2025 Winner: Ana Marshall

An investment icon and one of the top-performing nonprofit CIOs of all time - will receive The Allocator’s Lifetime Achievement Award at the Allocator Prizes dinner on October 28, 2025, in New York City, surrounded by friends, family, and investment peers.

She has led the $14B William + Flora Hewlett Foundation as chief investment officer for more than a decade. Marshall is an investor’s investor, choosing to stay close to the portfolio when many others hand down responsibility and manage the managers of the managers.

“She’s a great investor” says Collette Chilton, noted rainmaker and recently retired CIO of Williams College (where accepted students no longer have to take out loans due to endowment’s performance). “I think her performance is better than mine. She didn’t move on from the responsibility and get on the conference circuit. She’s a force of nature.”

“Hewlett is so lucky to have her” says Chilton. “I think they know that, but it’s true.” Marshall will deliver remarks at the Prizes dinner this fall - I hope you’ll join us.

Congratulations to Ana on an extraordinary life’s work and all that’s still ahead.