# Wisconsin Alumni Research Foundation

Wisconsin Alumni Research Foundation is an Endowment / Foundation based in Madison, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Madison, United States
- **Region:** North America
- **Address:** 614 Walnut Street, 13th Floor, Madison, WI 53726, United States
- **Founded:** 1925
- **Assets under management:** 3100 (Altss estimate)
- **Website:** warf.org
- **LinkedIn:** https://www.linkedin.com/company/wisconsin-alumni-research-foundation

## Regulatory record

- **CRD number:** 110394
- **Registration status:** APPROVED
- **Latest Form ADV filing:** 2025-08-31T05:00:00.000Z
- **Reports private funds:** No
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/110394

## About

The Wisconsin Alumni Research Foundation was established in 1925 to manage patenting and licensing for University of Wisconsin-Madison inventions. Harry Steenbock's vitamin D process provided early revenue that shaped the organization's structure. WARF functions as an independent nonprofit that channels licensing income into grants and investments rather than retaining profits for private benefit. WARF allocates capital across venture investments, real estate, and intellectual property. Its venture arm, WARF Ventures, holds positions in Elephas, SHINE Technologies, FluGen, Voximetry, and Realta Fusion. The foundation owns the University Research Park, a 126-company mixed-use development in Madison, and maintains commodity exposure through futures and active managers. Geographic focus centers on Wisconsin and select U.S. opportunities in healthcare and energy. WARF participates in both direct startup investments and co-investments alongside external parties. The organization employs 99 professionals and maintains relationships with Northern Trust as custodian and NEPC as investment advisor. In 2025 WARF transferred its ownership stake in the Discovery Building to UW-Madison and the Morgridge Institute for Research. Adjacent vehicles include the Morgridge Institute for Research, which receives annual operational grants, and WiCell Research Institute, focused on stem cell distribution. WARF also participates in the Greater Madison Chamber of Commerce and Wisconsin Technology Council. WARF's structure ties investment decisions directly to university research output rather than external LP mandates. This creates a closed loop where licensing revenue funds both grants and venture deployment without third-party capital calls or performance fees typical of standalone venture firms.

## Sectors

- Venture Capital
- Healthcare
- Energy

## People

- Erik Iverson — CEO

## Questions

### Who runs investment decisions at Wisconsin Alumni Research Foundation?

Erik Iverson serves as CEO and oversees the organization's investment activities including the WARF Ventures program.

### Does Wisconsin Alumni Research Foundation participate in fund commitments or only direct deals?

WARF Ventures makes direct investments in startups alongside limited fund commitments through its internal deployment strategy.

### What investment stages does Wisconsin Alumni Research Foundation typically target?

The foundation focuses on early-stage university-derived companies, primarily at the startup phase in healthcare and energy sectors.

### How is Wisconsin Alumni Research Foundation related to University of Wisconsin-Madison?

WARF serves as the designated patenting and licensing organization for the university and provides annual grants to support research operations.

### What is Wisconsin Alumni Research Foundation's known posture on co-investments alongside external GPs?

WARF Ventures co-invests with external parties in portfolio companies such as Elephas and SHINE Technologies.

## Related profiles

- [HRM Pension Plan](https://altss.com/profile/hrm-pension-plan)
- [Columbus Foundation](https://altss.com/profile/columbus-foundation-affiliated-funds)

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

Canonical page: https://altss.com/profile/wisconsin-alumni-research-foundation

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