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The Citadel Foundation
The Citadel Foundation was formed in 1961 to secure and manage philanthropic resources for The Citadel, the Military College of South Carolina. John P.
The Citadel Foundation
The Citadel Foundation was formed in 1961 to secure and manage philanthropic resources for The Citadel, the Military College of South Carolina. John P. 'Jay' Dowd III acts as President and CEO while James J. "Jay" Ethridge, Jr. chairs the board. All activities flow to the college as primary beneficiary. The foundation deploys capital across real estate, a commingled endowment vehicle, and philanthropic grants. Confirmed holdings include multiple Charleston residential properties acquired under the Campus Edge Plan and a 9.74 percent interest in The Richmond Fund, LP, which allocates to hedge funds and private equity. Geographic exposure centers on North America with indicated reach into Europe. Spider Management Company has served as investment advisor since 2008. The organization maintains 262 million dollars in assets under management. It operates through subordinate entities including The Citadel Real Estate Foundation and The Citadel Donor Advised Fund, LLC. In January 2024 the foundation launched the Our Mighty Citadel 2026 Campaign focused on scholarships and academic initiatives. Affiliated vehicles include The Citadel Brigadier Foundation for athletics. Governance centers on a board that oversees both endowment management and direct property ownership through wholly owned subsidiaries. This structure separates investment decisions from donor-advised grantmaking while maintaining close operational ties to the college.
General information
Firm type
Endowment / Foundation
Year founded
1961
Location
Region
North America
Country
United States
City
Charleston
Corporate office
69 Hagood Avenue, Charleston, SC 29403, United States
Principals
John P. 'Jay' Dowd III
President and CEO
James J. "Jay" Ethridge, Jr.
Chairman
Sector focus
Frequently asked questions
Who runs investment decisions at The Citadel Foundation?
John P. 'Jay' Dowd III serves as President and CEO. Spider Management Company acts as primary investment advisor since 2008.
Does The Citadel Foundation participate in fund commitments or only direct deals?
The foundation holds a limited partnership interest in The Richmond Fund, LP and maintains direct ownership of real estate assets through The Citadel Real Estate Foundation.
Where does The Citadel Foundation allocate capital geographically?
Primary exposure is in North America with holdings concentrated in South Carolina. Indicated positions extend to Europe.
What asset classes does The Citadel Foundation hold?
The foundation maintains real estate, a commingled fund interest in hedge funds and private equity, and philanthropic grant programs.
How is The Citadel Foundation related to The Citadel college?
The Citadel serves as the sole primary beneficiary of all foundation fundraising and endowment distributions.
Does The Citadel Foundation maintain philanthropic structures?
Yes. It operates The Citadel Donor Advised Fund, LLC and coordinates with The Citadel Brigadier Foundation for athletic scholarships.
What recent capital campaign has The Citadel Foundation undertaken?
January 2024 marked the launch of the Our Mighty Citadel 2026 Campaign targeting scholarships, faculty support, and facilities.
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