Covenant Retirement Communities West

Investment oversight is centralized through Covenant Ministries of Benevolence, which manages the Combined Investment Fund on behalf of the denomination's affiliated institutions. The parent organization, Covenant Living Communities and Services — led by President and CEO David Erickson and Board Chair Janet Creaney — provides executive and fiduciary governance from its headquarters in Skokie, Illinois.

The capital is not personal wealth but pooled reserves from the entry fees and operating surpluses of multiple continuing-care retirement communities in California and Washington. These reserves are aggregated in a Combined Investment Fund administered centrally and deployed to support operations, capital improvements, and the organization's benevolent-care mission.

There is no public record of dedicated venture-capital or private-equity allocations. The known portfolio consists of direct holdings in senior-living real estate — the CCRCs themselves — alongside liquid operating reserves and a broadly invested Combined Investment Fund interest. Its posture is closer to a real-asset-heavy endowment than a multi-strategy allocator.

Covenant Retirement Communities West is a sponsored ministry of the Evangelical Covenant Church. It operates as part of Covenant Living Communities and Services, the national non-profit entity that carries out the denomination's mission in senior housing and continuing care. Church affiliation provides the governance framework, but the retirement communities serve residents of all faiths.

Covenant Living at the Samarkand is the organization's flagship continuing-care retirement community in Santa Barbara, California, and serves as the administrative headquarters. It represents a mixed-use senior-living asset that combines independent living, assisted living, and skilled-nursing services. Its reserves and cash flows feed into the same Combined Investment Fund that underpins the broader West Coast portfolio.