The Denver Foundation’s investment performance is consistently strong, in good times as well as bad. The foundation’s investment committee (listed below) reviews recommendations and reporting from our investment advisory firm, NEPC. Our approach is moderately conservative, designed to grow charitable assets over the long term and avoid the extremes of the market.
We’ll work with you to determine the investment strategy that will best achieve your objectives.
The Denver Foundation is committed to the stewardship of our donors’ and fundholders’ charitable goals and legacies. We offer multiple platforms for the long-term investment of more than $1.1 billion in assets, governed under the leadership of our board of trustees and investment committee. These assets include our internal pools; our advisor-managed funds pool; and our real assets. Using a diversified approach, we work to support our donors’ and fundholders’ goals for these charitable assets. Our current internal investment pools are the Long-Term Balanced Pool, Sustainable and Responsible Investment (SRI) Pool, and Index Pool.
The Long-Term Balanced Pool presents a diversified investment approach across multiple asset classes, including a substantial weighting to private capital. Allocation to the private markets helps this pool weather market volatility. This pool
also focuses on DEI as it is a core fundamental value of The Denver Foundation. This pool is suitable for the long-term investment of charitable funds.
This pool uses a long-term diversified investment approach across multiple asset classes, with a focus on aligning investments with our mission and values. This approach includes considering ESG risks and opportunities; targeting diverse-led and diverse-owned firms; and investing in thematic, mission-aligned investments. This pool is suitable for donors who want to align their charitable investments for the longterm with their philanthropic priorities.
The Index Pool presents a diversified investment approach through holdings in
two Vanguard mutual funds. This pool is suitable for donors who are seeking a low-cost investment option for their charitable assets. This pool has no ESG mandate.
Data through Q4: Dec. 31, 2022
* indicates that the manager has an incentive or carry fee.
Long-Term Balanced Pool | |
Domestic Equity | Rock Springs Capital Offshore Fund LP* |
SPDR S&P 500 ETF Trust - SPY | |
Whale Rock Long Opportunities Fund LTD* | |
Wellington CTF Mid Cap Opps | |
Xponance S&P 500 ESG-DEI Enhanced Index | |
International Equity | Silchester International Value Equity Trust |
Emerging Markets Equity | Newport Asia Institutional Fund LP |
The Edgbaston Asian Equity Trust | |
Global Equity | Generation Im Fund Plc |
GQG Partners Global Equity Fund | |
Independent Franchise Partners Global Equity | |
Hedged Equity | Junto Offshore Fund Ltd* |
Maverick Fund Ltd* | |
The Caravel Fund (Offshore) Ltd | |
Viking Global Opportunities III | |
Fixed Income | Garcia Hamilton Short Duration Opportunistic |
PIMCO Short Term Institutional PTSHX | |
Private Equity | Actis Emerging Markets 3 Global* |
Actis Global 4* | |
Ara Fund II | |
Axiom Asia Co-Investment Fund I LP* | |
Axiom Asia V LP* | |
Canyon Distressed Opportunity Fund II | |
Canyon Distressed Opportunity Fund III | |
Charterhouse Capital Partners X* | |
Clayton Dubilier & Rice Fund VIII* | |
Clayton Dubilier & Rice Fund IX* | |
Clayton Dubilier & Rice Fund X LP* | |
Crestview Partners IV LP | |
Denham Commodity Partners Fund VI | |
Denham IV Continuation Fund | |
Drawbridge Long Dated Value Fund III (A) LP | |
Fairfield Affordable Housing Preservation Fund | |
GEMS Fund 5 International | |
General Atlantic Investment Partners 2019 LP* | |
Golub Capital Partners International 11 | |
Green Equity Investors CF, L.P. | |
Green Equity Investors V LP* | |
HCAP Partners V | |
Lime Rock Resources III | |
Madison Dearborn Capital Partners V* | |
Madison Dearborn Capital Partners VI* | |
Madison Dearborn Capital Partners VII* | |
Madison Dearborn Capital Partners VIII | |
MHR Institutional Partners II | |
MHR Institutional Partners III | |
