The Nike Foundation will partner with the NoVo Foundation on a $100 million grant aimed at helping adolescent girls in developing countries.
Peter and Jennifer Buffett run the nonprofit NoVo foundation. Peter Buffett is the son of billionaire investor Warren Buffett, who in 2006 said he would give each of his three children $1 billion in Berkshire Hathaway stock for their foundations.
The grant is aimed at supporting and educating girls in impoverished communities.
The NoVo Foundation will contribute $45 million over three years, its largest grant since it received stock from Warren Buffett.
Nike Inc. will add a $55 million investment in the Nike Foundation through fiscal 2011. That is in addition to the $36 million already invested in the Nike Foundation to date for programs supporting girls in countries including Ethiopia, Kenya, Bangladesh, Liberia and India.
The funds will be managed by the Nike Foundation.
