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William & Mary Foundation (WMF)
Brian Hiestand runs the W&M Foundation's portfolio, which oversees three-quarters of William & Mary's endowment through its in-house 1693 Management...
William & Mary Foundation (WMF)
The William & Mary Foundation was formed in 1939 to receive, manage, and invest private gifts for the university's benefit. CEO Matthew Lambert leads the foundation's fundraising and strategic direction, while Brian Hiestand serves dual-hatted as CEO and CIO of the 1693 Management Company, the investment office that runs the foundation's multi-asset portfolio. An independent board of up to 40 trustees governs the foundation, with the Investments Committee representing WMF on the 1693 Partners Fund Board. The foundation allocates across a deliberately heterogeneous mix including real estate, natural resources, energy infrastructure, private credit, and hedge fund strategies. Real assets feature prominently: WMF directly holds mixed-use property Tribe Square, the New Town Office Building, and the Corner House in Williamsburg, plus timber and self-storage facilities. The 1693 Partners Fund serves as a pooled vehicle through which the foundation accesses private markets and alternative investments. Confirmed co-investor relationships include Jane Batten's $100 million gift establishing the Batten School of Coastal & Marine Sciences, which may create future marine-science investment adjacencies. Hiestand and his colleague Lauren Jacobson are active participants in the Academy for Institutional Investors, a professional network for endowment and foundation investment staff. The foundation also engages through the Association of Governing Boards' Foundation Leadership Forum. These peer networks often function as shared due-diligence channels at endowments of this scale. The foundation administers three adjacent philanthropic entities: the Muscarelle Museum of Art Foundation, the W&M Athletic Educational Foundation, and the W&M Real Estate Foundation, each with separate but related asset pools. The foundation's hybrid architecture — a 501(c)(3) public charity that is both the primary endowment beneficiary and the controlling entity behind a dedicated investment management company — departs from the typical university model where an in-house investment office reports to the board of visitors. Here, the foundation board and its 1693 Management Company subsidiary hold a concentrated governance mandate, making the foundation the center of financial gravity for William & Mary.
General information
Firm type
Endowment / Foundation
Year founded
1939
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Williamsburg
Corporate office
5300 Discovery Park Boulevard, Third Floor, Williamsburg, VA 23188, United States
Principals
Matthew Lambert
Chief Executive Officer
Brian Hiestand
Chief Executive Officer and Chief Investment Officer, 1693 Management Company
Bruce Aird
Chief Financial Officer and Treasurer
Altss tracks 1 additional named team member for this firm — including direct investment leads, IR, and operating principals not listed on the public website.
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Frequently asked questions
Who runs investment decisions at the William & Mary Foundation?
Brian Hiestand serves as both CEO and CIO of the 1693 Management Company, the foundation's dedicated investment office. He reports functionally to the foundation's Investments Committee, which represents the WMF board on the 1693 Partners Fund Board. Matthew Lambert, the foundation's CEO, focuses on development and strategic leadership rather than portfolio management.
How does the foundation's governance differ from a typical university endowment?
The William & Mary Foundation is a separate 501(c)(3) public charity governed by an independent board of up to 40 trustees, not a committee of the university's board of visitors. Its 1693 Management Company subsidiary centralizes investment authority, so the foundation both receives the majority of university gifts and controls the investment policy — a more concentrated governance chain than the bifurcated model at many public universities.
Does the foundation invest only in publicly traded securities?
No. The foundation holds a range of real property directly — including mixed-use, commercial, and land assets in Williamsburg — plus timber, self-storage, and natural resources and energy infrastructure. The 1693 Partners Fund provides additional exposure to private markets, hedge fund strategies, and private credit.
Is the 1693 Partners Fund open to outside investors?
The 1693 Partners Fund appears to be an internal pooled vehicle for the foundation's alternative investments. The foundation's Investments Committee serves as the WMF's representatives on the fund's board, suggesting it is structured for affiliated use rather than as a commercial fund open to third-party LPs.
How are philanthropic gifts separated from the investment portfolio?
The foundation holds the core endowment assets and manages them through the 1693 Management Company. Adjacent foundations — the Muscarelle Museum of Art Foundation, the W&M Athletic Educational Foundation, and the W&M Real Estate Foundation — steward asset pools tied to specific university units, keeping programmatic gifts legally and operationally distinct from the main endowment portfolio.
What is the foundation's posture on direct real estate investments?
The foundation directly holds at least four properties in the Williamsburg area: Tribe Square (mixed-use), the New Town Office Building, the North Henry Street property, and Corner House. It also holds the Williamsburg Bray School land parcel as well as timber and self-storage interests, indicating a preference for direct ownership in real assets rather than exclusively fund-level commitments.
Which external peer networks does the investment team participate in?
Brian Hiestand and Lauren Jacobson are active in the Academy for Institutional Investors, a membership group for endowment, foundation, and nonprofit investment professionals. The foundation also participates in the AGB Foundation Leadership Forum, which addresses governance and strategy issues for university-affiliated foundations.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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