1. [31] In October 2020, Smith reached a non-prosecution agreement with the United States Department of Justice (DOJ), agreeing to pay a fine of $139 million. [22], In 2016, Smith was named as Private Equity International's Game Changer of the Year for his work with Vista. Robert F. Smith is the Founder, Chairman and CEO of Vista Equity Partners, a leading global technology investment firm. Incredible supporter of the administrations actions on HBCUs, Ivanka said at the Sept. 23 event that Smith attended virtually. February 24, 2021. As of August 2021, the Initiative has garnered commitments from over 70 companies to invest $65 billion. As of 2019, the firm has $46 billion in funding. Smith ranks third in Forbes' Black Billionaires list, following Nigerian cement and commodities tycoon Aliko Dangote, worth $10.9 billion, and Nigerian-born Mike Adenuga, who made his fortune in the oil and mobile telecoms industries and is worth $9.1 billion. [16][17][18] Vista has invested in companies such as STATS, Ping Identity, and Jio. A portion of these funds were re-routed through the Fund II Foundation and dispersed philanthropically, thereby garnering illicit charitable tax deductions for Smith, who allegedly avoided paying taxes on $200 million in income. What to know about Robert F. Smith, the man paying off Morehouse grads student loans. CNN Business. [13], Also in 2016, the Foundation gave $3 million to the Southern Poverty Law Center to support left-progressive criminal justice policy. from 1999 to present. [78][79], In April 2022, Smith launched the Mount Sinai Robert F. Smith Mobile Prostate Cancer Screening Bus in Harlem, New York, in partnership with Mount Sinai Hospital. Scale career prep ~$10M: scale the New Orleans Youth Alliance and YouthForce NOLA with 15-20 coaches over 5 years to equip ~20K young adults with skills for high-paying industries, job search & prep and subsidized transportation, Estimated impact (of all initiatives): ~2K additional college graduates and ~20K workers with high-paying wages to drive ~$1B in economic growth, 7. This singular focus over the past two decades enabled Vista to develop an adaptable, analytical approach to growth and cultivate a network of companies composed of industry leaders across end markets. What is the Southern Communities Initiative? Robert F. Smith. In 2019, Smith attracted positive press when he pledged $34 million through the Fund II Foundation to pay off all student loan debt for the graduating class of 2019 at Morehouse College, a historically Black college. Commit to supplier diversity: increase MBE spend in Charlotte region to 5-10%+, Estimated impact (of all initiatives): 3x increase in MBE value & ~13K new jobs, boosting Black communitys net worth by ~$2B+, 4. [7], "Kaye Tomlinson and Robert F. Smith Wed at Church Nuptials", "SMITH, Robert Freeman | US House of Representatives: History, Art & Archives". From an early age, his parents stressed the importance of giving back and supporting his community. Robert F Smith (born 1948) is listed at 34 Honor Road West Haven, Ct 06516 and has no political party affiliation. Fund startups and give access to investor network $70M: grow the Prosper Health Tech Fund powered by Gener8tor and offer venture capital technical assistance to scale 50+ startups from <$1M to $5M+ in annual revenue; near-term priority is to secure $4M in venture investment by end of May 2022, 2. "This has been a heartbreaking and painful week for America and a reminder that in our endless pursuit of a 'more perfect union,' a great deal of work remains," Smith wrote. Fund HBCU campus-wide internet up to $50M in donations or in-kind: Partner with the Student Freedom Initiative to deliver campus-wide high-speed internet at ~10 HBCUs across SCI regions, 6. Accelerate digital access initiatives $75M:partner with local orgs* to invest in setting up internet connections / installing hotspots, offering laptops and supporting adoption (through government subsidy technical assistance and digital literacy) to connect ~135K homes to high-speed internet in the Memphis region, 9. Offer more paid internships: signup onto InternX and offer 25+ additional paid internships per year to HBCU/Black students, 4. Accessed August 25, 2021. Smith has cited a 2019 McKinsey Global Institute analysis which claims that closing the racial wealth gap would generate $1.5 trillion in additional GDP growth over the decade. Data on individual contributors includes the following: The following are examples of the various types of contributor searches that may be conducted: Search an individual contributor by their last and/or first name. Smith is worth an estimated $7.05 billion, according to the Bloomberg Billionaires Index. In particular, his philanthropy honors the sacrifices and contributions of his parents, grandparents and African American ancestors who he says paved the way for his success. Trumps eldest daughter also sent out a series of tweets that praised Smith for being a change maker and that it was a pleasure working with him. "When I finished business school and decided to join the tumultuous world of investment banking, my family and friends spoke up with concerns about my sanity," Smith said in his American University commencement speech. Pick one school and unburden an entire generation. Smith persisted, calling each Monday for five months. Smith is a billionaire who has amassed a fortune largely through his company, Vista Equity Partners. They are also used to choose convention . as well as other partner offers and accept our, Ricky Carioti/The Washington Post via Getty Images, Ricky Carioti/The Washington Post via Getty