Marshfield Clinic

Marshfield Clinic

Marshfield Clinic Health System traces its roots to 1916, when six physicians founded a group practice in rural Wisconsin. Over more than a century it evolved into an integrated non-profit system with hospitals, clinics and the Marshfield Clinic Research Institute — the largest private medical research entity in the state. In January 2025, Marshfield Clinic merged with Sanford Health, a Sioux Falls-based system, forming a combined organization that anchors care across the upper Midwest. The system's investment arm, Craft Capital Management, is led by CEO Barry Michael Kiront and structures allocations that sit alongside the system's clinical operations. Craft Capital's portfolio cuts across a mix of asset classes. Real estate holdings include the Marshfield main campus, a former clinic building on Central Avenue and medical centers in Neillsville, Wisconsin and Iron Mountain, Michigan. Through the 312 Partners and 1926 Madison Partners vehicles, the office also holds residential assets in Brooklyn and Queens, New York. In the operating-company space, the system is linked to 1847 Holdings LLC, a publicly listed diversified holding company run by Ellery W. Roberts — a relationship documented through Craft Capital's brokerage arm. The Marshfield entity is also a member-owner of the Life Link III air medical transport consortium, with heliport assets registered at Beaver Dam and Rice Lake, Wisconsin. The geographic footprint centers on Wisconsin and Michigan's Upper Peninsula, with select coastal real estate exposure in New York. The investment team operates through a small, tightly held structure centered on the Kiront family and their partners. Stephen Mark Kiront serves as EVP and COO of Craft Asset Holdings, while Richard Marc Hecker manages associated real estate entities as a broker at Craft Capital. The system's January 2025 merger with Sanford Health represents the most significant corporate transaction in recent years, combining two major regional non-profits under a single parent. On the philanthropic side, the Marshfield Clinic Health System Foundation and its Heritage Foundation affiliate manage charitable assets distinct from the investment portfolio. What distinguishes the Marshfield structure is the hybrid between a health-system treasury and an asset-management boutique. Craft Capital manages an investment book that simultaneously serves the system's balance-sheet needs and engages in outside partnerships, including a brokerage relationship that feeds deal flow from external operators like 1847 Holdings. The closed ecosystem — spanning operator, broker, asset holder and allocator — gives the office a sourcing angle that most non-profit treasuries lack.