Peng Zhao and Cherry Chen Foundation Inc

Quick Stats

Annual Giving: $2,060,000 (2023)
Total Assets: $62.5 million (2023)
Grant Range: $10,000 - $2,000,000
Number of Grants: 4 awards (2023), 5 awards (2022)
Geographic Focus: National, with concentration in California, Illinois, and New York
Founded: 2021

Contact Details

Location: Miami, FL
EIN: 85-4261456
Leadership: Peng Zhao (President, Secretary, and Treasurer)

Note: This is a private foundation that does not maintain a public website or publish contact information for grant applications.

Overview

The Peng Zhao and Cherry Chen Foundation Inc is a private foundation established in 2021 by Peng Zhao, CEO of Citadel Securities, and his wife Cherry Chen. With assets exceeding $62 million, the foundation focuses exclusively on supporting Asian American and Pacific Islander (AAPI) communities across the United States. The foundation operates through strategic partnerships with established organizations rather than through an open application process, making substantial multi-year commitments to advance AAPI representation, advocacy, and cultural expression. Peng Zhao serves as a founding board member of The Asian American Foundation (TAAF) and has described his philanthropic work as part of a "longstanding commitment to accelerating opportunity and prosperity for the 23 million members of the AAPI community in the United States."

Funding Priorities

Grant Programs

The foundation supports AAPI-focused initiatives through major multi-year partnerships:

Kartemquin Films AAPI Voices Fund (Multi-year commitment)

Funds short documentary films (8-20 minutes) centering AAPI voices and stories
Awards $40,000 per project plus production support and mentorship
Two-year program spanning four funding cycles (2025-2026)
Each round supports three original short documentary films
Applications accepted through Kartemquin Films (aapivoicesfund@kartemquin.org)

The Second City Victor Wong Fellowship (Annual program)

Named after The Second City's first Asian American performer
Provides tuition-free 10-week master program in improvisational comedy
Supports 16 fellows annually through auditions
Launched in Fall 2022 to develop next generation of AAPI comedic talent

Direct Organizational Support

Chinese American Service League (CASL): Wraparound social services and data collection on AAPI needs
Asian American advocacy and representation infrastructure building
Organizations empowering underserved AAPI communities

Priority Areas

AAPI cultural expression and storytelling (documentary film, comedy, performing arts)
Social services for AAPI and vulnerable populations
AAPI advocacy, power, and representation infrastructure
Training and development programs for AAPI talent
Community data collection and research on AAPI experiences

What They Don't Fund

Organizations outside AAPI focus areas
Individual scholarships (except through established fellowship programs)
General operating support for organizations without AAPI mission alignment
Unsolicited proposals from organizations unknown to the foundation

Governance and Leadership

Peng Zhao - President, Secretary, and Treasurer (uncompensated)

CEO of Citadel Securities, a leading market-making firm
Founding board member of The Asian American Foundation (TAAF)
Chinese-American businessman with focus on AAPI community advancement

Cherry Chen - Co-Founder

Collaborates with Peng Zhao on all major philanthropic initiatives
Co-namesake of multiple AAPI-focused programs and funds

The foundation operates with lean governance, with Peng Zhao managing all executive functions without compensation, allowing maximum resources to flow to grant-making activities.

Application Process & Timeline

How to Apply

This foundation does not have a public application process. The Peng Zhao and Cherry Chen Foundation operates on a private foundation model, making contributions only to preselected charitable organizations. The foundation does not accept unsolicited requests for funds.

Exception - Kartemquin Films AAPI Fund: The foundation's partnership with Kartemquin Films does accept applications from AAPI documentary filmmakers through a structured process:

Applications open annually (Round 1 opened August 29, 2025)
Apply through Kartemquin Films online portal
Contact: aapivoicesfund@kartemquin.org
Decisions announced approximately 4 months after deadline (December 2025 for Round 1)

Exception - Victor Wong Fellowship: Applications accepted through The Second City's audition process:

16 fellows selected annually through competitive auditions
Apply through The Second City's official channels
Selection occurs prior to Fall program start

Getting on Their Radar

This section contains funder-specific intelligence about the Peng Zhao and Cherry Chen Foundation's approach to identifying grantees:

Board Member Connections: Peng Zhao serves as a founding board member of The Asian American Foundation (TAAF), which suggests organizations connected to TAAF's network may have visibility with the foundation.

