Robert F. Smith (investor) facts for kids
Quick facts for kids
Robert F. Smith
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| Born |
Robert Frederick Smith
December 1, 1962 |
| Education | Cornell University (BEng) Columbia Business School (MBA) |
| Occupation | Businessman, philanthropist |
| Title | Founder Chairman & CEO, Vista Equity Partners |
| Spouse(s) |
Suzanne McFayden
(m. 1988; div. 2014)
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| Children | 7 |
Robert Frederick Smith, born on December 1, 1962, is an American businessman and someone who gives a lot to charity. He started a company called Vista Equity Partners and is its main leader. He studied chemical engineering at Cornell University. Later, he earned a business degree from Columbia Business School. Before starting his own company, he worked at a big investment bank called Goldman Sachs.
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Robert F. Smith's Early Life and Education
Robert Smith grew up in Denver, Colorado. His parents, Dr. William Robert Smith and Dr. Sylvia Myrna Smith, were both school teachers. He lived in a neighborhood where many African-American families lived. When he was a baby, his mother took him to the famous March on Washington for Jobs and Freedom. This is where Dr. Martin Luther King Jr. gave his "I Have a Dream" speech. Robert went to Carson Elementary School and East High School in Denver.
High School and College Years
While in high school, Robert wanted to intern at Bell Labs. They told him the program was only for college students. But Robert kept trying, calling them every Monday for five months. Finally, a college student didn't show up, and Robert got the internship. That summer, he helped create a test for semiconductors. These are important parts of electronic devices.
In 1985, Robert earned his bachelor's degree in chemical engineering from Cornell University. While there, he won an award for his excellent work in chemical engineering. In 1982, he joined the Alpha Phi Alpha fraternity. This was the first Greek-letter fraternity for African-American college students. In 1994, he earned his Master of Business Administration (MBA) from Columbia University. He focused on finance and marketing.
Starting His Career
After graduating from Cornell, Robert worked at companies like Goodyear Tire and Rubber Company and Air Products & Chemicals. He also worked as a chemical engineer at Kraft General Foods. There, he created two inventions that received patents in the United States and Europe.
From 1994 to 2000, after getting his MBA, Robert worked for Goldman Sachs. This is a large investment bank. He helped technology companies with their finances. He first worked in New York City. Then, in 1997, he moved to Silicon Valley in California. There, he helped Goldman Sachs start its work with technology companies. He advised on many big deals, helping companies like Apple, Microsoft, Texas Instruments, eBay, and Yahoo.
Founding Vista Equity Partners
In 2000, Robert Smith started his own company, Vista Equity Partners. This company is based in Austin, Texas. It is a private equity and venture capital firm. This means they invest in other companies, especially those that make enterprise software. Enterprise software helps businesses run their operations.
Vista Equity Partners buys these software businesses and helps them improve. Robert Smith is known for helping his investors earn a lot of money. By 2019, Vista Equity Partners was one of the largest enterprise software companies in the world. It was ranked after Microsoft, Oracle, and SAP. The company has invested in many well-known businesses, including STATS, Ping Identity, and Jio. By 2019, Vista Equity Partners had raised over $46 billion for investments. In January 2022, the company managed $86 billion in assets.
Awards and Recognition
Robert Smith and Vista Equity Partners have received many awards.
- In 2016, Robert was named "Game Changer of the Year" by Private Equity International.
- In 2018, he was on Vanity Fair's "New Establishment List." This list recognizes people who have made important business innovations.
- In 2019, Vista Equity Partners was named "Dealmaker of the Year" by the PitchBook Private Equity Awards.
Giving Back: Philanthropy
Robert Smith is well-known for his generous giving. He has signed the Giving Pledge. This means he has promised to give away most of his wealth to help others. He is the first African-American to sign this pledge.
Helping Students
In 2019, Robert gave a speech at Morehouse College. During his speech, he made a huge promise. He said he would pay off the student loan debt for all the students graduating that year. This included the debt of their parents and guardians. This gift was worth about $34 million.
In 2020, Robert launched The Student Freedom Initiative. This is a non-profit organization that helps students at HBCUs.
Other Important Work
Robert Smith is involved in many organizations and projects.
- He has served as chairman of Robert F. Kennedy Human Rights.
- He is on the board of overseers for Columbia Business School.
- He is a member of the Cornell Engineering College Council.
- Since 2008, he has been a Trustee for the Boys & Girls Clubs of San Francisco.
- In 2014, he became a founding director and president of the Fund II Foundation.
Leading Arts and Health Initiatives
In 2016, Robert became the chairman of Carnegie Hall. This is a famous music venue. He was the first African-American to hold this position. He had been a board member since 2013. Since 2018, he has also been a board member of the Louis Armstrong House Museum.
In April 2020, Governor Greg Abbott asked Robert to join the "Strike Force to Open Texas." This group worked to find safe ways to reopen the state during the COVID-19 pandemic.
In June 2020, Robert shared a plan called the "2% Solution." He suggested that large companies should use 2% of their yearly profits to help minority communities. In July of the same year, Robert and the Prostate Cancer Foundation worked together. They announced efforts to create a genetics-based test for early detection of prostate cancer. This test, called the Smith Polygenic Risk Test, helps find early-stage prostate cancer in Black patients. This is important because Black men have the highest risk of developing this type of cancer.
In October 2022, Robert Smith was nominated by Floyd Mayweather Jr. to be an executive producer for a series of films and TV shows. These projects, called "The GOAT," will tell Mayweather's life story.
Honors and Awards
Robert Smith has received many honors and awards for his work and generosity.
- In 2010, he received the Ripple of Hope Award from the Robert F. Kennedy Center for Justice and Human Rights.
- He has received honorary doctorates from Huston-Tillotson University (2014), the University of Denver (2017), and Morehouse College (2019).
- In 2016, Cornell University named its School of Chemical and Biomolecular Engineering after him, following a donation.
- He received the 2016 Congressional Black Caucus Foundation's Chairman's Award.
- In 2017, Forbes magazine named him one of the "100 greatest living business minds."
- He received the John H. Johnson Award from Ebony magazine in 2017.
- In 2018, he received the International Medical Corps Humanitarian of the Year Award.
- In 2019, he was inducted into the Texas Business Hall of Fame.
- In October 2019, he received the Carnegie Medal of Philanthropy. This award is given to people who donate their private wealth for public good.
- In 2020, he was included in the Time 100 list of the 100 most influential people in the world.
- In November 2022, he received the "Philanthropy Icon" award at The Grio Awards.
- In May 2023, he received the National Equal Justice Award from the Legal Defense and Educational Fund.
- In October 2023, he was honored with the George H.W. Bush Points of Light Award.
Personal Life
Robert Smith has seven children. He married Suzanne McFayden in 1988, and they divorced in 2014. He then married Hope Dworaczyk on July 25, 2015. Hope is the founder of a skincare company. Robert has three children with his first wife and four children with Hope. He owns homes in several cities, including Austin, Texas, Malibu, California, New York City, and Denver.
In 2007, Robert Smith bought the historic Lincoln Hills, Colorado property. This place was founded in 1922 as a summer resort for Black families. He turned it into a special fly fishing club. He also uses it to host musicians and children from less fortunate backgrounds.
In 2018, Forbes magazine reported that Robert Smith became the wealthiest African-American, surpassing Oprah Winfrey. As of 2024, he was one of 15 Black billionaires in the world. In October 2024, Forbes reported his net worth was $10.8 billion, making him the 88th richest person in the United States.
