# Elizabethtown College Endowment

Elizabethtown College Endowment is an Endowment / Foundation based in Elizabethtown, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Elizabethtown, United States
- **Region:** North America
- **Address:** Elizabethtown, PA, United States
- **Founded:** 1899
- **Assets under management:** $106.9M (Altss estimate)
- **Website:** etown.edu
- **LinkedIn:** https://www.linkedin.com/school/elizabethtown-college/

## Regulatory record

- **Reports private funds:** No

## About

Elizabethtown College was chartered in 1899 by members of the Church of the Brethren, a historic peace church, and the endowment remains the permanent capital base underpinning its educational mission in central Pennsylvania. The fund is structured as a traditional college pool, drawing annual interest to support student scholarships, academic programs, and campus operations. Board Treasurer Bradley D. Rhoads — a managing director at Chatham Asset Advisors — anchors the investment committee, which also includes Anchorage Capital Group President Natalie Birrell and High Associates Senior Vice President Michael J. Lorelli. The portfolio is deployed across a deliberately heterogeneous set of asset classes. Confirmed allocations touch private equity, real estate, commodities, and infrastructure, with an opportunistic overlay that reaches into distressed debt, venture capital, and mezzanine financing. Two themes the fund has publicly associated with are the energy transition and climate technology. The geographic footprint remains concentrated in the United States, with campus real estate holdings in Elizabethtown and a Harrisburg satellite location. The endowment reported a value of $106.9 million in 2024 (Altss estimate), a figure that places it among NACUBO's participating institutions in the annual endowment study. Governance draws from a network of relationships that includes Hershey Company director Leanna Whetstone serving as board secretary and the decade-spanning philanthropic partnership with alumnus S. Dale High's High Foundation. The campus itself houses a student-managed Trostle Investment Portfolio operating within the college's finance lab, creating an unusual pipeline where undergraduates engage with the institutional investment discipline directly. The structural differentiator is the endowment's explicit connection to the Church of the Brethren's peace-church tradition and the governance DNA that brings distressed-credit and alternative-asset practitioners onto the board — Rhoads at Chatham, Birrell at Anchorage Capital — rather than relying solely on a retained OCIO or consultant-led model. That embedded committee expertise shapes a portfolio that reaches into distressed debt and private markets while the underlying institution remains a small, values-rooted liberal arts college.

## Sectors

- Energy Transition & Renewables
- ClimateTech

## Offices

- Harrisburg, PA, United States

## People

- Bradley D. Rhoads — Treasurer of the Board of Trustees
- Michael J. Lorelli — Board of Trustees
- Natalie Birrell — Board of Trustees
- Leanna L. Whetstone — Secretary of the Board of Trustees

## Questions

### Who runs investment decisions at the Elizabethtown College Endowment?

The Board of Trustees' investment committee holds fiduciary responsibility. Treasurer Bradley D. Rhoads, a managing director at Chatham Asset Advisors, is the point person on the committee. Other board members with direct institutional-investing backgrounds include Natalie Birrell, President of Anchorage Capital Group, and Michael J. Lorelli of High Associates.

### How is the Elizabethtown College Endowment related to the High Foundation?

Alumnus S. Dale High and the High Foundation maintain a decades-long philanthropic partnership with the college. Michael J. Lorelli of High Associates sits on the Board of Trustees, linking the foundation's local real-estate and philanthropic operations to the endowment's governance — though the endowment and the foundation are legally distinct entities.

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Last updated: 2026-08-11T02:43:31.692Z

Canonical page: https://altss.com/profile/elizabethtown-college-endowment

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology