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University of the Pacific Endowment
The University of the Pacific Endowment is the financial engine for a private university chartered in 1851, two years after the California Gold Rush began.
University of the Pacific Endowment
The University of the Pacific Endowment is the financial engine for a private university chartered in 1851, two years after the California Gold Rush began. While the university’s president, Christopher Callahan, provides executive oversight, the investment posture is shaped by Evan Dreyfuss as the Regent Chair of the Investment Committee and CFO James Walsh, who leads finance and operations. The endowment’s wealth stems not from a single industrial fortune but from over 170 years of accumulated gifts — the largest a $125 million commitment from the late Robert and Jeanette Powell. The portfolio operates across three distinct vectors. Direct real estate is the most visible, with three core campus properties in Stockton, Sacramento, and San Francisco managed by Edward Casillas. The liquid and alternative sleeves cover venture capital, buyouts, mezzanine debt, natural resources, distressed debt, and secondaries. The endowment diversifies further through two student-operated funds: the Eberhardt Student Investment Fund, founded by Bank of Stockton CEO Douglass Eberhardt, and the Dreyfuss Family Fixed Income Fund, which adds a fixed-income training mandate. Geographic exposure is concentrated on the West Coast, with physical assets in California’s Central Valley, state capital, and Bay Area. The endowment operates with a lean in-house team, making it difficult to size headcount precisely, though key investment decisions flow through the Board of Regents’ Investment Committee. Its membership in the Intentional Endowments Network signals an orientation toward mission-aligned investment practices. The Powell Fund and the Berryman Family Business Fellows Endowment illustrate the donor-advised capital that lives alongside the main pool, while its West Coast Conference athletic ties provide an unusual networking surface for a pool of this size. A defining structural feature is the endowment’s reliance on regent-led, committee-driven governance rather than an independent investment office. This embeds investment oversight inside the university’s fiduciary board and creates a tight loop between the institution’s operational leadership and its capital allocation. The two student-directed investment funds add a unique educational mandate — effectively running a small live-money laboratory inside a larger, more conventional endowment portfolio — which few peer endowments replicate at this scale.
General information
Firm type
Endowment / Foundation
Year founded
1851
Location
Region
North America
Country
United States
City
Stockton
Corporate office
3601 Pacific Avenue, Stockton, CA 95211, United States
Additional offices
3200 Fifth Avenue, Sacramento, CA 95817 · 155 Fifth Street, San Francisco, CA 94103
Principals
Evan Dreyfuss
Regent and Chair of the Board of Regents' Investment Committee
James Walsh
Chief Financial Officer and Executive Vice President for Finance and Operations
Christopher Callahan
President of the University of the Pacific
Edward Casillas
Director of Real Estate and Real Property Asset Management
Douglass Eberhardt
CEO of Bank of Stockton and founder of the Student Investment Fund
Sector focus
Frequently asked questions
Who runs investment decisions at the University of the Pacific Endowment?
The Board of Regents' Investment Committee, chaired by Evan Dreyfuss, governs the portfolio. Execution runs through CFO James Walsh and the university’s finance and operations office. A distinct real estate function is led by Edward Casillas, who oversees the endowment's California campus properties directly.
How does the Endowment source its venture and private market deal flow?
The endowment sources deals primarily through external fund commitments and regent networks rather than a dedicated internal sourcing team. Its student-run funds — the Eberhardt Student Investment Fund and the Dreyfuss Family Fixed Income Fund — can also provide a unique experiential pipeline, though they function mainly as educational vehicles. The endowment’s formal membership in the Intentional Endowments Network provides additional exposure to mission-aligned manager and co-investment opportunities.
How much real estate does the Endowment own directly?
The endowment owns and manages three core campus properties directly: the main Stockton campus at 3601 Pacific Avenue, a Sacramento campus at 3200 Fifth Avenue, and a San Francisco commercial campus at 155 Fifth Street. These properties are overseen by Edward Casillas, the Director of Real Estate and Real Property Asset Management. The assets function both as operational university facilities and as a significant physical allocation within the endowment portfolio.
Does the Endowment make direct co-investments or only fund commitments?
The investment strategy lists direct exposure across asset classes including early-stage venture, buyout, mezzanine, and distressed debt, which suggests the capacity to co-invest or invest directly. However, the small internal team and regent committee structure imply a heavy reliance on external managers and fund-of-funds relationships. The presence of student-directed investment funds further blurs the line, as those vehicles typically make direct public equity or small-scale fixed-income purchases.
Does the University of the Pacific Endowment have a policy on ESG or mission-aligned investing?
The endowment is a member of the Intentional Endowments Network (IEN), a professional network focused on sustainable and mission-aligned investing. This membership indicates an active interest in incorporating ESG factors, though the endowment has not published a detailed standalone policy. Specific donor-advised funds, such as the Powell Fund and the Berryman Family Business Fellows Endowment, may carry their own restricted spending or investment guidelines tied to the original gifts.
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