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University of Utah Endowment Fund
The University of Utah Endowment fund operates under the Investment Management Office, reporting into the university's CFO. Mark Waite's team manages both...
University of Utah Endowment Fund
The University of Utah Endowment fund operates under the Investment Management Office, reporting into the university's CFO. Mark Waite's team manages both long-term endowment assets and the institution's cash investments from Salt Lake City, blending the fiduciary profile of a public university with a directly held portfolio that includes the Stanton-Yale Apartments and the West Valley Medical Complex. The endowment does not publicly disclose a precise AUM; Altss estimates the pool at approximately $1.65 billion based on fiscal year-end 2024 positioning. The fund spreads capital across venture, private equity, private credit, infrastructure, real estate, and hedge fund strategies. Confirmed venture stage exposure includes direct co-investments and SPVs, with a geographic mandate extending to Europe. Sector focuses include Energy Transition & Renewables, and the university maintains direct real asset ownership ranging from a Bell 407 helicopter and a Pilatus PC-12 to residential buildings in Salt Lake City. The University of Utah co-launched the $500 million Utah Brands & Entertainment LLC vehicle with sports and media investor Otro Capital to generate new revenue streams for its athletics department. The office runs a Social Choice Pool for donors who want ESG screens applied alongside its general endowment pool. It holds a board seat at 47G, the Utah Aerospace and Defense Association, and maintains a membership in the Intentional Endowments Network. A separate entity, the University of Utah Growth Capital Partners Foundation, is led by CEO David Anderson and operates alongside the IMO, suggesting a platform that separates philanthropic venture exposure from core endowment assets. The team's organizational chart names Lily Kim as Head of Investments, working under Waite. The fund's structural differentiator is its combination of conventional asset allocation with physical operating assets — aircraft, medical office buildings, guest houses — held directly on the balance sheet. That hard-asset layer sits alongside venture co-investments and a dedicated ESG vehicle, creating an allocation model less common among state university endowments.
General information
Firm type
Endowment / Foundation
Location
Region
North America
Country
United States
City
Salt Lake City
Corporate office
Salt Lake City, UT, United States
Principals
Mark Waite
Chief Investment Officer
Lily Kim
Head of Investments
David Anderson
CEO of University of Utah Growth Capital Partners Foundation
Sector focus
Frequently asked questions
Who runs investment decisions at the University of Utah Endowment?
Mark Waite serves as Chief Investment Officer, overseeing the endowment and cash management portfolios. Lily Kim works as Head of Investments, reporting into Waite. Their team operates under the university's CFO from the Salt Lake City campus.
How is the Social Choice Pool structured and what does it exclude?
The Social Choice Pool is a parallel pool within the endowment that applies ESG criteria to invested gifts. Donors who want social considerations factored into their endowed contributions can direct funds there. The university has not published its specific negative screens or ESG rating methodology.
What is Utah Brands & Entertainment LLC and who are the partners?
Utah Brands & Entertainment LLC is a $500 million joint venture between the University of Utah (via its University Foundation) and Otro Capital, a sports and media investment firm. The vehicle targets intellectual-property-backed deals, broadening the endowment's exposure into brand and content-related assets.
Does the endowment invest directly in physical assets rather than through funds?
Yes. The fund directly owns a fleet of aircraft, including Bell and Kawasaki helicopters, a Pilatus PC-12, and a Cessna Citation CJ2. It also holds title to apartment complexes and commercial real estate around Salt Lake City, including the Stanton-Yale Apartments and the West Valley Medical Complex.
Does the University of Utah Endowment participate in early-stage venture?
The fund allocates to venture capital, including early-stage and seed-stage investments. It uses direct co-investments and SPVs to access private companies. The fund also holds a board position at 47G, linking it to the Utah aerospace and defense startup cluster.
What external networks or industry groups does the investment office belong to?
The university is a member of the Intentional Endowments Network, which focuses on mission-aligned and sustainable investing. It also sits on the board of 47G, the Utah Aerospace and Defense Association, and holds a Gold rating from AASHE STARS for sustainability tracking.
How are philanthropic and investment entities legally separated at Utah?
The University of Utah Growth Capital Partners Foundation, led by CEO David Anderson, operates as a separate foundation handling venture-philanthropy activities. The core endowment management sits inside the Investment Management Office under the CFO. Both entities appear with distinct leadership and mandates.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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