# Lloyd A. Fry Foundation

Lloyd A. Fry Foundation is an Endowment / Foundation based in Chicago, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** Chicago, Illinois, United States
- **Founded:** 1983
- **Assets under management:** $191M (Altss estimate)
- **Website:** fryfoundation.org
- **LinkedIn:** https://www.linkedin.com/company/fryfoundation

## Regulatory record

- **Reports private funds:** No

## About

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. 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.

## Sectors

- Education
- Healthcare Services
- Real Estate

## People

- Lloyd A. Fry III — Director
- Graham C. Grady — Board Chair
- Sherly Chavarria — President
- Howard M. McCue III — Director

## 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 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.

### 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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Last updated: 2026-08-11T02:43:31.692Z

Canonical page: https://altss.com/profile/lloyd-a-fry-foundation

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