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Dartmouth-Hitchcock Master Investment Program
Dartmouth-Hitchcock Master Investment Program pools assets for Dartmouth Health, governed by trustees from Audax Group and former CIO of AllianceBernstein.
Dartmouth-Hitchcock Master Investment Program
The Dartmouth-Hitchcock Master Investment Program was established as the centralized investment vehicle for Dartmouth Health, New Hampshire's largest private employer and academic medical system. The trust pools the financial reserves and long-term capital of member entities, principally Mary Hitchcock Memorial Hospital (with approximately a 68.85% ownership stake) and the Dartmouth-Hitchcock Clinic. It operates under the governance of a dedicated Investment Committee and board of trustees drawn from leaders in institutional asset management, including Marc B. Wolpow, Co-CEO of Audax Group, and Kathleen M. Fisher, former Chief Investment Officer of AllianceBernstein. The program executes a multi-asset class strategy characteristic of large healthcare endowments, allocating to hedge funds, private equity, private credit, real assets, and fixed income. Its approach is diversified across public and private markets, with an emphasis on uncorrelated return streams to support the health system's operating needs. Public documents indicate participation in external fund commitments, including reported holdings in vehicles managed by the FIAM Group Trust for Employee Benefit Plans. The program's hedge fund exposures include relationships tracked through the Managed Funds Association, reflecting an allocator posture that engages with institutional-quality managers across strategies. The investment trust functions within the broader financial structure of Dartmouth Health, with CFO Wendy E. Fielding serving as the key administrative decision-maker. Edward Stansfield, a former Senior Financial Advisor at Merrill Lynch, also serves on the Investment Committee. The program's governance and day-to-day oversight are integrated with the health system's treasury and finance functions. The related Hitchcock Foundation, a separate philanthropic entity, channels grant funding for clinical research across the Dartmouth Health system, distinct from the investment program's capital pool. The structural differentiator is the program's concentration of multiple hospital and clinic reserves into a single, disciplined pool governed by a board of current and former institutional allocators — Wolpow at Audax and Fisher at AllianceBernstein. This hybrid of operating-company treasury oversight and endowment-caliber investment committee composition creates a governance architecture uncommon outside major academic medical centers. The program's investment posture remains tied to the balance-sheet health and long-term capital needs of its member entities.
General information
Firm type
Trust / Investment Trust
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Lebanon
Corporate office
Lebanon, NH, United States
Principals
Wendy E. Fielding
Chief Financial Officer, Dartmouth Health
Kathleen M. Fisher
Trustee and Investment Committee Member
Marc B. Wolpow
Trustee
Edward Stansfield
Investment Committee Member
Sector focus
Frequently asked questions
Who runs investment decisions at the 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.
How is the program related to Dartmouth Health and its member hospitals?
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.
Does the program invest directly or through fund commitments?
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.
What investment stages or strategies does the program target?
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.
Where does the underlying capital come from?
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.
Does the program maintain a separate philanthropic structure?
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.
Is the program structured as a single family office or an institutional allocator?
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.
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