# Cystic Fibrosis Foundation

Cystic Fibrosis Foundation is an Endowment / Foundation based in Bethesda, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Bethesda, United States
- **Region:** North America
- **Address:** 4550 Montgomery Avenue Suite 1100 N Bethesda, MD 20814, US
- **Founded:** 1955
- **Assets under management:** 4556 (Altss estimate)
- **Website:** cff.org
- **LinkedIn:** https://www.linkedin.com/company/cystic-fibrosis-foundation

## Regulatory record

- **Reports private funds:** No

## About

The Cystic Fibrosis Foundation was founded in 1955 to advance research into cystic fibrosis, a genetic disease. Michael P. Boyle serves as President and CEO. The organization maintains its headquarters in Bethesda, Maryland, and runs programs through Cystic Fibrosis Foundation Therapeutics, established in 2000. The foundation allocates across venture capital and private equity strategies with a focus on biotechnology. It deploys capital via CFF Mission Ventures into early-stage companies and maintains a 10- to 15-year horizon. Confirmed positions include ReCode Therapeutics, Prime Medicine, Carbon Biosciences, Owlstone Medical, and SNIPR Biome. It also holds public equity in 4D Molecular Therapeutics and Arcturus Therapeutics. Activity spans the United States, United Kingdom, Denmark, and Israel. Assets total $4.556 billion. The foundation maintains over 60 U.S. offices and works with service providers including KPMG as auditor and Cambridge Associates as investment consultant. Adela Skenderasi became Chief Investment Officer in October 2025, succeeding Jack Mahler. It participates in events such as the North American Cystic Fibrosis Conference in 2024. The foundation structures investments through a hybrid model that combines grant-making with equity ownership via CFF Mission Ventures. This approach allows direct participation in company formation alongside co-investors such as Flagship Pioneering while separating philanthropic and investment activities under distinct entities.

## Sectors

- Biotechnology
- Healthcare Specialists
- Pharmaceuticals

## People

- Michael P. Boyle, MD — President and CEO
- Adela Skenderasi, CFA — Chief Investment Officer
- Irena Barisic — Executive Vice President and Chief Operating and Financial Officer

## Questions

### Who runs investment decisions at Cystic Fibrosis Foundation?

Michael P. Boyle serves as President and CEO. Adela Skenderasi acts as Chief Investment Officer effective October 2025. Irena Barisic holds the role of Executive Vice President and Chief Operating and Financial Officer.

### How does Cystic Fibrosis Foundation source proprietary deal flow?

The foundation uses its CFF Mission Ventures vehicle to identify early-stage biotechnology opportunities. It maintains relationships with co-investors including Flagship Pioneering. Direct equity agreements support companies developing CF treatments.

### Does Cystic Fibrosis Foundation participate in fund commitments or only direct deals?

Activity centers on direct equity positions and venture philanthropy agreements. Holdings appear in companies such as 4D Molecular Therapeutics and ReCode Therapeutics. No fund commitments are disclosed in available records.

### What investment stages does Cystic Fibrosis Foundation typically target?

The foundation focuses on early-stage seed and startup companies in biotechnology. It also maintains positions in expansion and growth opportunities. The documented horizon runs 10 to 15 years.

### Where does the underlying capital come from?

The foundation raises funds through donations and events such as Great Strides. Royalty monetizations from Vertex Pharmaceuticals treatments provided significant proceeds in 2014 and 2020. Capital supports ongoing research and investment programs.

### What is Cystic Fibrosis Foundation's known posture on co-investments alongside external GPs?

It enters strategic partnerships such as the $110 million collaboration with Flagship Pioneering. Equity positions often occur through CFF Mission Ventures alongside other investors. The approach emphasizes mission alignment in CF drug development.

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- [Heritage Wealth Advisors](https://altss.com/profile/heritage-wealth-advisors)
- [Zambia National Pension Scheme Authority](https://altss.com/profile/zambia-national-pension-scheme-authority)

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

Canonical page: https://altss.com/profile/cystic-fibrosis-foundation

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