Nicolas Berggruen facts for kids
Quick facts for kids
Nicolas Berggruen
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Berggruen in 2017
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| Born | 10 August 1961 Paris, France
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| Alma mater | New York University |
| Occupation | Investor |
| Children | 2 |
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Nicolas Berggruen (born 10 August 1961) is a very successful investor and a person who gives a lot of money to good causes, known as a philanthropist. He lives in the United States. Nicolas was born in Paris, France, and holds citizenship in both Germany and the United States.
He is the person who started and leads Berggruen Holdings, which is a company that invests money. He also helped create and leads the Berggruen Institute. This institute is a special group that thinks about and tries to solve big problems around the world. In 2014, through this Institute, Berggruen started Noema Magazine. This magazine, which used to be called WorldPost, shares ideas and articles about important global topics.
Contents
Nicolas Berggruen's Early Life and School
Nicolas Berggruen was born in Paris, France. His father, Heinz Berggruen, was a famous art collector and dealer. His mother, Bettina Moissi, was an actress. Nicolas's father came from a German Jewish family. His mother was part Albanian and German, and she was Catholic.
Heinz Berggruen was known as one of the world's best art collectors. He gave or sold many artworks by famous artists like Pablo Picasso, Paul Klee, and Henri Matisse to museums. These museums include the Berggruen Museum in Berlin and the Metropolitan Museum of Art in New York City. Nicolas's mother acted in a German film called Long Is the Road in 1948.
Even though he was born in France, Nicolas's first language was German. He also speaks English and French very well. Nicolas has two older half-siblings from his father's first marriage: John, who is an art dealer, and Helen, who is an artist. He also has a younger brother, Olivier Berggruen, who studies and organizes art exhibits. Nicolas says his father taught him to be competitive and focused. He learned to value quality over just having a lot of things.
Nicolas and Olivier went to elementary school in Paris. They were raised Catholic. When he was growing up in Paris in the 1970s, Nicolas spent a lot of time reading. He went to high school at Le Rosey in Switzerland. At that time, Nicolas didn't want to learn English because he thought it was "the language of imperialism." He was a bit rebellious and often challenged his teachers. He was even asked to leave the school.
At 16, Nicolas passed his state exams in Paris. In 1978, he moved to London. There, he became fluent in English and learned about business from Max Rayne at London Merchant Securities. When he was 17, Nicolas moved to New York. He studied at New York University and earned a degree in Finance and International Business in 1981.
Nicolas Berggruen's Investment Journey
Starting in Business
After finishing college, Nicolas Berggruen moved to Philadelphia. He worked for Sid Bass, focusing on real estate for Bass Brothers Enterprises. From 1983 to 1987, he was a main leader at Jacobson and Co., a company that bought other companies using borrowed money.
Berggruen Holdings: Investing for the Long Term
Nicolas moved back to New York and started investing in real estate and company stocks. He used money from his trust fund, which was about $250,000. Later, he expanded his investments into private companies, new businesses, and special investment funds called hedge funds.
In 1984, he created Berggruen Holdings, Inc. This company was set up to manage investments for the Nicolas Berggruen Charitable Trust. Berggruen Holdings usually invests for a long time in the companies it owns. In the mid-1980s, Nicolas started buying real estate that was in trouble in New York City. Since then, he has made over 100 direct investments in companies and real estate all over the world.
In 1988, he and Julio Mario Santo Domingo, Jr. started Alpha Investment Management, a hedge fund. This company grew to manage about $2 billion before they reportedly sold it in 2004.
In 2005, Nicolas bought the German retail company Karstadt for a very small fee of 1 euro. The company was in financial trouble, but he invested over 65 million euros (about $83 million) and saved more than 25,000 jobs. Nicolas said he wanted to help this important German brand become great again. By 2010, he had spent 400 million euros and helped the company get out of bankruptcy.
Through one of his investment companies, Freedom Acquisitions, Nicolas bought a share in the hedge fund group GLG Partners in 2007. In 2009, with another fund called Liberty Acquisitions, he bought Pearl Insurance. In 2010, he bought a large part of the Spanish media company, Prisa, for about $900 million.
In 2011, Nicolas, along with business partners Martin Franklin and Bill Ackman, started a new investment company called Justice Holding. This company raised £900 million when it first offered shares to the public. In 2012, Justice Holdings bought a large share (29%) in Burger King Worldwide, Inc.
In the mid-2000s, Berggruen Holdings began buying homes and business properties around the world. These included places in Tel Aviv, Berlin, Istanbul, and the American West Coast. By 2012, the company owned and managed over 90 buildings in Berlin, Germany. In Tel Aviv, Nicolas worked with architect Richard Meier to design a fancy apartment complex. In 2014, these real estate investments became the basis for Berggruen's NBP Capital. This company specializes in managing investments, developing properties, construction, and hotel services. By 2020, NBP Capital was worth over $1 billion.
In 2012, Berggruen Holdings was a main investor and developer for Teachers Village in Newark, New Jersey. This project, also designed by Richard Meier, helped to improve five blocks in downtown Newark.
In 2013, Berggruen Holdings invested in the East Africa Exchange. This is a privately funded market for farm products in East Africa. The goal is to make trading more efficient and help farmers, especially small ones, earn more money. Nicolas said that helping information and money flow in farming is very important for Africa's success. Berggruen Holdings also partnered with other companies to create Africa Exchange Holdings, Ltd (AFEX). This group aims to build a network of markets for goods to improve trade and help poor people in rural areas earn more.
By 2011, Berggruen Holdings had offices in several cities around the world. It owned more than 30 companies in different industries and was valued at over 1.5 billion euros.
The Berggruen Institute: Thinking for the Future
In 2010, Nicolas Berggruen started the Berggruen Institute. This is an independent "think tank," which means it's a group of experts who study and suggest solutions for big problems. The Institute focuses on how governments work, economic systems, global connections, world politics, and technology. To help with these important issues, Nicolas first put $100 million into the Institute. Later, in 2016, he gave it another $500 million.
Nicolas started the Institute after holding many discussions in California. These talks were about how to fix California's growing debt. The discussions led to the Think Long Committee for California. This group, which included people from different political parties, worked on improving California's government system. Important people like former Secretary of State Condoleezza Rice and former Google CEO Eric Schmidt supported this effort. Their discussions led to a new law to change California's voting system, which the governor signed in 2012.
Institute Projects
Through the Institute, Nicolas Berggruen has started several projects to improve government. One is the 21st Century Council, which focuses on global challenges. Another is the Council for the Future of Europe, which supports work on uniting Europe. Members of the Institute's 21st Century Council include many former leaders of countries, such as Tony Blair and Nicolas Sarkozy.
In 2015, Berggruen announced the start of the Berggruen Philosophy and Culture Center. This center works with top universities like Peking, Stanford, and Oxford. It brings together smart thinkers from around the world to consider how culture and ideas shape political thinking. The Center also offers a special program for scholars from Chinese and American universities. It gives out a $1 million philosophy prize each year, chosen by an international group of judges.
Institute Campus
In 2017, Nicolas Berggruen bought a large piece of land (450 acres) in the Santa Monica Mountains near Los Angeles. His plan is to build a Scholars’ Campus there, which will be about 13,700 square meters. This campus will be a home for the Center's educational programs, visiting scholars, and thinkers. Famous architects will design the campus, which is named Monteverdi. Only about 22 acres of the land will be built on, leaving 95% as protected open space.
Nicolas Berggruen's Ideas
Democracy and Society
Nicolas Berggruen has ideas about how to make democracy better. He believes it's important for the US and China to have a stable relationship. He also thinks people should participate in government without being too extreme. He emphasizes dealing with climate change and creating "universal basic capital." This idea means everyone should have enough money for basic living needs, no matter if they have a job or not. His views on democracy call for a political culture where everyone is included and a positive feeling of national pride. Nicolas says: "Democracy is really about giving individuals a place in society, a voice—respect, in some ways—equality as humans. It's also a system. It's not every individual for themselves; it has to be society as a whole."
