Middlebury College

Endowment Value: $1.124 billion (June 2018)

Middlebury College is a private liberal arts college in Middlebury, Vermont. The Investment Committee of the Board of Trustees and College Administration oversees the endowment. In 2005, management of Middlebury’s endowment was outsourced to Investure, an investment office specializing in managing endowments and foundations. In 2010, the college established the Sustainable Investments Initiative, a fund dedicated solely to investment vehicles that meet the college’s sustainability guidelines.

The Advisory Committee on Socially Responsible Investment was founded in 2011 to promote the socially responsible investment of Middlebury’s endowment through making recommendations to the trustees based on voting proxies and shareholder engagement; positive screening and impact investing; and negative screening and divestment. 

In 2014, Middlebury’s president Ron Liebowitz announced that $25 million of Middlebury’s endowment would be devoted to impact investing, directed towards “investments focused on sustainability business such as clean energy, water, climate science, and green building projects.” He also announced that $150,000 of the endowment would be placed under the management of the Socially Responsible Investment Club, a student group devoted to socially responsible investing. As of 2016, the student-run SRI Club is working to develop ESG frameworks to be utilized in Middlebury’s endowment investment decisions, as well as pushing for more transparency in Middlebury’s investments.

In January of 2019, Middlebury announced its Energy2028 plan, an ambitious, whole-institution initiative to address climate change. Under this plan, the College’s endowment and sustainable investment policy will be key levers by integrating fossil fuel divestment goals that include a commitment to not invest new dollars into fossil fuels beginning in mid-2019, a phaseout of direct fossil fuel investments over a 15 year spean. Learn more about Middlebury’s Energy2028 plan and its divestment strategy by checking out IEN’s blog.


Middlebury College is a participant or member of the following Initiatives & Commitments:  

  • IEN Founding Member (2016)
  • AASHE STARS: Yes, Gold
  • ACUPCC: Yes, Climate Neutral by 2016
  • Billion Dollar Green Challenge: No
  • CDP: No
  • Committee for Investor Responsibility: Yes
  • Divestment Goal: Yes, full
  • INCR: No
  • Montreal Carbon Pledge: No
  • Sustainable Investment Fund: Yes
  • Sustainable Investment Policy: Yes
  • Principles for Responsible Investment: No


Other Sustainable Investing Practices:


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