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Hershey Trust Company
Hershey Trust Company was founded in 1905 by Milton S. Hershey. It functions exclusively as trustee and investment manager for the Milton Hershey School Trust...
Hershey Trust Company
Hershey Trust Company was founded in 1905 by Milton S. Hershey. It functions exclusively as trustee and investment manager for the Milton Hershey School Trust established in 1909, The M.S. Hershey Foundation established in 1935, and the Hershey Cemetery Perpetual Care Trust. Milton Hershey directed the bulk of his fortune from the confectionery business into these structures to fund education and community institutions in Hershey, Pennsylvania. The firm deploys capital across public equities, private equity funds, real estate, and land holdings. Confirmed positions include a 99.9 percent voting stake in The Hershey Company, limited partnership interests in Littlejohn Fund V, Blackstone Energy Partners II, and Apax IX. Direct real estate assets encompass Hershey West End, a 32-acre mixed-use project, Englewood Barn entertainment venue, and over 10,000 acres of Derry Township land used for agriculture and conservation. Allocations remain concentrated in the United States with primary activity in Pennsylvania. The trust company employs 38 professionals and maintains its headquarters in Hershey. It sponsors the Wealth Management & Trust Conference and participated as a speaker at the Dakota Live! Podcast in December 2024 on mission-driven investing and private markets. Adjacent vehicles include the Milton Hershey School Trust, which provides primary funding for the Milton Hershey School and Catherine Hershey Schools for Early Learning, and The M.S. Hershey Foundation, which operates The Hershey Story museum, Hershey Gardens, and Hershey Theatre. Hershey Trust Company operates under a statutory trust charter that separates investment decisions from the operating management of The Hershey Company. This structure requires the firm to maintain voting control of the confectionery business while pursuing diversified holdings through external fund commitments and direct property ownership.
General information
Firm type
Endowment / Foundation
Year founded
1905
Location
Region
North America
Country
United States
City
Hershey
Corporate office
100 Mansion Road East PO Box 445, Hershey, PA, United States
Principals
Leslie K. Lenzo
CEO and Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Hershey Trust Company?
Leslie K. Lenzo serves as both CEO and Chief Investment Officer. The firm makes allocation decisions for the Milton Hershey School Trust and related vehicles.
Does Hershey Trust Company participate in fund commitments or only direct deals?
The firm holds limited partnership interests in private equity funds including Littlejohn Fund V, Blackstone Energy Partners II, and Apax IX while also owning direct real estate and land assets.
Where does the underlying wealth come from?
The assets originate from Milton S. Hershey, founder of The Hershey Company. He transferred the majority of his holdings into charitable trusts beginning in 1909.
What is Hershey Trust Company's known posture on co-investments alongside external GPs?
The firm invests as a limited partner in multiple private equity funds but no co-investment activity alongside those GPs has been disclosed.
How is Hershey Trust Company related to The Hershey Company?
The Milton Hershey School Trust holds 99.9 percent of the voting shares of The Hershey Company. Hershey Trust Company exercises that control as trustee.
Does Hershey Trust Company maintain philanthropic structures, and how are they separated?
The firm serves as trustee for the Milton Hershey School Trust and The M.S. Hershey Foundation. These vehicles operate as separate charitable entities with distinct missions focused on education and cultural institutions.
What investment stages does Hershey Trust Company typically target?
The firm commits to buyout, venture, and secondaries strategies through fund investments and maintains direct holdings in operating businesses and real estate.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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