Foundations in the United States

The Aga Khan Development Network manages roughly $12 billion across its group of development agencies, operating in over 30 countries with a focus on health, education, culture, rural development, and economic growth. The investment portfolio allocates to PE, real estate, infrastructure, public equities, and fixed income. AKDN's unique structure, part philanthropic foundation, part development institution, part commercial enterprise group, gives it a mandate and investment flexibility that few traditional foundations possess.

The Alfred P. Sloan Foundation manages approximately $2.2 billion in endowment assets as of December 2024, supporting programs in science, technology, and economics. Founded in 1934 by General Motors president Alfred P. Sloan Jr., the foundation's investment office manages a diversified institutional portfolio across public equities, fixed income, private equity, and alternative strategies. The foundation is known for its Sloan Research Fellowships supporting early-career scientists, the Sloan-Kettering Cancer Center founding, and programs advancing public understanding of science, economic performance, and STEM workforce diversity. Annual grantmaking typically ranges from $80 to $100 million.

The Andrew W. Mellon Foundation manages approximately $8 billion in endowment assets, making it the largest private source of arts, culture, and humanities funding in the United States. The foundation's investment office manages a diversified institutional portfolio across public equities, fixed income, private equity, hedge funds, and real assets. In 2024, the foundation issued nearly 650 grants totaling approximately $540 million. Founded in 1969 through the consolidation of the Avalon and Old Dominion foundations, Mellon supports higher education, museums, performing arts, and cultural heritage institutions with a focus on expanding access and building more inclusive narratives.

Ascension is one of the largest non-profit Catholic health systems in the United States, operating approximately 140 hospitals across 19 states with a $20 billion investment portfolio. The investment office allocates to PE, private credit, real estate, and hedge funds, managing the reserves that back Ascension's healthcare operations. The system's scale and not-for-profit status give it a long investment horizon more typical of an endowment than a healthcare operator.

The Bezos Earth Fund is a $10 billion philanthropic commitment by Amazon founder Jeff Bezos to fund scientists, activists, and organizations fighting climate change and protecting the natural world. Launched in 2020, the Earth Fund has been deploying capital at a rapid pace, committing billions in grants to address the climate crisis, biodiversity loss, and environmental justice. The fund operates with a spend-down approach, planning to distribute its full $10 billion by 2030, making it one of the fastest large-scale philanthropic deployments in history. The fund supports clean energy transition, nature conservation, food system transformation, and climate justice programs globally.

The investment arm of the world's largest charitable foundation, managing roughly $86 billion as of mid-2025. Cascade Asset Management Company, led by Michael Larson, runs a $35 billion public equity book visible in 13F filings; the broader portfolio extends into private equity, real assets, hedge funds, and fixed income. With annual grantmaking exceeding $7 billion across global health, development, and U.S. education, the investment office faces a constant tension between liquidity and long-term return generation.

Bloomberg Philanthropies manages approximately $12 billion in endowment assets encompassing all charitable giving of founder Michael Bloomberg. The organization invested $4.3 billion globally in 2025 across five focus areas: the environment, public health, the arts, government innovation, and education. The foundation's investment significance extends far beyond its current assets, as Bloomberg has committed to transferring his 88 percent stake in Bloomberg LP, currently valued at over $100 billion, to the foundation. Over his lifetime, Bloomberg has given $25.4 billion to philanthropic causes, making him one of the most prolific living donors.

The Carl Victor Page Memorial Foundation reported $4.02 billion in total assets on its FY2023 IRS Form 990-PF (EIN 20-1922957), up from $3.53 billion in 2021; widely circulated ~$100 billion estimates are not supported by its IRS filings, which are the primary source of record. Named after Larry Page's late father, the foundation's investment profile is defined by its concentrated position in a single mega-cap technology stock. The foundation operates with minimal public disclosure, and its eventual diversification and grantmaking strategy will have significant implications for institutional capital markets.

CDP Equity is the equity investment arm of Cassa Depositi e Prestiti, Italy's national development institution with roots dating to 1850. Funded primarily by Italian postal savings deposits, CDP deploys capital across PE, infrastructure, venture capital, real estate, and impact investing. The broader CDP Group manages over $400 billion in total assets, making it one of Europe's most important institutional investors and a strategic partner for Italian industrial policy.

