Hedge-Fund Auction Raises $71-Million

In a dizzying evening filled with offers including a flight with a fighter pilot, a piano lesson from a rock star, and trips to London and China, the Robin Hood Foundation coaxed donations of $71-million from New York’s hedge-fund kings by auctioning off a number of unusual prizes, reports The New York Times.

Hedge-fund accounts earned their managers billions of dollars in profit in the past year as the stock market rose substantially. And the Robin Hood Foundation — described in the article as the “it” charity for New York’s financial elite — took advantage of that wealth to raise the large sum. The article notes that as recently as 2000, an evening draw of $1.2-million was considered substantial.

The diversity of gifts and a horde of celebrities no doubt aided the foundation’s efforts. News anchors, professional quarterbacks, and rock ‘n’ roll bands all appeared at the event, encouraging the hedge-fund set to bid on items like trips to Beijing to hang out with the United States Olympics team.

Read The Chronicle of Philanthropy’s coverage of how charities invest in hedge funds as well as tips about how to invest in them.

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