Key Takeaways
- • Colorado College's endowment and perpetual trusts reached a record $1.23 billion at the end of fiscal year 2026, up 11.3% from $1.11 billion in 2025, according to The Catalyst.
- • CC holds the second-largest individual endowment in Colorado, behind the University of Denver's $1.26 billion at the end of fiscal 2025.
- • CC holds 24% of its endowment in private equity and venture capital and 49% in alternative assets, with 42% in traditional stocks.
- • CC has outperformed the national average over 10 years but has lagged the 70/30 stock-bond benchmark, per its 2025 annual report.
- • The endowment growth coincides with a $14 million deficit from underenrollment for a third consecutive year, while private equity returns may soften amid high rates and over 31,000 unsold companies.
Summary
The value of Colorado College's endowment and perpetual trusts reached a record $1.23 billion at the end of the 2026 fiscal year, up 11.3% from $1.11 billion in 2025, according to The Catalyst. The growth gives CC the second-largest individual endowment in Colorado, after the University of Denver, which held $1.26 billion at the end of fiscal year 2025, the most recent year for which data was available. A complete report on CC's fiscal 2026 performance has not yet been released. According to CC's 2025 annual report, the college has outperformed the national average over the past 10 years but has lagged the return of the 70/30 benchmark, a passive portfolio of 70% stocks and 30% bonds used to assess whether intensive college investment strategies justify their fees and complexity.
Chief Financial Officer Lori Seager declined to comment, citing a restriction on speaking publicly about investments until the 2026 financial statements are certified by the Board of Trustees. The endowment historically funds roughly 20% of the operating budget, which helps the college weather periods of lower tuition revenue, including this year, when CC underenrolled for the third consecutive year, producing a $14 million deficit.
The article attributes 2026's strong results across many universities to venture capital gains and a booming stock market. Holders of SpaceX, which went public in June at a $1.77 trillion valuation, were particularly well rewarded. The Catalyst cites this as an illustration of returns from early-stage venture and private equity, asset classes that have grown in university portfolios since David Swensen's "Yale Model" emerged in the 1980s. Over Swensen's 36-year tenure, Yale's endowment grew from $1.3 billion to more than $40 billion. Harvard allocates 46% of its endowment to private equity and venture capital and 79% to alternative assets, while CC holds 24% and 49%, respectively, with a notably higher 42% share in traditional stocks.
The article notes drawbacks of private equity, including illiquidity and capital calls on unfunded commitments. Harvard borrowed $2.5 billion in high-interest debt to meet capital calls during the 2008 financial crisis. Early indicators suggest private equity returns may soften this year due to elevated interest rates and a glut of more than 31,000 unsold companies. The article also reports that Yale is reducing some core private equity holdings for the first time in a decade, a possible shift toward traditional stocks.
Chief Financial Officer Lori Seager declined to comment, citing a restriction on speaking publicly about investments until the 2026 financial statements are certified by the Board of Trustees. The endowment historically funds roughly 20% of the operating budget, which helps the college weather periods of lower tuition revenue, including this year, when CC underenrolled for the third consecutive year, producing a $14 million deficit.
The article attributes 2026's strong results across many universities to venture capital gains and a booming stock market. Holders of SpaceX, which went public in June at a $1.77 trillion valuation, were particularly well rewarded. The Catalyst cites this as an illustration of returns from early-stage venture and private equity, asset classes that have grown in university portfolios since David Swensen's "Yale Model" emerged in the 1980s. Over Swensen's 36-year tenure, Yale's endowment grew from $1.3 billion to more than $40 billion. Harvard allocates 46% of its endowment to private equity and venture capital and 79% to alternative assets, while CC holds 24% and 49%, respectively, with a notably higher 42% share in traditional stocks.
The article notes drawbacks of private equity, including illiquidity and capital calls on unfunded commitments. Harvard borrowed $2.5 billion in high-interest debt to meet capital calls during the 2008 financial crisis. Early indicators suggest private equity returns may soften this year due to elevated interest rates and a glut of more than 31,000 unsold companies. The article also reports that Yale is reducing some core private equity holdings for the first time in a decade, a possible shift toward traditional stocks.
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