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The Waterloo Foundation
The Waterloo Foundation was founded in 2007 by Heather Stevens and David Stevens. The couple used proceeds from Admiral Group, the insurance company David...
The Waterloo Foundation
The Waterloo Foundation was founded in 2007 by Heather Stevens and David Stevens. The couple used proceeds from Admiral Group, the insurance company David Stevens previously led as CEO, to create an independent grant-making vehicle. Initial endowment came from a donation of Admiral shares valued near £99 million. The foundation runs four core programs covering world development, environment, child development, and Wales-specific work. Capital deploys through grants and select direct holdings in operating businesses and funds. Confirmed positions include Tellmi, Rising Academies, Thrive Renewables, Aqua-Spark, and Hydro Industries. Geographic reach centers on the United Kingdom and Africa with additional exposure in East Africa and global aquaculture. Asset classes span public equities, private impact investments, and renewable energy holdings. The endowment stands at approximately $269 million and is advised by Whitley Asset Management and Cazenove Capital. The foundation maintains one office in Cardiff. It belongs to the Association of Charitable Foundations, Environmental Funders Network, and Divest-Invest. January 2025: Appointed Luke Stevens as Trustee. The foundation's architecture ties directly to the Stevens family through board control and the original Admiral share donation. Governance remains family-led while investment execution sits with external managers and a small internal team focused on grant allocation.
General information
Firm type
Endowment / Foundation
Year founded
2007
Location
Region
Europe
Country
United Kingdom
City
Cardiff
Corporate office
Fourth Floor, Tudor House 16 Cathedral Road, Cardiff, CF11 9LJ, United Kingdom
Principals
Heather Stevens
Co-founder and Chair of the Board of Trustees
David Stevens
Co-founder and Trustee
Luke Stevens
Trustee
Sector focus
Frequently asked questions
Who runs investment decisions at The Waterloo Foundation?
Heather Stevens serves as Chair. External advisors Whitley Asset Management and Cazenove Capital manage the endowment portfolio.
Where does the underlying wealth come from?
The endowment originated from shares in Admiral Group plc donated by founders Heather and David Stevens.
Does The Waterloo Foundation participate in fund commitments or only direct deals?
The foundation makes both grants and direct holdings. Positions include limited partner commitments to Aqua-Spark and Thrive Renewables.
What investment stages does The Waterloo Foundation typically target?
Activity focuses on early-stage and growth companies in impact sectors, with holdings such as Tellmi and Rising Academies.
How is The Waterloo Foundation related to Admiral Group plc?
Admiral Group shares formed the initial endowment and remain the largest public equity position.
Does The Waterloo Foundation maintain philanthropic structures, and how are they separated?
The foundation itself functions as the primary grant vehicle. It supports separate entities including the Alacrity Foundation.
What is The Waterloo Foundation's known posture on co-investments alongside external GPs?
The foundation takes limited partner positions in impact funds and direct ownership in operating businesses alongside other investors.
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