Former San Antonio Spur David Robinson most likely will follow
the foot steps of Earvin "Magic" Johnson into the NBA's Hall of Fame. But
that's not the only thing Robinson has in common with Magic. Robinson will
start a $250 million private equity fund with Goldman, Sachs & Co.
investment banker Daniel Bassichis, targeting socially conscious companies,
according to Bloomberg news. The fund will invest in development that will
support inner city improvement. Investing in neglected urban areas, of course,
is nothing new. Magic has brought attention to this sector since the mid-1990s
with his various investments, such as the closed-end real estate fund
Canyon-Johnson Realty Advisors LLC and his Johnson Development Corp.
Robinson's fund expects to raise investments in the next three to six weeks.
Bassichis, who will leave his position at Goldman to run the fund, says
"several major New York financial institutions and hedge funds" will invest in
the fund, according to Bloomberg. Known as the Admiral on the basketball court
for his stint in the Navy, Robinson already has experience in socially
conscious investing, of sorts. The Admiral contributed $9 million in 2001 to
found Carver Academy, a private elementary school in San Antonio that gives
scholarships to almost all of its students.With Robinson's passion for
socially conscious investing, don't be surprised if his new endeavor becomes a
slam dunk in his post-NBA career. —Gerald Magpily
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Bloomberg article
