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Assumption University
Assumption University was founded in 1904 by the Augustinians of the Assumption and has operated from its Worcester, Massachusetts campus since 1904.
Assumption University
Assumption University was founded in 1904 by the Augustinians of the Assumption and has operated from its Worcester, Massachusetts campus since 1904. The institution transitioned from Assumption College to Assumption University in 2020, reflecting an expansion of its graduate and professional programs. Major benefactors include David Grenon, namesake of the Grenon School of Business, and Don Sullivan, an alumnus and Administrative Partner at Greylock Partners who is a key supporter of the Greyhound Investment Fund. The endowment allocates across public equities, fixed income, and private capital. The Greyhound Investment Fund, a student-managed portfolio, is the most visible vehicle and sources advice from alumni such as Andrew Viens, a Partner at Bain Capital. The university hosts a second campus in Rome, Italy, indicating an institutional presence in North America and Europe. Primary investment sectors include Healthcare Services and FinTech, linking the portfolio to the professional fields of its trustees like Carolyn Clancy, a former executive at Fidelity Investments, and Carl Cafaro, a Managing Director at Merrill Lynch. Total endowment assets are estimated at $118 million, overseen by a Board of Trustees chaired by Candace A. McGovern Race. The investment office operates alongside a broad campus footprint that includes the Richard J. and Sophia Catrambone Health Sciences Center and the Brian Kelly '83 Stadium. May 2020: The institution formally changed its designation from Assumption College to Assumption University, a move that signaled a broader strategic ambition for its academic and financial operations. A distinctive structural feature is the integration of the student-managed Greyhound Investment Fund into the broader governance of the endowment, an uncommon model that pairs real fiduciary responsibility with undergraduate education. This approach embeds future alumni relations directly into the portfolio, with veteran investors from Greylock and Bain Capital acting as informal advisors rather than purely discretionary managers.
General information
Firm type
Endowment / Foundation
Year founded
1904
Location
Region
North America
Country
United States
City
Worcester
Corporate office
500 Salisbury Street, Worcester, MA 01609, United States
Additional offices
Rome, Italy
Principals
Greg Weiner
President
Candace A. McGovern Race
Chair of the Board of Trustees
Sector focus
Frequently asked questions
Who makes the final investment decisions for the Assumption University endowment?
The Board of Trustees, chaired by Candace A. McGovern Race, holds ultimate fiduciary authority. Day-to-day management is handled by the university's investment office, which also oversees the student-managed Greyhound Investment Fund, an experiential learning vehicle advised by alumni from firms including Greylock and Bain Capital.
What is the Greyhound Investment Fund?
It is a student-managed portfolio that operates as part of the university's endowment. Students handle research and allocations under faculty supervision, with informal guidance from alumni donors like Don Sullivan, an Administrative Partner at Greylock, and Andrew Viens, a Managing Director at Bain Capital.
How is the endowment portfolio structured?
The endowment allocates across traditional asset classes, with a known focus on public equities and fixed income alongside private capital. The student-run Greyhound Investment Fund provides direct exposure to equity selection, while the broader portfolio is guided by a Board of Trustees that includes executives from Fidelity and Merrill Lynch.
Does the university have any international investment exposure?
Assumption operates a permanent campus in Rome, Italy, giving it an operational footprint in Europe. The investment office's primary geographic focus is North America, but the Roman campus can provide ancillary access to local networks and alumni relationships.
Which sectors does the endowment explicitly focus on?
The endowment has a confirmed focus on Healthcare Services and FinTech. These align with the professional backgrounds of key board members like Carolyn Clancy, an executive at Fidelity Investments, and Carl Cafaro, a Managing Director at Merrill Lynch.
How are donor relations integrated into the investment process?
Donors who are institutional investors do not have directional authority, but they act as informal mentors to the student teams running the Greyhound Investment Fund. Major benefactors include David Grenon, a former Centennial Campaign chair, and Brian Kelly, the football head coach and stadium namesake.
What was the significance of the transition from college to university in 2020?
The change to Assumption University in May 2020 reflected the expansion of graduate offerings and a broader institutional strategy to compete for a more diverse student body, with the endowment serving as the financial base for new programs and campus expansions like the Catrambone Health Sciences Center.
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