William & Mary Foundation

What William & Mary Foundation does

The William & Mary Foundation is an independent 501(c)(3) public charity, organized in 1939 under Virginia law and headquartered at 5300 Discovery Park Boulevard, Williamsburg, VA, whose sole programmatic purpose is to advance William & Mary University by securing private philanthropy, administering named endowments, and managing invested assets. It currently oversees or serves as beneficiary of more than three quarters of the university's total endowment (approximately $1.1 billion), with named endowments created at a minimum $100,000 commitment to support scholarships, professorships, and programs in perpetuity.

The foundation's core operations span four interlocking product lines: philanthropy and fundraising services, endowment investment management, gift administration (credit card, check, stock/securities transfers via Truist Bank, and real estate gifts), and named endowment creation. Investment management is delivered through the 1693 Partners Fund — a non-profit pooled investment vehicle that went live on January 1, 2021, replacing the earlier William & Mary Investment Trust (WAMIT, established 2004) — and is administered by 1693 Management Company, LLC, a wholly owned subsidiary of the foundation led by CEO/CIO Brian Hiestand. Annual endowment distributions are calculated using a banded constant growth methodology with a 4% floor and 6% cap on average market value.

The foundation is governed by an independent volunteer board of up to 40 trustees and led by CEO Matthew Lambert, CFO/Treasurer Bruce Aird (the foundation's first full-time CFO, appointed in 2023), and Executive Director Carrie Letourneau. The revenue model is donation-based, supplemented by endowment investment returns, and the foundation markets through its own website (wmf1693.org) and the university's giving portal (giving.wm.edu). The foundation's operating geography is Virginia, with distribution channels limited to supporting William & Mary — a public university receiving less than 11% of its operating budget from the Commonwealth of Virginia, which structurally underwrites the foundation's relevance.

Name

William & Mary Foundation

Legal name

William & Mary Foundation

Website

https://wmf1693.org

Company type

Private

Founded year

1939

Operating status

Operating

Short description

The William & Mary Foundation is a 501(c)(3) public charity founded in 1939 that secures private philanthropy and manages over three quarters of William & Mary University's approximately $1.1 billion endowment through its 1693 Partners Fund and wholly owned 1693 Management Company subsidiary.

Ownership category

akta.pro rank

Product category

University Endowment and Philanthropic Fund Management

NAICS

Grantmaking Foundations (813211), Trusts, Estates, and Agency Accounts (52592), Grantmaking and Giving Services (8132)

SIC

Investment Advice (6282)

akta.pro primary industry

Endowments (Universities, Foundations, Nonprofits) (FSAAAGAC)

akta.pro secondary industries

Scholarship & Fellowship Foundations and Trusts (EDADAHAC), Grantmaking & Philanthropic Funds (Institutional Donors) (BPADAOAB), Major Gifts, Planned Giving & Endowment Development (EDALAOAC)

Keywords

• University endowment management
• Charitable gift administration
• Private foundation fundraising
• Pooled investment vehicles
• Higher education philanthropy

Headquarters

HQ city

Williamsburg

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Others, Marketing or Sales

Revenue model

1. Private Gifts and Donations: The foundation receives private gifts and property from donors including credit card donations, checks, stock/securities transfers, and real estate gifts. These donations support the university's educational priorities.
2. Endowment Investment Returns: Investment returns from the endowment portfolio provide annual distributions to support university priorities. The foundation uses a banded constant growth methodology for payout calculation, with a 4% floor and 6% cap based on average market value.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

The William & Mary Foundation secures private philanthropic gifts (credit card, check, stock/securities, and real estate), administers a multi-asset investment portfolio representing more than three quarters of William & Mary university's total endowment, and creates named endowments with a minimum $100,000 commitment to fund scholarships, professorships, and university programs. Its pooled investment vehicle, the 1693 Partners Fund, is managed by its wholly owned subsidiary, 1693 Management Company, and uses a banded constant growth payout methodology (4% floor, 6% cap) to distribute returns to the university.

Product overview

The William & Mary Foundation operates as a unified philanthropic and investment management organization offering multiple interconnected services: it raises private funds through various giving channels (credit card, check, stock, real estate), creates and administers named endowments with a $100,000 minimum, and manages a multi-asset investment portfolio overseeing more than three quarters of the university's $1.1 billion+ endowment. The core investment vehicle is the 1693 Partners Fund (launched January 1, 2021), administered by the subsidiary 1693 Management Company, which replaced the prior William & Mary Investment Trust (WAMIT) structure. The foundation's integrated approach combines fundraising, gift planning, endowment administration, and professional investment management to advance William & Mary's educational priorities.

