What did they do with our money?

Universities are richer than ever. Their endowments are comparable to cash reserves of multinational companies like Amazon, Coca Cola, and Facebook. Reportedly, Harvard University only spent about 5% of its endowment for operational cost like paying professors. The other 95% was invested in hedge fund, real estate and other sectors. Well, I personally think investment, rather than inflation, is a wise decision. But isn't it too big? What about education? I imagine how many generations they could have educated instead.