# Donaldson Company

Donaldson Company is a Pension Fund based in Evansville, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Evansville, United States
- **Region:** North America
- **Address:** Bloomington, MN, United States
- **Founded:** 1915
- **Assets under management:** Undisclosed
- **Website:** donaldson.com
- **LinkedIn:** https://www.linkedin.com/company/advanced-filtration-systems-inc-

## Regulatory record

- **CRD number:** 106131
- **SEC file number:** 801-48479
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/106131

## About

Donaldson Company, Inc. is an SEC-registered investment adviser in Evansville, IN, since 1995. The firm manages $3.5 billion in assets, $3.4 billion on a discretionary basis. It has 68 employees and 36 investment advisers.

## Sectors

- Industrial Tech
- Enterprise Software
- Energy Transition & Renewables

## Offices

- Leuven, Belgium
- Stevens Point, WI

## People

- Tod E. Carpenter — Executive Chairman
- Pilar Cruz — Board Member
- Richard M. Olson — Board Member
- James J. Owens — Board Member
- Christopher M. Hilger — Board Member

## Questions

### What is the relationship between Donaldson Company's pension plan and the operating business?

The pension is a defined-benefit plan sponsored by Donaldson Company, Inc. (NYSE: DCI), the $3.6 billion filtration manufacturer. Investment decisions are made by the plan's fiduciaries, who can draw on the parent company's technical due-diligence capabilities when evaluating startups in adjacent industrial and materials science sectors. The plan's venture allocation is distinct from corporate venture capital — it pursues financial returns for plan participants, not strategic M&A pipeline for the manufacturer.

### What investment stages does the Donaldson pension target?

The plan focuses on venture capital and growth equity, with an emphasis on early-stage and Series A through C companies. Sectors of interest include advanced filtration, clean energy storage, emissions monitoring, and industrial IoT. The pension can hold positions for longer durations than a typical VC fund, aligning with its liability-driven investment horizon.

### Who oversees investment decisions at the Donaldson pension?

Ultimate fiduciary authority rests with the pension plan's investment committee, which reports through Donaldson's corporate governance structure. Tod Carpenter, as Executive Chairman, and Rich Lewis, as CEO, provide senior leadership continuity from the sponsor. Board members with operational and financial expertise — including executives from Cargill, The Toro Company, and Securian Financial — inform investment policy.

### How does Donaldson's dividend history relate to its pension funding?

Donaldson joined the S&P High Yield Dividend Aristocrat Index in 2024, reflecting 30 consecutive years of dividend growth. Strong operating cash flows support both shareholder returns and pension contributions. The plan's funded status benefits from Donaldson's consistent profitability and disciplined balance-sheet management, reducing reliance on outsized investment returns to meet obligations.

### Which sectors does the Donaldson pension explicitly avoid?

The pension avoids sectors with no connection to its domain advantage. Consumer internet, pure-play software with no physical-world interface, and speculative biotech are not in scope. The plan's industrial focus narrows its aperture to hard-tech companies where filtration, membranes, separation science, or emissions control create moats.

### What is the Donaldson Foundation and how is it separated from the pension?

The Donaldson Foundation is a corporate philanthropy vehicle funded separately from the pension plan. It supports community and educational initiatives, primarily in regions where Donaldson operates manufacturing facilities. The foundation's assets are not commingled with pension capital, and its grantmaking is governed by an independent board.

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Last updated: 2026-06-25T23:36:40.263Z

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