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Hyams Foundation
The Hyams Foundation was created in 1921 from the charitable trust of Godfrey M. Hyams, an engineer whose career spanned mining, railroads, and finance.
Hyams Foundation
The Hyams Foundation was created in 1921 from the charitable trust of Godfrey M. Hyams, an engineer whose career spanned mining, railroads, and finance. Today it operates with a dual mandate: traditional grantmaking and an active investment strategy targeting economic, racial, and social justice in working-class communities. Executive Director Lisa Owens leads the foundation, with Penn Loh chairing the Board of Trustees and Julie Goodridge of NorthStar Asset Management serving as Treasurer. The foundation pursues mission-related investing across asset classes including venture capital, real estate, and direct debt. It targets early-stage community funds and direct deals that create affordable housing in Boston and Chelsea. Confirmed vehicles include the Equitable Transit-Oriented Development Accelerator Fund, which finances mixed-use projects near public transit, and the East Boston Neighborhood Trust portfolio of residential properties. The foundation also holds a subordinated loan to the Boston Impact Initiative and maintains indirect crypto exposure through Commonfund. It regularly co-invests alongside The Boston Foundation in community development and transit-oriented housing funds. Run by a lean operating team, the foundation holds its headquarters at 89 South Street in Boston and owns additional physical assets including a Fresh Air Camp land parcel in Westford, Massachusetts. It deploys through program-related investments, a Small Capital Projects Fund, and direct commercial real estate. The foundation's leadership is embedded in national impact-investing networks: Director of Administration and Finance Mark Paley serves on the board of the Neighborhood Funders Group and is a frequent speaker for Mission Investors Exchange, while Lisa Owens sits on the board of Funders for LGBTQ Issues. The foundation is also a signatory to the National Committee for Responsive Philanthropy's Philanthropy's Promise. The Hyams Foundation's structural differentiator is its rare posture as a fully independent private foundation that declines to separate its investment operations from its charitable mission. Its endowment portfolio holds direct real estate, structured debt, and venture-stage community funds — all in Massachusetts. The foundation's relationship with The Boston Foundation creates a repeatable co-investment channel for mission-aligned real estate deals, a structure more common among community-development financial institutions than among private foundations.
General information
Firm type
Endowment / Foundation
Year founded
1921
Location
Region
North America
Country
United States
City
Boston
Corporate office
89 South Street, Suite 404, Boston, MA 02111, United States
Principals
Penn Loh
President and Chair of the Board of Trustees
Lisa Owens
Executive Director
Mark Paley
Director of Administration and Finance
Julie Goodridge
Treasurer
Roslyn Watson
Emeritus Trustee
Sector focus
Frequently asked questions
Who runs investment decisions at the Hyams Foundation?
Investment decisions are overseen by Director of Administration and Finance Mark Paley, with governance from the Board of Trustees chaired by Penn Loh. Julie Goodridge, CEO of NorthStar Asset Management, serves as Treasurer and brings direct asset-management expertise to the investment committee. The foundation's small team operates without a dedicated chief investment officer.
How does the Hyams Foundation source its direct investments?
The foundation sources mission-related investments through its deep ties to Boston community-development networks and co-investor relationships. It is a frequent partner with The Boston Foundation on transit-oriented housing funds and has deployed capital into vehicles like the Equitable Transit-Oriented Development Accelerator Fund and the Boston Impact Initiative. Its leadership's participation in Mission Investors Exchange and the Neighborhood Funders Group provides additional deal-flow channels.
Does the Hyams Foundation make only grants, or does it invest its endowment directly?
The Hyams Foundation actively invests its endowment in direct mission-related deals alongside its traditional grantmaking. Its portfolio includes program-related investments, direct commercial and residential real estate holdings, a subordinated loan to the Boston Impact Initiative, and indirect crypto exposure through Commonfund. This dual posture makes it an operating investor rather than a pure grantmaker.
What is the Hyams Foundation's geographic investment focus?
The foundation invests almost exclusively in Massachusetts, with a concentrated focus on the Boston and Chelsea metropolitan areas. Its direct real estate holdings, including the East Boston Neighborhood Trust portfolio and the Equitable Transit-Oriented Development Accelerator Fund, are all within these two cities. It also owns land in Westford, Massachusetts.
Where does the Hyams Foundation's wealth come from?
The endowment was established through the charitable trust of Godfrey M. Hyams, a prominent metallurgist and engineer who built his wealth in the natural resources, railroad, and investment-banking industries in the late nineteenth and early twentieth centuries. His estate funded the foundation in 1921 with a mandate that has since been focused on economic and racial justice.
How is the Hyams Foundation connected to NorthStar Asset Management?
Julie Goodridge, the founder and CEO of NorthStar Asset Management, serves as Treasurer of the Hyams Foundation, creating a direct governance link between the family office and the endowment. Goodridge is also a family member of the founding Hyams lineage.
Does the Hyams Foundation make fund commitments or only direct deals?
The foundation uses both approaches. It has committed capital as a limited partner to community-development funds, including the Equitable Transit-Oriented Development Accelerator Fund, while also originating direct debt and equity investments such as its subordinated loan to the Boston Impact Initiative. The portfolio includes direct real estate ownership alongside pooled fund vehicles.
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