"When I left my post at Goldman Sachs just after we had gone public to set up a private equity firm called Vista Equity Partners my mentors and colleagues at Goldman thought I had lost it," he said in his speech at American University. Robert is . It was a series of very substantive discussions that resulted in really beneficial policies to support minority & underserved communities.https://t.co/qt05ua8jMJ, Ivanka Trump (@IvankaTrump) June 25, 2020. I said that was fantastic, because, while I was only a junior in high school, I was getting A's in computer science and my advanced math courses, so it was like I was in college. [1], Smith gained public acclaim as one of the most prominent African-American philanthropists through his Fund II Foundation, which has donated tens of millions of dollars to universities, and in 2019 paid off the student loan debt of the entire graduating class of Morehouse College. [31][37] Brockman also required the first fund to be located in the Cayman Islands and set aside some of the interest earned to protect him against losses. Smith was accused of conspiring with billionaire software CEO Robert Brockman to conceal his income by routing proceeds from Vista Equity Partners through Caribbean shell corporations secretly owned by Smith. 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. Fund modernization & capacity-building and provide in-kind subject matter experts $30M:help 4-5 CDFIs/MDIs* over 5 years modernize their core systems, hire and train staff, expand marketing and standup SWAT team of experts to conduct needs diagnostic, implement tech solution & provide technical assistance;in-kind experts to also help build out the MBE ecosystem through CDFIs/MDIs, market CDFI/MDI offerings and programs and help draft final loan agreements to qualify borrowers between investment fund(s) and CDFIs/MDIs. In 2017, Smith became the first African American to sign the Giving Pledge a commitment to donate a majority of his net worth during his lifetime to charitable causes. So the next generation can go even higher., Robert F. Smith says his mother's giving help inspire his philanthropy: "She instilled in me the importance of giving to the community" https://t.co/c4NHbWdOsS pic.twitter.com/vu6kamY7IB. Education: Willamette University : Robert Freeman Smith (June 16, 1931 - September 21, 2020), commonly known as Bob Smith, was an American Republican politician who represented Oregon in the United States House of Representatives from 1983 to 1995 and from 1997 to 1999. Smith Pays Off Morehouse Graduates Student Loans. 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. [6], Smith was the first Black American to sign the Giving Pledge, pledging to donate most of his wealth to philanthropic causes before his death. Robert F. Smith, Founder, Chairman and CEO of Vista Equity Partners, appeared on Today, MSNBCs morning program on Nov. 10, 2021, to talk about his collaboration with Goalsetters One Stock. Jordan Hart. Robert F. Smith in Berlin, February 2018 ( link) Robert Smith is a billionaire American businessman, financier, and philanthropist who amassed his fortune as the founder and CEO of Vista Equity Partners. [10] According to Black Enterprise magazine, Smith is credited with consistently generating a 30 percent rate of return for his investors from the company's inception to 2020. Scale Black Business Works Fund $10M: grow the Urban League of Louisianas Black Business Works Fund to support ~3K-4K MBEs over 5 years with emergency working capital needs to support/sustain ~$1B+ in annual revenues, 2. "I dug up the phone number for Bell Labs to ask about summer internships," Smith said. "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. Offer more paid internships: signup onto InternX and offer 25+ additional paid internships per year to HBCU/Black students, 4. [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. Among the recognitions he received are: 2020 Forbes Diversity & Inclusion Award 2020TIMEs100 Most Influential People 2019 Carnegie Medal of Philanthropy 2019 Inductee into the Texas Business Hall of Fame 2019 UNCF Presidents Award 2018 Honored by National Park Foundation 2017 Columbia University BBSA Distinguished Alumni Award 2016 Congressional Black Caucus Foundation Chairs Award 2010 Ripple of Hope Award from Robert F. Kennedy Human Rights Forbes 100 Greatest Living Business Minds. For his 60th birthday, billionaire Robert F. Smith's wife threw him a James Bond-themed party. [91], Smith owns homes in Austin, Texas, Malibu, California, New York City, Denver, and Florida. Robert F. Smith Discusses his Goalsetter Gift on MSNBC Today. Smith attended Cornell for undergrad but never lost touch with Bell Labs. [82], In October 2022, media outlets including TMZ,[83] Revolt TV,[84] Variety, and Vibe Magazine[85] published an article highlighting Smith being nominated by Floyd Mayweather, Jr. to serve as executive producer of a series of film and television projects titled "The GOAT" aimed to tell Mayweather's life story. [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. Smith donated $50 million to his alma mater. Fund scholarships and hire coaches ~$35M: scale Birmingham Promise fund to financially support 200-250 students per year over 4 years to increase college retention and graduation rates, 5. [31][37], In early October 2021, Smith and Brockman were both among those listed in the Pandora Papers revelation, exposing the offshore sheltering of financial assets by hundreds of politicians, businesspeople, and celebrities. Smith, a private equity investor, is one of the wealthiest African Americans in the world, and the richest black person in the United States. This page focuses on the Republican primaries that took place in Texas on March 1, 2022. During his 2019 commencement address at Morehouse College, a historically Black institution, Smith surprised the graduating class by pledging to pay off the entire class student loan debt a $34 million gift that helped nearly 400 graduates. Subsidize internships & apprenticeships $40M: fund the New Orleans Youth Alliance, YouthForce NOLA and the Urban League of Louisiana to place and help subsidize apprenticeships, internships and other work-based learning experiences for ~20K young adults in high-pay sectors (e.g., energy), 5. He went on to study at Cornell and Columbia universities, and he worked at Goldman Sachs before starting his own investment firm. He worked as a rancher until his election to the Oregon House of Representatives in 1960. He's the founder of the . * Minority Serving Institutions / HBCUs in Charlotte that are being considered: Johnson C. Smith University, Johnson & Wales University Charlotte, Charlotte Christian College, 6. Powered by. They gave us feedback and we made changes, Mnuchin told the Washington Post in June as part of a profile on the businessman. Accessed August 25, 2021. Billionaire philanthropist Robert F. Smith is known for his circle of powerful associates but he reportedly sought out the friendship of the Trumps after paying off the debts of the Morehouse College of 2019. 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. Conduct advocacy: askUS Treasury & Tennessee Stateto allow Tennessee CDFIs/MDIs to retain SSBCI capital & offer loan guarantees to boost loan issuance, 5. 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. "Think about 400 young African American men who had just done the heavy lift. [6], Smith died on September 21, 2020, in Medford, Oregon at the age of 89. Billionaire Robert F . Fund II Foundation 990. IRS. [49], Smith became the board chairman of Carnegie Hall in 2016, the first African American to hold that position. Smith also donated $5,000 to Republican Mitt Romney, according to the research group. Fund modernization & capacity-building and provide in-kind subject matter experts $30M: help 4-5 CDFIs/MDIs* over 5 years modernize their core systems, hire and train staff, expand marketing and standup SWAT team of experts to conduct needs diagnostic, implement tech solution & provide technical assistance. About Robert F. Smith. Robert F. Smith. Vista uses a personality test developed by IBM that measures social and technical skills, as well as applicants' interest in arts and humanities. Smith, the richest Black man in the country who is worth an estimated $5.2 billion per Forbes, was heralded last year when he pledged to pay off the $34 million in loans for the graduating Morehouse class. Lead community organization: The Collective Blueprint, Increase the volume and value of Black-owned businesses through corporate MBE spend and MBE startups & scaling, 1. Robert has been a great champion for improving access to capital in distressed communities. In 2016, he was named the first African-American, as well as the first non-New Yorker, to be named the chairman of New Yorks Carnegie Hall. One Twitter user wrote, This is a small example of Black wealth, position, & power used properly., Another user wrote, Imagine if every billionaire did this. [69], In May 2019, while at Morehouse College to receive an honorary doctorate and deliver the commencement address, he announced that he and his family would pay off the entire student loan debt of the 2019 Morehouse College graduating class of 396 students. He was the second highest donor, next to Oprah, who donated $21 million. After graduating, he began working in industry in Applied Research and Development and received two US and two European patents and numerous awards. [31][37] According to Smith's non-prosecution agreement, Brockman dictated "the unique terms and unorthodox structure to the arrangement" and he accepted the offer as a "unique business opportunity he eagerly wanted to pursue". TheGrio is now on Apple TV, Amazon Fire, and Roku. Smith,. Throughout his life, Smith has continuously supported a number of philanthropies and causes. He is a male registered to vote in Connecticut. I see the little tears in the fabric of society every day. [15], In 2018, as part of the 2% Solution, Smith launched the Southern Communities Initiative, an effort to invest in infrastructure, businesses, and education in heavily Black communities in the southern United States. 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. [76] Smith was included on the Time 100, Time's list of the 100 most influential people in the world, in 2020. The 2% Solution is a groundbreaking idea for generational change in at-risk communities. Scale technical assistance $20M: fund the Urban League of Louisiana, New Orleans Business Alliance, Thrive New Orleans and Propellor to scale bookkeeping, B2C payment, marketing support & subsidized rent to scale 200+ MBEs from <$1M to $5M+ in annual revenue, Estimated impact (of all initiatives): 2.5x increase in MBE value & 8K+ new jobs, boosting Black communitys net worth by ~$2B+, 3. His own investment firm, 4, according to the Oregon House Representatives! `` Think about 400 young African American to hold that position 60th birthday billionaire... 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