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Kern Family Foundation
The Kern Family Foundation was established in 1998 by Robert D. and Patricia E. Kern after the sale of Generac Power Systems. Robert Kern died in 2022 and...
Kern Family Foundation
The Kern Family Foundation was established in 1998 by Robert D. and Patricia E. Kern after the sale of Generac Power Systems. Robert Kern died in 2022 and Patricia Kern died in 2017. James C. Rahn has led the foundation as president since at least the mid-2010s. The foundation allocates across public equities, private equity at 14.8 percent of assets, program-related investments, and other holdings. Confirmed positions include Amazon, Microsoft, Apple, and American Express. It has committed to vehicles managed by FLAG Capital Management, HighVista Strategies, PGIM Private Capital, and ABS Global Investments. Geographic exposure centers on the United States with one Cayman Islands subsidiary vehicle. Program-related investments have supported Overgrad Inc. and charter school facilities. The foundation employs 28 professionals at its Waukesha headquarters. It created and funds the Kern Entrepreneurial Engineering Network, which partners with more than 50 universities, and the Kern National Network for Flourishing in Medicine. September 2024: Sponsored the KNN National Conference in Minneapolis on flourishing in medicine and character education. Additional grants include $50 million to the Medical College of Wisconsin in 2022 and $67 million to Mayo Clinic. The foundation operates through a hybrid structure that combines traditional grantmaking with direct program-related investments and the creation of dedicated operating networks. This model allows it to retain control over both capital deployment and programmatic execution in education and medical training rather than relying solely on external intermediaries.
General information
Firm type
Endowment / Foundation
Year founded
1998
Location
Region
North America
Country
United States
City
Waukesha
Corporate office
W305 S4239 Brookhill Road, Waukesha, WI 53189, United States
Principals
James C. Rahn
President and Director
Michael W. Senske
CFO and Treasurer
Richard Graber
Director
Austin Ramirez
Board member
Sector focus
Frequently asked questions
Who runs investment decisions at Kern Family Foundation?
James C. Rahn serves as president and oversees strategy alongside CFO Michael W. Senske. The board includes Richard Graber and Austin Ramirez. External advisors include Fiduciary Management and Fred Alger Management.
How does Kern Family Foundation source proprietary deal flow?
The foundation originates opportunities through its own networks including KEEN and KNN. It also receives inbound proposals tied to its education and healthcare focus areas. Program-related investments are developed directly with nonprofit partners.
Does Kern Family Foundation participate in fund commitments or only direct deals?
The foundation makes both fund commitments and direct program-related investments. It holds positions in FLAG Capital, HighVista Strategies, and PGIM Private Capital vehicles. Direct holdings include Overgrad Inc. via PRI structures.
What investment stages does Kern Family Foundation typically target?
The foundation targets early-stage venture, growth equity, and buyout strategies through its fund commitments. It also makes long-horizon program-related investments with 10- to 20-year horizons. Public equity holdings provide liquidity.
Where does the underlying wealth come from?
The endowment originated from the sale of Generac Power Systems founded by Robert D. and Patricia E. Kern. The foundation was established in 1998 with proceeds from that transaction. No other wealth sources are disclosed.
Does Kern Family Foundation maintain philanthropic structures, and how are they separated?
The foundation itself functions as the primary grantmaking vehicle. It created separate operating networks such as KEEN in 2005 and KNN in 2017. These entities receive dedicated funding but operate with distinct programmatic mandates.
What is Kern Family Foundation's known posture on co-investments alongside external GPs?
The foundation participates as a limited partner in multiple external vehicles. It does not disclose specific co-investment terms or side letters. Its direct activity is concentrated in program-related investments rather than traditional co-investments.
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