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The Manning Family Foundation
The Manning Family Foundation operates as the philanthropic and investment vehicle for Paul B.
The Manning Family Foundation
The Manning Family Foundation operates as the philanthropic and investment vehicle for Paul B. Manning, who founded and later sold PBM Products, a private-label infant-formula manufacturer. Rather than separating wealth management and charitable giving into distinct silos, the Manning structure collapses them — PBM Capital serves as the for-profit investment engine, while the Foundation directs grants toward medical research, most notably retinal degenerative diseases. Diane L. Manning co-founded the Foundation, and Heidi Burnette serves as its CEO and Grant Director. The firm's investment posture is anchored in healthcare and biotechnology — Manning's own domain expertise — with PBM Capital making venture-stage and growth-equity bets on drug-development platforms and therapeutic companies. The strategy extends into real estate, with holdings including commercial property at 200 Garrett Street in Charlottesville and a land-assembly project for the Gordonsville Town-to-Trail initiative in Virginia. The portfolio also includes allocations to hedge funds, providing diversified exposure beyond the core biotech concentration. The Manning Family Foundation co-invests alongside disease-focused nonprofits; a documented partnership with the Foundation Fighting Blindness operates through the Retinal Degeneration (RD) Fund, aligning investment returns with the foundation's grant-making mission. Paul Manning's influence extends deeply into the University of Virginia ecosystem. He served on the University's Board of Visitors until his resignation in 2026 and was a trustee of the UVA Health Foundation Board, embedding the family office within one of the country's largest academic-medical research networks. This relationship creates a sourcing pipeline for life-science deals and clinical-trial partnerships that few family offices of comparable scale can replicate. The firm maintains a low public profile, with no LinkedIn presence and minimal website disclosure, operating out of a small office suite in Charlottesville and maintaining property interests in nearby Gordonsville. The Manning Family Foundation's genuine structural differentiator is its integration of a disease-specific philanthropic mission with a for-profit venture portfolio. Most family offices treat their foundation as a downstream distribution channel for wealth; Manning treats the foundation's research partnerships as a deal-sourcing and validation layer. The Retinal Degeneration Fund, co-managed with the Foundation Fighting Blindness, exemplifies this architecture — investment returns can recycle into grant capital, while clinical-milestone payments from portfolio companies feed both the foundation's endowment and its programmatic spending, a closed-loop funding model rare in single-family offices.
General information
Firm type
Single Family Office
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Charlottesville
Corporate office
200 Garrett Street, Suite O, Charlottesville, VA, United States
Additional offices
Gordonsville, VA
Principals
Paul B. Manning
Founder, Chairman and CEO of PBM Capital
Diane L. Manning
Co-founder and Director
Heidi Burnette
CEO and Grant Director
Sector focus
Frequently asked questions
Who runs investment decisions at The Manning Family Foundation?
Paul B. Manning drives investment decisions through PBM Capital, the for-profit investment entity he chairs and serves as CEO. His wife Diane Manning co-founded the Foundation, while Heidi Burnette manages grant-making operations as CEO and Grant Director. The structure concentrates investment authority in Manning himself, leveraging his experience founding and exiting PBM Products.
How is the Foundation's investment activity separated from its grant-making?
The Manning structure uses PBM Capital as the for-profit investment vehicle and the Manning Family Foundation as the philanthropic grant-making entity. The two are legally distinct but strategically aligned — investment returns from PBM Capital's biotech and healthcare bets fund the Foundation's grant programs, and the Foundation's research partnerships with organizations like the Foundation Fighting Blindness inform PBM Capital's therapeutic-focus investment strategy.
What is the Manning Family Foundation's relationship with the University of Virginia?
Paul Manning served on UVA's Board of Visitors until 2026 and was a trustee of the UVA Health Foundation Board, placing the family office at the center of a major academic-medical research network. This relationship provides access to clinical-trial pipelines, life-science spinouts, and research talent — functioning as a deal-sourcing channel that complements PBM Capital's direct venture investments.
Does the Foundation invest in areas beyond healthcare and biotech?
Yes. While healthcare and biotechnology are the core focus — reflecting Paul Manning's career — the portfolio includes commercial real estate holdings in Charlottesville and Gordonsville, Virginia, and allocations to hedge funds for diversified exposure. The Gordonsville Town-to-Trail land-assembly project represents a local community-development investment alongside the firm's therapeutic venture bets.
How does the Manning Family Foundation source its biotech deals?
Deal flow is sourced through Paul Manning's personal relationships with academic researchers, his board-level access at UVA Health, and partnerships with disease-focused nonprofits — most notably the Foundation Fighting Blindness, with which the Manning Family Foundation co-manages the Retinal Degeneration (RD) Fund. This fund structure functions as both an investment vehicle and a scientific-validation layer for early-stage retinal therapies.
Where does the Manning family's underlying wealth come from?
Paul B. Manning founded PBM Products, a private-label infant-formula manufacturer, and sold the business — generating the capital base now deployed through PBM Capital and the Manning Family Foundation. The brand-name business built a niche supplying store-brand formula to major retailers before Manning transitioned into full-time healthcare investing.
What is the Retinal Degeneration Fund, and how does it operate?
The Retinal Degeneration (RD) Fund is a co-investment partnership between the Manning Family Foundation and the Foundation Fighting Blindness. It targets venture-stage companies developing therapies for retinal degenerative diseases, blending philanthropic mission with for-profit investment discipline. Returns from portfolio companies can recycle into additional grant capital or new fund commitments, creating a closed-loop funding architecture tied to a single disease category.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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