San Francisco State University Foundation

The foundation's volunteer Board of Directors oversees investment policy, with past Chair Neda Nobari and real estate investor George Marcus providing long-standing stewardship. Day-to-day investment management is handled by professional staff, though the foundation does not publicly name a dedicated Chief Investment Officer. The board's composition draws heavily from San Francisco-based real estate, technology, and philanthropy networks.

The foundation maintains an active membership in the Intentional Endowments Network, indicating a formal commitment to sustainable and mission-aligned investing. Its direct portfolio targets ClimateTech, WaterTech, AgriTech, Circular Economy, and GovTech — sectors that align with San Francisco State University's academic and community mission. The framework allows for fund-of-funds, co-investments, and direct SPVs that meet both financial return thresholds and mission criteria.

Ripple co-founder Chris Larsen donated XRP cryptocurrency to the foundation, making SFSU one of the earlier public university endowments to accept and manage a major digital asset gift. The donation forced the foundation to build institutional crypto custody and liquidation processes, converting volatile digital currency into stable endowment capital supporting scholarships and campus programs. This capability now represents a structural differentiator for attracting future blockchain-linked philanthropy.

The foundation employs a hybrid model that includes traditional fund-of-funds commitments, direct co-investment SPVs, private credit, real estate, and natural resources. Stage coverage ranges from seed venture capital through late-stage expansion. The Commercial Real Estate Program Fund operates as a direct real asset with educational co-benefits for students.

Yes. Past Chair Neda Nobari founded MOZAIK Philanthropy, a separate grantmaking entity with overlapping board leadership. The foundation's influence extends through the Intentional Endowments Network and Association of Governing Boards, creating connective tissue to peer endowments pursuing similar mission-aligned investment strategies. No formal asset-sharing or co-investment pools link the foundation directly to MOZAIK.

The foundation actively co-invests alongside external general partners through direct SPVs across venture and growth-stage deals. Its confirmed geography spread across four continents suggests it evaluates co-investment opportunities globally, not solely in North America. The lean internal team likely relies on GP relationships to source and diligence co-investment opportunities rather than leading rounds independently.

The foundation holds the SFSU Fine Arts Gallery Collection as a real asset on its balance sheet, housed in the Fine Arts Building on Holloway Avenue. The collection functions both as a cultural endowment and a teaching resource, though the foundation does not disclose its appraisal value or acquisition strategy. It represents a niche alternative asset class within a diversified portfolio otherwise weighted toward venture, private equity, and real assets.