Wheaton College (Illinois) Endowment

Investment oversight rests with the Investment Committee of the Board of Trustees, chaired by Phil Hubbard. Day-to-day treasury operations and financial management fall to Chad Rynbrandt, Vice President for Finance and Operations. Ken Larson has served as the endowment's long-time investment manager, providing continuity in strategy and execution.

The endowment allocates across public equities via its Wheaton Stock Fund, fixed income through the Wheaton Bond Fund, and directly held real estate including campus buildings and gifted land. It also holds a collection of museum-grade art and artifacts housed in the Billy Graham Center. This hybrid mix is uncommon among higher-ed endowments.

There are no publicly disclosed commitments to venture capital, private equity, or hedge fund structures. The endowment's known holdings center on public markets, fixed income, direct real estate, and cultural assets. Given Phil Hubbard's role at Invesco, some institutional fund access may exist, but no specific allocations have been reported.

The endowment is a segregated pool managed for the long-term support of the college's educational mission — funding scholarships, faculty chairs, and operations. Treasurer Chad Rynbrandt sits at the intersection of endowment management and college finance. A donor-advised fund operates alongside the endowment, providing a separate vehicle for philanthropic contributions.

Wheaton College's endowment includes the Billy Graham Center Museum collection — a portfolio of rare artifacts, art, and cultural objects housed on campus. Including such non-financial assets as investable corpus is structurally unusual for a college endowment and reflects Wheaton's integration of mission-driven assets into its financial base.

Public disclosures do not indicate active co-investment partnerships beyond Phil Hubbard's affiliation with Invesco. The investment posture appears to favor direct ownership and internally managed portfolios rather than club deals or third-party co-investment vehicles.

As an evangelical Christian institution, Wheaton's investment approach is likely guided by values-aligned principles, though a public responsible-investing policy is not detailed in available materials. The college's membership in the Council for Christian Colleges and Universities provides a peer network for mission-consistent endowment governance.