The Dietrich Foundation’s management team is as follows:
Edward J. Grefenstette
President, CEO and CIO
Ed Grefenstette serves as the President, Chief Executive Officer and Chief Investment Officer of The Dietrich Foundation. Prior to joining Bill Dietrich in April 2010, he served as Treasurer and Chief Investment Officer of Carnegie Mellon University (CMU) in Pittsburgh. He previously co-founded Commonwealth Capital Group, L.P., a small-cap private equity fund, following seven years in investment banking and law. He earned his AB in Economics with honors from Georgetown University, a JD with honors from Georgetown University Law Center, and an MBA in Finance and Strategy with honors from CMU. Ed has been a frequent speaker on topics in private equity/venture capital at conferences and universities around the world, particularly on VC in emerging markets. In addition to serving as a Trustee of The Dietrich Foundation, he currently serves as a trustee and/or member of the investment committee of Carnegie Mellon University, the University of Pittsburgh, and the University of Pittsburgh Medical Center (UPMC). He also serves as a Trustee of the Thomas and Sandra Usher Camp (aka, SB2W Citikidz).
Matthew E. Cunningham
Managing Director
Matthew Cunningham joined in March 2022 and serves as a Managing Director. He focuses on portfolio construction and manager selection in various asset classes including private equity, (specializing in buyout and energy), public equity, and special situations. Matthew previously served as Deputy Chief Investment Officer at UPMC. During his 13-year tenure he oversaw the significant global expansion of that firm’s private capital portfolio. Prior to that, he was a Senior Vice President and Senior Portfolio Manager at Mellon Equity Associates. He earned his AB in Economics with Honors from Georgetown University and is a Chartered Financial Analyst (CFA). Beyond his role at the Foundation, Matthew serves as a Trustee at Point Park University, and serves on the Investment Committees of the Pittsburgh Symphony and the McElhattan Foundation.
Ryan L. Vaccaro
Managing Director
Ryan Vaccaro joined The Dietrich Foundation in May 2012 and serves as a Managing Director. He focuses on portfolio construction and manager selection in various asset classes including private equity (specializing in venture capital and growth equity), public equity, and hedge funds. He was formerly a Senior Research Analyst with Mellon Capital Management where he performed global quantitative equity research. Prior to his role at MCM, he executed business and derivatives valuations at both Deloitte and Ernst & Young. Ryan is a CFA Charterholder and earned an MS in Management in Operations Research from Case Western Reserve University and a BS in Mathematics with honors from Westminster College. Beyond his role at the Foundation, Ryan is the Investment Committee Chair and member of the Executive Committee and Board of Directors of the Pittsburgh Symphony Orchestra and is the Investment Committee Chair and member of the Board of Trustees of the Pittsburgh Cultural Trust.
Lee S. Tilghman
Managing Director
Lee Tilghman joined in May 2015 and serves as a Managing Director. He focuses on manager selection and portfolio monitoring with a special interest in emerging managers. He was formerly a Transaction Associate with BNY Mellon’s Global Corporate Development team where he analyzed acquisitions, divestitures, and early-stage financial technology investments for the bank. Prior to BNY Mellon, he was a field artillery officer in the US Army’s 101st Airborne Division. Lee earned his BA in Mathematics at Vanderbilt University and his MBA at the University of Pittsburgh. Outside of the Foundation, Lee serves as a Trustee of Thiel College and as a member of the Carnegie Hero Fund Commission.
Nancy A. Watson
Senior Vice President – Finance
Nancy Watson joined in June 2012. Previously, Nancy had served as a Senior Manager in the public accounting firms of Parente Beard LLC and McCrory and McDowell LLC with a concentration in audits of non-profit organizations. Nancy graduated magna cum laude from the University of Pittsburgh with a BS in Business/Accounting. She is a Certified Public Accountant licensed in the State of Pennsylvania.
Katie B. Burton
Investment Director
Katie Burton joined the Foundation in October 2024, after 12 years in accounting, finance, and private investing. After raising a search fund (Cardinal Bridge LLC) to search for and acquire a small business and managing her small business and startup consultancy, Katie most recently served as Managing Director of Segal Ventures, where she sourced emerging VC funds and managed all firm operations. She earned her MBA from Carnegie Mellon University in 2017 (with a focus on Entrepreneurship) and a BS in Allied Health from Texas A&M University in 2010.
Mariah S. Smith
Director – Finance and Administration
Mariah Smith joined The Dietrich Foundation in January 2021 and serves as the Director of Finance and Administration. Previously, Mariah had served as a Senior Accountant and Database Manager for the YMCA of Greater Pittsburgh. She graduated from Slippery Rock University with a BS in Information Systems and a minor in Accounting and later went on to obtain an MS in Healthcare Information Management. Mariah is also a Certified Public Accountant licensed in the Commonwealth of Pennsylvania.
Jason K. Huggler
Investment Associate
Jason Huggler joined the Foundation in June 2024 and serves as Investment Associate. Previously, he interned at KeyBanc Capital Markets, Stone Pier Capital Advisors, and Plug and Play Tech Center. He graduated from the University of Pittsburgh with a BSBA in Finance and a BA in Economics.
Michela L. Sieber
Senior Accountant
Michela Sieber joined the Foundation in March 2026 as a Senior Accountant. She previously worked at Ernst & Young LLP, where she developed experience in federal and international taxation. Michela earned a BSBA in Accounting from Duquesne University of the Holy Spirit in 2021, followed by a master’s degree in accountancy (MAcc) in 2023. She is a Certified Public Accountant licensed in the Commonwealth of Pennsylvania.
Matt C. Smalley
Investment Analyst
Matt Smalley joined the Foundation in June 2026 and serves as Investment Analyst. Previously, he interned at Blue Horizon Advisors, Akmazo Capital, and Plug and Play Tech Center. He graduated from the University of Pittsburgh with a BA in Economics and Minor in Chemistry.