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Minneapolis Heart Institute Foundation
The Minneapolis Heart Institute Foundation was established in 1982 as the independent research and education arm of the Minneapolis Heart Institute at Abbott...
Minneapolis Heart Institute Foundation
The Minneapolis Heart Institute Foundation was established in 1982 as the independent research and education arm of the Minneapolis Heart Institute at Abbott Northwestern Hospital. Its operations are deeply intertwined with Allina Health, which serves as its primary clinical partner. The foundation is governed by a board chaired by Jeffrey Steinle, with day-to-day leadership from CEO Kristine Fortman and Chief Medical Officer Dr. Scott Sharkey. MHIF deploys its endowment across a multi-asset strategy spanning hedge fund of funds, distressed debt, and a commercial real estate portfolio anchored in Minneapolis. This allocation structure supports a research program that partners with over 100 physicians to run more than 230 clinical studies each year. Named philanthropic centers — including the Joseph F. Novogratz Family Heart Rhythm Center and the Penny Anderson Women's Cardiovascular Center — provide dedicated funding streams that complement the foundation's investment returns. The foundation's professional network extends into major cardiology associations, including collaborative relationships with the American Heart Association and the Society for Cardiac Angiography and Interventions. These affiliations reinforce its role as a convening body for cardiovascular education and clinical trial execution, rather than solely an investment vehicle. Structurally, MHIF operates as a hybrid clinical-research foundation: it is not a standalone grantmaker but the embedded research division for a major regional health system. Its endowment is designed to directly fund physician-led studies at Abbott Northwestern Hospital, tying its investment performance to the pace of cardiovascular science. This makes its capital pool a de facto R&D budget for one of the Midwest's largest heart programs.
General information
Firm type
Endowment / Foundation
Year founded
1982
Location
Region
North America
Country
United States
City
Minneapolis
Corporate office
Minneapolis, MN, United States
Principals
Kristine Fortman
Chief Executive Officer
Scott Sharkey
Chief Medical Officer
Jeffrey Steinle
Board Chair
Sector focus
Frequently asked questions
Who runs investment decisions at the Minneapolis Heart Institute Foundation?
The foundation has not publicly disclosed a dedicated chief investment officer or investment committee structure. Day-to-day organizational leadership falls to CEO Kristine Fortman and the board, chaired by Jeffrey Steinle. The specific delegation of investment oversight for its endowment portfolio, which includes a hedge fund of funds and distressed debt, is not detailed in public materials.
How is the Minneapolis Heart Institute Foundation related to Allina Health?
MHIF is an independent nonprofit that functions as the primary research and education partner for the Allina Health Minneapolis Heart Institute. Its physicians are part of the Allina Health system, and its clinical trials operate out of Abbott Northwestern Hospital, an Allina facility. The foundation is a legally separate entity, but its research output is integral to Allina's cardiovascular service line.
What does the Minneapolis Heart Institute Foundation's endowment invest in?
The endowment allocates capital to a hedge fund of funds, distressed debt strategies, and a commercial real estate portfolio based in Minneapolis. The foundation has not published detailed asset-class weights or specific fund manager names. The investment program is designed to produce returns that fund the organization's clinical research operations.
Where does the Minneapolis Heart Institute Foundation's funding come from?
MHIF's financial base is built on philanthropic donations and endowment returns. Named centers like the Joseph F. Novogratz Family Heart Rhythm Center and the Nolan Family Center for Cardiovascular Health indicate significant donor support from individuals. The foundation does not disclose a comprehensive donor list or the exact proportion of funding derived from grants versus investment income.
Does the Minneapolis Heart Institute Foundation make grants to external organizations?
The foundation's primary capital deployment goes toward funding its own in-house clinical research studies, conducted by over 100 affiliated physicians at Abbott Northwestern Hospital. It is not a typical grantmaking foundation for external researchers. Its endowment serves as the internal funding mechanism for the Minneapolis Heart Institute's research pipeline.
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