Berkshire Taconic gives you access to a highly diversified portfolio with world-class money managers.
As stewards of the charitable funds entrusted to us, we are committed to growing your investments so that you can grant more to the communities and causes you care about. By pooling the resources of many donors, Berkshire Taconic gives you access to a highly diversified portfolio with world-class money managers that would not otherwise be available to individuals or many organizations on their own.
Our investment approach is designed to provide strong returns, with moderate risk, in order to maintain funds’ spending power over time and in varied market environments.
For our Managed Pool, we use a well-diversified asset allocation that combines cost-effective ETFs (exchange- traded funds) with investments in flexible capital (hedge funds) and private equity to achieve higher returns per unit of risk or volatility. Fees paid to active managers are justified by higher returns, or we invest in index funds to minimize costs.
We value expertise, due diligence and collaboration in our investment program and utilize multiple levels of oversight to manage over $200 million* in assets.
- Our board of directors ensures a stable and effective investment program.
- Our investment committee of seasoned investment professionals runs the program. Each member has deep expertise in specific asset classes.
- The committee engages Prime Buchholz, an independent investment consultant, for due diligence and additional advice on asset allocation and investment strategies and managers.
- Our professional staff brings broad knowledge of community foundation finance and investments to manage all transactions and accounting.
Together, we have consistently delivered superior results that maximize grantmaking and preserve and grow resources. You can see our most recent return summaries, read market reviews.
Investment Committee, Advisors, & Managers
BTCF's investment program is guided by a group of board (*) and community members with extensive experience in institutional investments who together provide a broad range of expertise in different asset classes and employ top investment managers in each class.
Appointed by the foundation's board of directors from its members and others in the community, the Investment Committee meets at least quarterly to set long-term strategy, review performance, rebalance the portfolio, meet with current and prospective managers, discuss market conditions, and establish overall manager-specific benchmarks.
Our Investment Committee is supported by the foundation's Vice President for Finance and Administration and advised by Prime Buchholz of Portsmouth, N.H. Prime Buchholz is one of the country’s most reputable investment consulting firms, and its experienced team works closely with community foundations, hospitals, schools, faith-based organizations and other clients.
Liz Hilpman serves as president and chief investment officer of Barlow Partners, an investment advisory firm in New York City she joined in 2001. Prior to joining Barlow, Liz was a vice president of investments at Commonfund; an investment manager with Global Asset Management; an investment officer working in the endowment community at Dartmouth College; and the director of Alternative Manager Research at Dubin & Swieca. She is a frequent speaker at hedge fund conferences on the subjects of asset allocation, manager selection and monitoring. She has served on a number of nonprofit boards, including Jacob’s Pillow Dance Festival and the Cary Institute, and in leadership roles on the investment committees of several nonprofit organizations, including as chair of the investment committee of the Maine Community Foundation. She has served on the BTCF investment committee as a community member since 2013. She holds a B.A. from the University of New Hampshire and resides part-time with her husband in Norfolk, Conn.
Thaddeus Gray retired as a managing director at Abbott Capital Management, LLC, a New York-based investment advisor focused exclusively on private equity, in 2017. Thaddeus was chief investment officer and a member of Abbott’s executive committee. Prior to this, Thaddeus worked as syndicate manager/assistant vice president for Commerzbank Capital Markets Corporation and as an analyst in the Corporate Finance Department for Credit Commercial de France in Paris. He also serves on the board of the East Side Settlement House in New York. He served on the Sharon Association board and was co-chairman of the Security and Street Life Committee for Community Board 8 in Manhattan. He has served as a community member of the Berkshire Taconic Investment Committee since March 2013. Thaddeus, a native of Litchfield County, is a graduate of University of Pennsylvania and New York University Graduate School of Business Administration. He resides with his family in Lakeville, Conn.
Elizabeth Hewitt joined the Alfred P. Sloan Foundation in 2015 as chief investment officer and senior vice president. She is responsible for managing the foundation’s endowment, including asset allocation strategy, fund manager selection, risk analysis, portfolio performance evaluation and liquidity management. Prior to joining the foundation, Elizabeth was managing director of public investments at the Robert Wood Johnson Foundation, where she selected and monitored investments with managers, participated on the institutions risk assessment committee and contributed to overall portfolio management. Earlier in her career, she was a senior vice president for Lazard Asset Management (2001-2006), a hedge fund analyst for The Torrey Funds (1999-2001), and a wealth management associate for the U.S. Trust Corporation (1998-1999). She holds an M.A. from the University of St. Andrews, Scotland. Elizabeth is a trustee of the Cary Institute of Ecosystem Studies in Millbrook, N.Y., where she has a residence.
Kelly Morgan is managing director at PRIO Wealth, formerly Seaward Management. Prior to joining Seaward in July 2008, Kelly spent 11 years with Putnam Investments in Boston. Initially, she was the lead portfolio manager on global growth retail and institutional portfolios, and then became head of global equity research prior to becoming chief investment officer for all retail and institutional U.S. large cap growth portfolios. Prior to Putnam, Kelly spent 10 years managing Global Growth Equity portfolios for Alliance Capital Management in New York and London. Before graduate school, she spent two years as an analyst with Morgan Stanley Asset Management. Kelly received her undergraduate degree in mathematics from Middlebury College (Phi Beta Kappa, Summa Cum Laude) in 1984. She earned her MBA from Harvard Business School in 1988.
Seth Masters is an angel investor, advisor and mentor for early-stage companies that apply enabling technologies to solve real problems. He retired from AB Bernstein in 2017, where he served for 27 years as a leader of asset management businesses. As the chief investment officer of Bernstein Private Wealth Management, he oversaw portfolios worth more than $80 billion for over 25,000 clients. His previous roles at the firm included chief investment officer of asset allocation, chief investment officer of defined contribution, chief investment officer of blend strategies, and chief investment officer of emerging markets. Among his other responsibilities, he served as the president of the Bernstein mutual funds and the Bernstein Trust company. Before joining Bernstein, he worked for five years as a consultant at Booz Allen Hamilton. He sits on the board of the Columbia Land Conservancy. He previously served as a member of the board and the investment committee of the Wenner Gren Foundation, as well as Bennington College. He holds a bachelor’s degree from Princeton University and a master’s degree in economics from Oxford University. He has a residence in Columbia County.
Daphne Richards serves as president and CIO of Ledge Harbor Management, a single-family office, as of its formation in September 2016. Previously Daphne worked at Bessemer Trust Company, New York, from 1999 to 2014, where she was a managing director, head of hedge fund investments and co-head of Bessemer’s $5 billion Alternative Investment Group. She was a member of the investment committees for Bessemer's private equity/venture capital and real estate/real assets programs, and she chaired the hedge fund investment committee. She also served as a member of Bessemer’s Investment Policy and Strategy Committee. Prior to Bessemer, Daphne held senior investment roles at Frank Russell Company, Union Bank of Switzerland and Credit Suisse. Daphne is an independent director of Cartica Capital Management LLC and of Cohen and Steers Mutual Funds. Daphne is a member of the Northeast Dutchess Fund advisory committee. She holds a B.A. from Georgetown University and has a residence in Stanfordville, N.Y.
Investing for Good Webinar
Learn how we invest and manage our funds for community impact.