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Avocet Foundation
The Avocet Foundation was established in Minneapolis by David Hartwell, a conservationist and philanthropist whose family wealth traces back to the Bell...
Avocet Foundation
The Avocet Foundation was established in Minneapolis by David Hartwell, a conservationist and philanthropist whose family wealth traces back to the Bell family, the founders of General Mills. Hartwell serves as Trustee and President, while Joanne Kletscher oversees day-to-day operations as CEO, CFO, and Secretary. The foundation primarily funds initiatives aimed at fostering economic self-sufficiency through strategic grants, with related philanthropic infrastructure including the Belwin Conservancy and the David Winton Bell Foundation. The foundation deploys capital across a diversified, endowment-style portfolio. Asset classes include private equity, private real estate, infrastructure, private debt, agriculture, and secondaries. Investment strategies range across the capital structure, with commitments to buyout funds, venture capital from seed through late stage, growth equity, mezzanine debt, natural resources, special situations, and turnaround vehicles. The geographic footprint spans North America and global markets. The foundation uses a fund-of-funds approach supplemented by direct co-investments alongside external managers. David Hartwell and Joanne Kletscher maintain a concentrated operational footprint in Minnesota. Kletscher is also associated with Burr Oak Group and serves as Treasurer of the Woodbury Athletic Association. Hartwell's conservation work includes involvement with the Belwin Conservancy. The foundation's real assets exposure includes a healthcare real estate strategy and an opportunistic portfolio targeting mixed-use properties, both focused on North America. Structurally, the Avocet Foundation's distinctiveness lies in its executive architecture: Kletscher holds the three most senior operational titles at the foundation simultaneously, creating an unusually flat decision-making structure for an institution deploying across this many asset classes. This governance model, combined with the Bell family legacy and Hartwell's conservation mandate, shapes a foundation that runs more like a tight family office than a large institutional grantmaker.
General information
Firm type
Endowment / Foundation
Year founded
2022
Location
Region
North America
Country
United States
City
Minneapolis
Corporate office
Minneapolis, MN, United States
Principals
David Hartwell
Trustee and President
Joanne Kletscher
CEO, CFO, and Secretary
Sector focus
Frequently asked questions
Who controls investment decisions at the Avocet Foundation?
David Hartwell, as Trustee and President, has ultimate authority over the foundation's grantmaking and investment strategy. Day-to-day management rests with Joanne Kletscher, who serves simultaneously as CEO, CFO, and Secretary. This concentrated governance structure means the two principals make capital-allocation decisions without a large investment committee layer.
How does the Avocet Foundation source its investment opportunities?
The foundation operates through a multi-manager, fund-of-funds model, committing capital to external private-market fund managers rather than sourcing direct deals through an in-house origination team. It supplements fund commitments with direct co-investments alongside those same managers, particularly for larger exposures in buyout, venture, and natural resources.
What is the relationship between the Avocet Foundation and the Bell family?
The Avocet Foundation is linked to the Bell family, the founders of General Mills, through its founder David Hartwell. The Bell family's philanthropic legacy also flows through the David Winton Bell Foundation, a separate charitable entity. Hartwell's conservation work extends to the Belwin Conservancy, though the precise structural and financial linkage between these entities has not been publicly detailed.
Does the Avocet Foundation invest directly or only through funds?
The foundation primarily commits capital through a fund-of-funds structure, but its strategy documentation indicates it also pursues direct co-investments and may engage directly in real estate and infrastructure deals. Its healthcare real estate strategy and opportunistic real estate portfolio suggest direct asset ownership alongside fund-level commitments.
What does the Avocet Foundation's grantmaking focus on?
The foundation's grantmaking centers on fostering economic self-sufficiency, a mission it pursues through strategic grants. Unlike many foundations that maintain strict separation between programmatic and investment teams, the Avocet Foundation's small leadership structure suggests grantmaking and investment decisions may be more integrated than at larger institutional foundations.
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