MHR Institutional Partners IV | |
Patriot SPV, L.P. | |
Sculptor Real Estate Fund IV | |
Sculptor Real Estate Parallel Fund III | |
StepStone International Investors III LP* | |
TIFF IV | |
TIFF V-International | |
TIFF V- US | |
Veritas Capital VII LP* | |
Vitruvian VIP III LP* | |
Private Debt | Canyon Distressed Opportunity Fund II (Cayman) LP* |
Canyon Distressed Opportunity Fund III (Cayman) LP* | |
GEMS Fund 5 International LP* | |
Golub Capital Partners International 11 LP* | |
HCAP Partners V, L.P. | |
MHR Institutional Partners IIA LP* | |
MHR Institutional Partners III LP* | |
MHR Institutional Partners IV LP* | |
Private Real Assets | Denham Commodity Partners Fund VI LP* |
Denham IV Continuation Fund LP | |
Lime Rock Resources III-C LP* | |
Sculptor Real Estate Fund IV A LP* | |
Sculptor Real Estate Parallel Fund III B LP* | |
Absolute Return | Farallon Capital Institutional Partners* |
Nut Tree Offshore Fund Ltd* | |
Two Sigma Spectrum Cayman Fund Ltd* | |
Voya Mortgage Investment Fund | |
Sustainable and Responsible Investment (SRI) Pool | |
Domestic Equity | Boston Trust Walden Global Equity SMA |
Xponance | |
International Equity | Hardman Johnston International Equity Fund II |
Silchester International Value Equity Trust | |
Emerging Markets Equity | The Edgbaston Asian Equity Trust |
Global Equity | Generation Im Fund Plc |
GQG Partners Global Equity Fund | |
Independent Franchise Partners Global Equity | |
Wellington CTF Global Impact Portfolio | |
Fixed Income | Access Capital Community Investment Fund - ACCSX |
Garcia Hamilton Short Duration Opportunistic | |
Seattle Northwest Fixed Income SMA | |
Private Equity | Ara Fund II |
Fairfield Affordable Housing Preservation Fund | |
GCM Grosvenor Advance Fund, L.P. | |
Private Debt | HCAP Partners V, L.P. |
Absolute Return | Farallon Capital Institutional Partners* |
Index Pool | |
Multi-Asset | Vanguard LifeStrategy Growth Fund - VASGX |
Vanguard LifeStrategy Moderate Growth Fund - VSMGX | |
Effective 6/1/2021, the Policy Index consists of: 15% Russell 3000, 6% MSCI EAFE, 4% MSCI Emerging Markets, 20% MSCI ACWI, 10% HFRI Equity Hedge (Total) Index, 15% C|A U.S. All Private Equity Index, 5% C|A Global Credit (quarter lag), 5% C|A Global Real Assets with Real Estate (quarter lag), 10% HFRI Fund of Funds Composite Index, 8.5% Bloomberg US Aggregate TR, and 1.5% 91 Day T-Bills.”
Effective 1/1/2022, the Policy Index consists of: 20% Russell 3000, 10% MSCI EAFE, 5% MSCI Emerging Markets, 25% MSCI ACWI, 22% (65% MSCI ACWI Net / 35% Bloomberg Aggregate), 2% C|A Global All PE (Quarter Lag), 1% C|A Global Credit (Quarter Lag), 13.5% Bloomberg US Aggregate TR, and 1.5% 91 Day T-Bills.”
As of 7/1/2019, the Policy Index is made up of 50% Growth Composite Index and 50% Moderate Growth Composite Index.
The investment committee of the foundation is responsible for implementing the Investment Policy Statement, as adopted by the board of trustees, and for monitoring and directing performance activity on an ongoing basis to ensure that long-term investment objectives are being met. The investment committee consists of professionals who volunteer their time and insights to steward the foundation’s assets.
Carey Dobbertin, Chair
Barbara M. Baumann, President, Cross Creek Energy Corporation
Marion Chebet, Sr. Portfolio Manager & Director of Impact Investing, Johnson Financial Group, LLC
Jennifer Kilpela
Kathy Lutito, President and Chief Investment Officer, CenturyLink Investment Management
Mark Newhouse, Co-Founder, Left Behind Workers Fund | General Partner, Innosphere Fund
Katherine Pease, Managing Director, Pathstone
Karen M. Robinson, Co-Founder, Managing Director at Cook Street Consulting, Inc.
NEPC is one of the industry’s largest independent, full-service investment consulting firms. The firm serves large endowments and community foundations, with total assets under management (AUM) more than $1.1 trillion. The Investment Committee was most impressed with the co-lead consultants’ capacity and deep expertise to oversee the foundation’s portfolios and direct the overall investment strategies.