THE STORY IN PHILANTHROPY THIS HOLIDAY SEASON is becoming all too familiar. THE STORY IN PHILANTHROPY THIS HOLIDAY SEASON is becoming all too familiar. Individuals, foundations and corporations are all scaling back their giving, often leaving nonprofit beneficiaries in the lurch. Just last week, the Bill & Melinda Gates Foundation, the world’s largest philanthropic concern, said it would slow its donations next year because of the hobbled economy and turbulent financial markets.
Behind the headlines, however, a surprisingly encouraging trend is taking hold: A new generation of donors is moving into place — an energetic and highly creative crowd that eventually could reshape philanthropy.
These younger givers — entrepreneurs, executives and latter-day members of old-money clans — are intent on leaving a mark now, not in their 50s and 60s. Some are even dropping the p-word itself. “We don’t call what we are doing philanthropy; we call it having an impact,” says Peter Kellner, 39, managing partner of Uhuru Capital Management.
The new firm is about to launch a fund-of-hedge-funds that will turn over 25% of its partnership-incentive fees, or potentially as much as 5% of profits, to entrepreneurial ventures in developing markets, where it also will invest. “This is a model that combines the desire to achieve and the desire to do good,” says Kellner. “Why should we artificially separate these two drives in our everyday lives?” Read More..