Peter And Carmen Lucia Buck Foundation Inc.

The Peter and Carmen Lucia Buck Foundation (PCLB) was established in 1999 by Subway co-founder Peter Buck and his wife Carmen Lucia. Their philanthropic philosophy centers on "giving motivated people the tools they need to help themselves." The foundation operates across five program areas: education (K-12 with strong charter school emphasis), outdoors/conservation (land conservation and easement acquisition via their LEAP program), medicine (healthcare initiatives including global health), science (scientific research advancement), and family projects (community initiatives aligned with Buck family interests). PCLB takes a proactive, relationship-driven approach to grantmaking—the Program Team is constantly in the field seeking partners rather than waiting for applications. The foundation values long-term, high-impact partnerships and supports dynamic leaders who work to improve and empower communities. With the massive Subway sale windfall in 2023, PCLB has significantly expanded its grantmaking capacity and is now positioned as one of America's billion-dollar foundations.

In 2025, PCLB distributed over $106 million in grants across its five program areas: education received the lion's share at $75.6 million (71%), conservation/outdoors received $15.5 million (15%), healthcare $6.25 million (6%), scientific research $5.9 million (6%), and family projects $2.92 million (3%). The foundation's assets ballooned to over $1 billion following the 2023 sale of Subway to Roark Capital for $9.6 billion, with PCLB receiving an estimated $4.8 billion. Individual grant sizes range from $200 to approximately $3.7 million, though most stay under $500,000. Education grants regularly exceed $1 million—PCLB made more than a dozen education grants above $1 million in 2025, including a $10 million grant to KIPP Public Schools. Healthcare grants have included over $3 million to Medecins Sans Frontieres U.S.A. The foundation operates multiple review cycles per year with predicted deadlines in December, March, and August.

PCLB is distinguished among billion-dollar foundations by its extraordinary recent growth trajectory—the Subway sale transformed it from a mid-sized family foundation into a major philanthropic force virtually overnight. Its invite-only model is common among family foundations of this size but contrasts with larger foundations that maintain open application processes. PCLB's 71% allocation to education makes it one of the most education-concentrated foundations at its asset level. Its conservation work through the LEAP program gives it a unique dual identity bridging education and environmental philanthropy.

The most transformative recent event for PCLB was the 2023 sale of Subway to Roark Capital for $9.6 billion, with PCLB receiving an estimated $4.8 billion bequest that catapulted it into the ranks of America's largest foundations. In 2025, the foundation significantly scaled up grantmaking to over $106 million, more than doubling previous years. Major 2025 grants included $10 million to KIPP Public Schools and over $3 million to Medecins Sans Frontieres U.S.A. Conservation grantees include Adirondack Land Trust, Scenic Hudson, Mohawk Hudson Land Conservancy, and Girl Scouts of Connecticut. The foundation publishes annual grantee lists (2021-2025) on its website, demonstrating a commitment to transparency. With Peter Buck's passing, the foundation continues under family leadership, maintaining his vision while dramatically expanding its philanthropic footprint.

PCLB is primarily invite-only, but organizations can still get on their radar: (1) Email inquiry@pclbfoundation.org or call (212) 360-6173 to introduce your organization—the foundation explicitly encourages this for aligned organizations; (2) Ensure your work clearly aligns with one of their five program areas (education, conservation, medicine, science, or family projects); (3) Education organizations with charter school connections have the strongest pathway, as 71% of PCLB funding goes to education; (4) Conservation organizations should explore the LEAP (Land Easement Acquisition Program) specifically; (5) Be aware of predicted proposal deadlines: December, March, and August review cycles; (6) The Program Team is actively in the field seeking partners—attend relevant conferences and events where PCLB staff may be present; (7) Consider that PCLB also offers Program-Related Investments (PRI) as an alternative to traditional grants; (8) Geographic alignment with New York and Connecticut strengthens your case, though national and international organizations (like MSF) also receive funding.