The financial press is filled with details about what stocks hedge fund managers invest in based on their 13-Fs, but many managers also invest in other hedge funds through their foundations. For example, Clint Carlson of Carlson Capital, who runs the Double Black Diamond Fund, founded The Carlson Foundation, which donates primarily to education and the arts. Through his foundation, he invests in a handful of funds.
The Carlson Foundation’s grantees in 2024 included Colorado College, UT Law School Foundation, Orchestra of New Spain, North Texas Food Bank, and St. Mark’s School of Texas. According to the 990-PF for 2024, which was filed in October 2025, The Carlson Foundation had $14.4 million at the end of the fiscal year.
Also see: Here’s Where Clint Carlson Invests His Foundation’s Money
Capital gains and losses
In fiscal 2024, The Carlson Foundation reported a loss of about $40,000 on Carlson’s Black Diamond fund and a gain of around $845,000 on his Double Black Diamond fund.
The foundation gained over $400,000 on its disposition of Energy Harbor Corp. and posted a loss of more than $65,000 on its disposition of the IPI Offshore Fund. Energy Harbor Corp. stopped trading in February 2024 and is now privately held. The company specializes in nuclear power plants.
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