Smith was born in Denver, Colorado, the fourth generation in his family to be born in Colorado.[3] His parents were Dr. William Robert Smith, an elementary school principal, and Dr. Sylvia Myrna Smith, the principal of George Washington High School, who both had PhDs in education.[4][3][5][6]
Smith then attended East High School ('81) in Denver.[8] While in high school, he applied for an internship at Bell Labs, but was told the program was intended for college students. Smith persisted, calling each Monday for five months. When a student from M.I.T. did not show up, he got the position, and that summer he developed a reliability test for semiconductors.[9][10]
In 2000, Smith founded Vista Equity Partners, an Austin, Texas-based private equity and venture capital firm of which he is the principal founder, chairman, and chief executive.[18][20] Vista purchased enterprise software businesses and brought performance improvements to the businesses.[3] According to Black Enterprise magazine, Smith was credited with consistently generating a 30% rate of return for his investors from the company's inception through 2020.[21] As of 2019, Vista Equity Partners was the fourth-largest enterprise software company, after Microsoft, Oracle, and SAP, including all their holdings.[22][23][24] Vista has invested in companies such as STATS, Ping Identity, and Jio.[25][26][27] As of 2019, Vista Equity Partners had closed more than $46 billion of funding.[28]
In 2016, Smith was named Private Equity International's Game Changer of the Year for his work with Vista.[29]
In 2018, Smith was included in Vanity Fair's New Establishment List, which is an annual ranking of individuals who have made impactful business innovations.[30][31] The 2019 PitchBook Private Equity Awards named Vista Equity Partners "Dealmaker of the Year".[32]
In the 1990s, businessman Robert T. Brockman approached Smith about creating a private equity fund, and offered to back the initial fund.[34][35] As part of the deal, Brockman required an offshore trust be set up to conceal earnings from tax authorities and avoid litigation in US courts.[34][35] Brockman also required that the first fund be located in the Cayman Islands, and set aside some of the interest earned to protect him against losses.[36] Brockman's proposal was a "take-it-or-leave-it offer".[34][35] According to Smith's later non-prosecution agreement, Brockman dictated "the unique terms and unorthodox structure to the arrangement" and he accepted the offer as a "unique business opportunity he eagerly wanted to pursue".[34][35] Brockman's lawyer helped Smith set up the offshore entity.[37][38]
In October 2020, Smith entered into a non-prosecution agreement with the United States Department of Justice (DOJ), agreeing to assist the DOJ in a separate case against Brockman who was charged that month with what the DOJ called the "largest ever" tax fraud scheme by a U.S. citizen. This was a part of Smith's settlement on his own charges.[39] Smith's non-prosecution agreement settlement required him to pay a penalty of $139 million.[40][41][42] Brockman died in August 2022, while his trial was pending.[43]
Philanthropy
In 2014, Smith and Vista Equity Partners sponsored the Menuhin Competition's first visit to the U.S. in Austin, TX. The competition is the world's leading international competition for young violinists.[44]
In 2016, Smith donated $20 million to the National Museum of African American History and Culture. His donation helped establish the Robert F. Smith Explore Your Family History Center and the Robert Frederick Smith Internship and Fellowship Program.[47][48] He also contributed $250,000 to the Sphinx Organization. The donation helped create the Robert Frederick Smith Prize, which awards some of the winners of the Sphinx Competition with $50,000 to provide access to professional development and other resources that can help create bridges to careers in classical music.[49]
In May 2017, The Giving Pledge announced that Smith had joined as its first Black American signatory.[50] That year, he also made a $15 million donation to Columbia Business School to help it expand to its new Manhattanville campus.[51] Also in 2017, Smith contributed an additional $1 million to the Sphinx Organization.[52]
In 2018, Smith was the largest individual donor at the City of Hope Gala, which funds prostate cancer treatment and breast cancer research for black men and women.[53] That same year, Smith donated $2.5 million to the Prostate Cancer Foundation to advance prostate cancer research among Black American men and created the Robert Frederick Smith Precision Oncology Center of Excellence in Chicago, located at the Jesse Brown VA Medical Center.[54][55] Also in 2018, Smith donated $1 million to the Cultural Performance Center at the Denny Farrell Riverbank State Park in Harlem, which was later renamed the Robert Frederick Smith Center for Performing Arts.[56]
On May 19, 2019, during his 2019 commencement speech at Morehouse College, a historically Black college in Atlanta, Georgia, Smith said he would pay off the entire student loan debt of the 2019 Morehouse College graduating class of 396 students, a reported $34M in student loan debt, including the debt incurred by parents and guardians.[4][57][58][59][60][61][62] Smith had previously donated $1.5 million to Morehouse College in January 2019, to be used for the Robert Frederick Smith Scholars Program and a campus park with an outdoor study area.[63]
Smith established internXL through Fund II Foundation in 2019 to help match diverse internship candidates with paid internships at leading companies. Smith stated that he was inspired by his own internship experience with Bell Labs, which is what led him to create the platform.[64][65]
Under Smith's leadership, Fund II Foundation made a preservation gift in 2019 to buy and preserve the homes of Rev. Dr. Martin Luther King Jr. through the National Park Service.[66]
In a June 2020 report, Time reported the launch of Student Freedom Initiative (SFI) with a contribution of $50 million from Fund II Foundation and an additional $50 million from Smith, to benefit HBCU students.[67]
In 2021, Smith partnered with Goalsetter on an initiative to help one million Black and LatinX youth become shareholders, and Smith gifted five shares of stock — equivalent to approximately 15,000 shares — to 2,900 students, educators, and staff members.[68]
In January 2022, he donated $10 million to Columbia Business School, to fund the Robert F. Smith ‘94 Scholarship Fund for students graduating from historically black colleges and universities, from diverse backgrounds who have overcome significant hardships or challenges in their academic pursuits, or who have demonstrated a strong commitment to engaging principles of diversity, equity, and inclusion.[69][51]
In February 2022, SFI, partnered with Prudential Financial to provide up to $1.8 million in microgrants to students of HBCUs.[70][71]
In May 2022, Cornell University announced a $15 million donation from Smith that will provide financial aid to engineering students from historically underrepresented communities. The gift will support an undergraduate scholarship fund to provide at least 7 students a year from urban high schools with up to $45,000 in grants, in addition to setting up a graduate fellowship fund to support 12 master's students and five doctoral students who attended historically black colleges and universities.[74] Smith had previously made a donation that provided similar funding for underrepresented students at Cornell's School of Chemical and Biomolecular Engineering.[75][8][74]
In June 2023, Smith helped launch a new branch location of Grameen America in Atlanta, Georgia through his leadership of Southern Communities Initiative. The goal of this branch is to help support a greater number of entrepreneurial women of color.[76][77]
In December 2022, taking a stand together against increasing instances of racism and antisemitism in the US, Smith joined New York City Mayor Eric Adams, Reverends Al Sharpton and Conrad Tillard, World Values Network founder and CEO Rabbi Shmuley Boteach, and Elisha Wiesel to host 15 Days of Light, celebrating Hanukkah and Kwanzaa in a unifying holiday ceremony at Carnegie Hall.[78][79] Smith said: "When we unify the souls of our two communities, we can usher in light to banish the darkness of racism, bigotry, and antisemitism."[80]
Other achievements
Smith is on the Cornell University Tech Board.[17] Since 2008, Smith has been a Trustee of the Boys & Girls Clubs of San Francisco.[14][81]
In 2014, Smith became the founding director and president of the Fund II Foundation.[82][83][84]
Smith became the board chairman of Carnegie Hall in 2016, the first African-American to hold that position; he had been a member of the board since 2013.[7][85][75] Since 2018, Smith has been a board member of the Louis Armstrong House Museum.[86][87]
In April 2020, Governor Greg Abbott named Smith to the Strike Force to Open Texas – a group "tasked with finding safe and effective ways to slowly reopen the state" amid the COVID-19 pandemic.[88]
In June 2020, Smith shared a plan called the 2% Solution, in which large corporations would use 2% of their annual net income over the span of ten years to empower minority communities.[89] In July of the same year, Smith and the Prostate Cancer Foundation announced efforts to develop a genetics-based test for early detection of prostate cancer. The test, named the Smith Polygenic Risk Test for Prostate Cancer, was developed to detect early-stage disease in Black patients, who are at the highest risk of any race or ethnicity of developing prostate cancer.[90]
In 2024, Smith was interviewed by Tony Robbins for his book, The Holy Grail of Investing.[91]
He received an honorary doctorate at Morehouse College in 2019.[58][59][60][61] He was inducted into the Texas Business Hall of Fame as a Class of 2019 Legend.[103] In October 2019, Smith received the Carnegie Medal of Philanthropy, which is given to individuals who have donated private wealth to the public.[104]
Smith was included in the Time 100 in 2020, Time's list of the 100 most influential people in the world.[105] In 2020, he was also recognized by Cornell University with its Distinguished Alumni Award[11][57] Smith was recognized that same year for “Most Intriguing Idea” by Forbes’ Diversity and Inclusion Awards for his advocacy for The 2% Solution.[106]
In November 2022, Smith was honored with the “Philanthropy Icon” award at The Grio Awards ceremony.[107][108]
In May 2023, Smith was awarded the National Equal Justice Award by the Legal Defense and Educational Fund.[109] In August 2023, Smith was recognized by the Toyota HBCU New York Classic and received the HBCU Impact Award.[110] In October 2023, Smith was honored with the George H.W. Bush Points of Light Award by Points of Light.[111]
In 1988, Smith married his first wife, fellow Cornell alum Suzanne McFayden. They divorced in 2014. Smith married Hope Dworaczyk, the founder and CEO of skincare company MUTHA, a former Playboy playmate, healthy living advocate, and fashion editor, on July 25, 2015, after she gave birth to their first child in December 2014.[114][115][116] Smith has three children with his first wife.[117] He also has two sons and two daughters with his wife Hope.[118] Smith owns homes in Austin, Texas; Malibu, California; New York City; Denver; and Florida.[119][18][120][121][122]
Smith partnered with Matthew Burkett to purchase the historic Lincoln Hills, Colorado property in Gilpin County in 2007 and convert it into an exclusive invitation-only fly fishing club.[3][123] Lincoln Hills was founded in 1922 as a destination summer resort for Black families.[3][124] He now uses it to host musicians and underprivileged schoolchildren.[75]
In a 2018 cover story, Forbes said that Smith was the wealthiest African-American, passing Oprah Winfrey.[125] As of 2024, Smith was one of 15 Black billionaires in the world.[6][126] In April 2024, Forbes reported Smith was the 266th richest person in the world,[127] and in October 2024, Forbes reported Smith's net worth to be $10.8 billion, and that he was the 88th richest person in the United States.[128]
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