Many hedge fund managers are known to give to charity, and a lot of them do so through their own foundations. For example, Michael Lowenstein of Kensico Capital Management contributed all of his foundation’s gross receipts in fiscal 2024.
Established in 2007, the Michael & Carol Lowenstein Foundation supports Memorial Sloan Kettering Cancer Center. In 2024, it also made grants to the Jewish Communal Fund, UJA Federation of New York, and Larchmont Temple.
In the foundation’s 990-PF for the fiscal year ending in Oct. 2024, which was filed in July 2025, it reported nearly $74 million worth of assets at the end of the fiscal year.
Also see: David Abrams’ 17 Favorite Hedge Funds Are in Tune with His Value Investing Roots
Capital gains and losses
During fiscal 2024, the Michael & Carol Lowenstein Foundation reported capital gains and losses on the sale of a couple of funds and some U.S. Treasuries.
The foundation reported capital gains passed through from its holdings in the Abrams Capital Partners II fund. As a limited partner, the foundation receives K-1 allocations reflecting its share of the fund's internal trading activity. Some of these gains were reported as unrelated business taxable income.
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