The Chan Zuckerberg Initiative manages an estimated $7 billion in assets, structured as a limited liability company rather than a traditional foundation, giving it greater flexibility to make investments, fund advocacy, and support charitable causes. Founded in 2015 by Facebook founder Mark Zuckerberg and pediatrician Priscilla Chan, CZI employs a manager-of-managers approach to invest its endowment across asset classes with best-in-class external investment firms globally. CZI Ventures, the initiative's investment arm, has made 48 investments across education technology, healthcare, and other sectors. The initiative funds science, education, and community programs, with a particular focus on AI-driven biomedical research.

The Church Commissioners manage approximately $12 billion on behalf of the Church of England, with origins tracing to Queen Anne's Bounty established in 1704. The fund invests across PE, real estate, public equities, fixed income, timber, and farmland, the real asset exposure reflects centuries of institutional land ownership. The Commissioners generate income to support the Church's ministry, pensions, and mission, operating with one of the longest institutional investment horizons in existence.

The Conrad N. Hilton Foundation manages approximately $7.4 billion in endowment assets as of December 2023, supporting humanitarian programs worldwide. The foundation's investment team manages a diversified portfolio with allocations across public equities, fixed income, private equity, hedge funds, and real assets. The endowment grew substantially following Barron Hilton's 2007 pledge to leave approximately 97 percent of his fortune to a charitable remainder unitrust benefiting the foundation. Annual grantmaking approaches $300 million, with the foundation having awarded more than $3.6 billion since inception, supporting programs addressing homelessness, substance abuse, and access to safe water in developing countries.

The David and Lucile Packard Foundation manages over $8.5 billion in investment assets, making it one of the fifteen largest private foundations in the United States. Founded in 1964 by Hewlett-Packard co-founder David Packard and his wife Lucile, the foundation invests its endowment across a diversified portfolio including public equities, private equity, real assets, and fixed income. The foundation also maintains a mission investing program that deploys capital into investments aligned with its program goals in science, conservation, children's health, and reproductive health. Annual grantmaking exceeds $400 million supporting these focus areas.

Ensign Peak manages approximately $100 billion from Salt Lake City, making it one of the largest institutional investors in the country, though its public profile remained low until a 2023 SEC settlement brought transparency. The portfolio spans public equities, fixed income, PE, real estate, and agriculture. The fund's scale rivals the largest university endowments, but its governance structure and religious institutional mandate set it apart from traditional foundation investors.

Fidelity Charitable, operating as DAFgiving360, is the largest grantmaking public charity in the United States with approximately $46 billion in assets across more than 246,000 donor-advised fund accounts. In 2025, donors recommended a record-breaking $18.3 billion in grants to over 165,000 charitable organizations, a 23 percent increase from the prior year. Investment growth inside DAFgiving360 accounts added $8 billion in charitable capacity during 2025. The organization works with more than 5,200 financial advisors, with 77 percent of DAF assets associated with an advisor relationship. The investment options span multiple risk profiles from capital preservation to aggressive growth strategies.

Ford manages a $16 billion endowment and changed the conversation around foundation investing in 2017 when it carved out $1 billion for mission-related investments, capital that needed to generate both market-rate returns and social impact. Founded in 1936 by Edsel Ford, the foundation runs an internal team allocating across public equities, private equity, venture, hedge funds, real assets, and fixed income. Annual grants run about $700 million, targeting inequality, governance, and civil society.

The Gordon and Betty Moore Foundation manages over $11 billion in assets as of 2024, making it one of the largest private foundations in the United States focused on science and environmental philanthropy. Founded in 2000 by Intel co-founder Gordon Moore and his wife Betty, the foundation distributes over $400 million annually across its science, environmental conservation, and patient care programs. The endowment is invested in a diversified portfolio managed by an internal investment team, with allocations spanning public equities, private equity, venture capital, real assets, and fixed income following an institutional investment approach.

HHMI runs a $24 billion endowment backing one of the largest private biomedical research operations in the world, more than 300 investigators at institutions across the United States. The internal investment team uses a risk-based framework benchmarked against a 70/30 equity-to-fixed-income strategic allocation, with capital deployed across private equity, public equity, hedge funds, real assets, and fixed income. Annual distributions run about $800 million. More recently, HHMI has been channeling capital into AI-driven life sciences research.

