British Columbia billionaire Eric Peterson is preparing to do something he’s not used to doing before: giving other millionaires free money.
For the past 20 years, Peterson and his wife, Christina Munk, have funded the Tula Foundation through proceeds from the sale of their medical imaging company.
The couple announced Wednesday that they would donate the last $92 million they received from the sale, and are now making plans to keep the organization sustainable after that money is gone.
In an interview, Peterson broke down the foundation’s eclectic list of projects, from the Hakai Research Institute studying coastal ecology in Canada to a branch working on health care in Guatemala, and identified funding partners for individual operations. He said he imagines he would have to find one.
“I don’t really feel comfortable going out and asking for donations. ‘Give me some money.’ I’m already very rich, so give me more money.” ‘That’s not a very convincing argument, is it?’ he said.
“But now we’re saying, ‘Look, this is an organization that we’ve put all of our resources into. If we have other donors who can work with us to make this sustainable. , we really appreciate it.”
After selling their company Mitra in 2001 for an estimated $300 million, Peterson and Munk founded the Tula Foundation, named after one of their dogs.
At a media event Wednesday, he said one of the first pieces of advice he received after the sale was that he would feel stupid if he died with his money in the bank.
Mr Peterson said in an interview that given the scope of projects supported by the foundation, which also includes the University of Victoria’s Center for Environmental Law and media company Tyee, it was unlikely that he would find a single funder willing to take over the entire portfolio. Stated.
“It’s a strange kind of complex. And it’s kind of tied together by our personal interests,” he said.
“We feel that what we need to do with the different organizations within Tula is probably split them up a little bit and work on making each one sustainable.”
He said some projects already have government grants and foundation support, and the foundation has a number of potential partners, including governments, First Nations and universities, that may be interested.
The couple also deeded two parcels of land totaling 22 hectares to the BC Parks Foundation for future inclusion in the Hakai Luxbaris Reserve. The reserve is jointly managed by the state, the Heiltsuk First Nation, and the Wikinuf First Nation.
The two parcels of land surround the Hakai Research Institute, located on a remote site on Calvert Island on British Columbia’s central coast.
Peterson said the third property, where the institute is located and operated by the foundation, is complete with a dock, solar energy system and accommodation for 100 people, making it more “complex” to find someone to take it on. He said that.
“It’s difficult and expensive to operate, but it’s incredibly valuable. So what we need to do is emphasize that value and emphasize the fact that we can’t have it forever.” I think it’s something to do,” he said.
“I think we need to be there as an ongoing presence. It’s a long-term thing, and we can’t and shouldn’t address this burden 100 percent.”
This report by The Canadian Press was first published March 13, 2024.