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Mayo Clinic
The Mayo Clinic opened in Rochester, Minnesota, in 1864, when brothers Will and Charlie Mayo pioneered a team-based medical model that now anchors an...
Mayo Clinic
The Mayo Clinic opened in Rochester, Minnesota, in 1864, when brothers Will and Charlie Mayo pioneered a team-based medical model that now anchors an integrated nonprofit spanning Arizona, Florida, and London. It delivers care to more than a million patients each year, trains future health leaders, and operates the Mayo Clinic Health System, a network of regional clinics and hospitals across the upper Midwest. Gianrico Farrugia, M.D., has been President and CEO since 2019, while Paul Gorman oversees the treasury and investment functions as Chief Investment Officer and Treasurer. Mayo's investment portfolio is structured around buyout strategies across venture capital, growth equity, and private equity fund commitments. Real asset holdings are anchored by the three destination-medicine campuses—Rochester, Phoenix, and Jacksonville—complemented by the Discovery Square mixed-use development in Rochester and Mayo Clinic Healthcare London. Confirmed private-market relationships include a ten-year strategic partnership with Google Cloud for digital transformation and AI, and a joint venture with Abu Dhabi Health Services Company (SEHA) that operated Sheikh Shakhbout Medical City until Mayo sold its 25 percent stake in 2024. The endowment and pension systems did not publicly disclose asset levels in the most recent fiscal period, making total deployment unverifiable from primary sources. Mayo employs more than 76,000 professionals systemwide. The office structure includes the Mayo Clinic Foundation, a separate philanthropic vehicle that channels donor contributions into research and clinical innovation. In May 2024, Mayo Clinic completed the sale of its 25 percent equity interest in the Abu Dhabi joint venture to SEHA, a transaction that marked the endpoint of a nearly decade-long international hospital-operations bet. Unlike a standalone endowment, Mayo's asset base is inseparable from its operating enterprise—clinical revenue and philanthropic gifts flow directly into the investment pool, giving the CIO a permanent-capital mandate that weathers market cycles with no external redemption pressure. The organization's governance rests with a board of trustees that oversees both the charitable mission and the fiduciary management of capital, blending operating-company oversight with portfolio governance inside a single legal entity.
General information
Firm type
Endowment / Foundation
Year founded
1864
Location
Region
North America
Country
United States
City
Rochester
Corporate office
200 First St. SW, Rochester, MN 55905, United States
Additional offices
Phoenix, AZ · Jacksonville, FL · London, UK
Principals
Gianrico Farrugia
President and CEO
Altss tracks 1 additional named team member for this firm — including direct investment leads, IR, and operating principals not listed on the public website.
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Frequently asked questions
Who runs investment decisions at Mayo Clinic?
Paul Gorman serves as Chief Investment Officer and Treasurer, overseeing the endowment, pension plan, and treasury operations. He reports to the board of trustees and works alongside President and CEO Gianrico Farrugia, M.D. The organizational structure centralizes investment authority within the treasury function rather than distributing it across clinical departments.
Is Mayo Clinic structured as a single family office or does it operate more like an endowment?
Mayo Clinic is a nonprofit academic medical center, not a family office. It functions as a hybrid between an endowment and an operating company—clinical revenue and philanthropy feed the investment pool, which is governed by a board of trustees. The permanent-capital character lets the investment office pursue illiquid buyout and real-asset strategies without concern for external redemptions.
Does Mayo Clinic participate in fund commitments or only direct deals?
Altss research points toward a buyout-heavy strategy executed primarily through fund commitments. The office does not publicly list direct portfolio-company holdings. Its real-asset exposure includes direct ownership of the destination campuses in Minnesota, Arizona, and Florida, as well as a now-liquidated joint venture in Abu Dhabi.
How is Mayo Clinic related to the Abu Dhabi joint venture with SEHA?
Mayo Clinic entered a joint venture with Abu Dhabi Health Services Company (SEHA) to operate Sheikh Shakhbout Medical City. In May 2024, Mayo sold its 25 percent equity stake back to SEHA, ending a nearly decade-long international hospital-operations bet that represented one of the investment office's most visible direct operating-company exposures.
Does Mayo Clinic maintain philanthropic structures, and how are they separated?
The Mayo Clinic Foundation operates as a distinct philanthropic vehicle that channels donor contributions into research, education, and clinical innovation. Donor funds are governed separately from the investment endowment, though both ultimately serve the parent nonprofit's charitable mission under board oversight.
Which sectors does Mayo Clinic explicitly avoid?
Mayo Clinic's investment office does not publish sector exclusions, but the operating enterprise's nonprofit status and clinical mission make tobacco, firearms, or similarly reputation-sensitive holdings unlikely. The observable portfolio tilts toward healthcare services, real estate, and technology partnerships that align with its clinical and research operations.
What is Mayo Clinic's known posture on co-investments alongside external GPs?
The investment office has not disclosed a formal co-investment program. The buyout-heavy strategy suggests the office accesses private markets through fund commitments rather than direct co-investment. The Abu Dhabi joint venture was an operating-company engagement, not a GP co-investment structure.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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