# University of Utah Endowment Fund

University of Utah Endowment Fund is an Endowment / Foundation based in Salt Lake City, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Salt Lake City, United States
- **Region:** North America
- **Address:** Salt Lake City, UT, United States
- **Assets under management:** Approximately $1.65 billion (Altss estimate)
- **Website:** invest.utah.edu
- **LinkedIn:** https://www.linkedin.com/company/universityofutah

## Regulatory record

- **Reports private funds:** No

## About

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. 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.

## Sectors

- Energy Transition & Renewables
- Real Estate
- Venture Capital
- Private Credit
- Hedge Funds
- Infrastructure
- Private Equity

## People

- Mark Waite — Chief Investment Officer
- Lily Kim — Head of Investments
- David Anderson — CEO of University of Utah Growth Capital Partners Foundation

## 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.

## Related profiles

- [UC San Diego Foundation](https://altss.com/profile/university-of-california-san-diego-foundation)
- [Fondo Pensione Pegaso](https://altss.com/profile/fondo-pensione-pegaso)

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Last updated: 2026-08-11T02:43:31.692Z

Canonical page: https://altss.com/profile/university-of-utah-endowment-fund

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology