Business Titan Robert F. Smith Named Carnegie Hall’s 1st African-American Chairman

Robert F. Smith, 53, elected chairman of the Carnegie Hall Board of Directors on Thursday. (Credit: Chester Higgins Jr./The New York Times)

article by Michael Cooper and David Gelles via nytimes.com

Robert F. Smith, the private equity titan who was named the richest African-American man by Forbes last year after making a fortune in software, also has a quirky musical side.

He owns one of Elton John’s old pianos. He hired John Legend and Seal — and a youth orchestra — to perform at his wedding last summer on the Amalfi Coast. His youngest sons, Hendrix and Legend, are named after Jimi Hendrix and Mr. Legend. And he bought and refurbished a retreat in the Rocky Mountains that was beloved by jazz musicians, including Duke Ellington.

On Thursday, Mr. Smith’s intersecting worlds of money, philanthropy and music came together when he was named the chairman of Carnegie Hall, the nation’s most prestigious concert stage. He became the first African-American to hold the post at a time when diversity at leading cultural organizations lags — a recent survey of New York’s cultural institutions found that nearly 78 percent of their board members were white.

“Carnegie Hall is perfectly placed to champion not only artistic excellence, but also access and exposure to the best music in the world,” Mr. Smith said in a statement.

The election of Mr. Smith, 53, who played an old upright piano while growing up in Denver and was told that with enough practice he might make it to Carnegie one day, brings to an end a low moment at the hall. The billionaire Ronald O. Perelman served as its chairman for less than a year before stepping down last fall after he alienated the board by clashing with the hall’s executive and artistic director, Clive Gillinson.

After shunning the spotlight for years, Mr. Smith, who is based in Austin, Tex., where the private equity firm he founded, Vista Equity Partners, has its headquarters, has recently taken a more public role — starting a foundation, the Fund II Foundation; giving commencement addresses; and donating money. His alma mater, Cornell University, renamed its School of Chemical and Biomolecular Engineering for him earlier this year after he announced a $50 million gift.

Unlike Carnegie’s most recent chairmen, Mr. Perelman and Sanford I. Weill, the former Citigroup chairman, Mr. Smith does not come from the world of New York finance, and he has not been a major fixture on the city’s social scene — he is more known for flying in to attend events in the city and then flying out. But his work outside the city with investors and tech firms could provide entree to new potential donors in the coming years.

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UNCF Teams with Fund II Foundation to Offer New $48 Million Scholarship Program for African Americans in STEM Fields

Now the Fund II Foundation has teamed up with the United Negro College Fund to establish a new scholarship program to help African American students seeking careers in STEM fields. Over the next five years, The Fund II Foundation UNCF STEM Scholars Program will identify 500 African American high school students who are determined to pursue careers in STEM fields. These students will receive scholarships, internships, mentoring, and other tools to help them reach their goals. The Fund II Foundation is contributing $48 million for the STEM Scholars Program. Continue reading

Billionaire Robert F. Smith Gives $50 Million to Cornell Engineering School

Vista Equity Partners CEO Robert F. Smith (Image: File)

Vista Equity Partners CEO Robert F. Smith (Image via black enterprise.com)

article by Samara Lynn via blackenterprise.com

Robert F. Smith, the founder, chairman and CEO of Vista Equity Partners, made a $50 million commitment to Cornell University’s School Of Engineering, his alma mater.

His gift is being reciprocated. The school will be renamed the Robert Frederick Smith School of Chemical and Biomolecular Engineering at Cornell. The donation will also fund the Robert Frederick Smith Tech Scholars Program. The program will focus on providing financial aid, particularly for minority and female students.

“Robert’s generosity will not only elevate our School of Chemical and Biomolecular Engineering, but it will ensure it becomes more accessible than ever,” said Lance Collins, the Joseph Silbert Dean of Cornell Engineering. “I believe an affordable educational path from engineering in Ithaca to Cornell Tech in New York City, for those who wouldn’t otherwise be offered such an opportunity, will produce some of the sharpest minds in engineering and technology. I’m thankful Robert shares this vision and is making it a reality.”

Smith, who is No. 1 on the BE100s Private Equity list, was also recently listed on the Forbes 400—the magazine’s yearly list of the 400 richest Americans. He is the only African American male on the list. Under his leadership, Vista Equity Partners has become one of the world’s most successful investment houses. He received a degree in chemical engineering from Cornell in 1985.

To read more, go to: http://www.blackenterprise.com/news/billionaire-robert-f-smith-gives-50-million-to-cornell-engineering-school/