Books Published
In 2012, Nicolas Berggruen and Nathan Gardels wrote a book called Intelligent Governance for the 21st Century: A Middle Way Between West and East. The main idea of the book is that in Western democracies, popular opinions and short-term thinking can slow down progress. Meanwhile, some Eastern countries, especially China, could benefit from adding popular support to their systems where leaders are chosen based on skill. The book was first published in English and later translated into other languages. The Financial Times newspaper called it one of their "Best Books of 2012."
In 2019, Berggruen and Gardels published their second book, Renovating Democracy: Governing in the Age of Globalization and Digital Capitalism. In this book, the authors suggest changing how democratic governments work. They believe this will make sure everyone has good living conditions. They argue that as technology replaces jobs, a person's basic needs should not depend on whether they are employed.
Giving Back: Philanthropy
Nicolas Berggruen has promised to give away most of his money through the Nicolas Berggruen Charitable Trust. In 2010, he joined Bill Gates and Warren Buffett's The Giving Pledge. This is a group of wealthy people who promise to give most of their money to help solve big problems in society.
Art and Collecting
Nicolas Berggruen's father was a very important art dealer and collector. He left a lasting impact by donating many artworks to different museums. Nicolas's youngest brother, Olivier Berggruen, is an art historian and organizes art shows. Nicolas himself was an enthusiastic collector in the early 1980s and 1990s when he lived in New York City. He started collecting works by artists like Andy Warhol and Jean-Michel Basquiat. Nicolas believes that collecting art should be guided by what you like and what you find interesting. He sees it as an intellectual activity.
Nicolas Berggruen is the head of the Board for the Berggruen Museum in Berlin. He is also a member of several important art organizations. These include the Los Angeles County Museum of Art (LACMA) and the International Councils of the Tate Gallery in London and the Museum of Modern Art in New York. He is also involved with the Beyeler Foundation and the Serpentine Gallery.
Working with LACMA, Nicolas has been buying artworks specifically for the museum. In 2006, he bought a moving sculpture by Chris Burden called Metropolis II. He then lent it to LACMA for a long time.
In 2021, Nicolas Berggruen made a deal to buy the Casa dei Tre Oci on the Giudecca island in Venice, Italy. He plans to use this space to host discussions, workshops, and art shows with major museums. In 2022, he also bought the Palazzo Diedo in Venice. This building will focus on special art projects by artists. The first artist to work there is Sterling Ruby.
Awards and Connections
Nicolas Berggruen is a member of many important groups. These include the Council on Foreign Relations and the Board of the Pacific Council on International Policy. He is also part of the Helena Group and the Commission on Global Ethics and Citizenship. In 2013, Harvard's Center for European Studies named him as its first non-resident Senior Fellow. He was also made a member of the Brookings Institution's International Advisory Council and the NYU President's Global Council. In 2014, he joined the Leadership Council at Harvard Kennedy School's Center for Public Leadership and Harvard University's Global Advisory Council. He is also a trustee of the Asia Society and a member of the World Economic Forum.
Nicolas Berggruen was honored by his old university, NYU Stern, in 2016. He received an award for his dedication to business and public service. In 2018, he was given the Ellis Island Medal of Honor.
Personal Life
In the early 2000s, Nicolas Berggruen was sometimes called "the homeless billionaire." This was because he sold all his homes and belongings. When he was 40 years old, he didn't own a house, a car, or even a watch. Instead, he traveled a lot, staying in different hotels with just a small bag of clothes and his BlackBerry phone. He did keep his private jet, saying it was too "practical" to get rid of. In an interview, Nicolas said: "I'm not that interested in material things. As long as I find a good bed that I can sleep in, that's enough."
Starting in 2012, Nicolas bought several apartments in the Sierra Towers, where he lived for a few years. In 2016, he had two children born through surrogacy. He now lives with his children in Los Angeles. In 2017, Nicolas bought a large home in Holmby Hills for $42 million. In 2021, he bought the Gordon Kaufmann-designed Hearst estate in Beverly Hills for $63.1 million. At the time, this was the most ever paid for a home at an auction. The property was renamed the Beverly Estate in 2022.
Images for kids
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Berggruen in 2017
See also
In Spanish: Nicolas Berggruen para niños