Differentiator

Problem solved

Functional benefit

Products and services

• Philanthropy and Fundraising Services Manages private gift fundraising campaigns and donor relations to secure private support for William & Mary university's educational mission, including scholarships, professorships, and programs. For donors, alumni, and William & Mary University.
• Endowment Investment Management Administers a multi-asset investment portfolio overseeing more than three quarters of William & Mary university's total endowment, guided by the Investments Committee and 1693 Management Company, with annual payout determined by a banded constant growth methodology (4% floor, 6% cap). For William & Mary University and affiliated endowed entities.
• Gift Administration Processes charitable gifts including credit card donations, checks, stock/securities transfers (via Truist Bank custody), and real estate gifts, with dedicated staff for gift accounting, receipting, and donor reporting. For individual and organizational donors supporting William & Mary.
• Named Endowment Creation Establishes donor-specified endowed funds with a minimum $100,000 commitment, with the endowment named in honor or memory of a family member, professor, or other individual, supporting scholarships, faculty positions, and university programs in perpetuity. For individual and organizational donors seeking a perpetual legacy at William & Mary.
• 1693 Partners Fund A pooled investment vehicle that invests and holds designated assets of eligible William & Mary support organizations (members include W&M Foundation, Board of Visitors, Marshall-Wythe School of Law Foundation, William & Mary Business School Foundation, and Murray 1693 Scholars Foundation). For affiliated William & Mary support organizations.
• 1693 Management Company A wholly owned subsidiary of the William & Mary Foundation appointed to serve as the investment manager of the 1693 Partners Fund, providing day-to-day monitoring and reporting of endowed assets. For the 1693 Partners Fund and its member organizations.

Quantifiable outcome

• Over 75% of university endowment managed
• +1 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• 1693 Management Company, LLCcoreStrategic or Co-development Partner1693 Management Company is a wholly owned subsidiary of the W&M Foundation appointed to serve as the 1693 Partners Fund's investment manager. Brian Hiestand serves as Chief Executive Officer and Chief Investment Officer.
• Board of VisitorscoreStrategic or Co-development PartnerThe Board of Visitors is a member of the 1693 Partners Fund and holds a portion of the university's endowed assets outside of the W&M Foundation.
• Marshall-Wythe School of Law FoundationcoreStrategic or Co-development PartnerMember of the 1693 Partners Fund. Holds endowed assets for the law school separate from the W&M Foundation.
• William & Mary Business School FoundationcoreStrategic or Co-development PartnerMember of the 1693 Partners Fund. Holds endowed assets for the business school separate from the W&M Foundation.
• Murray 1693 Scholars FoundationcoreStrategic or Co-development PartnerMember of the 1693 Partners Fund.
• William & Mary Real Estate FoundationminorStrategic or Co-development PartnerReviews and approves real estate gifts prior to acceptance by the W&M Foundation.

Scale indicators5 records

Recent moves8 records

Expansion highlights4 records

Broad incumbents

• Commonfund: Asset management firm serving non-profit endowments, foundations, and pension plans. Broad incumbent providing pooled investment vehicles and OCIO services that overlap with the 1693 Partners Fund's role for institutional non-profit clients.

Others

• Cambridge Associates: Investment advisor and OCIO provider widely used by university endowments and foundations. Comparable as an enabler/advisor to similar university foundations rather than a direct competitor, but relevant as an alternative operating model to in-house investment management.

Direct peers

• DUMAC (Duke University Management Company): Manages Duke University's endowment. Direct peer operating with the same university-affiliated investment subsidiary model and pooled fund structure used by the W&M Foundation.
• Yale Investments Office: Manages Yale University's $40B+ endowment. Direct peer as an in-house investment office for a single university endowment, comparable in function and asset scale relevance.
• Harvard Management Company: Manages Harvard University's endowment ($50B+). Directly comparable as a dedicated investment management entity for a major university endowment, operating with similar pooled investment and governance structures to W&M Foundation's 1693 Management Company.
• Princeton University Investment Company (PRINCO): Manages Princeton University's endowment. Direct peer as a dedicated university-affiliated investment management entity with a long-horizon endowment mandate similar to the 1693 Partners Fund.
• Stanford Management Company: Manages Stanford University's $30B+ endowment. Direct peer as a wholly owned investment subsidiary serving a single university's pooled endowment, mirroring the 1693 Management Company model.
• MIT Investment Management Company (MITIMCo): Manages MIT's $20B+ endowment. Direct peer as a wholly owned subsidiary investment manager serving a single university's pooled endowment, structurally analogous to 1693 Management Company.
• University of Virginia Investment Management Company: Manages UVA's $10B+ endowment. Direct peer and especially relevant as a fellow Virginia public-university endowment manager with a pooled fund structure and subsidiary investment manager similar to the 1693 Partners Fund and 1693 Management Company.
• Vanderbilt Investment Office: Manages Vanderbilt University's endowment. Direct peer operating an in-house investment office supporting a single university's pooled endowed assets, comparable in mandate and governance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/william-mary-foundation

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about William & Mary Foundation