Inside the Wallace Foundation’s $1.7B Portfolio: Alternatives Dominate, With Global Equity Exposure

The Wallace Foundation was founded by DeWitt and Lila Wallace and reorganized after their deaths in the 1980s. The Foundation took its current form in the early 2000s, when several predecessor entities were merged into one. Its mission is to help communities by supporting educational and artistic causes. Programs include school leadership, after-school and summer learning, and youth development. The Foundation disclosed its 990 filing for fiscal 2024, reporting expenses of $85.94 million, net income of $38.12 million, and total net assets of $1.72 billion. Revenue totaled $124 million, of which $115 million came from the sale of assets. Other sources of revenue included $2.38 million from interest on savings and $6.36 million from dividends and interest on securities. In the capital gains section, the foundation disclosed $17.61 million in gains from the sale of publicly traded securities, $26.59 million from positions in foreign corporations, and $48.88 million from partnerships and alternative investments.

In dollar terms the portfolio is concentrated in partnerships and alternative investments, which make up roughly 83% of assets; the long roster of individual bonds below represents a much smaller share, about 8%.