A Look at Kaiser Permanente’s Portfolio

This week, we'll take a look at the Kaiser Permanente Group Trust's portfolio. Established in 2010, the trust is a collective investment vehicle for the retirement plans of Kaiser Foundation Health Plan and its affiliated entities.

Kaiser Permanente as an organization was founded in 1945 and is one of the country’s largest not-for-profit health plans. It is named after Henry John Kaiser, an American industrialist who built roads and bridges and ran shipyards in the early-to-mid 20^th century. As the shipyards wound down after WWII, Kaiser and Dr. Sidney Garfield saw the health plan they had created for the construction and shipyard workers as a new model for delivering health care. Today, the group runs 40 hospitals and 609 medical offices, employs more than 243,000 people (including 25,000 doctors and 78,000 nurses) and serves nearly 13 million members.

The trust manages $67 billion in assets (as of 12/31/24) and is led by Chief Investment Officer Thomas Lurquin. Lurquin previously spent time in various consulting roles before joining the University of California in 2005 as a director of private equity and real assets, and later spent seven years as a managing director at Stanford Management Company. He most recently served as a managing director at energy-focused investor Huck Capital before joining Kaiser Permanente in May 2022.

Prior to Lurquin joining Kaiser, the organization meaningfully increased its exposure to private investments, ramping from 13% of assets in 2019 to 57% in 2022 (Note: Kaiser’s private equity classification includes both PE and VC).

Anton Orlich is said to have led this growth as the Head of Alternative Investments from 2019-2022. He is now the Deputy Chief Investment Officer of Private Markets at CalPERS.

After a meaningful increase in private commitments, they have stabilized through 2024 (the last publicly disclosed data), with unfunded commitments declining in recent years.

According to news reports, in recent years Kaiser has sold billions of dollars in private holdings in the secondary market. Press reports have estimated its secondary sales as $1.5 billion in 2022, $5 billion in 2023, $3.5 billion in 2024, and $5 billion in 2025. If true, that implies Kaiser has sold up to $15 billion in secondaries in the last few years. Press reports note that the sales included both invested capital and unfunded commitments, and reported buyers include Ardian, Blackstone, and Apollo.

Despite the emphasis on private investments, Kaiser Permanente does invest with a handful of public managers. According to tax filings, a few new public managers have been disclosed in recent years including Naya, MFN, SRS, and Ichigo. In Friday’s newsletter for OWL’s users, we included detailed tables of Kaiser’s public and private manager rosters. If you’d like to learn more about how to use OWL to track LP holdings, reach out!

Haun Ventures

Founded in 2021, Haun Ventures is the eponymous early-stage web3 and crypto-focused investment firm of Katie Haun. Haun previously served as general partner at Andreessen Horowitz and was co-chair of the manager’s first three digital assets funds. She can count her former firm as a co-investor, according to OWL’s co-investor network table. Below are Haun Ventures’ most common co-investors along with their shared deals:

Haun earned her bachelor’s degree from Boston University and her JD from the Stanford Law School, worked as a law clerk for the US Court of Appeals for the Ninth Circuit and then the US Supreme Court before spending five years as an attorney at Sidley Austin where she focused on corporate law.

She then spent 11 years at the US Department of Justice, 10 of which she served as an assistant US attorney and its first-ever digital currency coordinator specializing in cybercrime, the dark net, fintech, cryptocurrency, blockchain, and AML/BSA compliance.

Haun later served on the board of directors of HackerOne, a “white hat hacker-powered security platform,” according to her LinkedIn profile, the board of directors of Coinbase, and as a lecturer in both law and management at Stanford Law School and Stanford University Graduate School of Business where she designed and taught the university’s first classes on cybercrime, digital currency, digital assets, and blockchain.

Haun Ventures started off strong with a $1.5 billion debut across two funds – a $500 million early-stage fund and a $1 billion acceleration fund, reportedly the largest ever pool of capital raised by a solo female VC. She has put that capital to work, investing in at least 32 companies so far across 10 sectors.

Kaiser Permanente committed to both of Haun’s debut vehicles, as did Mass General Brigham, according to OWL data.

In May of this year, Haun announced that her firm had raised another $1 billion in funds to invest in “new financial infrastructure, new assets and markets, and the agentic economy,” according to a blog post on its website.

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