This article first published in the Financial Times in January 2018
A growing number of funds take a shorter-term approach
Having spent its entire war chest of $100m, the Skoll Global Threats Fund closed last month. Jeff Skoll, eBay’s first employee and first president, created the fund to “make progress against five of the gravest threats to humanity” — climate change, pandemics, water security, nuclear proliferation and conflict in the Middle East — and gave it eight years.
It is one of a growing number of foundations which are “spending down” and disbanding. Atlantic Philanthropies, set up by Chuck Feeney, co-founder of Duty Free shops, finished spending its $8bn in 2016 and will close in 2020. A foundation created with public donations after the death of Diana, Princess of Wales, closed in 2012. Continue reading →