David Tepper Charity
David Tepper Seeks to Raise $15 Million to Feed Homeless
David Tepper, the hedge fund manager that became a star with his stellar performance in the last couple of years, has applied his talents to helping those less fortunate. Mr. Tepper is launching a campaign to raise $15 million to feed the homeless and needy in his home state of New Jersey. It is expected that Mr. Tepper will draw from his hedge fund friends as well as his own personal wealth to contribute to the Community Food Bank of New Jersey.
“There’s nothing more important than feeding people,” Mr. Tepper told a sizable audience gathered in the organization’s 285,000-square-foot warehouse, where walls of fresh apples, canned fruit and chili served as a backdrop. “It’s pretty simple. In 2006 and 2007, unemployment was around 4 percent. Now, we’re closer to 9 percent.”
It’s safe to say Mr. Tepper, founder of the $15 billion Appaloosa Management, has some change to spare. His $3.5 billion Thoroughbred Fund returned 22 percent last year for investors, after a 100 percent return in 2009.
He’s also encouraged other prominent hedge funds in New Jersey to contribute to the food bank, which Mr. Tepper has supported since 2006.
“It’s a very simple and direct way to fill a serious need,” said Martin Gross, founder of Sandalwood Securities, a fund of funds. “It has a charming simplicity to it from a philanthropic point of view.” Source
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