High Quality Content by WIKIPEDIA articles! Valparaiso University, known colloquially as Valpo, is a regionally accredited private university located in the city of Valparaiso in the U.S. state of Indiana. Founded in 1859, it consists of five undergraduate colleges, a graduate school, and a law school. Valparaiso University is owned and operated by the Lutheran University Association, a non-profit corporation, and is the largest independent Lutheran university in the United States.