HC Capital was formed in March 2009 and is a wholly-owned subsidiary of Hirtle, Callaghan & Co.,
LLC (“Hirtle Callaghan”), which is also an SEC registered investment adviser.
Since 1988, Hirtle Callaghan has provided discretionary investment advisory services to individuals,
families, trusts, estates, pension plans, charitable organizations, endowments, foundations and
similar institutions.
Acting as the "Chief Investment Office" for its investment advisory clients (“Advisory Clients”), Hirtle
Callaghan employs a fundamentally based investment process that allocates client capital to asset
classes, investment strategies and independent specialist managers (“Specialist Managers”) in a
manner designed to maximize the potential return on capital within specific, client defined, risk
tolerances and guidelines (the foregoing is referred to herein as Hirtle Callaghan’s “CIO Solution”).
HC Capital’s only line of business is to serve as the general partner and/or investment manager to
certain private investment vehicles (“HC Private Vehicles”) sponsored by Hirtle Callaghan and which
are generally only accessible to Advisory Clients. However, interests in certain HC Private Vehicles
that invest primarily in private equity funds (with a focus on buyout, growth and venture capital) are
also available to persons who are not Advisory Clients (“Private Equity Clients”).
HC Private Vehicles are generally limited partnerships or private companies that are not registered
under the Investment Company Act of 1940, as amended, and therefore may only be offered to
investors who satisfy the qualifications specified in the offering documents relating
to the relevant
HC Private Vehicle, and for whom Hirtle Callaghan believes the investment is appropriate based on
the client’s risk profile. HC Private Vehicles are primarily designed to invest in equity, hedge, long-
only, private equity and private credit funds that are managed by Specialist Managers identified and
monitored by HC Capital ("Underlying Private Funds"), but HC Private Vehicles may also seek out and
take advantage of opportunistic investments, whether managed by a Specialist Manager or HC
Capital directly. Generally, the liquidity profile of an HC Private Vehicle will match that of the
underlying asset class in which it invests. Other than certain HC Private Vehicles which invest in
private equity (as discussed above), investments in HC Private Vehicles are not generally accessible
to investors that are not Advisory Clients, and as such, when an Advisory Client’s relationship with
Hirtle Callaghan ends, the Advisory Client will generally be required to dispose of its HC Private
Vehicle positions. However, for certain HC Private Vehicles, the Advisory Client will be required to
remain invested until such investment may be disposed of or liquated, in accordance with its legal
terms. Investors in any HC Private Vehicle will receive all relevant governing documents, including a
private placement memorandum, in connection with the investment.
As of December 31, 2023, HC Capital managed approximately $4,224,457,143 on a discretionary
basis. Jonathan Hirtle is the principal shareholder of Hirtle Callaghan Holdings, Inc., which is the
principal member of Hirtle Callaghan, which is the sole member of HC Capital.