Middlebury College

Middlebury College

Middlebury College established its endowment in 1800 to provide permanent financial support for students, faculty, and programs. The structure separates the investment pool from the college's operating budget while maintaining board oversight through named trustees. Allocations span hedge funds, natural resources, private equity, and real estate. The portfolio holds core passive positions in VTI, VXUS, and BND alongside exposure through Investure LLC commingled funds. Geographic reach centers on North America with additional commitments to international equities. The college maintains direct ownership of multiple Vermont campuses and the Middlebury Institute of International Studies campus in Monterey, California. The endowment employs 377 staff across the broader institution. It belongs to NACUBO, COFHE, and the Intentional Endowments Network. February 2024: Presented on the Energy2028 plan and fossil fuel divestment strategies at the Higher Ed Climate Leadership Summit. July 2024: Attended the NACUBO Annual Meeting in Chicago. Investment decisions route through the external manager Investure LLC under board policy constraints, creating a hybrid governance model that delegates day-to-day execution while retaining trustee authority over ESG guidelines and divestment timelines.