Images), http://robertfsmith.org/post/118605075721/robert-f-smith-is-the-founder-chairman-and-ceo. Under his leadership, the firms portfolio has grown to include some of the worlds leading enterprise software companies. Fund II Foundation 990. IRS. [25] In a June 2020 report, Time reported the launch of The Student Freedom Initiative, a nonprofit led by Smith, to benefit HBCU students. Robert F. Smith. Fund SFI program $12M: fund the Student Freedom Initiatives Income Contingent Alternative to Parent Plus to support ~120 Black STEM students per year forever at 3 HBCUs*, * Minority Serving Institutions / HBCUs being considered: Dillard University, Southern University New Orleans and Xavier University of Louisiana, 6. He is a male registered to vote in Connecticut. Now they did all the heavy lifting. did not show up, he got the position, and that summer he developed a reliability test for semiconductors. We will only grasp the staggering potential of our time if we create on-ramps that empower all people to participate, regardless of background, country of origin, religious practice, gender, or color of skin. Accessed August 25, 2021. Accessed August 25, 2021. Fund II Foundation 990. ProPublica. [8], In 2018, the foundation gave $500,000 to the New York Times to finance the 1619 Project, a left-wing journalistic endeavor that asserts the centrality of slavery in the founding of the United States. Smith gave a commencement speech at American University's 2015 graduation, where he spoke about his earliest attempts to get work in Silicon Valley while he was still in high school. Philanthropist Smith said that his gift of 1,500 shares of top tech stocks to the Eagle Academies for Young Men, in New York City and Newark, N.J., including all 2,900 students, educators and staff members, was about opportunity. Sometimes we think its just the Giving Pledge-kind of people making a difference, but its also individuals who may not have great wealth but who give generously of their time and resources. Commit to increase racial diversity in supply chain and procurement: increase MBE spend in Greater Houston region* to 5-10%+, * One Houston Together serves as lead (please contact if you are interested in funding these initiatives), ** Houston Minority Supplier Development Council (HSMDC) serves as a partner organization (please contact if you are interested in learning more about this initiative), Estimated impact (of all initiatives): 2.5x increase in MBE value & ~55K new jobs, boosting Black communitys net worth by ~$12B, 4. Smith was born in Portland, Oregon, and grew up in Burns, Oregon. Some of their responsibilities include overseeing the Primary, Candidate Filing, and other elections; chairing County Executive Committee Meetings; organizing and leading the local party; as well as overseeing and/or assisting with precinct and county or Senate District Conventions as required. Share. Latest Forbes richest list shows Black billionaires remain a rare club. April 6, 2021. [44][45], Smith has also served as the chairman of Robert F. Kennedy Human Rights,[46] on the board of overseers of Columbia Business School, as a member of the Cornell Engineering College Council,[47] on the Cornell University Tech Board,[9] and as a Trustee of the Boys & Girls Clubs of San Francisco. * In partnership with National Bankers Association and Appalachian Community Capital; CDFIs/MDIs being considered include: New Orleans Business Alliance (community convener), Liberty, TruFund, LiftFund, NewCorp, etc. Standup training hub $30M: fund* the establishment a world-class training hub that offers certificate-granting STEM and innovation programs in advanced manufacturing, health care, etc. [2] He attended Carson Elementary School and East High School[3] in Denver. At one point, we were having daily conference calls with him and his team. He is the richest of the seven Black billionaires in the United States, however. He is a male registered to vote in Connecticut. He continued to work there as an intern during his summer and winter breaks before graduating Cornell with a chemical engineering degree. Partygoers weren't . One hundred years later, our own Founding Fathers recognized the need for that and the other rights in that. Offer technical assistance expertise: partner with the Charlotte Regional Business Alliance (CRBA) to advise/mentor ~200 MBEs on capital/loan access to help them scale from <$10M to $50M+, 3. 2012 Election Cycle. Billionaire Robert Smith Fighting U.S. Criminal Tax Inquiry. Bloomberg. Smith's held the party at his waterfront estate in Palm Beach, Fla. Sotheby's International Realty Attendees weren't encouraged to enter the $48 million house a 25,000-square-foot spread. [37], According to reports in Bloomberg and The Washington Post, Brockman approached Smith in the 1990s about creating a private equity fund and offered to back the initial fund. All Rights Reserved. A blogger who has a large audience can create wealth by attracting advertisers. To a Spreadsheet or Other File Type. (Photo by Michael Loccisano/Getty Images for RFK Human Rights). He is the founder, chairman, and CEO of private equity firm Vista Equity Partners. Lead community organization: The Collective Blueprint, Increase the volume and value of Black-owned businesses through corporate MBE spend and MBE startups & scaling, 1. [11] From 1994 to 2000, he worked for Goldman Sachs in technology investment banking, first in New York City and then in Silicon Valley. [28][29]Smith said: "When we unify the souls of our two communities, we can usher in light to banish the darkness of racism, bigotry, and antisemitism. According to Black