Nathan Cummings Foundation

The Board of Trustees, composed primarily of Cummings family members alongside independent trustees, oversees all investment policy. Day-to-day management is historically delegated to external OCIOs and specialist managers, with the internal team focused on program-related investments and shareholder advocacy. The 2023 restructuring centralized mission alignment under Board Chair Jaimie Mayer and President Rey Ramsey.

Nathan Cummings built his fortune through Consolidated Foods Corporation, which he founded in 1939 and which later became Sara Lee Corporation. He established the foundation in 1949 with a portion of this wealth. The foundation has since operated as a perpetual endowment, spending down for grants while managing the corpus for long-term returns.

The foundation operates a dual structure: traditional grantmaking alongside a program-related investment portfolio that deploys private credit, real estate, and mission-aligned equity stakes. Its 2023 restructuring explicitly prioritized direct investing and shareholder activism as tools for advancing racial equity and climate justice.

As a founding signatory of the Principles for Responsible Investment and an active member of Climate Action 100+, the foundation uses proxy voting, shareholder resolutions, and direct engagement with portfolio companies. The foundation publicly commits to voting its entire public equity portfolio in alignment with its social justice mission.

Climate and environmental justice, racial equity, and inclusive economic opportunity form the core grantmaking and investment pillars. Within the PRI portfolio, private credit and real estate investments are structured to meet these goals. The foundation explicitly avoids investing in sectors or companies that conflict with its mission.