The Coleman Foundation

The Coleman Foundation

The Coleman Foundation was established in 1951 by entrepreneurs Dorothy W. and J.D. Stetson Coleman, who built their wealth through the Fannie May Candy Company. Today, their nephew R. Michael Furlong chairs the board, while Nora Garcia was appointed Executive Director in 2025 to lead the Chicago-based foundation's dual mandate of investment management and strategic philanthropy. The foundation's investment strategy blends direct deals with fund commitments across a wide spectrum of asset classes, including venture capital, buyout, special situations, and commercial mortgage-backed securities. Known fund relationships include Brickman Fund V and VI for mixed-use real estate and separate accounts managed by Wasmer Schroeder and Lord Abbett for fixed-income exposure. Grantmaking is concentrated in the greater Chicago region, funding initiatives in health equity, entrepreneurship education, and support for people with intellectual and developmental disabilities. The endowment, estimated at $172 million (Altss estimate), is overseen by an internal investment committee led by Director Daniel B. Wanzenberg from its office at 20 North Wacker Drive. The foundation actively participates in Exponent Philanthropy, Forefront, and Grantmakers in Health to source deal flow and share best practices. In 2025, the foundation appointed Nora Garcia as Executive Director, signaling a focus on operational continuity and regional grantmaking expansion. The Coleman Foundation operates as a rare hybrid: a place-based private foundation that manages its own diversified, multi-asset portfolio rather than simply liquidating assets to fund grants. This structure allows it to generate returns that directly extend the longevity and impact of its philanthropic capital in the Chicago area.