# The Dunhill Medical Trust

The Dunhill Medical Trust is an Endowment / Foundation based in London, United Kingdom.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** London, United Kingdom
- **Region:** Europe
- **Address:** London, United Kingdom
- **Founded:** 1950
- **Assets under management:** Approximately $206 million (Altss estimate)
- **Website:** vivensafoundation.org.uk
- **LinkedIn:** https://uk.linkedin.com/company/vivensa-foundation

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Healthcare Services
- Digital Health
- Real Estate
- Venture Capital

## People

- Susan Kay — Chief Executive Officer
- Andrew Gnaneswaran — Chief Investment Officer / Head of Investment
- Professor Deborah Dunn-Walters — Chair of the Board of Trustees

## 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.

### 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.

## Related profiles

- [Eleutherian Mills-Hagley Foundation](https://altss.com/profile/eleutherian-mills-hagley-foundation)
- [Luther College](https://altss.com/profile/luther-college)

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

Canonical page: https://altss.com/profile/the-dunhill-medical-trust

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