Kaiser Permanente sits on roughly $73 billion in cash and investment reserves, one of the largest nonprofit healthcare capital pools in the country. The portfolio backs operations across Kaiser Foundation Health Plan and Hospitals in eight states and D.C. In 2025, the organization pulled in $7.9 billion in investment and other income. Kaiser Permanente Ventures, the system's VC arm, invests in healthcare innovation. The broader portfolio spans fixed income, public equities, and alternatives.

The Kresge Foundation manages a $4.3 billion endowment with a distinctive commitment to diversity in asset management, having pledged to invest 25 percent of its U.S. assets with female and diverse-owned firms by 2025 through its "25% by '25" initiative. The foundation targets a 5.5 percent real rate of return and distributes approximately $160 million annually in grants and social investments focused on expanding opportunities in America's cities across arts and culture, education, environment, health, and human services. The investment office maintains a diversified portfolio spanning public equities, fixed income, private equity, and real assets, with social investment programs that put the endowment to work for mission-aligned impact.

The largest private foundation in the United States by assets, and it got there on a single stock. Lilly Endowment holds approximately $100 billion, nearly all in Eli Lilly and Company shares. The run-up from $24 billion in 2020 to $100 billion in 2025 tracks directly to Lilly's GLP-1 franchise. Founded in 1937 by J.K. Lilly Sr. and his sons, the endowment focuses its grantmaking on religion, education, and community development in Indiana. At current asset levels, the 5 percent payout rule requires roughly $3.6 billion in annual distributions.

The John D. and Catherine T. MacArthur Foundation manages $9.2 billion in total assets as of December 2024, with the investment portfolio returning 12.25 percent net of costs in 2024. The portfolio is comprised of approximately 35 percent private assets, in line with leading endowments, managed through multi-investor pooled funds with outside investment managers. MacArthur also maintains a dedicated impact investments portfolio of $390 million committed to loans, private equity, and guarantees advancing its program objectives. Best known for its MacArthur Fellows Program and its focus on climate solutions, nuclear risk, and criminal justice reform, the foundation distributes over $400 million annually.

Mastercard Foundation runs roughly $47 billion through its dedicated investment arm, MFAM (Mastercard Foundation Asset Management Corporation), built to manage the proceeds after the foundation diversified out of its concentrated Mastercard Inc. stock. CIO John Barker oversees a multi-asset portfolio spanning fixed income, public equities, and a growing alternatives book. The foundation commits over $700 million annually to education and financial inclusion in Africa. ESG criteria are embedded in MFAM's process, including a PRI commitment.

Mayo Clinic manages approximately $15 billion in endowment and investment assets, backing one of the most prestigious nonprofit academic medical centers in the world. The investment office runs a diversified portfolio across PE, venture capital, real estate, hedge funds, public equities, and fixed income. Mayo's deep involvement in biomedical research and clinical innovation gives its investment team distinctive deal flow visibility in healthcare and life sciences venture.

The largest philanthropy in the U.S. focused exclusively on health, with roughly $13.7 billion in total assets. The endowment has long since diversified away from its original Johnson & Johnson concentration into a multi-asset portfolio: public equities, fixed income, private equity, and alternatives. Exclusions on firearms, alcohol, cannabis, and tobacco reflect the health mission. The investment committee targets returns that cover the 5 percent payout, inflation, and management costs, the standard perpetuity math. Annual grants exceed $500 million.

The Rockefeller Brothers Fund manages approximately $1.3 billion in endowment assets with a fully mission-aligned investment approach. In 2014, the fund made headlines by committing to divest from fossil fuels, a landmark decision given the Rockefeller family's historical connection to Standard Oil. The investment portfolio spans public equities, fixed income, private equity, and impact investments, all screened through mission-alignment criteria. The fund's finance and investing team has demonstrated that fossil fuel divestment has not compromised returns. Founded in 1940 by the five grandsons of John D. Rockefeller, the fund supports programs addressing democratic practice, peacebuilding, and sustainable development.

The Rockefeller Foundation manages an approximately $6 billion endowment, one of the oldest and most influential philanthropic endowments in the world. Founded in 1913 by John D. Rockefeller, the foundation has committed to targeting net-zero greenhouse gas emissions for its endowment by 2050, building on its 2020 pledge to divest from fossil fuels. The investment portfolio is diversified across public equities, fixed income, private equity, and alternative strategies, guided by an ethical investing policy. The foundation focuses its grantmaking on making opportunity universal and sustainable through programs addressing food systems, health, energy access, and economic mobility, distributing approximately $200 million annually.

