# Montana Healthcare Foundation

Montana Healthcare Foundation is an Endowment / Foundation based in Bozeman, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Bozeman, United States
- **Region:** North America
- **Address:** Bozeman, MT, United States
- **Founded:** 2013
- **Assets under management:** ~$123M (Altss estimate)
- **Website:** mthf.org
- **LinkedIn:** https://www.linkedin.com/company/montana-healthcare-foundation

## Regulatory record

- **Reports private funds:** No

## About

The Montana Healthcare Foundation was capitalized in 2013 with the proceeds from the sale of Blue Cross and Blue Shield of Montana, creating a permanent health-focused endowment for the state. Founding President and CEO Aaron Wernham built the organization after a tenure at The Pew Charitable Trusts, establishing a Bozeman-based institution designed to fund evidence-driven research alongside direct health-service investments. Board leadership includes Chair Gerald Gray of the Little Shell Tribe and Treasurer Bill Underriner, the former chairman of the National Automobile Dealers Association. MHCF's portfolio reflects a hybrid endowment strategy that pairs traditional public-markets exposure with a distinct venture-capital allocation. The core mission deploys strategic investments to improve Montanans' access to quality and affordable health services, while a separate corporate-stock and corporate-bond portfolio—along with a commercial real estate holding at 777 East Main Street in Bozeman—supports the perpetual capital base. The foundation does not operate as a typical venture firm but commits to venture capital as one of several asset classes within a broader programmatic mission; Altss research identifies a VC allocation alongside conventional securities and real estate. The foundation is anchored in Montana but engages nationally through professional networks, notably as a funding partner of Grantmakers In Health. Its collaboration with the Montana Department of Public Health and Human Services on Medicaid reporting and state health initiatives gives it an unusual public-sector adjacency for a private foundation. Aaron Wernham and board member Paul Cook also serve on the board of the Montana Public Health Institute, extending the foundation's reach into the state's public-health infrastructure. Structurally, MHCF sits at the intersection of a community foundation and an activist research institute. Its hybrid model—operating a commercial property directly while running a venture portfolio and funding upstream public-health research—is uncommon among single-sale-conversion foundations. The permanent endowment structure, tied to a single monetization event rather than ongoing individual donations, grants the investment committee a long-duration posture that most Montana-focused charitable vehicles cannot replicate.

## Sectors

- Healthcare Services
- Venture Capital

## People

- Aaron Wernham — Founding President and CEO
- Gerald Gray — Chair of the Board
- Bill Underriner — Treasurer of the Board

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/montana-healthcare-foundation-mhcf

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology