January 2020

 

Dear Bill,

I’m very pleased to join the Giving Pledge, having been an active philanthropist, in one way or another, for most of my life. I remember being a young boy and watching my grandfather pack prosthetics, wheelchairs, clothes, books, and toys to send to children in Israel every month. When I asked him why, he explained that it was not only his obligation, but also his privilege to help others in need. I also remember my father, a storeowner in Philadelphia, regularly extending credit to newly arrived immigrants. “Buy what you need,” he would tell them, and “pay me when you can.” These powerful memories have helped shape who I am and serve as a lasting reminder of the responsibility I have to uphold my family’s commitment to giving.

When I co-founded Blackstone in 1985, I never dreamed that we would one day become the world’s largest manager of alternative assets. Blackstone’s success has changed my life in innumerable ways by giving me the means to pursue many interests, including a variety of philanthropic pursuits. My giving has ranged from helping individuals who need it, to supporting many existing institutions I care about, and more recently, bringing to life transformational ideas and new organizations that address important societal challenges.

In philanthropy, as in business, I enjoy tackling complex challenges that require thoughtful, innovative solutions. The game-changing nature of my major projects has required substantial financial support, as well as my personal long-term involvement. Each project is a unique partnership where I bring to bear the full extent of my knowledge, network, and time to ensure that the new organizations are positioned to meet their objectives as best they can.

For example, the idea for founding Schwarzman Scholars, a highly selective fellowship program at Tsinghua University in Beijing, was born when I realized that future leaders needed to be better educated on the economic, political and cultural factors contributing to China’s increasing importance as a global power. The program’s mission is to grow a network of young, global influencers who can use their knowledge and connections to improve connectivity between China and their respective countries, ultimately facilitating a more peaceful and prosperous world for all of us.

Similarly, I was struck when I learned of the implications that advances in artificial intelligence and other new computing technologies will have on human development, the workforce and global competitiveness. I saw an urgent need to ensure our society is prepared for the changes to come, which is why I have funded two large-scale programs related to AI, both of which incorporate a focus on AI’s ethical and policy considerations. At MIT I helped establish a new, interdisciplinary College of Computing that breaks down traditional academic silos to advance the study of AI, and makes MIT the first AI-enabled university in the world. At Oxford I gave a gift to create a new Humanities Centre which will be designed to encourage cross-disciplinary scholarship and research. The Centre will house several performing art and exhibition venues, and include a major new Institute for Ethics in AI that will help frame relevant issues through a humanities, not technical, lens.

At Yale, where I was an undergraduate and which had the most profound impact on how I think and approach the world, I am helping to build a first-of-its-kind student center that can accommodate a significant number of students, faculty and members of the local community for social and world-class performing art events.

In other instances, I am simply drawn to organizations with a proven track record of achieving results. In this regard, my wife Christine and I are the largest donors to the Catholic school system in the US. We are thrilled to support a system that, in New York City for example, delivers a 98% high school graduation rate despite 70% of students being at, or below, the poverty line.

My philanthropy has brought a tremendous sense of joy and meaning to my life and I anticipate I will find more ways to give back during my lifetime. I’m proud that many of my projects have prompted the philanthropic participation of others, either in terms of giving to the same institution or giving to a similar effort elsewhere. In this way, my philanthropy already strongly echoes the spirit and intended impact of the Giving Pledge. Although plans for my estate have long reflected the principles of the Pledge, I am joining because I think it’s an important signal to encourage others to step up philanthropically as well.

You, Melinda and Warren have done a remarkable job of giving as well as inspiring others to commit their wealth to philanthropic causes for the common good. Thank you all for creating the Giving Pledge; it’s an honor to partner with you and the other members in this incredible effort.