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The Marshall University Foundation
The Marshall University Foundation incorporated in 1947 as an independent 501(c)(3) to support the university and its students. Brad D. Smith, now the...
The Marshall University Foundation
The Marshall University Foundation incorporated in 1947 as an independent 501(c)(3) to support the university and its students. Brad D. Smith, now the university's president, transformed the foundation's scale after his Intuit exit through major gifts alongside his wife Alys via their Wing 2 Wing Foundation. The foundation works in tandem with the Marshall University Alumni Association to consolidate and deploy private support. The investment portfolio spans early-stage venture capital through buyouts and distressed debt, with direct co-investments known in AI/ML and cybersecurity technology. Natural resources provide a separate return stream, while a beneficial interest in a perpetual trust anchors the long-duration assets. Geographic allocation concentrates in North America, with fund-of-funds structures used to access managers beyond the foundation's direct reach. The foundation operates from Huntington, West Virginia, with no additional disclosed offices. Brad D. Smith Foundation Hall and the Brad D. Smith Center for Business and Innovation sit on the foundation's balance sheet as distinct commercial real estate holdings. Adjacent entities include the Big Green Scholarship Foundation and the Marshall University Real Estate Foundation, extending the economic footprint beyond the endowment pool. Barry Burgess, managing partner at Somerville & Company PLLC, serves as treasurer. The foundation functions as both investment office and fundraising arm — an architecture where the president's personal wealth, his philanthropic vehicle, and the endowment's investment activity are operationally intertwined. This hybrid structure ties development targets directly to portfolio decisions, a governance posture uncommon among public university foundations.
General information
Firm type
Endowment / Foundation
Year founded
1947
Location
Region
North America
Country
United States
City
Huntington
Corporate office
Huntington, WV, United States
Principals
Nico Karagosian
President and CEO
Sector focus
Frequently asked questions
How is the Marshall University Foundation governed relative to the university itself?
The foundation is an independent 501(c)(3) nonprofit, not a unit of the university. Brad D. Smith serves as university president while simultaneously being the foundation's most significant donor through the Wing 2 Wing Foundation. Nico Karagosian leads the foundation as president and CEO, and Barry Burgess of Somerville & Company PLLC acts as treasurer, creating a governance structure where development, investment management, and university leadership are tightly coupled.
What is the relationship between the Wing 2 Wing Foundation and the Marshall University Foundation?
The Wing 2 Wing Foundation is the philanthropic vehicle of Brad and Alys Smith. It serves as a major donor to the Marshall University Foundation, funding buildings like Brad D. Smith Foundation Hall and the Brad D. Smith Center for Business and Innovation. The two foundations are legally separate but share overlapping leadership influence through Brad D. Smith's dual role as university president.
Does the foundation commit to external fund managers or invest directly?
Current strategy includes both approaches. The foundation uses a fund-of-funds structure for broader manager access alongside direct co-investments, particularly in venture and growth equity within AI/ML and cybersecurity. Natural resources exposure adds a direct real-asset component, while the perpetual trust provides a long-duration pooled vehicle.
What asset classes does the foundation allocate to?
The investment portfolio covers venture capital, buyout, distressed debt, growth equity, and natural resources. Stage coverage ranges from early-stage seed through expansion and late-stage, executed through fund commitments, co-investments, and direct positions. Real estate assets on the foundation's balance sheet add a separate commercial property component.
What role does Brad D. Smith play in investment decisions?
Brad D. Smith is not listed as an investment committee member or officer of the foundation. His influence flows through his role as university president and his status as the foundation's largest living donor, which shapes the strategic direction of capital deployment. Day-to-day investment management sits with the foundation's president, Nico Karagosian.
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