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Hirtle, Callaghan & Co.
Hirtle, Callaghan & Co. was founded in 1988 by Jonathan J. Hirtle and Donald E. Callaghan, two former vice presidents from Goldman Sachs.
Hirtle, Callaghan & Co.
Hirtle, Callaghan & Co. was founded in 1988 by Jonathan J. Hirtle and Donald E. Callaghan, two former vice presidents from Goldman Sachs. They pioneered the outsourced chief investment officer model, offering families and nonprofit institutions access to institutional-grade portfolio construction without building in-house investment staff. Hirtle today serves as Executive Chairman, while Callaghan has retired from active management. The firm allocates across public and private markets, spanning equities, hedge funds, private equity, private credit, real estate, commodities, natural resources, and distressed and turnaround strategies. It uses a fund-of-funds approach alongside direct co-investments and special purpose vehicles, covering stages from venture capital and growth to late-stage and public equities. The strategy is intentionally global, with confirmed allocations in North America, Europe, Asia, Africa, the Middle East, Oceania, and South America. Sector focuses include healthcare services, edtech, proptech, and energy transition and renewables. The firm operates from six U.S. offices — West Conshohocken, Denver, Scottsdale, Houston, Minneapolis, and West Palm Beach — and structures many investments through its affiliated vehicle, HC Capital Trust, for which R.W. Wortham III serves as Independent Trustee. Hirtle demonstrates an intentional stance on sustainability, having joined the Intentional Endowments Network in 2014. A recent operational marker is the firm's ongoing active participation in CFA Society of Philadelphia annual conferences, reinforcing its professional-network engagement. The firm's structural edge rests on its open-architecture, conflict-free fiduciary model: Hirtle does not sell proprietary products, instead constructing portfolios from external managers. This gatekeeper architecture — paired with the HC Capital Trust vehicle — distinguishes it from asset managers that push in-house funds, making it function as a truly external investment office.
General information
Firm type
Multi Family Office
Year founded
1988
AUM
Undisclosed
Location
Region
North America
Country
United States
City
West Conshohocken
Corporate office
300 Barr Harbor Drive, Fifth Floor, West Conshohocken, PA 19428, United States
Additional offices
Denver, CO, United States · Scottsdale, AZ, United States · Houston, TX, United States · Minneapolis, MN, United States · West Palm Beach, FL, United States
Principals
Jonathan J. Hirtle
Executive Chairman and Co-founder
Donald E. Callaghan
Co-founder (Retired)
Brad Conger
Chief Investment Officer
Robert J. Zion
Chief Operating Officer and Trustee
Sector focus
Frequently asked questions
Who runs investment decisions at Hirtle, Callaghan & Co.?
Brad Conger serves as Chief Investment Officer, leading the firm's investment strategy and manager selection. Co-founder Jonathan J. Hirtle remains Executive Chairman, providing continuity from the firm's 1988 founding at Goldman Sachs. The firm's fiduciary model means investment decisions are made on behalf of clients using an open-architecture approach.
Is Hirtle, Callaghan & Co. a single family office or an outsourced CIO?
It is a multi-family office that pioneered the outsourced chief investment officer model in 1988. The firm does not manage a single family's wealth; instead it acts as a discretionary investment manager for multiple affluent families and nonprofit institutions. Its structure is closer to a fiduciary asset manager than a traditional single-family office.
Does Hirtle, Callaghan & Co. manufacture its own investment funds?
No. The firm operates an open-architecture model, selecting external managers rather than offering proprietary funds. This eliminates the conflict of interest that can arise when an asset manager pushes in-house products. Its affiliated vehicle, HC Capital Trust, serves as a structuring tool for client investments but is not a proprietary fund manufacturer.
What investment stages does Hirtle, Callaghan & Co. target?
The firm covers a broad range of stages, from venture capital and growth equity through to late-stage and public equities. Its private-market exposure includes direct co-investments and special purpose vehicles alongside traditional fund commitments. This stage-agnostic approach reflects its mandate to construct diversified institutional portfolios for clients.
How is Hirtle, Callaghan & Co. related to HC Capital Trust?
HC Capital Trust is an affiliated investment vehicle based in West Conshohocken, Pennsylvania, through which Hirtle structures certain client investments. R.W. Wortham III serves as Independent Trustee of the Trust, providing governance separate from the firm's day-to-day management. This structure supports the firm's fiduciary, open-architecture model.
Which sectors does Hirtle, Callaghan & Co. explicitly target?
Confirmed sector focuses include healthcare services, edtech, proptech, and energy transition and renewables. The firm also pursues consumer tech and ESG-oriented strategies through its open-architecture manager selection process. Sustainability engagement is reinforced through membership in the Intentional Endowments Network since 2014.
Does Hirtle, Callaghan & Co. maintain philanthropic structures?
The firm engages with philanthropic and mission-related investing through its open-architecture platform. Separately, relationships exist with institutions such as The Barnes Foundation and The Wortham Foundation, though these are not operated by the firm. R.W. Wortham III, Independent Trustee of HC Capital Trust, also chairs The Wortham Foundation.
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