Catholic Medical Center (CMC)

Catholic Medical Center (CMC)

The Catholic Health Care Foundation of Greater Manchester was established following the 2025 sale of Catholic Medical Center's operating assets to HCA Healthcare for $110 million. The transaction, which transferred the acute-care hospital to the for-profit health system, effectively ended CMC's direct role as a provider and birthed a grantmaking entity designed to carry its charitable mission forward. Bishop Peter A. Libasci oversees the Catholic identity of the new foundation, while former CMC CEO Alex Walker serves as its first Executive Director. As an endowment, the Foundation deploys capital rather than operating hospital beds. The asset base originates from the monetization of the main campus at 100 McGregor Street and contiguous real estate holdings — including a former Rite Aid property and mixed-use units along the same corridor. Grantmaking priorities align with Catholic Charities New Hampshire and the legacy of CMC's community health programs, focusing on social determinants of health across Greater Manchester. The Foundation emerged from a specific corporate event in 2025 when HCA Healthcare completed the acquisition of CMC's operating assets. That transaction is the entire corpus. The Foundation inherited not only the sale proceeds but also the real estate portfolio left behind — including the McGregor Street office building and a heliport parcel — creating a dual revenue stream from investment returns and potential property monetization. What distinguishes the Catholic Health Care Foundation from a standard community foundation is its singular origin event. Most conversion foundations have decades to evolve a grantmaking identity; this one began operating in 2025 with a discrete pool of capital, a defined geographic mandate in Manchester, and a governance structure tethered to the Diocese. How the Foundation resolves the tension between preserving corpus for perpetuity and deploying meaningful grants in its first five years will define its institutional character — a question that hangs over every newly capitalized endowment and one that Alex Walker, as its first steward, will directly answer.