Enterprise, his estimated net worth as of 2019 is $5 billion. Visit Business Insider's homepage for more stories. Smith,. Oregon Blue Book: Earliest Authorities in Oregon - Speakers of the House of Representatives of Oregon. *Uh oh. Adeniji, Ade. August 21, 2020. "[27], In December 2022, taking a stand together against increasing instances of racism and antisemitism in the US, Smith joined New York City Mayor Eric Adams, Reverends Al Sharpton and Conrad Tillard, World Values Network founder and CEO Rabbi Shmuley Boteach, and Elisha Wiesel to host 15 Days of Light, celebrating Hanukkah and Kwanzaa in a unifying holiday ceremony at Carnegie Hall. Sign up for our newsletter to get the latest stories in hedge funds, PE, fintech, and banking delivered daily to your inbox. "Patriot Mobile Action is a new entity created to put . She also retweeted the Post profile of him. Today, Smith is Vistas Chairman and CEO. Smith pledged an additional $1.5 million to Morehouse College for scholarships and renovations. The gift will support an undergraduate scholarship fund to provide at least 7 students a year from urban high schools with up to $45,000 in grants, in addition to setting up a graduate fellowship fund to support 12 masters students and five doctoral students who attended historically black colleges and universities. Standup MBE fund $15M: standup/scale MBE fund* to offer more flexible access to capital arrangements 400-500 MBEs over 5 years, * Lead organization: The Collective Blueprint; Contributing local organizations for community strategy include (but not limited to): Community Unlimited, Womens Business Center South, Epicenter, others, Estimated impact (of all initiatives): 2.3x increase in MBE value & 20K+ new jobs, boosting Black communitys net worth by ~$3B+, Modernize CDFI/MDI systems and tech as well as recruit and upskill talent to increase CDFI/MDI capacity and ability to inject more capital into Black communities, 3. PALM BEACH, FLORIDA: A party arranged in James bond theme by Hope Dworaczyk, wife of Robert Frederick Smith, for her husband's 60th birthday allegedly pissed the guests due to the bizarre security measures. [90] He also has two sons and two daughters with his wife Hope. A primary election is an election in which registered voters select a candidate that they believe should be a political party's candidate for elected office to run in the general election. He is the Founder, Chairman and CEO of Vista Equity Partners, focused on investing and partnering with leading enterprise software companies. Smith attended Cornell for undergrad but never lost touch with Bell Labs. [49], Smith became the board chairman of Carnegie Hall in 2016, the first African American to hold that position. [1] He grew up in a predominantly African American, middle-class neighborhood in Denver, Colorado. Scale technical assistance $15M: fund*to expand technical assistance through business coaches and wrap-around services for 500+ MBEs over 5 years to help them scale from <$1M to $5M+ in annual revenue, 2. Smith's work individually and in conjunction with the Fund II Foundation has helped fund racial equity and educational reform initiatives, outdoor access and historic preservation efforts, as well as internships and career pipeline opportunities for . But Smith said he kept calling back "every day for two weeks straight," and after an intern from MIT didn't show up, he was accepted as an intern. * Minority Serving Institutions / HBCUs in Charlotte that are being considered: Johnson C. Smith University, Johnson & Wales University Charlotte, Charlotte Christian College, 6. Moving Forward. Robert F. Smith Talks About the Future of His Philanthropy. Inside Philanthropy. Provide technical expertise: offer subject matter and technical expertise to catalyze and support community initiatives, E.g., tax/accounting experts to help MBEs file taxes, E.g., business experts to help MBEs better access capital and craft business plans to scale their teams and operations, 2. [1] He advised on merger and acquisition activity with companies such as Apple and Microsoft. Throughout his life, Smith has continuously supported a number of philanthropies and causes. Here's a look at Smith's life and career. The nonprofit is devoted to supporting the careers of recent college graduates in minority serving institutions. [12], In 2016, the Foundation gave $20 million to Smiths alma mater Cornell University to support its chemical engineering school. [7], Smith was named in The Chronicle of Philanthropy's "Philanthropy 50" in 2017. Smith was worth an estimated $2.5 billion, as of 2016. In 2016, Smith and his wife bought a $20 million Malibu mansion from "Real Housewives of Beverly Hills" star Yolanda Hadid. Increase MBE certification and scale technical assistance ~$2M: partner with One Houston Together* and the Houston Minority Supplier Development Council (HSMDC)** to certify additional MBEs, develop Minority Business Finder database tool and provide resources andservices to help local MBEs scale and participate in Pathways to Excellence program, 3. Robert F.Smith is a billionaire who gave the commencement speech at Morehouse College on Sunday, telling the graduating students his "gift" was to pay off all of their student loans. [2], After more than a decade out of politics, Smith was elected to Congress from Oregon's 2nd congressional district in 1982. Morehouse College Spring Class of 2019 Commencement Speaker Robert F. Smith will be establishing a grant to pay off the Class of 2019's Student Loans so they'll be graduating debt free! Smith, by the way, made . 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