Michael Milken’s $112M Foundation Invests More than Half Its Holdings In an Unknown Entity

Investors the world over follow famous investors’ portfolios, but there’s one type of filing that flies under the radar. We can get some insights into the funds managers invest in alongside their stocks by looking at their foundations’ public filings. In the case of The Milken Family Foundation, Hedge Fund Alpha’s new 990-PF tool reveals a massive allocation to some entity that’s unclear based on how it’s listed.

Michael Milken, known for pioneering high-yield junk bonds at Drexel Burnham Lambert in the 1970s and 1980s, is currently linked to Silver Rock Financial, previously his family office before it transitioned into an external investment firm.

Background on The Milken Family Foundation

The Milken Family Foundation was founded by brothers Michael and Lowell Milken in 1982, and it works to uncover and push forward “inventive, effective ways to help people help themselves and those around them lead productive and satisfying lives.” The foundation believes that education is the approach that’s most conducive to meeting those goals.

The Milken Family Foundation is running three initiatives right now. They include strengthening the teaching profession through the recognition of outstanding educators and by expanding their leadership and influence on policy. The foundation also aims to stimulate creativity and productivity among people of all ages.

According to the 990-PF for the fiscal year that ended in November 2024, which was filed in October 2025, The Milken Family Foundation had $112.3 million in assets at the end of the fiscal year.

A contemporaneous 990-PF filing from the related Michael and Lori Milken Family Foundation (EIN: 821927087) – a separate entity with $513.1 million in assets that shares the same Santa Monica address – lists The Milken Family Foundation as a contractor paid $878,576 for accounting and grant administration services in the same fiscal year. That arrangement points to The Milken Family Foundation functioning as an operational and administrative hub within the broader Milken philanthropic network. Notably, the larger foundation also holds a dominant single-entity position – NP1 LLC, at $414 million, or 80.7% of its portfolio – mirroring the CM-NP LLC concentration seen in the foundation covered here.