Forget the Hamptons, Nantucket or Capri — Wall Street is spending part of its summer on the Paris Olympics.
“It's a bit like Davos with some Olympic events in between,” said Mary Erdoes, who heads JPMorgan Chase & Co.'s asset and wealth management business.
Erdoes described non-stop client meetings and unplanned run-ins with business leaders at sports arenas. Erdoes' self-proclaimed favorite activity is gymnastics, in part because her daughter is an athlete at the University of California, Los Angeles, but she has pursued archery and swimming.
Also on the ground is Morgan Stanley co-president Dan Simkowitz, who became a “sports ambassador” for USA Swimming through a donation to US Olympic and Paralympic Foundation. Simkowitz, who was co-captain of Harvard's 1987 swim team, was rooting for Katherine Berkoff, the daughter of his college teammate, who secured bronze in the women's 100-meter backstroke.
Simkowitz, who said the Olympics “highlight the value of physical fitness and mental health,” is on the board of the USOPF, which aims to raise $500 million by Los Angeles 2028 to be able to better provide for its athletes. , 57% of whom earn $50,000 or less a year, according to Christine Walshe, the group's president.
Citadel's Ken Griffin has contributed more than $10 million to the USOPF since 2020, a level that earns him the designation of team captain in Paris.
Griffin, who said the Games are a “unique opportunity to come together as a country”, is hosting a company outing on Friday to the Stade de France to view the track and field, along with the Chief Executive of Citadel Securities , Peng Zhao.
Walshe said the nonprofit has begun talks to raise a separate $200 million so that by 2028, medalists can take home multiples of the $37,500, $22,500 and $15,000 they will win for gold, silver and bronze, respectively, from the U.S. Olympic and Paralympic Games. Committee in Paris. The additional funding will also boost the ability to pay a $10,000 grant after qualifying for Team USA and a $100,000 post-retirement payment to anchor future savings.
USOPF recently received a record gift of $25 million venture capitalist and board member of Nvidia Corp. Mark Stevens.
For most countries, athlete funding comes from a mix of government, sponsorship and personal resources. In the US, athletes do not receive state support – instead they are funded by philanthropy, endorsements and a share of broadcast revenue.
“I've always been surprised that we're the only major country that doesn't have any government support for Olympians,” said USOPF chairman Geoff Yang, also of Redpoint Ventures, which has tickets for table tennis, boxing, beach volleyball and more. “At a time when our country is so polarized, Team USA can play a very important role in bringing people of different political views, faiths and races together.”
Yang has recruited fellow venture capitalists to donate time and money, including Gordon Rubenstein of Raine Ventures, who is on the USOPF board of trustees along with Silver Lake's Karen King, Starwood's Barry Sternlicht, Apple's Eddy Cue Inc. and Apollo Global Management Inc. Martin Kelly, who took part in swimming and fencing, among other things.
Rubenstein, a pint-trading enthusiast who began collecting memorabilia at the 1984 LA Olympics, said he believes the most compelling moments aren't always at the biggest events.
“Sports that are not as visible often feature inspirational athletes who sacrifice a lot financially and in their personal lives,” he said.
Blackstone Inc.'s Stephen Schwarzman, who has donated nearly $30 million to the USATF foundation over the past 11 years, was spotted at a gymnastics event. His colleague David Blitzer plans to watch basketball, as does his Philadelphia 76ers co-owner Josh Harris, co-founder of Apollo and 26North Partners and principal owner of the Washington Commanders.
Mike Novogratz of Galaxy Digital, who helps fund USA Wrestling medal scholarships, will be at the Champ-de-Mars Arena to watch the action unfold. The former college wrestler said he brings “energy and love to a sport that doesn't get much from him.”
Perhaps he has visited more countries than anyone else, Gene Sykes, co-chairman of mergers and acquisitions at Goldman Sachs Group Inc., who last week was named a member of the International Olympic Committee for an eight-year term. He is performing an official duty: the presentation of medals.
In addition to the financiers, Ed Bastian of Delta Air Lines Inc. watched the swim at La Defense Arena, as did European Central Bank president Christine Lagarde, Australian mining magnate Gina Rinehart and New York Islanders co-owner Jon Ledecky – uncle of decorated swimmer Katie Ledecky.
Elsewhere, Bill Gates and David Zaslav of Warner Bros. Discovery Inc. participated in events including artistic gymnastics and tennis, while Brian Roberts of Comcast Corp. rubbed shoulders with French tycoon Bernard Arnault at an event co-hosted by Serena Williams, Charlize Theron and more on the eve of the opening ceremony.
Earlier in the day, Arnault, Schwarzman, Elon Musk, David Solomon of Goldman, James Quincey of Coca-Cola Co and Joe Tsai of Alibaba Group Holding Ltd. had lunch with French President Emmanuel Macron.
It's unclear how many Wall Streeters below the C-suite level made it to the Games. Goldman Sachs said to its employees in April that any travel to the French capital between July 24 and August 14 must first be approved by the firm's finance department.