The billionaire grandson of Walmart founder Sam Walton has announced a major shift in how his family's $1 billion endowment will be spent.
Lukas Walton, 36, says 90% of the endowment will be invested in "mission-related" investments that focus on "sustainable and equitable solutions" to some of the world's biggest problems, the Chicago Tribune reports.
Most foundations invest around 20% of their endowment in so-called ESG or impact investments.
"If we are going to make lasting change happen, we need our mission to show up in everything we do, especially in how we commit our resources," Walton says in a press release.
Walton is the president and COO of Builders Vision, a family office that has more than $4 billion in assets.
It's one of a growing number of family offices investing in social change.
A Credit Suisse survey of family offices found that nearly half plan to increase their sustainable investing over the next few years.
"This next generation is unstoppable," says the head of Sustainable and Impact Advisory and Thought Leadership at Credit Suisse.
"They are bringing out the best of free markets and of social innovation."
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