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The Dunhill Medical Trust
Herbert E. Dunhill, a director of the Alfred Dunhill tobacco and luxury goods firm, established The Dunhill Medical Trust in 1950 through his will, creating a...
The Dunhill Medical Trust
Herbert E. Dunhill, a director of the Alfred Dunhill tobacco and luxury goods firm, established The Dunhill Medical Trust in 1950 through his will, creating a charitable endowment dedicated to improving the health of older people. The foundation rebranded as Vivensa Foundation, now chaired by Professor Deborah Dunn-Walters, while maintaining its original mission to support academic research and community-led innovation in ageing and age-related disease. The trust invests across three distinct pools: a venture capital programme targeting early-stage UK companies, direct real assets including holdings in Bridges Property Alternatives Fund V and The Charities Property Fund, and a liquid investment portfolio managed from London. Its venture strategy backs innovations in the science of ageing, with a focus on extending healthy years. The foundation also co-convenes the UK Ageing Research Funders' Forum, shaping national funding priorities alongside other charities. Beyond its investment activity, the foundation operates as an active grantmaker, funding translational research and community-based projects. It is a member of the Association of Medical Research Charities and the Charities Responsible Investment Network, and a signatory to the Asset Owner Diversity Charter. In its most recent structural evolution, the trust adopted the Vivensa Foundation name to clarify its identity as an operating charity distinct from the Dunhill family's commercial legacy. Structurally, Vivensa Foundation is unusual among UK medical charities: it combines a direct venture programme with a permanent endowment and a grantmaking function, all within a single entity. This hybrid architecture allows it to fund research through both charitable grants and equity investments, aligning asset allocation with mission in a way that few foundations of its size attempt.
General information
Firm type
Endowment / Foundation
Year founded
1950
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Principals
Susan Kay
Chief Executive Officer
Andrew Gnaneswaran
Chief Investment Officer / Head of Investment
Professor Deborah Dunn-Walters
Chair of the Board of Trustees
Sector focus
Frequently asked questions
Who runs investment decisions at The Dunhill Medical Trust?
Andrew Gnaneswaran serves as Chief Investment Officer and Head of Investment for Vivensa Foundation, overseeing the endowment portfolio across venture, real assets, and liquid investments. Day-to-day executive leadership sits with CEO Susan Kay, while the Board of Trustees, chaired by Professor Deborah Dunn-Walters, holds ultimate fiduciary responsibility. The trust operates as an independent foundation with no family-member involvement in investment decisions.
How does the trust source its venture deals?
The trust pursues an early-stage venture strategy focused narrowly on the science of ageing and age-related diseases in the UK. Deal flow likely originates through the foundation's deep academic networks — it co-convenes the UK Ageing Research Funders' Forum and is a member of the Association of Medical Research Charities — rather than through traditional GP relationships. Confirmed portfolio positions are not publicly disclosed.
Is The Dunhill Medical Trust structured as a family office or a foundation?
It is a registered independent charitable foundation, not a single-family office. The trust was endowed by Herbert E. Dunhill's will in 1950 but has since operated autonomously from the Dunhill family, most recently adopting the Vivensa Foundation name to underline that independence. It employs professional investment and grantmaking staff under a board of trustees.
What investment stages does the trust typically target?
The venture programme targets early-stage companies developing diagnostics, therapeutics, and care models for ageing populations. The real-assets book includes commitments to pooled property funds such as Bridges Property Alternatives Fund V and The Charities Property Fund, alongside a land disposal project. The trust does not publicly specify later-stage or growth-equity allocations.
Where does the underlying wealth come from?
The endowment was created from the personal estate of Herbert E. Dunhill, a director of Alfred Dunhill Ltd, the luxury goods and tobacco firm. The trust was funded upon his death via his will, and it has since been managed as a permanent charitable endowment independent of the Dunhill corporate interests.
Does the trust maintain philanthropic structures, and how are they separated?
The foundation is itself the primary philanthropic vehicle: it makes grants to UK academic and clinical researchers studying ageing and age-related disease. This grantmaking operates alongside, not separately from, the investment function, with both activities overseen by the same board and executive team under the Vivensa Foundation brand.
What is the trust's known posture on co-investments alongside external GPs?
Public disclosures do not detail co-investment preferences, but the trust's membership in the Charities Responsible Investment Network suggests it engages collaboratively with other institutional asset owners on responsible investment practice. Its venture activity appears to consist of direct early-stage commitments rather than fund-of-funds allocations.
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