Investment Options


Taking care of the future


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.

 

Investment pools


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 $1.2 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.

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Long-Term Balanced Pool

The foundation’s oldest investment option, presents a long-term 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. The pool is built with an awareness of DEI, as a core value of the foundation. This pool is suitable for donors looking for a diverse investment portfolio for the long-term investment of their charitable funds.

 

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Sustainable and Responsible Investment Pool

Uses a long-term diversified investment approach across multiple asset classes with a focus on aligning investments with the mission and values of the foundation. This approach includes considering ESG risks and opportunities; identifying diverse-led and owned funds and companies; and thematic mission-aligned investments. Suitable for donors who want to align their charitable investments for the long term with their philanthropic priorities.

 

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Index Pool

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.

 

 

 

Investment Approach 2023 Q2 

Investment Approach 2022 Q4 

Letter from the Treasurer 2022 Q4

Investment Managers


Data through Q2: June 30, 2023

 * 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*

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 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 V-International

TIFF V- US

Veritas Capital VII LP* 

Vitruvian VIP III 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 Debt

Golub Capital Partners International 11 LP*

GEMS Fund 5 International LP*

HCAP Partners V, L.P.

MHR Institutional Partners IV LP*

MHR Institutional Partners III LP*

Canyon Distressed Opportunity Fund III (Cayman) LP*

MHR Institutional Partners IIA LP*

Private Real Assets

Denham Commodity Partners Fund VI LP*

Denham IV Continuation Fund LP

Fairfield Affordable Housing Preservation Fund

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*

Junto Offshore Fund Ltd*

Maverick Fund Ltd*

Maverick Holdings C Ltd

Nut Tree Offshore Fund Ltd*

Two Sigma Spectrum Cayman Fund Ltd*

Viking Global Opportunities III LP*

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

Private Equity

Ara Fund II 

Generation IM sustainable Solutions Fund IV (A), L.P.

GCM Grosvenor Advance Fund, L.P.

Private Debt

HCAP Partners V, L.P.

Private Real Assets

Carlyle Renewable and Sustainable Fund II

Fairfield Affordable Housing Preservation Fund

Absolute Return

Farallon Capital Institutional Partners*

Index Pool


Multi-Asset 

Vanguard LifeStrategy Growth Fund - VASGX

Vanguard LifeStrategy Moderate Growth Fund - VSMGX

Policy Benchmarks


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 Growth Composite Index consists of 48% CRSP US Total Market Index, 32% FTSE Global All Cap ex US Index, 14% Bloomberg U.S. Aggregate Float Adjusted Index, and 6% Bloomberg Global Aggregate ex US TR Index.
  • The Moderate Growth Composite Index consists of 36% CRSP US Total Market Index, 24% FTSE Global All Cap ex US Index, 28% Bloomberg U.S. Aggregate Float Adjusted Index, and 12% Bloomberg Global Aggregate ex US TR Index.”

2023 Investment Committee


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.

Jennifer Kilpela, Chair, finance and institutional investment management professional 
Barbara M. Baumann, President, Cross Creek Energy Corporation
Marion Chebet, Sr. Portfolio Manager & Director of Impact Investing, Johnson Financial Group, LLC
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, Cook Street Consulting, Inc.

Our Investment Consultant


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.