The George Kaiser Family Foundation's Portfolio

This week we’ll look at the investment portfolio of the Tulsa-based George Kaiser Family Foundation (GKFF). Established in 1999 by George Kaiser, GKFF's philanthropic philosophy is anchored in the belief that no child should be punished for the circumstances of their birth. This principle has guided GKFF's focus on breaking the cycle of intergenerational poverty, focusing on early childhood education, community development, and entrepreneurial support. The foundation played a crucial role in the creation of Tulsa's "A Gathering Place," contributing $350 million to what has become the largest privately funded park project in the United States. George also personally gave $62 million to endow the University of Oklahoma’s Community School of Medicine, where doctors can get all tuition reimbursed after working five years in the community. As of 12/31/2023, the foundation’s assets stood at $4.7 billion. 

George Kaiser was born into a family that fled Nazi Germany in 1938 and grew up in Tulsa, Oklahoma. George went on to transform his family's small oil prospecting business into an international energy exploration company, the Kaiser-Francis Oil Company. His activities extended to banking when he acquired the Bank of Oklahoma out of federal receivership in 1991, and where he remains the largest shareholder and chairman. His portfolio now spans across asset classes and even includes a 6,000-item collection of Bob Dylan's writings, recordings and personal effects. Despite his vast wealth, Kaiser wears a $20 watch and reportedly insists on still flying coach, where his wife has been known to send him back a cocktail from first class.

Robert Thomas, GKFF’s CIO since 2009, left the organization in January of 2024. The Foundation’s website currently lists two investment officers and an investment associate, all of which started in 2024. 

GKFF’s portfolio includes several large allocations to VC and PE managers, as well as public managers focused on China, Japan, frontier markets, and biotech. OWL users can see a full list of GKFF’s managers on our platform. GKFF’s second largest disclosed investment is with Prescott Capital Group Management, a Tulsa-based small-cap equity manager. Prescott was founded in 1992 by Phil Frohlich, who has been serving as managing partner since. Frohlich's ties to GKFF go back well over a decade: Prescott has been managing some of the foundation’s assets for over 15 years and Frohlich also previously served as a director on GKFF’s board.

Prescott invests across two flagship funds focused on small and mid-cap equities. Prescott’s portfolio typically consists of over 150 positions, with the largest being close to 5% of AUM.

Roughly 16% of the firm’s AUM belongs to its employees and other related persons. Based on regulatory filings, GKFF’s investment comprised ~40-50% of Prescott’s assets as of 12/31/23.

A more detailed version of this newsletter is sent to OWL customers, including more detail on managers in the Kaiser Foundation’s portfolio. If you’d like more info, reach out for a demo!

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About Old Well Labs

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Disclaimers

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