The founder of Houston-based hedge fund firm Centaurus Advisors has pledged $10 million to keep a federal education program open.
The National Head Start Association said in a statement released Monday that the donation from John Arnold and his wife, Laura Arnold, allowed seven Head Start programs to re-open in six states.
Head Start, which was scheduled to receive their federal grants on October 1, was forced to close earlier this month due to the government shut-down. Head Start provides educational programs, as well as meals and medical screenings for low-income children three to five years old.
Arnold told investors last year that he was retiring to “pursue other interests." He also closed the firm’s flagship fund despite the offering's triple-digit returns during its existence, which only suffered a loss in 2010.
John and his wife, Laura, are active philanthropists whose efforts have included the signing of the “Giving Pledge,” the initiative started by billionaires Bill Gates and Warren Buffett in 2010, where the wealthy promise to donate at least half of their assets to charity.