A New York Times financial writer looks at heirs to business fortunes who are steering their philanthropy into the communities where their forebears amassed their riches. Such clans are applying the results-focused rigor of impact investing to causes in their family and business backyards, Wealth Matters columnist Paul Sullivan says.
Among other organizations, Mr. Sullivan cites the Triangle Fund, formed by members of the Houghton family behind upstate New York-based manufacturing company Corning, and the Russell Family Foundation, whose founders' wealth derives from a Pacific Northwest investment firm. "As with many families, place matters to them," said Russell Family Foundation CEO Richard Woo said. "It’s where this business is from. The kinds of impact they can enact — they can see and touch it."