREET</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10282</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INVESTMENT MNGMT</ServiceTypeTxt>
          <CompensationAmt>63474</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>NONE</Description1Txt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>NONE</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>12221052</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>226393</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>5220188</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>17667633</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>17667633</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>265014</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>17402619</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>870131</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>870131</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>9446</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>9446</TotalTaxAmt>
        <DistributableBeforeAdjAmt>860685</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>860685</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>860685</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>1009500</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>1009500</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>860685</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <PriorYear1Yr>2022</PriorYear1Yr>
        <PriorYear2Yr>2021</PriorYear2Yr>
        <PriorYear3Yr>2020</PriorYear3Yr>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr1Amt>428970</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>428970</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>1009500</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>860685</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>148815</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>577785</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>577785</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear1Amt>428970</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>148815</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp></PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>RANDOLPH L COWEN</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Michigan State University</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>535 Chestnut Road Room 300</AddressLine1Txt>
            <CityNm>East Lansing</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48824</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL</GrantOrContributionPurposeTxt>
          <Amt>1000000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>1000000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>10647</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>169180</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncomeGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>565088</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <OtherRevenueDescribedGrp>
          <Desc>PASSTHROUGH INCOME</Desc>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>20293</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>765208</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>765208</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>17500</Amt>
        <NetInvestmentIncomeAmt>8750</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>8750</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <AllOthProgRltdInvestmentsSch documentId="AllOthProgInvSch">
      <AllOtherProgramRelatedInvstGrp>
        <Desc>NONE</Desc>
      </AllOtherProgramRelatedInvstGrp>
    </AllOthProgRltdInvestmentsSch>
    <ContractorCompensationExpln documentId="ContractCompenExpln">
      <ContractorCompExplnGrp>
        <ContractorPersonNm>GOLDMAN SACHS CO LLC</ContractorPersonNm>
        <ExplanationTxt>PROVIDES INVESTMENT MANAGEMENT SERVICES</ExplanationTxt>
      </ContractorCompExplnGrp>
    </ContractorCompensationExpln>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>SEE ATTACHED GS #8091</StockNm>
        <EOYBookValueAmt>2640739</EOYBookValueAmt>
        <EOYFMVAmt>4882917</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>GS CAPITAL PARTNERS VI</CategoryOrItemTxt>
        <BookValueAmt>107005</BookValueAmt>
        <EOYFMVAmt>36169</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ALPHA PLUS MGR PORT I</CategoryOrItemTxt>
        <BookValueAmt>803903</BookValueAmt>
        <EOYFMVAmt>4023591</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>GS GLOBAL LONGSHORT/INVEST PTR</CategoryOrItemTxt>
        <BookValueAmt>28292</BookValueAmt>
        <EOYFMVAmt>1946</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>GS VINTAGE VIII OFFSHORE SCSP</CategoryOrItemTxt>
        <BookValueAmt>529580</BookValueAmt>
        <EOYFMVAmt>925159</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>VINTAGE IX B OFFSHORE SCSP</CategoryOrItemTxt>
        <BookValueAmt>217050</BookValueAmt>
        <EOYFMVAmt>355000</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>EATON VANCE INC FUND OF BOSTON</CategoryOrItemTxt>
        <BookValueAmt>102636</BookValueAmt>
        <EOYFMVAmt>107154</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ARITSAN INTERNATIONAL FUND</CategoryOrItemTxt>
        <BookValueAmt>664148</BookValueAmt>
        <EOYFMVAmt>736293</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SEE ATTACHED GS #1820</CategoryOrItemTxt>
        <BookValueAmt>5781692</BookValueAmt>
        <EOYFMVAmt>6240828</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>STATE FILING FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>750</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>750</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>VINTAGE IX B TAX EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>2954</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>2954</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>VINTAGE VIII OFFS TAX EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>9791</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>9791</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>Passthrough Income</Desc>
        <RevenueAndExpensesPerBooksAmt>20293</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>20293</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT MANAGEMENT FEES</CategoryTxt>
        <Amt>63474</Amt>
        <NetInvestmentIncomeAmt>63474</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES PAID</CategoryTxt>
        <Amt>692</Amt>
        <NetInvestmentIncomeAmt>692</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>EXCISE TAXES PAID</CategoryTxt>
        <Amt>50000</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>