# William & Mary Foundation (WMF)

William & Mary Foundation (WMF) is an Endowment / Foundation based in Williamsburg, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Williamsburg, United States
- **Region:** North America
- **Address:** 5300 Discovery Park Boulevard, Third Floor, Williamsburg, VA 23188, United States
- **Founded:** 1939
- **Assets under management:** Undisclosed
- **Website:** wmf1693.org
- **LinkedIn:** https://www.linkedin.com/company/william-mary-foundation

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Real Estate
- Natural Resources
- Energy Transition & Renewables
- Private Credit
- Hedge Funds

## People

- Matthew Lambert — Chief Executive Officer
- Brian Hiestand — Chief Executive Officer and Chief Investment Officer, 1693 Management Company
- Bruce Aird — Chief Financial Officer and Treasurer

## 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.

### 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.

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

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