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Capital University Endowment
Capital University, a private Lutheran institution affiliated with the Evangelical Lutheran Church in America, was founded in 1830 in Bexley, Ohio.
Capital University Endowment
Capital University, a private Lutheran institution affiliated with the Evangelical Lutheran Church in America, was founded in 1830 in Bexley, Ohio. Its endowment comprises a collection of donor-established accounts designed to provide permanent financial support for students, faculty, and academic programs. President Jared R. Tice, who took office in 2025, now oversees this pool following the retirement of David L. Kaufman. Investment strategy skews toward a fund-of-funds structure, a common architecture for endowments of this scale, supplemented by direct interests in hard assets. The endowment holds the university's main campus in Bexley and a law school building on East Broad Street in Columbus, while a joint venture with developer Pizzuti created 'The Grant,' a mixed-use residential project at Grant and Oak Streets. The real estate footprint reflects a willingness to deploy capital into urban redevelopment alongside mission-driven investment pools. Team oversight runs through the Board of Trustees, chaired by Steven Bahls, with financial management directed by Vice President William Mea. The endowment participates in the NACUBO-Commonfund Study of Endowments, providing a benchmarking framework against other private colleges. Recent leadership transition marks the primary operational event, with Tice succeeding Kaufman as the 18th president in 2025. The structural distinction lies in the physical composition of assets. Few endowments of this size hold tangible cultural property — the Schumacher Gallery's permanent collection includes works by Pablo Picasso and Andy Warhol, plus a Berlin Wall segment — alongside a law school building and a downtown residential joint venture. This hybrid of pooled investment funds, real property, and curated art creates a balance sheet shaped more by donor intent and institutional heritage than by pure portfolio optimization.
General information
Firm type
Endowment / Foundation
Year founded
1830
Location
Region
North America
Country
United States
City
Columbus
Corporate office
Columbus, Ohio, United States
Principals
Jared R. Tice
President
Steven Bahls
Chair of the Board of Trustees
William Mea
Vice President of Business, Finance and Treasurer
Sector focus
Frequently asked questions
Who runs investment decisions at Capital University Endowment?
Oversight rests with the Board of Trustees, chaired by Steven Bahls, while day-to-day financial management falls under William Mea, the Vice President of Business, Finance and Treasurer. President Jared R. Tice, who assumed the role in 2025, provides executive leadership. The specific investment committee structure or use of an outsourced chief investment officer is not publicly detailed.
Does Capital University Endowment commit to external funds or make direct investments?
The endowment employs a fund-of-funds strategy, meaning capital is allocated primarily through commitments to external investment managers rather than direct company or project investments. However, it also holds significant direct real estate assets, including the main campus, a law school building, and a joint venture residential development called 'The Grant' with developer Pizzuti.
How does the 4.5% spending rule affect portfolio construction?
Capital University limits annual endowment spending to 4.5% of its market value, a policy designed to balance current operational needs with long-term intergenerational equity. This rule functions as a de facto liability stream, likely requiring the portfolio to generate a real return above that threshold to preserve purchasing power, which can influence asset allocation toward higher-returning, less-liquid investments.
What is the relationship between Capital University and the Evangelical Lutheran Church in America?
Capital University is a private university affiliated with the Evangelical Lutheran Church in America (ELCA). The ELCA is listed as a governing body influence, which means the denomination likely shapes board appointments and institutional mission, though the endowment operates under the university's own Board of Trustees.
Does the endowment hold non-financial assets like art?
Yes. The Schumacher Gallery permanent collection houses works by Pablo Picasso and Andy Warhol, and the campus displays a segment of the Berlin Wall. These cultural assets are part of the university's broader holdings but are not typically considered part of the liquid investment portfolio.
What is the real estate footprint of the endowment?
The endowment's known real estate holdings include the 23-acre main campus in Bexley, the Capital University Law School building in downtown Columbus, and a joint venture with developer Pizzuti for 'The Grant,' a mixed-use residential project at the corner of Grant and Oak Streets. This blend of core institutional property and income-producing development is unusual for a university of its size.
Has Capital University participated in any notable club or co-investment groups?
There is no public evidence of the endowment participating in private co-investment clubs like Tiger 21 or R360. Its primary professional affiliations include the NACUBO-Commonfund Study of Endowments for benchmarking and the Council of Independent Colleges, which focuses on academic rather than investment collaboration.
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