The Wallace Foundation

The Wallace Foundation

The Wallace Foundation was established in 2002 from the merger of earlier family foundations created by DeWitt and Lila Acheson Wallace. The couple built their wealth through the Reader's Digest Association in publishing. Jean S. Desravines serves as president while Sophia Tsai was named chief investment officer effective March 2026. The foundation deploys capital across private equity at 30.92 percent, hedged equities, absolute return strategies, and real assets. It commits to 79 private capital funds and holds positions in vehicles such as Ardian Secondary Fund VIII and Värde Partners Vintage 2018 Fund. Geographic exposure covers the United States and global markets through commingled public equity funds and real-asset programs. Annual grantmaking targets arts sustainability, education leadership, and youth development initiatives. The organization maintains 49 professionals at its headquarters on the 49th floor of 140 Broadway in New York. It belongs to the Council on Foundations, Independent Sector, Philanthropy New York, and Grantmakers for Education. March 2026 marked the appointment of Sophia Tsai as chief investment officer. The foundation also leases its office space under a 15-year agreement signed in 2019. Governance separates investment management from grant decisions through a board chaired by Mary Beth West. This structure allows the foundation to maintain a perpetual endowment while directing resources toward measurable improvements in the three program areas without direct operating company ownership.