St. Paul’s School (SPS)

St. Paul’s School (SPS)

St. Paul’s School established its endowment in 1859, three years after Dr. George Cheyne Shattuck Jr. founded the institution. The fund operates under the Board of Trustees and its Investment Committee to supply steady operating support for the college-preparatory school. As an Episcopal-affiliated entity, the endowment’s governance is distinct from the School’s day-to-day academic leadership, though the Fourteenth Rector, Kathleen Carroll Giles, and President of the Board David Scully serve as key fiduciaries. The endowment deploys capital across private equity, hedge funds, venture capital and real estate, with a geographic reach spanning North America, Europe, Asia, the Middle East and Africa. The investment committee uses a fund-of-funds structure, notably through a relationship with Partners Capital, which provides access to underlying managers including Sequoia Capital and Andreessen Horowitz. Sector exposure mapped by the investment office includes FinTech, healthcare services, PropTech, data analytics, AgriTech and sports-related holdings. Confirmed stage participation includes growth and pre-IPO rounds, executed via direct co-investments, SPVs and primary fund commitments. The portfolio is estimated at $759.3M. The endowment’s asset base supports a physical campus — including the Friedman Community Center, a library and an athletics complex — without tapping tuition revenue for capital projects. Adjacent structures include the New Hampshire Charitable Foundation, which directs designated grants to the School, and a permanent art collection housed in the Crumpacker Gallery. The investment committee has not publicly disclosed a recent change in allocation targets or a new committed fund. Unlike many independent-school endowments that outsource the entire investment function, SPS appears to integrate the Board’s private-equity and venture networks directly into manager selection. Trustee and FFL Partners Chairman Tully Friedman brings institutional private-equity operating experience to the committee, linking the endowment to San Francisco deal flow that a standalone school investment office would rarely access on its own.