Manhattan's hedge fund and private equity sluggers hit the ball out of the park two nights ago, in record time. It took less than three minutes for Paul Tudor Jones to cajole 23 attendees at the Robin Hood Benefit into pledging $1 million apiece to support a new teacher-training institute in New York. Just like that — $23 million. Mr. Jones, founder of Robin Hood and head of the Tudor Group, raised the energy of the crowd of 4,000 with almost evangelical enthusiasm: "Last year you started something magical. Right now, right here, let's finish it." And they did. Overall, the star-studded event raised $72 million. Tom Wolfe should have been there.
Mr. Wolfe has recently written rather snippily about the hurdles that must be cleared by socially ambitious hedge fund managers in New York. Like other groups that have suddenly emerged throughout history with fat bank accounts, top players in the hedge fund and private equity world are, according to Mr. Wolfe, causing some unease among Manhattan's landed gentry. Mr. Wolfe suggests that these newcomers are considered a little rough around the edges, and not quite ready for social prime time.
One source of discomfort to the old-line philanthropists in our town may be the hard-nosed approach these newly arrived donors take when it comes to charitable donations. The not-for-profit world has rarely been pushed so hard to be efficient, so productive, or so accountable. As Mr. Jones said, "We have a cult-like focus on outcomes. Success is unequivocal and imperative."
