# St. Olaf College

St. Olaf College is an Endowment / Foundation based in Northfield, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Northfield, United States
- **Region:** North America
- **Address:** 1520 St. Olaf Avenue, Northfield, MN 55057, United States
- **Founded:** 1874
- **Assets under management:** 804 (Altss estimate)
- **Website:** stolaf.edu
- **LinkedIn:** https://www.linkedin.com/school/stolaf/

## Regulatory record

- **Reports private funds:** No

## About

St. Olaf College was founded in 1874 in Northfield, Minnesota, and remains affiliated with the Evangelical Lutheran Church in America. The college operates an endowment currently valued at $804 million and managed by an internal Investment Office with support from external advisors. The endowment targets a 15 percent allocation to private equity and maintains confirmed positions in vehicles including Acacia Institutional Partners LP, Oaktree Opportunities Fund XB and Park Street Capital Private Equity Fund X LP. It also commits to hedge funds and real estate strategies. Geographic exposure spans North America with indicated reach into Europe and Asia. Liquidity policy requires 65 percent of long-term assets convertible within three years. The college employs an Investment Office supported by CornerStone Partners since 2018 and Northern Trust as custodian. Additional offices are not maintained. In July 2024 the college hosted the St. Olaf Conference on Worship, Theology, and the Arts. The institution belongs to NACUBO and the Associated Colleges of the Midwest. Governance rests with the Board of Regents chaired by Susan Gunderson, which sets investment policy separate from the affiliated church. Direct ownership of campus real estate, natural lands and a wind turbine provides operational control distinct from pure financial portfolios held by peer endowments.

## Sectors

- Education/Training
- ClimateTech
- Private Equity
- Hedge Funds
- Real Estate

## People

- Susan Rundell Singer — President
- Mike Berthelsen — Vice President for Business and Finance and Chief Financial Officer
- Susan Gunderson — Chair of the Board of Regents

## Questions

### Who runs investment decisions at St. Olaf College?

Mike Berthelsen serves as Vice President for Business and Finance and Chief Financial Officer. The Investment Office executes policy set by the Board of Regents under Chair Susan Gunderson.

### Does St. Olaf College participate in fund commitments or only direct deals?

The endowment acts primarily as a limited partner in private equity, hedge fund and real estate vehicles. Confirmed holdings include multiple fund commitments such as NB Crossroads Fund XX and Partners for Growth VI US LP.

### What investment stages does St. Olaf College typically target?

The endowment targets early-stage venture exposure through commitments that include Seed and Series A strategies alongside buyout, distressed debt and secondaries.

### How is St. Olaf College related to the Evangelical Lutheran Church in America?

The college is an affiliated institution of the ELCA. Governance and investment policy remain under the Board of Regents and college administration.

### What is St. Olaf College's known posture on co-investments alongside external GPs?

The endowment structure shows no direct co-investment program. All listed private holdings are limited-partner interests in commingled funds.

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

Canonical page: https://altss.com/profile/st-olaf-college

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