These super-rich families are investing their fortunes to help others
Thursday, August 24, 2017
Some of world’s richest families have signed up to a pact: They will invest parts of their vast fortunes in ways that improve the lives of others.
The group, which calls itself The ImPact, has plenty of billionaire street cred: It’s the brainchild of Justin Rockefeller (a great-great grandson of John D. Rockefeller) and Josh Cohen (CIO of Tyden Ventures).
Its founding members include Liesel Pritzker Simmons (an heiress to the Hyatt Hotels fortune), Jason Ingle (great-great grandson of Henry Ford) and Jim Sorenson (son of businessman James LeVoy Sorenson).
The idea is similar to Bill Gates and Warren Buffett’s The Giving Pledge, which requires signatories to give away at least half their wealth. But this is about investing for good.
“No amount of philanthropy or foreign aid will solve the problems the world faces,” said CEO Abigail Noble. “We need to use businesses and capital markets.”
Photo courtesy of Sudipto Sarkar.