December 7, 2016
Sergey Brin and David Tepper joined Blue Meridian Partners in December 2016 to pool capital with a number of other influential philanthropists, including Steve Ballmer and Stan Druckenmiller, and foundations in order to scale the most successful nonprofit groups focused on needy youth.
In the investing world, a great stock attracts long term shareholders who often purchase more shares along the way. Nonprofit organizations, however, often have the opposite experience, says legendary hedge fund billionaire, Stanley Druckenmiller. “Philanthropy is a strange phenomena. In terms of investing, people hold onto winners,” Druckenmiller explains. “In philanthropy, I continually notice the phenomena that once an organization becomes successful, philanthropists think they don’t need as much (support) and tend to pull away.”
In a bid to change that dynamic and scale the most successful nonprofit groups focused on needy youth, Druckenmiller has pooled his money with a number of other influential philanthropists and foundations including Steve and Connie Ballmer and Oklahoma billionaire George Kaiser. Last month this collaboration, formed in January and called Blue Meridian Partners, got a promise of donations from the foundations of two additional high profile billionaires: Google cofounder Sergey Brin and hedge fund titan David Tepper.
Blue Meridian’s 12 partners (8 have pledged $50 million or more and 4 have pledged $10 million-plus) have high hopes for how far they can travel together. The initiative has commitments of $850 million, and plans to invest up to $200 million in each nonprofit it supports over a period of 5 to 10 years. It’s the kind of huge sum that hopefully will allow organizations to quickly ramp up and vastly expand their reach.
Read the full article at Forbes.
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