[5], In 2000, Smith founded Vista Equity Partners, a private equity and venture capital firm focused on technology. Everything You Need To Know: What Is an HBCU? He's the founder of the . Steve Smith: 19.60%: . Now he'll spend. "[30], In August 2020, Bloomberg reported that Smith was facing a tax inquiry regarding a potential failure to pay U.S. taxes on $200 million in assets, intended for U.S. charities, that were transferred through offshore entities. In 1689, the British Parliament passed an extensive bill of rights, including the right to keep and bear arms (the people had just had to fight a real civil war). Download our newest episodes now! He is a male registered to vote in Connecticut. Al Sharpton, others gather for joint Kwanzaa, Hanukkah celebration", "Mayor Eric Adams, Rev. We have to do something for our community., NEW YORK, NY DECEMBER 06: Robert Smith attends RFK Human Rights? One hundred years later, our own Founding Fathers recognized the need for that and the other rights in that. 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. 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. 2020 Transaction Count/Amount. In a memo sent to Vista employees following the outbreak of widespread protests on the killing of George Floyd, Smith recounted his uncle's murder by a white gas station attendant nearly 50 years ago and called for "love and understanding.". He's the "antithesis of [Blackstone CEO Steve] Schwarzman," a tech-industry banker told Business Insider. Throughout his life, Smith has continuously supported a number of philanthropies and causes. 4. [92][10][93][94][95], For other people named Robert F. Smith, see, "At Carnegie Hall, a New Leader With a Son Named Hendrix", "Billionaire Denver native donated $20 million to new African-American museum (Video)", "A Private Equity Titan With a Narrow Focus and Broad Aims", "Cornell Engineering To Recognize Robert F. Smith '85 With 2020 Distinguished Alumni Award", "5 things to know about Robert F. Smith, Morehouse donor to pay off Class of 2019's student loans", "Smith '85 to receive engineering college alumni honor", "Meet Robert F. Smith, the billionaire who's paying off student loans, owns a home in Malibu, and married a former Playboy model in a lavish Italian ceremony", "Who is Robert F. Smith? Provide in-kind staff: offer 2-5 FTEs to the Charlotte Regional Business Alliance (CRBA)over 5 years to track Black-/Brown-executive representation, convene corporate partners to develop executive pipeline and hiring plans and support corporate partners to increase representation from ~10% to 30%+, Estimated impact (of all initiatives): 2.5K+ additional college graduates and 2.5K workers with high-paying wages to drive ~$0.2B in economic growth, 7. Updated May 20, 2019. Smith did not flee the scene, was cooperative with investigators, and was determined to not be under the influence of intoxicants at the time of the wreck. on the Board of Overseers of Columbia Business School, Smith ranks third in Forbes' Black Billionaires list, Read the memo private-equity titan Robert F. Smith, the richest black man in the US, sent to his staff about America's racial unrest, Robert F. Smith is a billionaire tech investor and philanthropist who founded and serves as CEO of, Smith was the target of a four-year investigation into his personal taxes that ended when the billionaire agreed to pay, Smith made headlines in May 2019 when he announced during his commencement address at Morehouse College that, Months later, he extended the $34 million gift to include the debt owed by the students' parents as well, per a Morehouse. He was Speaker of the House for the 1969 and 1971 sessions. Well done Robert F. Smith., Robert F. Smith: 5 Fast Facts You Need to Know, Copyright 2023 Heavy, Inc. All rights reserved. Yes, he's richer than Oprah. 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. He is the founder, chairman, and CEO of private equity firm Vista Equity Partners . 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. 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. In 2016, Smith and his wife bought a $20 million Malibu mansion from "Real Housewives of Beverly Hills" star Yolanda Hadid. The pedestrian was in the crosswalk when Smith hit him with his car, and he later died at the scene. It worked, until now", "How Billionaire Robert Smith Avoided Indictment in a Multimillion-Dollar Tax Case", "A Buyout Fund C.E.O. What to know about Robert F. Smith, the man paying off Morehouse grads student loans. CNN Business. 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. February 24, 2021. Smiths overtures materialized as he spoke with Mnuchin daily on coronavirus relief according to Mnuchin. Smith made a shrewd move in acquiring Sunquest Information Systems Inc., for a relative bargain price of $327 million$200 million in equity and $127 million in debt. [18], Also in October, the Daily Mail reported that Smith had attempted to curry favor with then-President Donald Trump (R) and his advisors during the investigation. [77], In February 2022, Smiths non-profit organization, the Student Freedom Initiative, partnered with Prudential Financial to provide up to $1.8 million in microgrants to students of HBCUs. Smith cooperated with the investigation and agreed to admit misconduct but will not be prosecuted, according to reports. [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. This effort will drive corporate collaboration with local grassroots community organizations to help achieve scalable projects that can be rolled out across the country wherever inequity exists. [16][17][18] Vista has invested in companies such as STATS, Ping Identity, and Jio. Celebrating Famous Black People From History, founding director and President of the Fund II Foundation, Learn About The Southern Communities Initiative, National Telecommunications and Information Administration (NTIA), Income Contingent Alternative to Parent Plus, Houston Minority Supplier Development Council (HSMDC), Office of Information Technology & Innovation, Charlotte Regional Business Alliance (CRBA). Contribution Totals. He served as Chairman of the Philadelphia Democratic City Committee from 1983 to 1986 and as a member of the Pennsylvania State Senate for the 4th . 