The Phi Beta Kappa Society

The Phi Beta Kappa Society

The Phi Beta Kappa Foundation, founded in 1928, manages the endowment for the Phi Beta Kappa Society, an academic honor society established in 1776. Frederick M. Lawrence serves as Secretary and CEO of both the Society and the Foundation, while Catherine White Berheide holds the presidency of the Society. The Foundation's investment committee, chaired by Treasurer Jonathan Lewis, includes David M. Darst, Annie Chor Joyce, and Mitchell Spector, who bring external institutional expertise from Americana Partners, Amundi US, and Berkshire Global Advisors, respectively. The Foundation runs a multi-strategy investment portfolio, with its structure relying on that volunteer committee to set asset allocation and manager selection. Its approach integrates environmental, social, and governance factors as a UN Principles for Responsible Investment signatory since December 2019, and it participates in the Intentional Endowments Network. A commercial property at 1606 New Hampshire Avenue NW serves as both the Society's headquarters and an income-generating asset, while another property at 1612 18th Street NW adds to its real estate footprint in Washington, DC. Altss research estimates the endowment at approximately $49.3 million. The Foundation's scale and its committee of external practitioners, including the Head of Responsible Investing at Amundi US and a partner from Berkshire Global Advisors, shape a governance model that blends fiduciary oversight with direct investment-operating experience. In addition to funding scholarships and academic programs, the Society operates an Honor Society Museum at its headquarters and maintains a collection of Phi Beta Kappa keys and artifacts. The Foundation's structure is distinct in its reliance on a volunteer investment committee drawn from senior ranks of institutional money management. That committee, not a dedicated internal CIO team, directs the multi-strategy portfolio, creating a governance layer where investment decisions are filtered through the day-job lenses of responsible investing, manager selection, and advisory work across multiple firms.