The Madrigal Funds were formed in 2015 to manage hedge fund investments on behalf of charitable and other organizations associated with Liz Simons and Mark Heising, including the Heising-Simons Foundation.

Our primary objective is to build a multi-strategy portfolio of hedge fund investments that generates attractive risk-adjusted returns over time with limited volatility and correlation to the broader equity and debt markets, and which protects and preserves our capital in difficult markets. We take a long-term view when building our portfolio and committing to managers.

The Madrigal Funds actively pursue investments in a range of hedge fund strategies, including:

  • Equity Long/Short (including long-biased and market neutral)
  • Credit and Fixed Income Relative Value
  • Event Driven, Distressed & Special Situations
  • Multi-Strategy Funds and
  • Quantitative Strategies

Our portfolio has a U.S. bias, but we also invest globally. It is important for us to see our managers have an appropriate alignment of interests with our investments.

The Madrigal funds do not invest in private equity, venture capital or real estate funds. Please see Medley for more information regarding the Simons family’s private equity, venture capital and real estate investment program.

We manage funds on behalf of the Heising-Simons Foundation and other organizations associated with Liz Simons and Mark Heising.


The Heising-Simons Foundation works with its many partners to advance sustainable solutions in climate and clean energy, enable groundbreaking research in science, enhance the education of our youngest learners, and support human rights for all people. The foundation is based in Los Altos, California, and was established by Liz Simons and Mark Heising, who are joined on the board by their daughter, Caitlin Heising.

To learn more, visit the Heising-Simons Foundation website.