# CNF Investments

CNF Investments is a Corporate Investor based in Chevy Chase, United States.

## Overview

- **Organization type:** Corporate Investor
- **Headquarters:** Chevy Chase, United States
- **Region:** North America
- **Address:** 4445 Willard Avenue Suite 740, Chevy Chase, MD 20815, United States
- **Founded:** 1972
- **Assets under management:** Undisclosed
- **Website:** www.clarkenterprises.com

## Regulatory record

- **Reports private funds:** No

## About

Clark Enterprises was founded in 1972 by A. James Clark. CNF Investments functions as its dedicated investment vehicle. The structure channels returns from Clark Construction into a portfolio of operating businesses and early-stage companies. CNF Investments targets early-stage and expansion opportunities in healthcare and software. Confirmed holdings include WellDoc, Aledade, Evolent Health, CareDx, Invitae, Natera, Kareo, and Echo360. Positions extend to energy through Eagle Oil & Gas Co. Activity remains concentrated in the United States with additional real-estate exposure via W.P. Carey. The firm lists 13 private holdings and two public equity positions. Robert J. Flanagan also serves on the board of W.P. Carey. In February 2025 Flanagan participated as a panelist at the SEC Small Business Capital Formation Advisory Committee Meeting. Adjacent vehicles include the A. James & Alice B. Clark Foundation, which operates under a 10-year spend-down mandate focused on education. CNF Investments operates as the direct investment arm of a single corporate parent. Governance flows through Clark Enterprises leadership rather than an independent LP committee. This architecture allows rapid deployment into operating businesses without external fund-raising cycles.

## Sectors

- Healthcare
- Software
- Biotechnology
- Energy
- Financial Services
- Real Estate

## People

- Robert J. Flanagan — Chair and former CEO of Clark Enterprises; Managing Director of CNF Investments
- Joseph Del Guercio — Managing Director for CNF Investments and CEO of the Clark Foundation
- Courtney Clark Pastrick — Board Chair of the Clark Foundation

## Questions

### Who runs investment decisions at CNF Investments?

Robert J. Flanagan serves as managing director. Joseph Del Guercio acts as managing director alongside his role as CEO of the Clark Foundation.

### Does CNF Investments participate in fund commitments or only direct deals?

CNF Investments records show only direct ownership positions and board seats in operating companies.

### What investment stages does CNF Investments typically target?

The firm lists early-stage, seed, start-up, expansion, late-stage, and growth strategies across its holdings.

### How is CNF Investments related to the Clark Foundation?

CNF Investments and the A. James & Alice B. Clark Foundation share leadership through Joseph Del Guercio and oversight by Courtney Clark Pastrick.

### Which sectors appear most frequently in CNF Investments holdings?

Healthcare, biotechnology, software, and energy account for the majority of named positions.

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Last updated: 2026-06-03T20:00:00.000Z

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