Schwab Charitable, now branded as DAFgiving360, manages approximately $32 billion in donor-advised fund assets, making it the second-largest DAF sponsor affiliated with an asset management firm. In 2025, donors granted a record $9.9 billion to more than 165,000 charitable organizations, a 28 percent increase from 2024 and the largest annual total in the organization's history. Investment growth inside accounts added $8 billion in charitable capacity during the year. The platform works closely with financial advisors, with 77 percent of DAF assets associated with an advisor relationship and over 5,200 advisors actively using the platform for their clients' charitable planning.

The largest community foundation in the United States, with over $12 billion in assets. SVCF is the philanthropic vehicle of choice for Bay Area tech wealth, managing thousands of donor-advised funds, corporate-advised funds, and supporting organizations. In 2025, it granted nearly $2.1 billion to nonprofits worldwide, with over $730 million staying in the Bay Area. The investment office runs diversified portfolios across multiple risk profiles to match donors' varying time horizons.

The Simons Foundation and its related entity Simons Foundation International collectively manage assets estimated at over $5.5 billion, supporting fundamental research in mathematics and the basic sciences. Founded by Renaissance Technologies hedge fund pioneer Jim Simons and his wife Marilyn, the foundation benefits from one of the most successful quantitative investment track records in history. The foundation's grantmaking supports the Flatiron Institute for computational science, the Simons Collaboration programs, and the Simons Observatory for cosmological research. In 2023, the Simons made a historic $500 million gift to Stony Brook University, among the largest single donations to a public university.

The INGKA Foundation is technically the world's largest charitable foundation by asset size, holding $36 billion through its ownership of Ingka Holding, the parent company of IKEA's retail operations. The foundation's investment portfolio spans PE, public equities, fixed income, real assets, and venture capital. Revenue from IKEA operations funds the foundation's focus on improving livelihoods and combating climate change, creating a unique structure where commercial retail profits back philanthropic capital deployment.

The Surdna Foundation manages a $1 billion endowment and has become one of the most active foundations in impact investing, with approximately $220 million, or roughly 20 percent of its endowment, deployed in mission-related investments. The MRI portfolio has returned more than 12 percent annually, outperforming the total endowment by over 5.5 percentage points. Founded in 1917 by John Emory Andrus (Surdna is Andrus spelled backward), the foundation focuses on thriving cultures, sustainable environments, and strong local economies. The investment strategy demonstrates that mission-aligned investing can generate competitive financial returns alongside measurable social impact.

The W.K. Kellogg Foundation and its associated Trust manage combined endowment assets of approximately $9 billion, supporting the foundation's mission to create conditions for vulnerable children to realize their full potential. Founded in 1930 by cereal pioneer Will Keith Kellogg, the foundation has historically held a significant position in Kellogg Company stock through its Trust, while progressively diversifying into a broader portfolio of public equities, fixed income, and alternative investments. The foundation's investment team manages assets across multiple strategies, and the foundation distributes approximately $400 million annually in grants focused on education, health, and economic security for children and families.

The Walton Family Foundation manages over $6.1 billion in assets as of fiscal 2024, serving as the principal grantmaking foundation of the Walton family, heirs to the Walmart fortune with a combined estimated net worth exceeding $267 billion. Founded in 1987 by Sam Walton, the foundation invests its endowment in a diversified portfolio to support annual grantmaking of approximately $550 million. The foundation focuses on three areas: improving K-12 education through school choice and quality, protecting rivers and oceans through environmental conservation, and investing in its home region of Northwest Arkansas. The foundation's investment office manages assets across public and private market strategies.

The world's second-largest charitable foundation by investment assets. Wellcome's portfolio stood at £39.9 billion (roughly $50 billion) as of September 2025, funding biomedical research globally since its founding in 1936 from Sir Henry Wellcome's estate. Returns: 10.2 percent for the year to September 2025, 11.7 percent annualized over ten years. An internal team manages allocations across hedge funds, private equity, property, and public equities. They run nearly 9 percent in cash, a deliberate posture, waiting for dislocation.

One of the ten largest private foundations in the country, with a $13.9 billion endowment as of December 2024. William Hewlett, the Hewlett-Packard co-founder, and his wife Flora established it in 1966. The portfolio runs the full endowment-model playbook: public equities, fixed income, private equity, venture, and real assets, guided by a social investment policy. Grantmaking exceeds $500 million annually across education, environment, global development, performing arts, and philanthropy.