Robin Hood, the New York City nonprofit founded by Paul Tudor Jones and funded by many hedge fund managers, has raised more than $12 million for a relief fund to benefit the victims of Hurricane Sandy.
Lee Ainslie (Photo: Bloomberg)
"We invite you to join Robin Hood in an intense and focused effort to assist those hurt by the destruction caused by Hurricane Sandy," wrote Maverick Capital founder and Robin Hood board chair Lee Ainslie in an appeal to potential donors November 2. "It is often the poorest among us that suffer most from a natural disaster. But catastrophes like Hurricane Sandy also create a new population of neighbors in need those who find themselves newly homeless and suffering economic despair."
The money--from hedge fund managers and others--poured in immediately, and some $3 million has already been dispersed in the form of emergency grants to about 75 groups.
"For 24 years, Robin Hood has been providing housing, food and care for our neighbors in need throughout New York City, and we're using that expert knowledge to help those affected by Hurricane Sandy," said Robin Hood executive director David Saltzman in a statement today. "Our staff and community partners have had boots on the ground in some of the hardest hit areas including Red Hook, Staten Island, Breezy Point and Coney Island, and they are making it possible for people to get the vital services they need."
The new effort is modeled after Robin Hood's September 11, 2001 relief fund, which raised and distributed more than $65 million to help survivors and families of victims.
Robin Hood declined to disclose which hedge fund managers contributed to the Sandy effort. But board members from the industry include David Tepper of Appaloosa Management, Dan Och of Och-Ziff Capital Management Group, Steve Cohen of SAC Capital Advisors, Larry Robbins of Glenview Capital Management, John Griffin of Blue Ridge Capital, David Einhorn of Greenlight Capital, Glenn Dubin of Highbridge Capital Management, Scott Bommer of SAB Capital Management and more.
The help was appreciated. "Trusted and established partners like Robin Hood rushed to provide aid in a way that was immediate and instinctive," said David Garza, executive director of the Henry Street Settlement located on Manhattan's Lower East Side in a statement released by Robin Hood. "By enabling us to respond instantaneously to the crisis created by Sandy, Robin Hood made it possible for us to deliver thousands of meals and emergency supplies to people who were stranded in high-rise buildings and others who were without power as a result of the storm."