# Carnegie Mellon University Endowment Fund

Carnegie Mellon University Endowment Fund is an Endowment / Foundation based in Pittsburgh, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Pittsburgh, United States
- **Region:** North America
- **Address:** 5000 Forbes Avenue, Pittsburgh, Pennsylvania, United States, 15213
- **Founded:** 1900
- **Assets under management:** Undisclosed
- **Website:** cmu.edu/investment-office
- **LinkedIn:** https://www.linkedin.com/in/cmu-investment-office-3a12b9167

## Regulatory record

- **Reports private funds:** No

## About

The Carnegie Mellon University Endowment Fund traces its origins to 1900 and the founding gifts from Andrew Carnegie along with Andrew Mellon and Richard B. Mellon whose fortunes originated in steel and banking. The fund operates as the primary long-term capital vehicle for the university and receives 53.5 percent of annual distributions from The Dietrich Foundation. Investment activity spans venture capital, private equity, hedge funds, real estate and natural resources. Confirmed positions include limited partner commitments to Sequoia Capital US Venture Fund XV, Andreessen Horowitz, Accel and General Catalyst Partners. Public equity holdings feature Duolingo Inc. The portfolio maintains exposure across North America, Asia, Europe and additional regions through both direct holdings and external managers. The endowment maintains relationships with service providers including BNY Mellon as custodian and KPMG as auditor. It participates in university events such as the November 2025 Energy and Innovation Summit where it served as sponsor. Adjacent philanthropic vehicles include the Andrew Carnegie Society and the Richard King Mellon Foundation which have directed grants toward science and robotics facilities. The fund's structure ties investment decisions directly to the university's academic mission through oversight by the Investment Office and board trustees including David A. Coulter and Brian Olsavsky. This creates a governance link between capital deployment and institutional priorities that differs from independent endowments or family offices.

## Sectors

- AI/ML
- Robotics & Automation
- Industrial Tech
- Venture Capital

## People

- Charles A. Kennedy — Chief Investment Officer

## Questions

### Who runs investment decisions at Carnegie Mellon University Endowment Fund?

Charles A. Kennedy serves as Chief Investment Officer and leads the Investment Office. The office reports to the university Board of Trustees.

### Does the endowment participate in fund commitments or only direct deals?

The endowment acts as a limited partner in multiple venture and private equity funds including Sequoia Capital US Venture Fund XV and Andreessen Horowitz.

### What investment stages does the endowment target?

Allocations cover seed, growth, buyout and other stages through both fund commitments and co-investments.

### How is the endowment related to The Dietrich Foundation?

The endowment receives 53.5 percent of annual distributions from The Dietrich Foundation, a charitable trust established in 2011.

### Which sectors receive the largest allocations?

Technology, artificial intelligence, robotics and industrial tech appear among confirmed industry exposures alongside diversified holdings.

### Does the endowment maintain exposure to cryptocurrency?

The endowment holds indirect Bitcoin exposure through external managers with custody at Coinbase Custody.

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Last updated: 2026-06-03T20:00:00.000Z

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