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Milken Family Foundation
The Milken Family Foundation was established in Santa Monica in 1982 by brothers Michael and Lowell Milken. The capital originates from the duo's pioneering...
Milken Family Foundation
The Milken Family Foundation was established in Santa Monica in 1982 by brothers Michael and Lowell Milken. The capital originates from the duo's pioneering high-yield bond operations at Drexel Burnham Lambert during the 1980s. Richard Sandler, a partner at Maron & Sandler and long-time Milken associate, serves as Executive Vice President, anchoring the operational governance. The foundation deploys capital across an unusually wide mandate for an endowment its size. Strategies span early-stage venture, growth equity, buyouts, mezzanine debt, and distressed credit. Direct co-investment activity includes participating in NextNav alongside Fortress Investment Group, while the portfolio also holds significant real assets. Property holdings include industrial and commercial real estate across the United States and a mixed-use portfolio in London via Heron International. The Milken family's broader capital infrastructure extends beyond the foundation's endowment. A network of closely held vehicles and a 2024 transaction — Mubadala Capital acquiring a 42% stake in Silver Rock Financial — connect the foundation to institutional limited partners. The Milken Institute's Associates and Young Leaders Circle further link the foundation to a curated peer network of co-investors and operating executives in Los Angeles and globally. Richard Sandler's dual role at the foundation and his law firm reflects a governance architecture that bundles legal, investment, and family-office functions. The foundation's structural differentiator is its hybrid posture: it operates grant-making programs in education and medical research while running an investment office that behaves like a permanent-capital special-situations fund. This dual identity — charitable foundation combined with a co-investment vehicle seeded by distressed-debt heritage — creates a balance sheet capable of moving between concessionary and market-rate returns without the reporting cadence of an institutional limited partner.
General information
Firm type
Endowment / Foundation
Year founded
1982
Location
Region
North America
Country
United States
City
Santa Monica
Corporate office
Santa Monica, CA, United States
Principals
Michael Milken
Co-Founder
Lowell Milken
Co-Founder
Richard Sandler
Executive Vice President
Sector focus
Frequently asked questions
Who handles day-to-day investment decisions at the Milken Family Foundation?
The foundation's governance is anchored by Executive Vice President Richard Sandler, a partner at the law firm Maron & Sandler and a long-term Michael Milken business associate. Investment decisions appear to be executed through a combination of in-house direction and co-investment relationships with firms such as Fortress Investment Group. The foundation does not publicly list a dedicated CIO role.
How is the Milken Family Foundation's investment arm different from a typical endowment?
Unlike a typical endowment restricted to fund commitments, the foundation runs a multi-strategy direct portfolio that includes early-stage venture, distressed debt, and co-investments. It acts more like a permanent-capital special-situations fund, evidenced by direct company investments and a substantial real asset portfolio that includes industrial properties in Nevada and mixed-use holdings in London.
Which outside firms does the Milken Family Foundation co-invest with?
The foundation co-invests alongside Fortress Investment Group, as shown in a direct deal for NextNav. The broader Milken network also includes ties to Ares Management co-founder Antony Ressler and Mubadala Capital, which acquired a stake in Silver Rock Financial in 2024 — a firm connected to the Milken capital ecosystem.
What is the relationship between the Milken Family Foundation and the Milken Institute?
The Milken Family Foundation is a separate entity from the Milken Institute, though both were founded by Michael Milken. The foundation focuses on grant-making and endowment management, while the Institute operates as a think tank and conference organizer. The Milken Institute's Associates network and Young Leaders Circle, however, create a shared professional network that can feed deal flow and co-investment opportunities.
What is the foundation's posture on distressed and special situations investing?
Distressed debt and special situations sit at the core of the foundation's mandate — a direct extension of Michael Milken's high-yield expertise from Drexel Burnham Lambert. The stated strategy list includes mezzanine, turnaround, and special situations, signaling willingness to take control-oriented or rescue-financing positions rather than passive credit exposure.
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