The King Abdullah University of Science & Technology (KAUST) is holding talks to manage its endowment with fund managers such as BlackRock and private equity firms including Bain Capital, the Financial Times said, citing people familiar with the matter.

The new Saudi university has received at least $10 billion for its endowment from King Abdullah.

The fund could grow to as much as $25 billion, the Financial Times said, making it the world's second-biggest university endowment after Harvard.

KAUST did not immediately return a call and e-mail seeking comment.-Reuters