Dartmouth College Endowment

Dartmouth College Endowment

Dartmouth College established its Investment Office to manage endowment assets that fund operations and student support. Alice Ruth serves as CEO after prior work at Willett Advisors. The office reports directly to the college president and Investment Committee. The strategy centers on public equities, private equity commitments, and natural resources. Confirmed holdings include SPDR S&P 500 ETF Trust at $222.6 million and a $900 million natural resources book spanning oil, gas, timberland, and metals. Geographic reach covers the United States and global markets through funds and direct positions. The office also holds stakes in Oaktree Capital Management and Clearview Capital as limited partner. The team includes Kelsey Morgan as CIO and Christopher Lord as Investment Committee chair. An additional office operates at 545 Boylston Street in Boston. In May 2024 the office participated as a speaker at the Milken Institute Global Conference on institutional investment strategies. Philanthropic vehicles tied to the endowment include the Dartmouth Scholarship Endowment, which distributed $453 million in FY2025. Governance separates investment decisions from college operations through an Investment Committee that includes external members such as Brian Laibow of Oaktree. This structure enforces a long-term mandate focused on intergenerational equity rather than short-term performance targets.