Hollingsworth Funds: 25 years of impact on Greenville County

A philanthropic fund backed by an Upstate textile fortune has quietly helped improve the lives of those living and working in Greenville County for the past 25 years.

Hollingsworth Funds upholds the legacy of its founder, John D. Hollingsworth Jr. The textile-machinery magnate left the bulk of his fortune, valued at $275 million, to Hollingsworth Funds following his death in December 2000.

Hollingsworth’s estate continues to be used today to support the enhancement of Greenville County and the quality of life of its residents.

Early giving

Hollingsworth made his fortune running John D. Hollingsworth on Wheels, a global leader in fiber-processing equipment manufacturing in the late 20th century. He also became one of the largest private landowners in South Carolina after amassing more than 42,000 acres of real estate across the state.

Gage Weekes, president and CEO of Hollingsworth Funds, described Hollingsworth as a private and humble man who also had a philanthropic heart. Hollingsworth established Hollingsworth Funds Inc. in 1976 to provide anonymous financial support to people and nonprofits in Greenville.

“He was always just mindful of taking care of and trying to help, you know, people in Greenville County,” Weekes said. “He would support a lot of nonprofit issues around Greenville, but he would do so anonymously. He was a very quiet philanthropist in that way.”

The Type 1 supporting organization’s designated beneficiaries include Furman University, the YMCA of Greenville and nonprofit organizations benefiting Greenville County.

The foundation contributes 45% of its annual distributions to Furman University. Hollingsworth attended the university for less than a year in the late 1930s before leaving to work for his father’s manufacturing company. To date, Hollingsworth Funds has contributed more than $64 million to Furman.

With the funding, Furman University operates a scholarship program called the Hollingsworth Scholars. Hollingsworth Funds’ financial contributions also support the university’s department of economics, and department of business and accounting.

“We are deeply grateful for the relationship over the past 25 years that has strengthened Furman’s ability to attract top South Carolina high school students through the Hollingsworth Scholars program and enhanced the student experience through The Furman Advantage,” said Elizabeth Davis, president of Furman University.

Ten percent of Hollingsworth Funds’ annual distributions support the YMCA of Greenville. The organization has received more than $15 million from Hollingsworth Funds to date. Sam Franklin, CEO and president of the YMCA of Greenville, said the contributions have allowed the organization to expand and upgrade its branch facilities and provide financial assistance to community members in need.

The remaining 45% of Hollingsworth Funds’ annual distributions support nonprofit organizations in Greenville County. Early beneficiaries included the Peace Center, The Children’s Museum of the Upstate, the South Carolina Children’s Theatre, Roper Mountain Science Center, Public Education Partners, United Ministries, the Urban League of the Upstate, CommunityWorks Carolina and the Institute for Child Success.

Land development

The majority of Hollingsworth Funds’ assets were originally tied to the thousands of acres of undeveloped land Hollingsworth owned in South Carolina. Hollingsworth Funds’ volunteer board of directors — originally led by Buck Welling, a longtime confidant of Hollingsworth — was tasked with raising capital for the endowment by selling key parcels of land.

Weekes said large, undeveloped parcels in the Lowcountry were sold in the early 2000s, many of which now have conservation easements. In Greenville County, Hollingsworth Funds sold key parcels of land including those that would become The Shops at Greenridge, the Clemson University International Center for Automotive Research, the Millennium Campus and the Greenville Technical College Center for Manufacturing Innovation.

Hollingsworth Funds also utilized approximately 1,100 acres of land in Greenville to create a master-planned community named Verdae. The original master plan for Verdae was completed in 2005. Verdae Development Inc. was established as a real estate subsidiary of Hollingsworth Funds to manage the project. Today, Verdae is home to more than 8,000 residents and 160 businesses.

“That was an important decision that I think has both helped create value again for the community but also contributed to the endowment because all of the proceeds, essentially from everything that we developed, go back into Hollingsworth Funds,” Weekes said.

Selling real estate allowed the fund’s liquid endowment to grow from zero in 2001 to $100 million in 2009. Hollingsworth Funds’ annual grantmaking also surpassed $4 million.

Evolved mission

The fund’s growth led the board of directors to hire Jim Terry as president and CEO in 2009.

Weekes started working for Hollingsworth Funds as a consultant with Rockefeller Philanthropy Advisors in 2010. He was officially hired as the senior vice president of strategic initiatives two years later, to supervise the foundation’s philanthropic investments.

