# Gustavus Adolphus College

Gustavus Adolphus College is an Endowment / Foundation based in St. Peter, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** St. Peter, United States
- **Region:** North America
- **Address:** 800 West College Avenue, St. Peter, MN 56082, United States
- **Founded:** 1862
- **Assets under management:** 317.5 (Altss estimate)
- **Website:** gustavus.edu
- **LinkedIn:** https://www.linkedin.com/school/gustavus-adolphus-college/

## Regulatory record

- **Reports private funds:** No

## About

Gustavus Adolphus College was established in 1862 by Swedish Americans in St. Peter, Minnesota. It operates as a private liberal arts institution affiliated with the Evangelical Lutheran Church in America. The endowment supplies ongoing support for academic programs and facilities. The portfolio allocates 51.19 percent to private equity with additional exposure to hedge funds and real estate. Confirmed holdings include direct ownership of the main campus and multiple student housing properties in St. Peter. Geographic reach centers on Minnesota real estate and global private equity and hedge fund commitments through the endowment vehicle. Strategy coverage spans buyout, distressed debt, venture, and secondaries. Employee count stands at 170. The college maintains membership in the Council of Independent Colleges and NACUBO. October 2024: Sponsored The Nobel Conference focused on scientific and ethical topics. Investment committee leadership includes Marcia Page, co-founder of Varde Partners, and James A. Roberts, a member since 2004. Governance separates endowment management from academic operations through an investment committee that reports to the Board of Trustees. Service providers include Baker Tilly as auditor and Mercer Investment Consulting as advisor. This structure reflects standard endowment oversight rather than a proprietary family office model.

## Sectors

- Private Equity
- Hedge Funds
- Real Estate

## People

- Marcia Page — Chair of the Investment Committee
- Curtis J. Kowaleski — Chief Financial Officer and Vice President of Finance

## Questions

### Who runs investment decisions at Gustavus Adolphus College?

Marcia Page serves as Chair of the Investment Committee. Curtis J. Kowaleski acts as Chief Financial Officer and Vice President of Finance. The committee reports to the Board of Trustees.

### Does Gustavus Adolphus College participate in fund commitments or only direct deals?

The endowment holds both fund commitments and direct real estate assets. Private equity exposure occurs primarily through external managers. Direct holdings include the campus and student housing properties.

### What asset classes does the endowment target?

Private equity receives 51.19 percent allocation. Additional categories include hedge funds and real estate. Strategies extend to buyout, distressed debt, venture and secondaries.

### How is Gustavus Adolphus College related to the Evangelical Lutheran Church in America?

The college maintains formal affiliation with the ELCA. This relationship influences institutional mission and governance. It does not alter investment policy or portfolio construction.

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- [Windmuehle Funds](https://altss.com/profile/windmuehle-funds)
- [Cibrius](https://altss.com/profile/cibrius)

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Last updated: 2026-06-03T20:00:00.000Z

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