Dalio, Bridgewater Commit Up to $10 Million for Coronavirus Relief

Dalio, Bridgewater Commit Up to $10 Million for Coronavirus Relief

The family foundation of hedge fund billionaire Ray Dalio and his firm, Bridgewater Associates, have committed $10 million in support of efforts to address the coronavirus outbreak in China.

The funds — $5 million each from Dalio Philanthropies and Bridgewater, the world's largest hedge fund — will support frontline responder efforts spearheaded by Peking University First Hospital and Union Hospital for Clinical Care, as well as three medical teams in Wuhan, the epicenter of the outbreak. The former has sent more than five hundred doctors and supplies to Wuhan, while Union Hospital is a leading regional hospital with excellent pulmonology specialists on staff.

The announcement follows commitments made by the Bill & Melinda Gates Foundation ($100 million), Citadel and Citadel Securities founder Kenneth C. Griffin and his partners ($7.5 million), and Alibaba co-founder Jack Ma ($14.4 million) in support of coronavirus response efforts in China. Although Bridgewater opened an office in Beijing in 2011 and subsequently established Bridgewater (China) Investment Management in Shanghai,  the Dalios' philanthropic work in China dates to 2000, when their son, Matt, who had attended a Beijing school in 1995, set up the China Care Foundation to help orphans with special needs. That effort, in turn, led the family to establish the Dalio Foundation in 2003. To date, Dalio Philanthropies and the Beijing Dalio Foundation have awarded grants totaling more than $90 million in support of programs in China.

(Photo credit: Centers for Disease Control and Prevention)

"Bridgewater Donation to China." Prosek Email 02/16/2020.