University of Notre Dame Endowment

University of Notre Dame Endowment

The University of Notre Dame Endowment has supported the university's mission since its founding in 1842, though its modern institutional form was shaped by Scott Malpass, who served as CIO from 1988 to 2020. Malpass established a diversified, multi-asset class strategy that institutionalized the management of the university's financial assets and later co-founded Catholic Investment Services. Tim Dolezal was promoted to CIO in July 2024, stepping into the leadership of the investment office at a time when the university had recently joined the Association of American Universities. The investment office allocates capital across a wide range of asset classes, including private equity, venture capital, natural resources, and secondaries. The endowment takes active exposure through direct co-investments, fund commitments, and direct real estate development. This strategy is visible in its dual posture: confirmed portfolio interests span global alternative assets alongside tangible, on-the-ground properties such as the Eddy Street Commons mixed-use development in South Bend, developed with Kite Realty Group, and a portfolio of hospitality assets including the Morris Inn and the Embassy Suites by Hilton South Bend. The endowment also holds timberland and Chicago commercial property, reflecting a deliberate geographic footprint that links northern Indiana to broader national markets. The university manages endowment assets not only for its own balance sheet but also for various entities of the Congregation of Holy Cross. The investment office engages with industry standards through active participation in the Institutional Limited Partners Association and has navigated regulatory discussions for alternatives via the Managed Funds Association. In July 2024, Tim Dolezal was appointed Vice President and Chief Investment Officer, leading the office into its next chapter. The office also oversees the Notre Dame Donor Advised Fund, aligning its financial activity with adjacent philanthropic vehicles. A structural differentiator for the Notre Dame Endowment is its direct, campus-adjacent real estate development program. Rather than exclusively deploying capital into third-party funds, the office acts as a principal developer — owning and operating hotels and retail projects that physically surround the university. This hybrid approach transforms the endowment from a purely financial investor into an active economic anchor for South Bend, a posture uncommon among large university endowments.