By Julia Steiner
Michael McCarthy’s path to becoming a Phi Beta Kappa honoree wasn’t exactly traditional. In fact, he described his induction in 2022 as an “accident”—a parting gift from Creighton University, where he had served on the board. At the time, he agreed to join without knowing much about it, except that it was a prestigious honor society. Yet, just two years later, McCarthy found himself hosting a Phi Beta Kappa picnic for the Omaha ΦBK Association, creating an event that brought members together over barbecue and conversation.
“I believe that organizations, where people come together with shared interests and ambitions, are good things,” McCarthy said. “I thought the picnic was a way I could encourage people to get together in a nice place, enjoy each other, and build relationships.” One of the three stars on the Phi Beta Kappa key, after all, stands for friendship.
This belief in community connection runs through McCarthy’s life. While he might call his ΦBK membership an accident, his career and philanthropy embody the values the society celebrates. Perhaps best known as the founder of McCarthy Capital, a firm managing over $4 billion in assets for growing businesses, McCarthy has also played a leading role in transforming Omaha’s cultural and educational landscape through Heritage Omaha. He is also co-chairman of Bridges Trust, and was inducted into the Nebraska Business Hall of Fame in 2022.
As chairman of Heritage Omaha, he helped lead initiatives that bring education and enrichment to the forefront. Projects like the Kiewit Luminarium, Omaha’s first science museum (opened in 2023), a new central library slated for 2026, and a children’s museum opening in 2027 are all designed to inspire learning and curiosity. For McCarthy, these endeavors are about more than just infrastructure—they’re about shaping the minds of the community.
“We want Omaha to be a more vibrant place, and you can’t have a vibrant place with dull people,” he explained. “So let’s make our community more vibrant by having more vibrant education.”
Heritage Omaha operates with a meticulous process, ensuring every project addresses a real need. Over the last 20 years, the organization has raised approximately $3 billion to fund initiatives that matter. McCarthy takes pride in this thoughtful approach. “It’s a privilege to contribute to these efforts,” he said, noting that even projects like a homeless shelter or a veterans’ care center include elements of education and personal growth.
McCarthy’s commitment to education isn’t just professional, either. It’s deeply personal. Growing up on a farm in 1950s Iowa as one of ten children, he witnessed firsthand how education could transform lives. “My mother had eight children before she had running water in the house,” McCarthy said. “So being poor and productive in an agricultural way and in other ways, I think, is foundational to who I am and to our interests. She was a schoolteacher by the time she was 17 . . . and her influence on us kids in terms of getting an education was fundamental.”
That influence carried McCarthy to St. John’s University in Minnesota, where he earned a degree in English, focusing on medieval literature. The experience shaped his belief in the power of concentrated learning. “The ability to focus on a subject and know it with some level of depth . . . helps develop your mind,” he explained. “It builds pathways and resilience, mental resilience if nothing else, as opposed to what I call peanut butter education, where you spread it around and maybe cover the sandwich but don’t have much to show for it.”
As a liberal arts graduate, McCarthy also learned the value of adaptability. “Prepare yourself to learn—that’s the most important part of education,” he said. “If you ever stop [learning], you should stop, stop being a member of our society, because the world keeps changing, and we need to be future-focused.”
When asked what qualities have driven his success, McCarthy pointed to a combination of optimism and effort. “It’s one part talent, two parts work,” he remarked. “There’s no magic to it. But with talent, passion, and effort, you can achieve something meaningful.” His advice for others looking to make an impact? “Develop your talent to its highest potential. Be your best self—that will make the greatest impact on your community.”
For McCarthy, his most gratifying impact would be the jobs he has helped create. “It’s ongoing—a virtuous cycle where then people can build their own careers and ambitions,” he said.
Whether through his business ventures, his philanthropy, or his advocacy for lifelong learning, Michael McCarthy’s journey demonstrates the profound impact one person can have when they dedicate themselves to growth and service. His induction into ΦBK was no accident at all, but a recognition of a life guided by strong values.
Writer Julia Steiner graduated in May 2024 from Tufts University. She majored in international literary and visual studies with minors in French and history. In April 2024, she was inducted into the Delta of Massachusetts chapter of Phi Beta Kappa.
Photo at top courtesy of Bridges Trust.