# The Wallace Foundation

The Wallace Foundation is an Endowment / Foundation based in New York, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** 140 Broadway 49th Floor, New York, NY 10005, United States
- **Founded:** 2002
- **Assets under management:** 1700 (Altss estimate)
- **Website:** wallacefoundation.org
- **LinkedIn:** https://www.linkedin.com/company/the-wallace-foundation

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Arts
- Education
- Youth Development

## People

- Jean S. Desravines — President
- Sophia Tsai — Chief Investment Officer
- Mary Beth West — Board Chair
- Amor H. Towles — Board Member

## Questions

### Who runs investment decisions at The Wallace Foundation?

Sophia Tsai serves as chief investment officer effective March 2026. Jean S. Desravines holds the role of president. The board, chaired by Mary Beth West, provides oversight.

### How does The Wallace Foundation source proprietary deal flow?

The foundation accesses private equity and secondaries through established fund relationships. Confirmed holdings include Ardian Secondary Fund VIII and Värde Partners Vintage 2018 Fund.

### Does The Wallace Foundation participate in fund commitments or only direct deals?

It commits to funds, with 79 private capital vehicles and additional absolute return and real asset managers. Direct holdings appear limited to its New York headquarters lease.

### What investment stages does The Wallace Foundation typically target?

The portfolio includes buyout, growth, venture, secondaries, and distressed debt strategies through fund commitments.

## Related profiles

- [Parkland Health](https://altss.com/profile/parkland-health)
- [W. M. Keck Foundation](https://altss.com/profile/w-m-keck-foundation)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/the-wallace-foundation

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