# Macalester College

Macalester College is an Endowment / Foundation based in Saint Paul, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Saint Paul, United States
- **Region:** North America
- **Address:** 1600 Grand Avenue, Saint Paul, Minnesota, United States
- **Founded:** 1874
- **Assets under management:** 899 (per Altss research record, 2024)
- **Website:** macalester.edu
- **LinkedIn:** https://www.linkedin.com/school/macalester-college/

## Regulatory record

- **Reports private funds:** No

## About

Macalester College was founded in 1874. Its endowment receives major support from the DeWitt and Lila Wallace Fund, seeded by Reader's Digest stock gifts in 1980 and 1981. The endowment distributes roughly 5 percent annually to the college budget while seeking to maintain purchasing power over time. Asset allocation spans public equities, hedge funds, private equity, and real estate. Confirmed holdings include positions in Intel, Caterpillar, and Chevron through equity funds, plus commitments to HarbourVest Partners and Pomona Capital. Direct real estate centers on the High Winds Fund portfolio along Grand Avenue in Saint Paul, with tenants such as Patagonia and French Meadow Bakery. The geographic footprint remains concentrated in Minnesota and the broader United States. The college employs 188 staff. Investment management transitioned to Investure LLC in September 2024 after prior advisory work by Cambridge Associates. Adjacent vehicles include the DeWitt Wallace Fund for Macalester College and the Holl Trust. The endowment also holds the 53-acre campus and a permanent art collection exceeding 1,800 objects. Management is fully outsourced to an external CIO, removing internal portfolio construction from college staff. Governance flows through the Investment Committee chaired by Edward Donkor, with oversight from the Board of Trustees.

## Sectors

- Diversified

## People

- Suzanne M. Rivera — President
- Edward Donkor — Chair of the Investment Committee
- Carrie Norbin Killoran — Chair of the Board of Trustees

## Questions

### Who runs investment decisions at Macalester College Endowment?

Edward Donkor chairs the Investment Committee. Day-to-day management is handled by Investure LLC under a mandate established in September 2024.

### Does Macalester College Endowment participate in fund commitments or only direct deals?

The endowment commits to funds through HarbourVest Partners and Pomona Capital. It also holds direct real estate via the High Winds Fund.

### What investment stages does Macalester College Endowment typically target?

The endowment pursues a diversified strategy that includes buyout, venture, secondaries, and co-investments across private markets.

### How is Macalester College Endowment related to Investure LLC?

Investure LLC serves as the outsourced investment advisor effective September 2024, replacing prior consultant Cambridge Associates.

### What is Macalester College Endowment's known posture on co-investments alongside external GPs?

The endowment maintains exposure to co-investments and secondaries through its private equity allocations to HarbourVest and Pomona Capital.

## Related profiles

- [Hillsdale College](https://altss.com/profile/hillsdale-college)
- [Capital Planning Advisors](https://altss.com/profile/capital-planning-advisors-llc)

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

Canonical page: https://altss.com/profile/macalester-college

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