Dartmouth-Hitchcock Master Investment Program

Investment decisions are overseen by a board of trustees and an Investment Committee that includes professionals with deep institutional asset management experience. Marc B. Wolpow, Co-CEO of Audax Group, serves as a trustee, and Kathleen M. Fisher, former Chief Investment Officer of AllianceBernstein, is a trustee and Investment Committee member. Edward Stansfield, a former Senior Financial Advisor at Merrill Lynch, also sits on the Investment Committee. Day-to-day financial administration falls under Dartmouth Health CFO Wendy E. Fielding.

The Master Investment Program is the dedicated investment trust for Dartmouth Health, the parent academic health system. It pools the financial reserves of member entities, with Mary Hitchcock Memorial Hospital holding roughly a 68.85% ownership stake in the pooled assets and the Dartmouth-Hitchcock Clinic as another principal member. The trust does not serve external clients or operate as a separate investment manager.

The program allocates capital primarily through fund commitments to external managers across hedge funds, private equity, private credit, fixed income, and real assets. Public filings indicate investments through vehicles such as the FIAM Group Trust for Employee Benefit Plans. There is no public evidence that the trust pursues direct co-investments or operates direct investment strategies separate from external manager relationships.

The program targets a broad institutional portfolio spanning public and private markets, with documented allocations to hedge funds, private credit, and real assets. Its hedge fund relationships are tracked through the Managed Funds Association, suggesting a diversified allocation across strategies typical of an endowment-style portfolio. The trust is structured for long-term capital appreciation and income generation to support the health system's clinical and research operations.

The capital base is funded by the financial reserves of Dartmouth Health and its member organizations, principally Mary Hitchcock Memorial Hospital and the Dartmouth-Hitchcock Clinic. Dartmouth Health is the largest private employer in New Hampshire and operates as an academic medical system affiliated with the Geisel School of Medicine at Dartmouth. The program does not manage external or third-party assets.

Yes. The Hitchcock Foundation operates as a distinct philanthropic entity that awards grants for clinical research across the Dartmouth Health system. It is separate from the Master Investment Program's pooled assets and investment activities, though both sit within the broader Dartmouth Health organizational structure.

It is neither. The Dartmouth-Hitchcock Master Investment Program is a non-profit investment trust that functions as the centralized treasury and endowment pool for a large academic health system. Its governance — a board of trustees with asset management expertise and an Investment Committee — mirrors the structure of a university endowment rather than a family office or commercial investment firm.