# University of Wisconsin System Long Term Fund

University of Wisconsin System Long Term Fund is an Endowment / Foundation based in Madison, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Madison, United States
- **Region:** North America
- **Address:** Madison, WI, United States
- **Founded:** 2018
- **Assets under management:** Undisclosed
- **Website:** wisconsin.edu
- **LinkedIn:** https://www.linkedin.com/company/universities-of-wisconsin

## Regulatory record

- **Reports private funds:** No

## About

The University of Wisconsin System Long Term Fund launched on April 1, 2018, when the Board of Regents shifted management of the system's pooled trust and endowment assets to the State of Wisconsin Investment Board. Charles Saunders serves as Chief Investment Officer of the UW Office of Trust Funds, the administrative body that oversees the fund's relationship with SWIB. The underlying capital originates from gifts, bequests, and other long-term assets held across the University of Wisconsin System's thirteen campuses. The fund operates as a fund-of-funds with allocations to private equity, real assets, and natural resources. Confirmed investment types include traditional fund commitments and the TRG Forestry Fund, a timberland vehicle. The investment mandate targets returns above inflation over a long-term horizon, with an annual distribution rate of 4% of average market value to support university operations. Geographic focus centers on North America. The Office of Trust Funds maintains a lean structure, with Saunders as the named investment lead. Saunders also serves on the advisory board of the Wisconsin School of Business Hawk Center, a connection that ties the fund to academic finance networks within the state. Adjacent pools include the Income Cash Fund, a separate short-term vehicle for Wisconsin-based assets. The fund's governance flows through the Board of Regents, which retains ultimate fiduciary authority over the pooled assets SWIB manages. The structural differentiator is the delegation model: unlike most university endowments that build internal investment offices, the UW System outsourced management to SWIB, the same entity that runs the $156 billion Wisconsin Retirement System. This creates a hybrid where public pension investment capabilities — including SWIB's internal private markets teams — serve an endowment-style long-term pool. The arrangement concentrates Wisconsin's public investment talent under one roof while keeping the Trust Funds office focused on governance, distribution policy, and campus relationships.

## Sectors

- Private Equity
- Fund of Funds
- Real Assets
- Natural Resources

## People

- Charles Saunders — Chief Investment Officer, UW Office of Trust Funds

## Questions

### Who runs investment decisions at the UW System Long Term Fund?

The State of Wisconsin Investment Board manages the portfolio under a delegation agreement with the UW Board of Regents, effective April 2018. Charles Saunders serves as Chief Investment Officer of the UW Office of Trust Funds, the administrative oversight body. SWIB handles day-to-day asset allocation, manager selection, and portfolio construction across the fund's private equity and real asset commitments.

### How is the UW System Long Term Fund different from a traditional university endowment?

Rather than building an internal investment office like most large endowments, the UW System outsourced management to SWIB, Wisconsin's public pension investment board. This pools the university's long-term capital with the same investment capabilities that manage the Wisconsin Retirement System. The Office of Trust Funds retains governance, distribution policy, and campus-facing responsibilities.

### What is the annual spending distribution from the fund?

The fund distributes 4% of its average market value annually to support current spending across the University of Wisconsin System's thirteen campuses. This distribution rate aligns with standard endowment spending policies and provides predictable operating support while preserving long-term purchasing power.

### Why did the UW Board of Regents outsource management to SWIB instead of building an internal investment team?

The 2018 decision leveraged SWIB's existing infrastructure, scale, and internal investment capabilities, avoiding the cost and complexity of building a separate endowment office. SWIB manages over $156 billion for the Wisconsin Retirement System, giving the Long Term Fund access to institutional-quality private markets teams and manager relationships without duplicating overhead.

## Related profiles

- [University of Windsor Pension Committee](https://altss.com/profile/university-of-windsor-pension-committee)
- [University of Wisconsin System Trust Funds](https://altss.com/profile/university-of-wisconsin-system-trust-funds)

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

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