Amherst College, one of the wealthiest U.S. liberal arts schools, posted a 5.4 percent gain in its endowment for the year ended June 30, boosted in part by investments in private equity. The value of the fund was $2.2 billion, up about 2.4 percent from the previous year, said Caroline Hanna, a spokeswoman for the Amherst, Massachusetts-based school. Its 10-year annualized return was 9 percent, according to Bloomberg calculations. Amherst uses...