Lumina Foundation

Lumina Foundation

Lumina Foundation was established in 2000 after USA Group sold its student loan assets to Sallie Mae. Jamie Merisotis joined as president and CEO in 2008. The foundation maintains an independent structure with a board chaired by F. Joseph Loughrey. The endowment allocates 26.46 percent to private equity alongside public corporate stocks valued at $373.7 million and government obligations. Asset classes include venture capital, growth equity, and mission-related investments. Confirmed holdings through Lumina Impact Ventures include Acadeum, EdVisorly, Mainstay, Mentor Collective, Edovo, Beam, Noodle, Upswing, CareAcademy, and Credly. Geographic reach centers on the United States with additional policy activity in Washington, D.C. and international conference participation in Denmark, Vietnam, and the United Kingdom. The organization employs 125 professionals. It maintains offices in Indianapolis and Washington, D.C. Adjacent vehicles include the Racial Justice and Equity Fund and Lumina Impact Ventures, which holds an estimated $50 million in direct equity positions. January 2024: Delivered the Stronger Nation 2024 Data Update Webinar on national progress toward educational attainment goals. Service providers include Cambridge Associates as investment advisor since 2000 and PwC as auditor. The foundation's structure separates grant-making from endowment management while integrating mission alignment and racial equity criteria into investment decisions. This produces a hybrid posture that combines traditional asset allocation with direct venture commitments in education technology. Governance ties to the original USA Group legacy through named board members and ongoing policy focus.