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Lloyd A. Fry Foundation
The Lloyd A. Fry Foundation was established in 1983 with capital generated by Lloyd A. Fry, who built the nation's largest roofing materials company.
Lloyd A. Fry Foundation
The Lloyd A. Fry Foundation was established in 1983 with capital generated by Lloyd A. Fry, who built the nation's largest roofing materials company. His grandson, Lloyd A. Fry III, remains a Director, and Chicago attorney Graham C. Grady chairs the board from his partnership at Taft Law. The Foundation concentrates its grantmaking entirely within Chicago, directing resources toward nonprofit organizations that address systemic barriers for underserved communities. The Foundation's investment strategy spans the liquidity spectrum, including buyout, venture capital, mezzanine, special situations, and fund-of-funds commitments. Geographic deployment stays domestic, with exposure to both early-stage and expansion-stage companies. Alongside its private portfolio, the institution holds dedicated corporate stock and bond portfolios. The investment committee runs co-investments and secondaries — structures that suggest active portfolio management rather than passive allocation. An estimated $191 million endowment supports both investment operations and grantmaking. The program team focuses on three areas: arts learning, education, and employment. In December 2025, Unmi Song retired after a long tenure as President; Sherly Chavarria assumed the role the following month. Board-level continuity comes from Howard M. McCue III, a former partner at McDermott Will & Emery. The Foundation maintains ties to professional networks including Forefront, where Graham Grady founded the Trustee Subcommittee, and the D5 Coalition for advancing diversity in philanthropy. The Foundation separates its grantmaking from its investment activities, yet the dual structure — deploying endowment assets for returns while distributing grants to Chicago nonprofits — creates a unique operating model among mid-sized foundations. The board's composition, blending family representation with external legal and civic leadership, suggests a governance architecture designed for permanence rather than founder-centric control.
General information
Firm type
Endowment / Foundation
Year founded
1983
Location
Region
North America
Country
United States
City
Chicago
Corporate office
Chicago, Illinois, United States
Principals
Lloyd A. Fry III
Director
Graham C. Grady
Board Chair
Sherly Chavarria
President
Howard M. McCue III
Director
Sector focus
Frequently asked questions
Who runs investment decisions at the Lloyd A. Fry Foundation?
Investment decisions are overseen by the Board of Directors, chaired by Graham C. Grady and including Director Howard M. McCue III, both former law-firm partners with extensive fiduciary experience. The investment committee manages a portfolio that spans buyout, venture capital, mezzanine, special situations, and fund-of-funds commitments. Day-to-day investment operations report through President Sherly Chavarria, who assumed the role in January 2026.
How does the Foundation source its private investment opportunities?
The Foundation participates in co-investments and secondaries, which implies relationships with general partners and a degree of direct sourcing. It is a member of Forefront, where Board Chair Graham Grady founded the Trustee Subcommittee — a network that connects institutional allocators in the Chicago area. No proprietary sourcing mechanism is publicly disclosed.
Does the Lloyd A. Fry Foundation make fund commitments or only direct investments?
Both. The strategy explicitly includes fund-of-funds commitments alongside direct co-investments and secondaries. This suggests a hybrid approach: the Foundation writes checks into external funds while also deploying capital directly into portfolio companies when the right opportunities arise.
What investment stages does the Foundation target?
The Foundation targets the full lifecycle: early-stage seed and startup rounds, expansion and late-stage growth capital, buyout, and mezzanine. This breadth implies a flexible mandate rather than a narrow stage focus, though the estimated $191 million endowment constrains the scale of individual commitments.
How is the investment portfolio separated from the grantmaking program?
The Foundation structures its investments and grants as distinct functions — a corporate stock and bond portfolio sits alongside private fund and direct investments, while grantmaking targets nonprofits in arts learning, education, and employment. The same board governs both, but they operate as separate mandates with different objectives and timelines.
Where does the underlying wealth come from?
The endowment originates from Lloyd A. Fry, who founded the nation's largest roofing materials company. His grandson, Lloyd A. Fry III, serves as a Director of the Foundation, maintaining family continuity in governance.
Does the Foundation engage in any co-investment or club-deal activity?
Yes, the Foundation's disclosed strategy includes co-investment and secondaries. Board Chair Graham Grady founded the Trustee Subcommittee at Forefront, which facilitates institutional peer connections — a structure that can surface co-investment opportunities, though no specific club deals are publicly documented.
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