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William & Mary Foundation
The William & Mary Foundation, established in 1939, functions as the university's primary philanthropic and investment vehicle. CEO Matthew T.
William & Mary Foundation
The William & Mary Foundation, established in 1939, functions as the university's primary philanthropic and investment vehicle. CEO Matthew T. Lambert leads the foundation's advancement strategy, while a separate entity — 1693 Management Company, under CIO Brian Hiestand — directs the investment portfolio. The foundation's governance sits with a board chaired by Janet Rollins Atwater, and its funding base has been shaped by transformative gifts, including Jane Batten's $100 million commitment to establish the Batten School of Coastal & Marine Sciences. The foundation deploys capital across a multi-asset mix. Public equities and private market commitments sit alongside a significant real asset sleeve that includes timberland, self-storage facilities, and natural resources and energy infrastructure. The portfolio's real estate holdings are unusually transparent for a university endowment, with named commercial properties in Williamsburg: Tribe Square on Richmond Road, the New Town Office Building in James City County, and Corner House on Jamestown Road. The adjacent 1693 Partners Fund serves as a co-investment vehicle, offering a structure for direct deals alongside the endowment pool. The investment team participates actively in institutional networks — Brian Hiestand and team member Lauren Jacobson are listed participants in the Academy for Institutional Investors. The foundation itself engages with the Association of Governing Boards of Universities and Colleges through its Foundation Leadership Forum. In addition to the investment portfolio, the foundation stewards several specialized assets including the Williamsburg Bray School property, the Muscarelle Museum of Art collection, and three parallel foundations focused on real estate, athletics, and the museum. The foundation's structural differentiator is the explicit separation of advancement and investment functions between the foundation proper and 1693 Management Company, combined with a direct real asset portfolio that reads more like a family office's operating-company holdings than a typical endowment's fund-of-funds real estate exposure. This architecture gives the investment team discretion over physical assets while the university benefits from a streamlined fundraising apparatus.
General information
Firm type
Endowment / Foundation
Year founded
1939
Location
Region
North America
Country
United States
City
Williamsburg
Corporate office
Williamsburg, VA, United States
Principals
Matthew T. Lambert
Chief Executive Officer
Brian Hiestand
Chief Investment Officer, 1693 Management Company
Janet Rollins Atwater
Chair, Board of Trustees
Sector focus
Frequently asked questions
Who runs investment decisions at the William & Mary Foundation?
Brian Hiestand serves as Chief Investment Officer of 1693 Management Company, the dedicated investment office that manages the foundation's portfolio. He oversees asset allocation and manager selection, and participates alongside team member Lauren Jacobson in the Academy for Institutional Investors, a peer network of endowment and foundation CIOs.
How does the foundation hold its real assets?
Unlike many endowments that access real assets entirely through fund commitments, the William & Mary Foundation holds direct interests in named commercial properties around Williamsburg — including Tribe Square, the New Town Office Building, and Corner House — along with timberland and self-storage facilities. The 1693 Partners Fund provides an additional structure for direct co-investments alongside the main portfolio.
What is the relationship between the William & Mary Foundation and 1693 Management Company?
1693 Management Company is the separate investment office that manages the foundation's endowment assets. The foundation itself, led by CEO Matthew T. Lambert, handles university advancement and fundraising, while CIO Brian Hiestand and 1693 Management Company operate with investment-side independence under the foundation's board, chaired by Janet Rollins Atwater.
Where does the foundation's funding come from?
As the university's primary philanthropic vehicle, the foundation raises private support through campaigns and major gifts. A notable recent commitment came from Jane Batten, who donated $100 million to establish the Batten School of Coastal & Marine Sciences, demonstrating the scale of individual philanthropy that flows into the foundation.
What adjacent vehicles or foundations sit alongside the main endowment?
The William & Mary Foundation operates alongside three parallel foundations: the Muscarelle Museum of Art Foundation, the William & Mary Athletic Educational Foundation, and the William & Mary Real Estate Foundation. These entities hold specialized assets including art collections, athletic program funding, and additional property holdings like the Williamsburg Bray School site.
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