If hundreds of billions of dollars are sitting in philanthropic vehicles, why are mental health initiatives still struggling for funding?
Last week, ISS Market Intelligence attended THE REAL Summit NYC, a two-day gathering hosted at AllianceBernstein in New York City that brought together investors, Family Offices, foundations, entrepreneurs, policymakers, and mental health leaders around a shared challenge: how to direct more capital toward one of society’s most urgent and universal issues.
That challenge sits at the heart of Shawn Lesser’s vision for THE REAL. Through the summit, the foundation, and the newly announced fund, Lesser is working to build an ecosystem where investors, philanthropists, and mental health innovators can connect, collaborate, and ultimately direct more funding toward solutions that improve lives. As he describes it, THE REAL’s mission is to mobilize $10 billion into mental health and change 100 million lives by 2035.
This year’s summit marked the launch of THE REAL Philanthropic Mental Health Fund, an initiative designed to direct capital toward mental health solutions while reinvesting any returns to create long-term impact. The Fund brings together charitable contributions to invest in promising mental health innovations, primarily through specialist fund managers who identify and help grow companies developing new treatments, technologies, and better ways to deliver care. Any investment returns go back into the Fund to support more innovation, helping promising solutions reach more people and improve lives over time.
ISS Market Intelligence was proud to serve as a strategic partner in the launch of the fund. Working alongside Shawn Lesser, Amy Bennett, Head of THE REAL Philanthropic Fund, and the Fund’s leadership team, ISS MI is helping connect the initiative with the audiences needed to turn its vision into action. Through Discovery Data and Family Office Access, the organization is supporting efforts to identify and engage Family Offices, RIAs, and philanthropic decision-makers, while our outreach solution (MarketReach) is helping extend awareness of the fund and its mission. The partnership reflects a shared belief that creating meaningful impact requires the right relationships, data, and connections to help advance promising innovations that could transform how we understand, treat, and deliver mental health care—from improving access to care and developing more effective treatments, to building the technology and infrastructure needed to reach more people. Ultimately, it’s about helping people get better care, recover, and live healthier lives.
How do we activate capital?
Mental health is a topic that touches virtually everyone, whether through their own experiences or those of friends, colleagues, or loved ones. That shared connection created a level of openness and urgency at the summit that’s rare at traditional investment conferences.
Despite the widespread impact mental health has on individuals, families, workplaces, and communities, many donors have yet to establish a dedicated giving strategy around it.
One of the most discussed topics at the summit was the vast amount of charitable capital currently sitting in donor-advised funds (DAFs) and other philanthropic vehicles.
According to the latest research from the Donor Advised Fund Research Collaborative, DAF assets reached nearly $328 billion in 2024, while contributions climbed to more than $90 billion.
For advisors who work with high-net-worth families, that creates an opportunity to move beyond conversations about tax-efficient giving and focus on intentional philanthropy.
That is part of the vision behind THE REAL Philanthropic Mental Health Fund. Rather than asking donors to start from scratch, the initiative seeks to provide a vehicle through which philanthropists, Family Offices, and advisors can support mental health solutions in a more coordinated and scalable way. It represents a practical answer to one of the event’s central questions: how do we translate growing concern about mental health into meaningful action?
Family Offices as catalysts for change
Unlike many institutional funding sources, Family Offices often have the flexibility to take a longer-term view, support emerging initiatives, and align capital with multi-generational values.
For families focused on legacy, mental health represents an issue that transcends investment cycles and market conditions. It affects employees, communities, family members, and future generations alike.
This flexibility of long-term capital and broad interest places Family Offices in a unique position to help bridge the gap between available capital and unmet needs, particularly when they can collaborate with foundations, nonprofits, healthcare innovators, and other philanthropic leaders.
The next generation’s priorities are reshaping philanthropy
While much of the conversation focused on mobilizing capital today, many conversations also looked ahead to the largest wealth transfer in history and what it could mean for the future of philanthropy. Across Family Offices, foundations, and advisory firms, a growing number of next-generation leaders are taking a more active role in shaping how family capital is deployed, often placing greater emphasis on purpose, social impact, and causes that reflect their lived experiences.
Mental health is increasingly one of those priorities. For younger generations, the topic is far less stigmatized than it was for previous generations. Many have grown up openly discussing anxiety, depression, burnout, and emotional well-being, while also witnessing the effects these challenges can have on their communities.
Speakers explored concerns ranging from excessive screen time and social media use to emerging issues such as online gambling, digital dependency, and the rapid adoption of artificial intelligence. The common thread across these conversations was a recognition that while technology has created incredible opportunities for connection and innovation, it also introduces new pressures that many young people are still learning to navigate.
From awareness to action
There is no shortage of passion for improving mental health outcomes. The challenge is connecting that passion with capital, partnerships, and action.
For Family Offices and advisors, there is a large opportunity to help clients align wealth with purpose, engage the next generation, and support solutions to an issue that affects virtually every family in some way.
The launch of THE REAL Philanthropic Mental Health Fund is an encouraging step forward, and one that highlights the powerful role the financial and philanthropic communities can play in creating lasting impact.
Click here to learn more about THE REAL Philanthropic Mental Health Fund.
If this discussion has you thinking about how to move from purpose to impact, continue the conversation with us! Register for our upcoming Lunch & Learn, December 17, to hear from philanthropy leaders who are helping families and advisors navigate strategy, giving vehicles, and measurable outcomes, and receive The Philanthropic Capital Playbook as a participant resource.
