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Queen's University
Queens University of Charlotte endowment, chaired by Hugh L. McColl, Jr., manages $185M ahead of its merger with Elon University by August 2026.
Queen's University
Queens University of Charlotte's endowment traces its origins to the 1857 founding of the Charlotte Female Institute, with its modern investment function shaped by a board that reads more like a regional finance directory. Chairman Emeritus Hugh L. McColl, Jr. brings the institutional weight of a legendary banking career alongside his co-founding role at Falfurrias Capital Partners. Other trustees include Rob Engel, Chairman of Corporate & Investment Banking at Wells Fargo, and L. Watts Hamrick III, Co-Founder of Pamlico Capital — connecting the endowment directly to Charlotte's corporate and private-equity ecosystems. The endowment targets growth capital strategies, according to Altss research, deploying across fund commitments, co-investments, and real assets. Its physical portfolio spans a three-building campus footprint: the main 35-acre campus on Selwyn Avenue, the Sarah Belk Gambrell Center for the Arts, and a commercial office at 220 N Tryon Street in Uptown Charlotte. The endowment also stewards the university's permanent art collection. Philanthropic alignment runs through The Leon Levine Foundation, a significant donor relationship anchored by trustee Sandra P. Levine. The portfolio operated with an estimated $185M in assets prior to the announcement of a merger with Elon University, expected to close by August 2026. The combined entity will integrate two North Carolina private universities — both with Division I athletics programs, as Queens joined the ASUN Conference as a D1 member in 2022. May 2025: Queens celebrated its 167th commencement, graduating 495 students including 304 undergraduates, while the endowment simultaneously navigated pre-merger positioning alongside Elon's own institutional investment office. Unlike standalone university endowments that lean heavily on external consultants, Queens operates with an investment committee embedded in Charlotte's corporate leadership. This governance structure — a direct line from the boardroom to local deal flow through Wells Fargo, Pamlico Capital, and Falfurrias — shapes a sourcing model where co-investment opportunities and manager relationships often originate from trustee networks rather than traditional consultant gatekeeping.
General information
Firm type
Endowment / Foundation
Year founded
1857
AUM
$185M (Altss estimate)
Location
Region
North America
Country
United States
City
Charlotte
Corporate office
1900 Selwyn Ave, Charlotte, NC 28274
Principals
Hugh L. McColl, Jr.
Chairman Emeritus of the Board of Trustees
Sector focus
Frequently asked questions
Who oversees investment decisions at the Queens University endowment?
The Board of Trustees governs the endowment, with Chairman Emeritus Hugh L. McColl, Jr. providing investment leadership. McColl co-founded Falfurrias Capital Partners and previously led Bank of America. Other trustees with investment committee influence include Rob Engel of Wells Fargo and L. Watts Hamrick III of Pamlico Capital.
How does the endowment's investment strategy align with the Elon University merger?
The merger, expected to close by August 2026, combines two North Carolina endowments into a single institutional investment vehicle. Pre-merger, Queens operated its portfolio independently with a growth-capital mandate. The combined entity will likely reassess asset allocation, manager relationships, and governance structure as integration proceeds.
How does the endowment source investment opportunities?
The endowment benefits from a trustee network deeply embedded in Charlotte's financial sector. Board members currently hold senior roles at Wells Fargo, Pamlico Capital, and the Carolina Panthers, creating direct pathways to private-equity fund commitments, co-investments, and regional real-asset deals that a traditional consultant-led endowment might not access.
What is the relationship between the endowment and The Leon Levine Foundation?
The Leon Levine Foundation, one of Charlotte's most active philanthropic entities, maintains a significant donor relationship with Queens University through trustee Sandra P. Levine. While the foundation operates independently, its support reinforces the endowment's broader fundraising capacity and influences capital campaign priorities.
Does the endowment hold real assets beyond financial investments?
Yes. The endowment stewards three campus properties — the main 35-acre Selwyn Avenue campus, the Sarah Belk Gambrell Center for the Arts, and an Uptown Charlotte commercial office at 220 N Tryon Street — alongside the university's permanent art collection. These holdings form a material portion of the institution's total asset base.
How does Queens' NCAA Division I athletics participate in endowment considerations?
Queens joined the ASUN Conference as a Division I member in 2022. While athletics funding typically flows through annual operations rather than endowment corpus, the D1 transition increased fundraising needs and altered the university's long-term capital planning — a factor the endowment committee weighs alongside the Elon merger's combined athletic footprint.
What is Hugh L. McColl, Jr.'s role beyond the endowment?
McColl is the former Chairman and CEO of Bank of America, where he built the bank into a national powerhouse through acquisitions. He co-founded Falfurrias Capital Partners, a Charlotte-based private-equity firm focused on lower-middle-market investments, and remains an influential figure in North Carolina's financial and philanthropic communities.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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