April 5, 2019

CT, Dalios to raise $300M for education

Photo | Gov. Ned Lamont via Twitter
Photo | Gov. Ned Lamont via Twitter
Gov. Ned Lamont on Friday at East Hartford High School announcing the state's partnership with Dalio Philanthropies to raise $300 million to improve public education and economic opportunities in Connecticut.

Billionaire Greenwich hedge-fund operator Raymond Dalio and his family are pledging to help raise $300 million to boost public education and economic opportunities among the hard-pressed in the state.

Dalio, 69, founder and co-chief investment officer of Bridgewater Associates, the world's largest hedge fund, and wife Barbara, of Dalio Philanthropies, joined Gov. Ned Lamont, top lawmakers, students and others Friday at East Hartford High School to announce the private-public fundraising partnership.

The Dalios pledged $100 million from their nonprofit to be matched with $100 million from the state and another $100 million from other philanthropists and business donors over five years.

The Dalios' pledge is described as the largest philanthropic donation in Connecticut history.

The partnership, officials said, is aimed at communities and neighborhoods with high poverty rates and concentrations of youths and young adults, aged 14 to 24, who show signs of disengagement or disconnection from high school.

State leaders hailed the partnership, whose ambitions, authorities say, include ensuring that community voice and input shape programming design and help advance positive outcomes as quickly and sustainably as possible; serve disengaged and disconnected youth or entrepreneurs working in under-resourced communities; and monitor, measure, and report progress against specific agreed upon impact objectives.

"The Dalios, especially Barbara, have made improving public education a priority and thousands of young people will have a better chance to succeed because of their commitment," Lamont said in a statement.

In March, Forbes magazine pegged Ray Dalio's net worth at $18.4 billion. Bridgewater Associates manages some $160 billion in assets.

According to Forbes, Dalio over the years has given $768.9 million to philanthropic causes, supporting microfinance, inner-city education, nature conservation, and promoted meditation to groups under stress.

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