Established Institution Partnerships: The foundation's approach involves creating named funds and programs within established institutions (Kartemquin Films, The Second City, CASL) rather than distributing grants broadly. Organizations with strong institutional reputations in AAPI services or cultural programming may be considered for similar partnership models.

Geographic Presence: Grant activity concentrates in major metropolitan areas where the foundation has demonstrated interest: Chicago (CASL, The Second City), Los Angeles, New York, and San Francisco. Organizations in these cities serving AAPI communities may align with the foundation's geographic priorities.

Multi-Year Strategic Partnerships: Rather than annual grants, the foundation creates substantial multi-year commitments ($40,000+ per project, full fellowship programs). Organizations should be prepared to propose comprehensive programs rather than one-time projects.

Decision Timeline

Private Foundation Grants: No public timeline; grants determined by trustee discretion
Kartemquin AAPI Fund: Approximately 4 months from application deadline to decision
Victor Wong Fellowship: Announced annually prior to Fall program start

Success Rates

No public data available on success rates for general grant applications, as the foundation does not accept unsolicited proposals.

Kartemquin AAPI Fund: Highly competitive with 3 projects selected per funding round from a national applicant pool.

Reapplication Policy

Not applicable for general grants due to invitation-only model.

For Kartemquin AAPI Fund: Unsuccessful applicants may reapply in subsequent funding rounds (2 rounds annually in 2025 and 2026).

Application Success Factors

The following insights are specific to the Peng Zhao and Cherry Chen Foundation's documented funding patterns:

AAPI Authenticity and Connection: The foundation emphasizes "authentic connections to their subject matter" in funded projects. Kartemquin specifically notes they seek projects that "center AAPI voices and stories and the complexity of AAPI communities in the U.S." Applications should demonstrate genuine community ties and nuanced understanding of AAPI experiences.

Infrastructure and Capacity Building: Recent grants show preference for organizations building long-term infrastructure rather than short-term programs. Examples include CASL's "new effort to capture data on the needs and experiences of AAPI populations" and support to "build the infrastructure to improve Asian American and Pacific Islander advocacy, power and representation."

Intersectionality: Kartemquin's AAPI Fund "strongly encourage[s] and will give consideration to applicants" from underrepresented groups including LGBTQIA+ individuals, persons with disabilities, immigrants, and women/gender-nonconforming people, suggesting the foundation values intersectional approaches to AAPI issues.

Established Organizations: All identified grant recipients are well-established organizations with strong track records (Kartemquin Films founded 1966, The Second City founded 1959, CASL is "the largest and most comprehensive community-based nonprofit serving Asian Americans in the Midwest"). Start-up organizations may face challenges accessing this foundation.

Cultural Expression as Advocacy: The foundation funds cultural programs (documentary film, comedy) as vehicles for advocacy and representation, not merely as arts for arts' sake. The Victor Wong Fellowship explicitly aims to develop "the next generation of Asian American and Pacific Islander (AAPI) talent," while the Kartemquin fund supports "high-impact stories."

Wraparound Services: Support for CASL highlights interest in comprehensive service models addressing multiple needs within AAPI communities rather than single-issue programming.

Key Takeaways for Grant Writers

No unsolicited proposals accepted: This foundation only funds preselected organizations. Do not submit general grant applications.
Partnership model preferred: The foundation creates named programs and multi-year partnerships (Kartemquin Fund, Victor Wong Fellowship) rather than distributing many small grants annually.
Apply through partner institutions: The only accessible funding opportunities are through established partners like Kartemquin Films (documentary) or The Second City (comedy fellowship).
AAPI focus is absolute: 100% of documented grants support AAPI communities. Organizations without clear AAPI mission alignment should not pursue this funder.
Geographic concentration: Activity focuses on Chicago, Los Angeles, New York, San Francisco, and Syosset (NY) in states of California, Illinois, and New York.
High-capacity organizations only: All identified grantees are major, established institutions with multi-decade track records and significant operating budgets.
Strategic alignment with TAAF: Peng Zhao's role as TAAF founding board member suggests organizations aligned with TAAF's mission (improving AAPI advocacy, power, and representation) may be of interest.

References

Research conducted December 23, 2025