Institute for New Economic Thinking (INET) Announces Major Fund-Raising Initiatives

The Institute for New Economic Thinking (INET) today announced a significant infusion of funding that over the coming years will make the organization self-sustaining and enable INET to dramatically expand its global reach, scale, and scope.

INET Governing Board member William Janeway, Senior Advisor at the venture capital firm Warburg Pincus, and his wife, Weslie, have generously decided to contribute $25 million to INET’s core funding. In turn, INET’s governing board has committed to raise $75 million over the next eight to nine years, giving INET $100 million in total additional funds. Further, INET Co-Founder George Soros has decided to contribute an additional $50 million, bringing the total capital infusion to $150 million, which essentially will double the resources available to the organization over the next decade.

“2008 - the occasion for the founding of INET - represented an enormous opportunity. a window was open,” William Janeway said. “This is the moment to try to exploit it to the maximum, and the resources that INET now will be able to bring to bear represent a leading if not the leading vehicle for seizing that opportunity.”

Speaking before a packed house at INET’s third annual plenary conference in Berlin, INET governing board chairman Anatole Kaletsky quipped, “I know leverage is a dirty word these days, but I’m afraid Bill is a venture capitalist and he’s managed to achieve that six-to-one leverage.”

Soros added, “I wanted to make sure that the basic organization has the sense of stability and financial security that will allow the development of the institution. Together with Bill I share the conviction that this is an institution that is very much needed now. It’s also a challenge for intellectual output because the financial problems, both theoretical and practical, that are confronting the world are daunting.”

INET Executive Director Rob Johnson concluded by saying, “”Bill this is a turning point. To you and George, thank you again. I have a lot of work to do now.”