Warren Buffett, Bill Gates, and Mark Zuckerberg might be the most well-known Giving Pledge signatories, but there are plenty of lesser known billionaires who have also pledged to give at least half their wealth to charity. Glenn Dubin, co-founder of Highbridge Capital Management, is one such philanthropist.
Dubin, who is currently worth $1.7 billion, and his wife, Dr. Eva Anderssen-Dubin, are active board members at a number of non-profit organizations. Dubin is on the board of New York's Mount Sinai Hospital and Museum of Modern Art, and is a founding board member of the Robin Hood Foundation, while his wife sits on the board of the Alliance for Lupus Research and the Michael J. Fox Foundation, her alma mater, the Karolinska Institutet in Stockholm, and the Trinity School in Manhattan.
When it comes to charitable donations, however, Dubin has said he's always considered philanthropy a personal and private matter, which can make it hard to figure out just how much the couple has given. Their most notable contributions have been to Mount Sinai, which has received at least $16 million to support the Dubin Breast Center, and the Robin Hood Foundation, which has gotten at least $6.5 million to fight poverty in New York City. Harvard's Kennedy School of Government, which has no apparent connection to the Dubin family, received $5 million in 2010 to create the Dubin Fellowship for Emerging Leaders, while Dubin's alma mater, Stony Brook University, received $4.3 million for the Dubin Family Athletic Performance Center, which opened in 2012.
When you look at the records for the G. & E. Dubin Family Foundation, however, you may be left scratching your head. It's not clear what the strategy is, or where the couple's big money might go as they ramp up to make good on the Giving Pledge.
The Dubins tend to favor large donations to relatively few organizations, and their giving appears somewhat sporadic; back in 2005, for example, they gave out $8 million through their foundation, while in 2012, that number was only $3.8 million, consisting of a single grant to Mount Sinai. In 2009 and 2010, their total grants were effectively zero, which may reflect what appears to have been a sizeable hit to the value of the foundation's investments between 2007 and 2008, and the fact that Dubin and his wife were making major donations outside their foundation during this time. Dubin has slowly been pumping more money into the G. & E. Dubin Family Foundation, though; its latest available financials show $5.7 million in contributions in 2012, bringing its total assets to just over $30 million.
When everything is added up, it comes to somewhere in the neighborhood of $80 to 100 million that they've committed to charity so far, assuming they have been similarly generous to all the organizations with which they're involved. Still, that's only a small fraction of the nearly $1 billion the Dubins will need to give away to fulfill their pledge. (To say nothing of the new money Glenn Dubin might make in coming years.)
So what can we expect from the Dubins moving forward? There doesn't seem to be much in the way of a cohesive cause or mission that ties together their philanthropy, other than the fact that most of it stays close to home. But Dubin, who just turned 57, recently stepped down as CEO of Highbridge Capital, and while he's still the fund's non-executive Chairman, the move may well mean that he has more time now to spend on philanthropy.
Still, given Dubin's relatively young age, there's a good chance we could be waiting 10 or even 20 years before seeing more significant chunks of his money going out the door. Dubin stated in his Giving Pledge letter, however, that he hopes making his generosity more public will inspire others, so more major announcements might be on the way.
A couple things to watch for: A donation of Dubin's massive art collection to one or more museums, and Celine's involvement with the United Foundation, which, after six years of existence, made its first grant that we can see for $22,413 to an educational organization in the U.S. Virgin Islands.