Robin Hood Foundation Raises $101 Million to Fight Poverty in NYC

The Robin Hood Foundation has announced that it raised $101 million at its annual benefit, a significant increase from the $60 million it raised at last year's event.

The total includes $25 million from the Pershing Square Foundation — co-founded by hedge fund manager Bill Ackman and his wife, Karen — in support of the organization's efforts to reduce poverty in New York City, with an emphasis on programs in the city's Latino communities. Another $25 million from an anonymous donor will launch a fund that invests in education and technology initiatives aimed at reducing poverty, with input from advisors John Overdeck and David Siegel of Two Sigma; Laura Arrillaga-Andreessen; Daniel Huttenlocher, dean of Cornell Tech; and Google's Eric Schmidt.

In addition to the main event attended by four thousand supporters, this year's gala included benefits at two other venues where a thousand young professionals pledged support to the poverty-fighting organization. "Bringing on this new generation of Robin Hood soldiers not only makes our army stronger, but also helps ensure that we'll still be helping New Yorkers in need forty, fifty, even a hundred years down the line," hedge fund billionaire and Robin Hood founder Paul Tudor Jones told the New York Post.

"Helping those who are less fortunate should be a joyous process," said David Saltzman, the organization's executive director. "And last night more than five thousand people came together to feel joy and pride and to create a true community of caring. We are overwhelmed by their generosity and humbled by their faith in Robin Hood.  Thanks to our donors, we will be able to improve the lives of hundreds of thousands of New Yorkers."