Covenant Ministries of Benevolence

Covenant Ministries of Benevolence

Covenant Ministries of Benevolence was established in 1986 as the financial-management and grantmaking arm of the Evangelical Covenant Church. For decades its identity was tied to Swedish Hospital in Chicago, which it owned and operated until the 2020 sale to Endeavor Health. That transaction converted a concentrated operating asset into liquid investment capital and recast CMB from a healthcare operator into a diversified endowment. The portfolio spans venture capital, growth equity, buyouts, mezzanine debt, natural resources, and fund-of-funds commitments. Real-property holdings remain central: CMB carries six senior-living communities across Illinois, Florida, California, and Colorado onto its balance sheet — properties historically developed under the Covenant Living brand. The foundation participates directly in early-stage rounds and special-situations vehicles, a posture that places it among the more active faith-based limited partners rather than the passive endowment peer set. Confirmed co-investors and portfolio names are not publicly disclosed. President and CEO Todd Slechta, a founder of the entity, oversees the staff and reports to a board ultimately appointed by the Evangelical Covenant Church. CMB's consolidated operation in Skokie, Illinois, also encompasses administrative services for affiliated nonprofits and the Swedish Hospital Foundation, a related philanthropic vehicle. In 2020, the firm closed the sale of Swedish Hospital to Endeavor Health, converting a long-held operating asset into liquid portfolio capital. The foundation's unusual structural trait is its dual posture: it operates a real-asset-heavy balance sheet alongside a diversified financial-portfolio program, while retaining a captive charitable mandate. Few endowments of its size run proprietary senior-housing real estate concurrently with venture-fund commitments. Governance flows from the denomination, but investment decisions appear to be made with the discretion typical of a single-family office — a model that blends perpetual stewardship with opportunistic deployment.