# Dartmouth-Hitchcock Master Investment Program

Dartmouth-Hitchcock Master Investment Program is a Trust / Investment Trust based in Lebanon, United States.

## Overview

- **Organization type:** Trust / Investment Trust
- **Headquarters:** Lebanon, United States
- **Region:** North America
- **Address:** Lebanon, NH, United States
- **Assets under management:** Undisclosed
- **Website:** http://www.dartmouth-hitchcock.org

## Regulatory record

- **Reports private funds:** No

## About

Dartmouth-Hitchcock Master Investment Program is a private sector pension fund based in Lebanon, US. It manages approximately $609 million in assets across four funds, primarily focused on North America.

## Sectors

- Hedge Funds
- Real Estate
- Private Credit
- Secondaries & Special Situations

## People

- 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

## 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.

### 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.

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

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