Hedge fund giving keeps on growing; the Absolute Return Top 25 Hedge Fund Foundations hit $3.52 billion
By Carolyn Sargent
Hedge funds may be known for crowding trades. But when it comes to philanthropy, these wealthy capitalists are proving a diverse lot, pursuing interests as disparate as the funding of a safe zone for raising children in Harlem (Stan Druckenmiller) to cleanup of the Chesapeake Bay (Keith Campbell).
Fueled by a sizable increase in assets, the biggest fund managers keep getting wealthier, stepping up their philanthropic efforts as they do. Assets in the Absolute Return Top 25 Hedge Fund Foundations have ballooned to $3.52 billion from $1.99 billion in last year's survey, a 76.8% increase. Over the same period, total contributions to the top 25 foundations have increased 190%, to $865 million, giving hedge funds more clout on the philanthropic scene. (Data reflect totals for a foundation's most...