Goldman Sachs Foundation
| Company type | Nonprofit private foundation |
|---|---|
| Industry | Philanthropy |
| Founded | 1999 |
| Headquarters | New York , United States |
Key people | John F. W. Rogers (Chairman), Asahi Pompey (President) |
| Products | Philanthropic programs such as 10,000 Women and 10,000 Small Businesses |
| Owner | Goldman Sachs |
The Goldman Sachs Foundation operates as a nonprofit private foundation headquartered in New York and functions as an affiliate of the financial services corporation Goldman Sachs. Its primary mission centers on enhancing global education and health outcomes, with flagship programs such as 10,000 Women and 10,000 Small Businesses. It ranks among the largest corporate foundations worldwide, overseeing assets valued in the hundreds of millions.
History
Established in 1999—the same year Goldman Sachs became a publicly traded company—the foundation was launched with an initial endowment of $200 million and rapidly earned a reputation for leadership in corporate philanthropy.
In response to the 2008 financial crisis, the foundation expanded its charitable activities significantly, distributing close to $1.6 billion from 2008 through 2013. It gained prominence through notable initiatives aimed at empowering women entrepreneurs in emerging markets and fostering the expansion of small enterprises.
Stephanie Bell-Rose, previously affiliated with the Andrew W. Mellon Foundation, was appointed as the foundation’s inaugural president, serving until January 2010. She was followed by Dina Habib Powell, who led until January 2017 before transitioning to a role as Deputy National Security Advisor within the U.S. government. Leadership subsequently passed to Chairman John F. W. Rogers, with Asahi Pompey named President in 2019.
Initiatives
Among its key efforts, the Foundation supports global entrepreneurship through programs like 10,000 Women and 10,000 Small Businesses. The 10,000 Women initiative provides business education, mentorship, and access to capital for women entrepreneurs in developing nations. Under Dina Habib Powell’s tenure, Goldman Sachs collaborated with the International Finance Corporation and Overseas Private Investment Corporation to mobilize $600 million in funding, benefiting more than 100,000 women worldwide. The 10,000 Small Businesses program—co-chaired by Lloyd Blankfein, Warren Buffett, Michael Bloomberg, and Harvard Business School’s Michael Porter—focuses on accelerating small business growth in both the United States and the United Kingdom.
In 2001, the Foundation launched the Urban Investment Group (UIG), which invests in projects designed to stimulate economic growth and community revitalization within underserved urban areas.
In partnership with Prep for Prep in 2000, the Goldman Sachs Foundation initiated the New York Metro Region Leadership Academy. Although it supported two cohorts totaling 131 participants, this program was discontinued due to limited funding.
The Parliament of Bangladesh ratified the Charter of the Asian University for Women in September 2006, granting it institutional autonomy and academic freedom. The university’s establishment in 2008 was made possible by initial funding from both the Goldman Sachs Foundation and the Bill & Melinda Gates Foundation during 2005-2006.
In 2006, the Harvard Summit for Young Leaders in China—supported by the Goldman Sachs Foundation and American Airlines—engaged 37 Harvard students to develop and deliver educational content in Shanghai. The program attracted approximately 600 high school students selected from thousands of applicants.
Goldman Sachs has been recognized positively for its corporate practices and internal policies addressing climate change issues. Since its inception in 1999, the Goldman Sachs Foundation has awarded $114 million dedicated to advancing youth education across the globe.