Long-term investment fund at Founders Pledge

Abstract

Founders Pledge is considering launching a long-term investment fund for its members. Donations to this fund would be invested over centuries or millennia to come, and grants would only be made when there is a strong case that a donation opportunity is more impactful than continuing to invest. The idea is prompted by recent research in the Effective Altruism community on patient philanthropy and longtermism. The fund would potentially exploit the time preference and risk premium in the market, and would give more time to learn about high-impact giving opportunities. However, there are also considerations that may counter these benefits, such as the possibility that we are living in one of the most influential times in history and the risks of expropriation or value drift. Despite the uncertainties, the authors think it is likely that a well-governed long-term investment fund is among the highest-impact giving opportunities from a longtermist perspective. They are seeking input from the EA community on the legal and tax considerations of such a fund, criticisms of the idea and its premises, examples of similar funds, and creative ideas for the fund’s governance, naming, and framing. – AI-generated abstract.