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Grantham Foundation
The Grantham Foundation was established in Boston in 1997 by Jeremy and Hannelore Grantham. Its endowment was built from Jeremy Grantham's career as co-founder...
Grantham Foundation
The Grantham Foundation was established in Boston in 1997 by Jeremy and Hannelore Grantham. Its endowment was built from Jeremy Grantham's career as co-founder and long-time investment strategist at GMO, the Boston-based asset manager. Both are signatories of The Giving Pledge, committing 98% of their wealth to philanthropy, and the foundation shares a subordinate organizational tie with The Nature Conservancy through the Jeremy and Hannelore Grantham Environmental Trust. The foundation pursues a dual mandate: grantmaking to environmental nonprofits alongside program-related and mission-aligned investments. The strategy spans venture capital, timberland holdings, and direct project finance. A key structural feature is Neglected Climate Opportunities LLC (NCO), a Boston-based entity through which the foundation makes for-profit investments. The portfolio targets climate mitigation, adaptation, and ecosystem conservation, with an explicit focus on undercapitalized segments — areas the Granthams believe conventional markets systematically overlook. Geographic emphasis reaches across North America, Latin America, and sub-Saharan Africa, though specific portfolio company disclosures are not publicly maintained by the foundation. Ramsay Ravenel serves as president and chief investment officer, overseeing both the grantmaking and investment operations, including the NCO vehicle. The foundation's governance includes trustees Jeremy Grantham, Hannelore Grantham, and their son Oliver Grantham. The office remains concentrated in Boston, with no disclosed satellite locations. The giving pledge, signed in 2012, formalized the family's intent to direct virtually all of their wealth to environmental causes during their lifetimes and beyond. The foundation's structural differentiator lies in its hybrid architecture: it operates as a full-fledged environmental grantmaker while housing an in-house venture arm within the same nonprofit chassis. This allows NCO to fill the gap between philanthropy and traditional venture capital, de-risking technologies that are too early or unproven for mainstream climate funds and then supporting them through to commercial viability, without the standard LP return pressures.
General information
Firm type
Endowment / Foundation
Year founded
1997
Location
Region
North America
Country
United States
City
Boston
Corporate office
Boston, Massachusetts, United States
Principals
Ramsay Ravenel
President and Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at the Grantham Foundation?
Ramsay Ravenel serves as the foundation's president and chief investment officer, overseeing both the grantmaking budget and the investment portfolio housed within Neglected Climate Opportunities LLC. Jeremy Grantham, while a trustee, is not involved in day-to-day investment decisions. The board includes Jeremy, Hannelore, and Oliver Grantham.
How does Neglected Climate Opportunities LLC relate to the foundation's philanthropic work?
Neglected Climate Opportunities LLC (NCO) is the foundation's dedicated for-profit investment arm, based in Boston. It allows the foundation to make direct, return-seeking investments in early-stage climate companies that align with its mission. This structure separates mission-related investing from the foundation's core grantmaking, which is executed through the nonprofit entity and the affiliated Environmental Trust.
Is the Grantham Foundation a single-family office?
No. The Grantham Foundation is a private foundation established by Jeremy and Hannelore Grantham. While it manages wealth generated by Jeremy Grantham's career at GMO, it is organized as a charitable foundation, not a single-family office. Its sole purpose is environmental protection and climate mitigation, with the family having committed 98% of their wealth to the effort via The Giving Pledge.
Where does the underlying wealth come from?
The foundation's endowment originates from the wealth Jeremy Grantham accumulated as co-founder and long-time chief investment strategist of GMO, the Boston-based global asset management firm. Grantham is known for his quantitative value-investing approach and his regular public commentaries on market bubbles and climate risk. He and his wife Hannelore pledged the vast majority of this fortune to environmental causes.
Does the foundation only make grants, or does it also invest for a return?
The Grantham Foundation operates a dual model. It makes traditional philanthropic grants to environmental nonprofits and also invests directly through Neglected Climate Opportunities LLC. The foundations' investments seek a financial return, targeting climate solutions that are too early or underappreciated by conventional venture capital. It also holds timberland investments as part of its broader asset base.
What is the foundation's investment focus within climate?
The foundation targets 'neglected' climate opportunities — areas the Granthams believe are systematically undercapitalized by mainstream markets. This includes early-stage technologies for decarbonization, climate adaptation, and ecosystem protection. The strategy spans venture capital, project finance, and real assets like timberland, but the foundation does not publish a detailed list of portfolio companies.
How is the foundation governed?
Governance sits with a board of trustees that includes founders Jeremy and Hannelore Grantham and their son Oliver Grantham. Ramsay Ravenel runs operations and investments as president and CIO. The foundation also has a structural link to The Nature Conservancy: the Jeremy and Hannelore Grantham Environmental Trust is a subordinate organization under TNC, providing an additional channel for environmental grantmaking.
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