Over the next several years, Hollingsworth Funds developed a more focused approach to philanthropy. The foundation’s new strategic framework was inspired by Harvard economist Raj Chetty’s research on economic mobility, released in 2014. Weekes said the research showed the challenges people who are born in the bottom 20% of household income face when trying to climb the economic ladder.

Hollingsworth Funds decided to refine its focus to increasing the economic mobility of people in Greenville County by strengthening the pathways to obtaining living-wage work. The foundation supports efforts that enhance college and career readiness, post-secondary education, workplace access and advancement, affordable housing, reliable and efficient transportation, and local capacity and infrastructure.

“Hollingsworth Funds has evolved over its first 25 years to become more than just a funder; we are a catalyst, a convener, a collaborator and an advocate. We’re working together toward a vision of a vibrant, just, and inclusive Greenville, where equitable opportunities exist for all to advance and thrive.” — Tony McDade, chair of Hollingsworth Funds board of directors

Weekes said the organization strives to build community collaboration and utilizes its social, moral, intellectual, reputational and financial capital to complete its mission.

For example, Hollingsworth Funds worked with the city of Greenville and other community leaders in 2016 to identify the affordable-housing needs in Greenville. This effort led to the establishment of the Greenville Housing Fund in 2018.

“Hollingsworth Funds has been a foundational partner in our drive to create a sustainable system of affordable housing in Greenville,” said Bryan Brown, president and CEO of the Greenville Housing Fund. “Their support has been critical, not just through funding, but also through their collaborative approach to addressing this complex challenge.”

The foundation also partnered with the Greenville Chamber of Commerce and Greenville County Schools in 2023 to accelerate Launch GVL, an initiative connecting high school students to high-demand job opportunities in Greenville. Carlos Phillips, CEO of the Greenville Chamber, said Hollingsworth Funds has been a critical partner in helping strengthen Greenville’s talent pipeline.

“Their strategic investments in education and workforce-development initiatives help create the conditions necessary for our community to thrive and ensure that our economic prosperity is shared by all,” Phillips said.

Continued support

Hollingsworth Funds currently holds $415 million in total assets, $300 million of which is liquid. The foundation’s annual grant making now equals $12.5 million. More than $140 million has been donated to Furman University, the YMCA of Greenville and the Greenville community.

“Hollingsworth Funds has been a partner in the city of Greenville’s growth,” said Greenville Mayor Knox White. “Their strategic investments in key projects, community initiatives and economic development have been instrumental in transforming our city into a vibrant and thriving place to live, work and play.”

The foundation plans to continue focusing on increasing economic mobility in Greenville County and raising money for the endowment through its real estate. Weekes said Hollingsworth Funds wants to ensure its real estate continues to contribute to the community.

This will include the future redevelopment of 90 acres of land along Laurens Road. In April, Verdae Development Inc. unveiled plans to create a mixed-use community hub called Bolden Street District on the property.

Bolden Street District will consist of approximately 2,900 new residences and 500,000 square feet of new office space. In all, 750,000 square feet of new retail space will be created on the property. Weekes said the project is an example of how Hollingsworth Funds plans to develop its real estate in a smarter, more inclusive way to support Greenville’s growth.

“I couldn’t be more proud of the stewardship that the board and our team, you know, has had of Mr. Hollingsworth’s really kind of tremendous — and I would say transformational — gift to Greenville,” Weekes said. “I’m just really excited for the next 25 years and what the future will bring.”

Timeline

2000 – John Hollingsworth passed away on Dec. 30, 2000, leaving the bulk of his textile and real estate fortune to Hollingsworth Funds.

2001 – Hollingsworth Funds holds first board meeting, begins supporting its named beneficiaries: Furman University, YMCA of Greenville and Greenville County nonprofit organizations.

2005 – Verdae, a 1,100-acre master-planned community in Greenville, is announced.

2009 – Hollingsworth Funds’ annual grantmaking surpasses $4 million. Jim Terry becomes president and CEO of Hollingsworth Funds.

2017 – Hollingsworth Funds’ annual grantmaking surpasses $8 million.

2018 – Gage Weekes becomes president and CEO of Hollingsworth Funds

2024 – Hollingsworth Funds’ annual grantmaking surpasses $12 million.

2025 – Bolden Street District, a 90-acre mixed-use community hub, is announced.

Real estate contributions

Hollingsworth Funds assumed ownership of 42,000 acres of land across South Carolina after the passing of John D. Hollingsworth Jr. The foundation has sold and donated key parcels of land in Greenville County that have been developed into: