Hedge fund billionaire Ray Dalio is ramping up contributions to his foundation as well as its giving, Forbes reports.
According to the most recent public tax filing made by the Dalio Foundation, Dalio contributed $400 million to the foundation in 2013, bringing its assets at year end to $842 million, up from $590 million at the end of 2012. The foundation also awarded more than $109 million in grants in 2013, including $25 million to the National Philanthropic Trust in support of polio eradication projects and $20 million to New York-Presbyterian Hospital. In a statement to Forbes, the foundation said that Dalio and his wife gave another $119 million to charitable causes in 2014.
While the foundation doesn't have a specific mission, Dalio is known to have wide-ranging interests and, according to Forbes, has expressed interest in microfinance, education reform, promoting meditation, measures to improve government, nature conservation, and the preservation of the world's oceans.
With an estimated net worth of $15.4 billion, Dalio is the second wealthiest hedge fund manager in the U.S. — after George Soros — and is a well-respected voice in an industry that is known for its active engagement in philanthropy. Hedge fund manager Paul Tudor Jones, for example, started the Robin Hood Foundation back in 1988 to fight poverty in New York City and to date the foundation has raised nearly $2 billion in support of its programs. The Sohn Conference Foundation, which honors the memory of Wall Street trader Ira Sohn, who passed away at the age of 29, was created by Douglas Hirsch, Lance Laifer, and Daniel Nir, along with Sohn's mother, Judith Sohn, and brother Evan, to raise funds for pediatric cancer research. And Soros, Renaissance Technologies founder James Simons, Centaurus founder John Arnold, and former Soros colleague and Duquense Capital chair Stanley Druckenmiller have all set up foundations with assets of a billion dollars or more.
"The Dalios' rate of giving has been increasing at a rate that is consistent with their rate of learning and their building up of their team," the Dalio Foundation said in its statement. "They expect this to continue."