CIO Jeffrey Mindlin and his team at the Arizona State University Foundation ensure that the investment strategy of the endowment is aligned with ASU’s sustainability leadership.

There are two initiatives that are important to both the investment team and the university as a whol—net zero; and justice, equity, diversity and inclusion. Some of the goals from these initiatives are to have a net zero target for the investment pools by 2035, and the integration of environmental, social and governance principles into the investment policy statement.

To ensure that there is accountability for establishing and executing net zero and JEDI goals, the foundation created a sustainable responsible impact council that reports to the investment committee. In addition, they are integrating an ESG approach within the foundation’s retirement plan so employees can invest with the same ethos as the endowment.

The fund is also committed to making investments in opportunities that align with net zero and JEDI. The fund has invested in cleantech and renewable power investments and has invested in private equity managers that target minority-led startups. Mindlin’s team is also looking at opportunities within affordable housing, renewable power and cleantech.

The investment team at the ASU Foundation has made strides in encouraging investment education and creating programs for the university’s students. The university launched a dedicated ESG student-managed fund in 2018. In the upcoming spring semester, the investment team will welcome the first members of its endowment fellowship cohort, a program that will provide education, mentorship and internship opportunities to university freshmen and sophomores.

“The Investment Office is a small team, so they’ve been deliberate in extending their reach through integrating students into these efforts. Not only does this provide additional resources to maintain momentum and progress, [it] provides valuable experiential learning opportunities for these students who will be the changemakers of the future,” says Mindlin, who in 2019 was recognized as a CIO NextGen.

ASU’s endowment managed $1.467 billion in assets through June 30, 2023. The fund’s one-, three-, five-, and 10-year annualized returns are 4.31%, 10.08%, 9.03% and 7.55%, respectively.

—Matt Toledo