Mass General Brigham

Mass General Brigham's investment office manages the endowment under the oversight of the system's Board of Directors and its Investment Committee. While the system does not publicly name individual investment team members, the office reports through the Chief Financial Officer to President and CEO Anne Klibanski. The committee sets asset allocation and approves commitments to venture funds and direct investments.

The system's core sourcing advantage comes from its position as a top-tier academic medical center. It can access early-stage companies through the technology transfer offices at Massachusetts General Hospital and Brigham and Women's Hospital, its joint faculty appointments with Harvard Medical School, and its own $2.3 billion annual research enterprise. This internal pipeline delivers deal flow that is effectively exclusive to the system.

The endowment deploys capital through both direct investments and fund commitments. Direct investments tend to concentrate on early-stage companies commercializing research generated within the Mass General Brigham ecosystem. The office also allocates to external venture capital funds, particularly those with a life sciences focus, to broaden its access beyond its own faculty-founded ventures.

Neither. Mass General Brigham is a not-for-profit integrated health system, and its investment office functions as an endowment manager. The office operates under the investment policies of a 501(c)(3) organization, with returns directed toward the system's clinical, research, and educational missions rather than distributed to private beneficiaries.

Mass General Brigham serves as the principal teaching affiliate of Harvard Medical School. Thousands of Harvard faculty hold joint appointments at MGB hospitals, and the two institutions share research programs, training residencies, and faculty governance structures. This affiliation does not mean Harvard controls the endowment, but it does create a shared research pipeline that feeds the investment office's deal flow.

Philanthropy and the endowment are structurally separate. Mass General Brigham Philanthropy raises charitable gifts — such as the $100 million New Balance Foundation grant in 2023 — designated for specific capital projects and research programs. The endowment investment office manages the system's financial assets independently, though both contribute to the institution's overall capital base and long-term stability.

The endowment's venture strategy concentrates on digital health, AI and machine learning applications in clinical care, and enterprise software that supports hospital operations. Investments align tightly with the system's clinical and research strengths, typically avoiding sectors outside healthcare services and life sciences where no internal expertise advantages exist.