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 a SWAT team of experts to conduct needs diagnostic, implement tech solution & provide technical assistance. A blogger who has a large audience can create wealth by attracting advertisers. [73], In October 2019, Smith received the Carnegie Medal of Philanthropy, which is given to individuals who have donated private wealth to the public. No charges or citations were filed against him regarding the wreck. [2], After more than a decade out of politics, Smith was elected to Congress from Oregon's 2nd congressional district in 1982. The banker went on to praise Vista, as well, saying "there is no shortage of PE shops that have succumbed to style creep and/or chasing fleeting trends, but Vista has remained focused on enterprise software and technology. According to Black Enterprise, his estimated net worth as of 2019 is $5 billion. 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. [1][4], In high school, he applied for an internship at Bell Labs but was told the program was intended for college students. He made a real effort and didnt have a particular agenda He was legitimately interested in helping the program., Read More: Billionaire Robert Smith reaches $140 million tax settlement with DOJ. [74] Smith was also inducted into the Texas Business Hall of Fame as a Class of 2019 Legend. 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. CEO and founder of private equity firm Vista Equity Partners. 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. At one point, we were having daily conference calls with him and his team. 7. August 21, 2020. When a student from M.I.T. Smith reportedly approached the agency for amnesty from prosecution under a program for Americans who did not report offshore assets but the request was declined. TheGrio is now on Apple TV, Amazon Fire, and Roku. The majority of African Americans live in just six communities in the U.S. Birmingham, AL; Houston, TX; New Orleans, LA; Atlanta, GA; Charlotte, NC and Memphis, TN. [5] The wedding was attended by F. F. Montgomery, the Speaker of the Oregon House of Representatives, among others. Smith's firm, Vista Equity partners, has officesin Austin, Chicago, New York City, Oakland, and San Francisco. 2012 Election Cycle. [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. [59] That same year, Smith donated $2.5 million to the Prostate Cancer Foundation to advance prostate cancer research among African-American men. After Smith made that announcement, you can see the shock and celebration take place in the audience, as the students registered fully what Smith was saying. October 8, 2020. In the years since its founding, the firm has generated bumper returns for investors and gradually increased assets under management. The couple married in 2015 in a lavish ceremony on Italy's Amalfi Coast, where theyrented out the Hotel Villa Cimbrone and put on a star-studded display that included entertainment from Seal, John Legend, and Bryan McKnight. In May and June, Smith made daily calls to Secretary Mnuchin regarding the COVID-19 pandemic. 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. This agreement came alongside Smith agreeing to assist the DOJ in creating a separate case against Robert T. Brockman, who had been charged with hiding $2 billion in income. Philanthropy. Robert F. Smith. In his Giving Pledge bio, Smith promised to invest half of his net worth during his lifetime "to causes that support equality of opportunity for African Americans, as well as causes that cultivate ecological protection to ensure a livable planet for future generations.". 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. Fund SFI program $120M: fund the Student Freedom Initiatives Income Contingent Alternative to Parent Plus* to support ~1.2K Black STEM students per year forever at 7 HBCUs**, * Student Freedom Initiative serves as lead (main contact if you are interested in learning more and funding this initiative). 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. Abbott's strike force to reopen Texas", "Why graduates of elite universities dominate the Time 100 and what it means for the rest of us", "Billionaire Robert Smith Launches $1.8M Program to Provide Microgrants to HBCU Students In Need", "Robert F. Smith Launching $1.8M Grant Program For HBCU Students", "For(bes) The Culture Newsletter: April Showers Bring Forth Impact And Influence In The White House, In Media And In Entrepreneurship", "Robert F. Smith Pledges $3.8M To Build Mobile Unit That Helps Black Men Be Proactive About Prostate Health", "Cornell receives $15 million for minority engineering student aid", "Exclusive FLOYD MAYWEATHER MAKING 'LAST DANCE' STYLE DOCUSERIES 'The GOAT', "Floyd Mayweather's "The GOAT" docuseries is officially in the works", "Floyd Mayweather Will Tell His Story His Way With 'The GOAT' Docuseries", "Floyd Mayweather Inks Life-Rights Deal With Hidden Empire Films, Announces 'The GOAT' Docuseries About Life and Career", "Hope Dworaczyk Smith Pregnant With Second Child!
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