Daily Report: Old Money, New Tech (New York Times daily Report)

Fresh from college and graduate schools, the children of some prominent dynasties are taking a different career path, spurning their legacies in retailing, real estate and finance for a future in technology, reports Evelyn M. Rusli in Friday’s New York Times.

Justin A. Rockefeller, 32, the fourth-generation descendant of John D. Rockefeller, the oil tycoon, is a partner at the venture capital firm Richmond Global and a director of business development at Addepar, a financial software start-up. The real estate heir Joshua Kushner, 26, helped to found Vostu, a large Brazilian online game company, and recently raised $40 million for his own technology investment firm, Thrive Capital. David Tisch, the grandson of Laurence A. Tisch, who turned a small hotel into a vast conglomerate, is also a technology investor. And Harrison LeFrak, the son of the real estate billionaire Richard LeFrak, started making technology investments after the financial crisis, when many investors closed their checkbooks.

If many of these heirs to vast fortunes don’t know how to program code, they have other attributes that can help them become successful investors: wealth and well-connected families.

“They view this as the next great frontier,” David Hornik, a partner at August Capital, told The Times. “There’s not much money left to be made in timber or coal.”


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