Dell founder and billionaire Michael Dell, and his wife, Susan, are topping up their foundation’s assets with a cool billion.
The Michael & Susan Dell Foundation has deployed nearly $1.3 billion since 1999 in grants and impact investments in the U.S., India, and South Africa to improve the lives of young people living in urban poverty.
Bucking standard philanthropic practice, the foundation has paid out more than the required annual minimum of five percent (more like 15 percent), according to FastCompany. Spending at that rate drew down the endowment to around $646 million.
The foundation released A Philanthropist’s Guide to the Futureto highlight social entrepreneurs and the need for philanthropists to invest in innovative and ‘riskier’ projects.
“Old structures and roles are breaking down, and there are more ways than ever for individuals, organizations, businesses and foundations to join together to make progress on some of the world’s greatest challenges,” said Janet Mountain, who heads the Dells’ foundation.