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Howard University
The Howard University Retirement Trust was established in 1976 to provide retirement security for substantially all full-time employees of Howard University.
Howard University
The Howard University Retirement Trust was established in 1976 to provide retirement security for substantially all full-time employees of Howard University. The plan operates as a non-contributory defined-benefit pension, with Chief Investment Officer Frank Bello overseeing the portfolio. Governance falls under a board of trustees chaired by Leslie D. Hale, CEO of RLJ Lodging Trust, and vice-chaired by Mark A. L. Mason, CFO of Citigroup. Strategy blends traditional institutional asset classes with opportunistic plays. The trust allocates across buyout and growth equity, venture capital from seed to late stage, distressed debt, mezzanine, natural resources, secondaries, and real estate. Known holdings include a portfolio of mixed-use and commercial properties in Washington, DC — the Bond Bread Factory redevelopment on Georgia Avenue, Wonder Plaza, Howard Town Center, and the MLK Gateway project in Anacostia — alongside the university endowment which supports the broader institutional mission. The trust functions alongside Howard's far-reaching physical plant, including its main campus and the Chadwick A. Boseman College of Fine Arts gallery collections. The university participates in the Consortium of Universities of the Washington Metropolitan Area, the National Association of Independent Colleges and Universities, and the Thurgood Marshall College Fund, positioning it within a dense network of capital partnerships. Former board chair Laurence C. Morse co-founded Fairview Capital Partners, further underscoring the investment committee's GP-level expertise. Howard's structure differentiates it through co-location of fiduciary capital with physical university development — the retirement trust and endowment both deploy into real assets that reshape the surrounding Georgia Avenue corridor. This embedded posture means returns are partially expressed in neighborhood-level improvements, rather than purely in fund-level IRRs.
General information
Firm type
Pension Fund
Year founded
1976
Location
Region
North America
Country
United States
City
Washington
Corporate office
Washington, DC, United States
Principals
Frank Bello
Chief Investment Officer
Leslie D. Hale
Chair of the Board of Trustees
Mark A. L. Mason
Vice Chair of the Board of Trustees
Laurence C. Morse
Former Chair of the Board of Trustees
Sector focus
Frequently asked questions
Who runs investment decisions at the Howard University Retirement Trust?
Frank Bello serves as Chief Investment Officer, overseeing the portfolio's allocation and risk framework. His purview covers private equity, venture capital, real estate, and distressed strategies. The investment committee operates under the Board of Trustees, currently chaired by Leslie D. Hale with Mark A. L. Mason as Vice Chair.
Does the trust invest directly in real estate, or through funds?
The trust carries direct exposure to Washington, DC-area real estate alongside its fund commitments. Addressable properties include the Bond Bread Factory redevelopment, Wonder Plaza, Howard Town Center, and MLK Gateway in Anacostia. These holdings sit adjacent to the main campus and represent place-based deployment tied to the university's physical expansion.
What investment stages does the retirement plan target?
Venture allocations span from seed and startup through expansion and late stage. The plan also writes checks into buyout, growth equity, mezzanine, distressed debt, and special situations. This range places it alongside multi-asset pensions that treat venture and distressed as complementary liquidity sleeves.
How is the retirement trust governed relative to the university endowment?
The retirement trust is a separate legal entity — a non-contributory defined-benefit pension plan — distinct from the Howard University endowment. Both share an institutional home at Howard and benefit from board-level financial expertise, but they maintain separate fiduciary mandates. The endowment focuses on university operations while the trust serves specifically as an employee retirement vehicle.
What is the trust's known posture on co-investments alongside external GPs?
Howard's relationships in the Consortium of Universities of the Washington Metropolitan Area and membership in industry associations like NAICU suggest an appetite for co-investment channels, though specific co-investment terms are undisclosed. The presence of Fairview Capital Partners co-founder Laurence C. Morse as former board chair indicates boardroom familiarity with GP-led club deals and fund-of-funds structures.
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