Robin Hood, the New York City nonprofit founded by Paul Tudor Jones and funded by many hedge fund managers, recently announced it had donated most of the money it raised--more than $62 million--to benefit victims of Hurricane Sandy.
Robin Hood started fundraising and distributing aid within hours of the storm in late October. In December, the nonprofit helped coordinate a fundraising concert at Madison Square Garden that featured The Rolling Stones, Bruce Springsteen and Kanye West, among other pop stars. That fundraising jolt and other donations from the group were pooled into the Robin Hood Hurricane Sandy Relief Fund, modeled after the group's post-September 11, 2001 effort.
That Sandy fund has now distributed about 93% of its assets to about 400 organizations in New Jersey, New York and Connecticut. About 60% of the funds have gone to housing-related groups to help locals repair or rebuild damaged homes; other money flowed to support emergency assistance and counselors to victims about the assistance and claims they were entitled do, according to Robin Hood.
Robin Hood, now led by Maverick Capital's Lee Ainslie, 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.
See also: Robin Hood Sandy benefit to feature Rolling Stones, Bruce Springsteen, Kanye West | Robin Hood helps Sandy victims