# Lumina Foundation

Lumina Foundation is an Independent private foundation based in Indianapolis, United States.

## Overview

- **Organization type:** Independent private foundation
- **Headquarters:** Indianapolis, United States
- **Region:** North America
- **Address:** Indianapolis, IN, United States
- **Founded:** 2000
- **Assets under management:** $1.4B (per the firm's financial statements, 2023)
- **Website:** luminafoundation.org
- **LinkedIn:** https://www.linkedin.com/company/lumina-foundation/

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Education
- Workforce Development
- Social Impact
- Postsecondary Attainment

## Offices

- Atlanta, GA, United States
- Washington, DC, United States

## People

- Jamie Merisotis — President and CEO
- F. Joseph Loughrey — Chair of the Board
- Erin Archer — Vice President and Chief Financial Officer

## Questions

### Who runs investment decisions at Lumina Foundation?

Jamie Merisotis serves as president and CEO. Erin Archer directs investment strategies as vice president and chief financial officer. Casey van der Stricht leads the impact investing program.

### How does Lumina Foundation source proprietary deal flow?

The foundation operates Lumina Impact Ventures for direct equity investments in education and workforce startups. It also commits to external venture funds such as Rethink Education.

### Does Lumina Foundation participate in fund commitments or only direct deals?

Both. The endowment holds private equity fund commitments and makes direct minority investments through Lumina Impact Ventures in companies including Acadeum and Credly.

### What investment stages does Lumina Foundation typically target?

Early-stage seed and startup investments alongside expansion and growth equity. The foundation also maintains long-term holdings in private equity and real estate partnerships.

### What is Lumina Foundation's known posture on co-investments alongside external GPs?

The foundation acts as a limited partner in funds managed by Bain Capital and Rethink Education while pursuing direct co-investments through its impact arm.

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Last updated: 2026-07-06T00:35:46.188Z

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