# University of Alabama Health Services Foundation University of Alabama Health Services Foundation is an Endowment / Foundation based in Birmingham, United States. ## Overview - **Organization type:** Endowment / Foundation - **Headquarters:** Birmingham, United States - **Region:** North America - **Address:** Birmingham, AL, United States - **Founded:** 1973 - **Assets under management:** $500M – $600M (Altss estimate) - **Website:** uabmedicine.org ## Regulatory record - **Reports private funds:** No ## About The University of Alabama Health Services Foundation was created in 1973 as the faculty practice plan for the UAB Heersink School of Medicine. It collects clinical revenue from more than a thousand physicians practicing across central Alabama and reinvests the surplus into a general endowment, a professional-liability trust, and a constellation of commercial real estate assets throughout Birmingham. The entity sits alongside UAB Health System inside a joint-venture governance structure called the UAB Medicine Enterprise, whose board includes President Ray Watts, health-system CEO Dawn Bulgarella, and foundation president Cheri Canon. UAHSF's investment posture reflects the needs of a physician-heavy liability profile. The portfolio spans three distinct pools: the HSF General Endowment Fund, which carries reported allocations to buyout and distressed-debt strategies; a Professional Liability Trust Fund that underwrites medical-malpractice exposure for member physicians; and a directly owned real-estate book that includes the Kirklin Clinic, the Whitaker Clinic, the Daniel Building, and a rental-property portfolio in Birmingham and Cullman. Board member C.T. The foundation operates without a dedicated investment-staff corps visible to the public. Instead, its board draws from Alabama's business and legal establishment: former Colonial Properties Trust CEO Thomas Lowder, Kirkland & Ellis partner Mike Brock, and the Vulcan Value Partners team. In March 2024, UAB Health System announced a strategic alliance with Ascension St. Vincent's to expand clinical services across north-central Alabama, a move that will increase patient volumes and correspondingly grow the physician-revenue base that feeds the UAHSF endowment. What distinguishes UAHSF from a generic endowed foundation is its tripartite capital structure. The endowment, the malpractice trust, and the commercial-property portfolio are not siloed subsidiaries — they are balance-sheet segments of a single clinical enterprise where investment returns directly affect physician-retirement obligations and liability reserves. That architecture makes UAHSF a materially different investor from a university endowment with similar AUM: liquidity and duration constraints are driven by actuarial tables and malpractice-claims patterns, not just spending-policy rules. ## Sectors - Healthcare Services - Real Estate ## People - Dawn Bulgarella — CEO of UAB Health System and UAHSF - Cheri L. Canon, M.D. — President of UAHSF and Chief Physician Executive of UAB Health System - Ray L. Watts, M.D. — President of UAB and Chair of the UAB Medicine Enterprise Board ## Questions ### Who makes investment decisions at the University of Alabama Health Services Foundation? The UAHSF board serves as the de facto investment committee, drawing on members with significant finance and legal expertise. Board member C.T. Fitzpatrick runs Vulcan Value Partners as its chairman and CIO, while James Outland is a founding partner of Birmingham-based private-equity firm New Capital Partners. Day-to-day investing is not managed by a large internal staff; the board sets asset-allocation policy and selects external managers. ### How does UAHSF's structure affect its liquidity needs? The foundation maintains three capital pools with distinct liquidity profiles: the HSF General Endowment Fund, a Professional Liability Trust Fund for malpractice claims, and a directly owned real-estate portfolio. Malpractice-trust reserves must remain reasonably liquid to cover claims, while the commercial-property holdings — including the Kirklin Clinic and the Whitaker Clinic — are inherently illiquid. This bifurcation shapes the aggregate portfolio more than a typical endowment spending rule. ### Where does UAHSF's capital come from? The foundation is the faculty practice plan for the UAB Heersink School of Medicine. It collects clinical revenue from physician services delivered through UAB Hospital, the Kirklin Clinic, and a network of community clinics across Alabama. After covering practice-plan expenses, the surplus flows into the endowment and the liability trust. ### What real estate does UAHSF own? UAHSF directly owns multiple clinical and commercial properties in Birmingham, including the Kirklin Clinic of UAB Hospital, the Whitaker Clinic, the Daniel Building at 15 20th Street South, the John N. Whitaker Building, and a medical office building on 11th Avenue South. It also holds a rental-property portfolio that extends to Cullman, Alabama. ### How is UAHSF related to UAB Health System? UAHSF and UAB form a joint-venture entity called the UAB Medicine Enterprise that oversees the integrated health system. Dawn Bulgarella serves as CEO of both the foundation and the health system, while Dr. Cheri Canon is the foundation's president and the health system's chief physician executive. The arrangement blurs the line between a standalone endowment and a health-system treasury function. ## Related profiles - [Iron Workers Local 25](https://altss.com/profile/iron-workers-local-25) - [Fondazione Cassa di Risparmio di Trento e Rovereto](https://altss.com/profile/fondazione-cassa-di-risparmio-di-trento-e-rovereto) --- Last updated: 2026-08-11T02:43:31.692Z Canonical page: https://altss.com/profile/university-of-alabama-health-services-foundation Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology