- The family charity of billionaire Ray Dalio and his hedge fund company Bridgewater Associates LP are donating $10 million to combat the spread of the coronavirus
The family charity of billionaire Ray Dalio and his hedge fund company Bridgewater Associates LP are donating $10 million to combat the spread of the coronavirus. According to Bloomberg, the money will go towards Peking University First Hospital, Union Hospital for Clinical Care, and three medical teams led by academics in Wuhan.
Dalio and Bridgewater are joining a number of other companies and executives making large donations to combat the coronavirus. For example, the charitable foundation arm of Blackstone Group is donating $1 million to expand the distribution of supplies and provide aid to over 30 communities in China. And Citadel is donating $7.5 million for the cause. Plus UBS Group AG is committing $1 million to frontline responders.
Bridgewater had opened an office in Beijing in 2011 and five years later, the firm established Bridgewater (China) Investment Management in Shanghai. Dalio took his first trip to China in 1984. And in 1995, Dalio’s son Matt lived in Beijing and attended a local Chinese school. About five years later, Matt launched the China Care Foundation — which has raised nearly $15 million for special-needs orphans in the area. This work inspired the Dalio family to establish the Dalio Foundation in 2003.
