Dalio Foundation Inc.

Dalio Philanthropies operates as a strategically proactive family foundation — meaning it identifies and cultivates grantees internally rather than through open RFP processes. Founded in 2003 by Ray and Barbara Dalio (of Bridgewater Associates fame), the foundation has distributed more than $7 billion cumulatively and over $280 million specifically to Connecticut organizations. As of fiscal year 2024, assets stood at $1.67 billion with annual grantmaking of $50.9 million — a significant acceleration from $19–29 million in prior years, reflecting new contributions of $71.7 million from the Dalios in 2024 alone.

The foundation's strategic architecture rests on five pillars: (1) Education (the dominant priority, led by Barbara Dalio through the Dalio Education initiative), (2) Economic Empowerment (microfinance, social entrepreneurship, financial inclusion), (3) The Ocean (exploration, research, and conservation through the OceanX vessel program), (4) Health & Wellness (healthcare access, mental health, TM/meditation), and (5) Arts & Community (cultural institutions, local community vitality).

Three operational subsidiaries do most of the direct program work: Dalio Education CT (K-12 and disconnected youth in Connecticut), Endless (digital access and 21st-century skills), and OceanX (ocean science missions aboard the OceanXplorer research vessel). Understanding which subsidiary aligns with your work is essential to framing any approach.

The family plays an unusually hands-on governance role — Ray serves as President, Barbara as Director (and the education portfolio's intellectual driver), and sons Mark and Matthew as Directors, with no compensation disclosed. Executive Director Janine Racanelli manages day-to-day operations. This tight family control means institutional relationships matter: major grantees like Connecticut RISE Network, Compass Youth Collaborative, and Domus Kids have multi-year, renewed relationships. New entrants need a warm introduction or pre-existing visibility in one of the foundation's geographic or programmatic communities.

Analysis of 2024 IRS filings and publicly disclosed grants reveals the following funding patterns:

GRANT SIZE DISTRIBUTION (all years in DB, n=24): - Median grant: $118,256 - Average grant: $322,267 - Range: $5,000 to $55.3 million - Most common band: $500,000–$2,000,000 (flagship institutional partners) - Smaller grants ($50K–$300K) go to community-based nonprofits in CT

2024 TOP GRANTS (from IRS 990-PF filing): 1. TisBest Philanthropy (Seattle, WA) — $6,901,200 — "to support a program to encourage giving" 2. New York-Presbyterian Fund — $5,000,000 — general operations 3. Rockefeller Philanthropy Advisors — $3,000,000 — ocean health collaborative 4. Saint Andrews School (Boca Raton, FL) — $3,000,000 — endowment campaign 5. Greenwich Town Party — $2,250,000 — community event support 6. Connecticut RISE Network — $2,000,000 — general operations 7. David Lynch Foundation — $1,025,000 — general operations (TM for at-risk youth/veterans) 8. Domus Kids (Stamford, CT) — $1,000,000 — general operations 9. The Aspen Institute — $1,000,000 — Economic Strategy Group 10. CSIS — $1,000,000 — endowment campaign

SECTOR CONCENTRATION: - Education/youth: ~45% of grantmaking by count, ~40% by dollars - Community/arts: ~20% by count (heavily CT-focused) - Ocean/environment: ~10% by dollars (high-value grants via Rockefeller Philanthropy as fiscal sponsor) - Health: ~10% (NY-Presbyterian, David Lynch Foundation, Grameen America) - International/economic empowerment: ~10% (Grameen America, Scratch Foundation, Learning Equality)

GEOGRAPHIC SPLIT (2024): - Connecticut: ~35% of grants by count - New York: ~30% of grants by count - National/Other: ~20% - International: ~15% (UAE, global via fiscal sponsors)

GRANT TYPE: - General operating support: ~60% of grants (strong preference — unusual among large foundations) - Restricted program support: ~40% (typically tied to specific campaigns or initiatives)

Peer foundations compared below are Connecticut/New York-based private foundations with $500M–$5B in assets, active in education, youth, environment, or community development.

KEY DIFFERENTIATORS FOR DALIO: - Strongest CT community orientation among peers: no CT-based foundation of comparable size invests as heavily in local disconnected youth ecosystems - General operating support preference (60%) is rare at this asset level — Carnegie, Simons, and Sloan are primarily program-restricted - Family-operated model with negligible overhead ratios and no paid board — unlike Sloan, Carnegie, or Doris Duke with professional program staff hierarchies - Ocean/marine science is a unique portfolio element with no direct peer equivalent in this comparison set (OceanX is sui generis) - Lower average grant than Carnegie or Freedom Together despite comparable assets — Dalio spreads more grants at smaller sizes across CT community orgs while writing a handful of very large anchor grants - International footprint (China, India, Uganda) is broader than Buck or Cabrini but narrower than Carnegie or Simons

GRANT SIZE POSITIONING: Dalio's median of $118K positions it as accessible for mid-sized nonprofits with $1M–$10M annual budgets — considerably more accessible than Carnegie ($750K avg) or Freedom Together ($744K avg), though less so than Simons ($192K avg) for smaller organizations.

