Hunter pledges £1bn to charity

Sir Tom Hunter, Scotland's richest man, will work in partnership with governments to spend the £1bn he has pledged to charity. Hunter expects to invest in venture philanthropy projects to tackle poverty and societal problems.

The 47-year-old multi-millionaire, who made his fortune running a chain of sports shops, earlier this week pledged to donate at least £1bn before he dies to his charitable foundation. He will give the majority of the profits from his private equity company, West Coast Capital, to the Hunter Foundation over the course of his lifetime.

A spokesman for Hunter said the money would be spent on venture philanthropy projects to combat poverty in Africa, support education projects in the developed world and tackle “the root causes of societal problems through holistic and systemic interventions”. The spokesman said this would generally be done in partnership with governments.

Hunter said he would redouble his money-making efforts to generate the massive sum.

His pledge comes after hedge fund mogul Chris Cooper-Hohn’s recent £230m donation to the venture philanthropy foundation run by his wife, the Children’s Investment Fund Foundation, to help children in the developing world. Billionaire financier Peter Cruddas also recently pledged £100m to his newly-established foundation that will fund a variety of charities, including the Prince’s Trust, the Duke of Edinburgh’s Award scheme and Great Ormond Street Hospital.

Hunter has also agreed to deliver the opening address at this year’s Raising funds from the Rich conference, which will be held in London in October by fundraising consultants Action Planning.

The Office of the Scottish Charity Regulator lists the Hunter Foundation’s income for last year as more than £4m.

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