University of Manitoba University Investment Trust

University of Manitoba University Investment Trust

The University Investment Trust functions as the University of Manitoba's permanent endowment, pooling gifts from donors to support teaching, research, student accessibility, athletics and public service across the Winnipeg institution. Naomi Andrew, Vice-President (Administration), chairs the Trust Investment Committee, an advisory body to the Board of Governors. The President and Vice-Chancellor, Michael Benarroch, also sits on the committee, ensuring investment policy directly serves academic and operational priorities. Asset allocation centers on long-duration, illiquid real estate and Canadian private markets exposure. The trust holds a stake in the GWL Canadian Real Estate Investment Fund No. 1, providing diversified domestic property exposure. Its most distinctive position is Southwood Circle, a mixed-use development at 230 University Crescent in Winnipeg managed by UM Properties GP Inc. under CEO Greg Rogers. The trust also sustains the Price Student-Managed Investment Fund at the Asper School of Business, giving students live portfolio management experience. Geographically, the portfolio concentrates on Canadian assets, with the Manitoba region representing the core footprint. The trust manages an estimated $500 million to $600 million in total assets. Investment oversight integrates ESG criteria through the university's status as a UN Principles for Responsible Investment signatory. Operational alignment extends to campus cultural assets, including the University of Manitoba Permanent Art Collection and the Indigenous Student Led Indigenous Art Purchase Program. A separate U.S.-based philanthropic vehicle, the University of Manitoba Foundation USA Inc., facilitates cross-border donor support but does not serve as an investment entity. In 2022, the university achieved a STARS Gold rating for sustainability performance. The trust's structural differentiator is its direct control over an on-campus real-estate development project — an operational arrangement rarely seen in university endowments, which typically hold properties at arm's length. Through UM Properties GP Inc., the trust can capture development gains while shaping the physical campus environment. Gregory Rogers' role as CEO of the management entity creates a direct link between investment governance and project execution.