FISCAL YEAR 2024 HIGHLIGHTS (IRS 990-PF filed 2025): - Total assets grew from $1.54B to $1.67B (+8.0%) - Total giving surged to $50.9M from $29.3M in FY2023 (+73.8%), the highest annual grantmaking in the foundation's recorded history - New contributions from the Dalio family totaled $71.7M in 2024, signaling major philanthropic acceleration - Net investment income: $87.7M — strong portfolio performance - 25+ distinct grants in the $450K–$6.9M range in 2024

DECEMBER 2025 — TRUMP ACCOUNTS INITIATIVE: Ray and Barbara Dalio announced a pledge to seed "Trump Accounts" (MAGA savings accounts) with $250 per child for approximately 300,000 Connecticut children under age 10 in households under $150,000 median income. The initiative, co-launched with the Michael Dell family, represents a novel public-private partnership and signals that the Dalios' CT youth investment appetite extends well beyond traditional grantmaking into policy-linked mechanisms.

CONNECTICUT OPPORTUNITY PROJECT (CTOP) — ONGOING: CTOP continues funding seven nonprofit partners (Catalyst CT, CT Violence Intervention Program, Compass Youth Collaborative, Domus Kids, Forge City Works, Our Piece of the Pie, Roca Young Women's Program) across Bridgeport, New Haven, Hartford, and Stamford. All seven appear as direct 2024 IRS grantees, confirming continuation of the multi-year cohort model.

OCEANX — ASIA-PACIFIC EXPANSION (2025): OceanX science education programs are expanding into Asia-Pacific markets, with new institutional partnerships being developed. The Rockefeller Philanthropy Advisors $3M grant (2024) restricted to "an international collaborative dedicated to preserving ocean health" indicates new multilateral ocean funding structures.

DIGITAL ACCESS — GLOBAL REACH (2025): Endless (digital access) grantees including Learning Equality, Kiwix, and Foundation for Learning Equality (La Jolla, CA — $500K in 2024) are extending offline AI education models into underserved global communities. The Abu Dhabi American Community School ($830K) reflects UAE/Middle East expansion for educational technology hubs.

CRITICAL PREREQUISITE: Dalio Philanthropies does not accept unsolicited proposals. All grantmaking is initiated by foundation staff or family. Cold outreach to the general inquiries email is acknowledged but rarely leads to grants. The path to a grant requires relationship development, not a proposal.

TOP 5 STRATEGIES FOR GAINING DALIO FOUNDATION SUPPORT:

1. WORK THROUGH THE CT ECOSYSTEM FIRST The foundation's deepest relationships are with organizations serving Connecticut's disconnected youth. If your work touches the CTOP partner network — or operates in Bridgeport, New Haven, Hartford, Stamford, or Norwalk — attend convenings and co-events where Dalio Education staff (and Barbara Dalio personally) appear. The Dalio Education annual gathering is a key entry point. Existing CTOP grantees (Compass Youth, Domus Kids, Our Piece of the Pie) can provide warm introductions.

2. ALIGN WITH THE THREE FLAGSHIP PROGRAMS Frame any approach around one of the three operational subsidiaries: Dalio Education (youth opportunity, disconnected youth, CT educators), OceanX (ocean science, marine exploration, climate), or Endless (digital access, 21st-century skills, game-based learning). Generic "education" or "environment" pitches are much weaker than a specific fit with one of these three.

3. DEMONSTRATE GENERAL OPERATING SUSTAINABILITY Over 60% of Dalio grants are general operating support — an unusually generous posture. However, grantees are expected to be on a path toward financial self-sufficiency. The foundation's published philosophy emphasizes "enduring impact" and self-sustaining organizations. Show a realistic revenue diversification plan, not just dependence on one funder.

4. TARGET ECONOMIC EMPOWERMENT AND MICROFINANCE ANGLE Grameen America ($1M, 2024 general operating) and the Aspen Institute Economic Strategy Group ($1M, 2024) signal continued interest in economic empowerment beyond Connecticut. Organizations working on financial inclusion, social entrepreneurship, or equitable access to capital for under-resourced communities — particularly those with links to NY or CT — have a demonstrated pathway.

5. OCEAN/MARINE ORGANIZATIONS: USE OCEANX AS THE DOOR OceanX operates as a quasi-independent media and science organization with its own network. Marine research institutions, ocean conservation nonprofits, and STEM education programs tied to ocean science should engage OceanX directly (oceanx.org) rather than approaching Dalio Philanthropies directly. Grants in this space often flow through fiscal sponsors (note the $3M to Rockefeller Philanthropy Advisors for ocean health).

CONTACT: - General inquiries: inquiries@daliophilanthropies.org - Phone: (203) 291-5000 - Executive Director: Janine Racanelli - Website: https://www.daliophilanthropies.org