Raymond T. Dalio, founder, president and co-chief investment officer of Bridgewater Associates, agreed to give the majority of his wealth to philanthropy under billionaire Warren Buffett's Giving Pledge program.
Mr. Dalio and his wife, Barbara, were among 10 families named in a statement April 28 from The Giving Pledge, a project started in June by Mr. Buffett and Microsoft Corp. Chairman Bill Gates. The organization, which aims to persuade billionaires to donate more than half of their fortunes to charity, said 69 wealthy families in the U.S. have signed up, with previous pledges including Facebook founder Mark Zuckerberg and filmmaker George Lucas.
Others in the hedge fund industry who have committed to pledging include Jim Simons of Renaissance Technologies, Tiger Management's Julian Robertson, Omega Advisors' Leon Cooperman and BP Capital's T. Boone Pickens.
“Having more money, while nice, wasn't all that important,” the Dalios said in a pledge letter excerpted in the statement. “Taking our excesses and providing it to others who have extreme shortages has been both a good investment and a great satisfaction.”
Mr. Dalio declined to comment, according to Alexei Nabarro, a spokesman for his firm. The couple said they plan to support inner-city education, microfinance and nature conservation, according to the letter.