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Hedge Funds Pump Millions Into Sandy Relief

Private equity giants also are making a push to contribute resources to Hurricane Sandy relief.

Henry Kravis, the co-founder of KKR (KKR) told Bloomberg News a multi-million dollar fund aimed at developing New York City businesses will target relief projects in the aftermath of Sandy. The fund - called the Partnership for New York City Fund - has invested $119 million in New York businesses, according to its Web site, and Kravis told Bloomberg it will look to invest $35 million on revitalization efforts.

Investment banks ranging from Citigroup (C) to Goldman Sachs (GS) have already begun to lend resources and money to relief efforts, and funds like the Robin Hood foundation and PNYCF are likely to take big Wall Street contributions.

Goldman Sachs said it will donate up to $5 million in financial relief efforts, with employees making a matching contribution. Citigroup has earmarked millions for charities like the American Red Cross, and JPMorgan CEO Jamie Dimon said the bank would give up to $5 million to support the region it calls home. Other financial institutions have launched similar charitable efforts.

On Wednesday, TheStreet chronicled the efforts of a Barclays (BCS) saleswoman to trade by day and lend aid to Hoboken by night, as the city continues to struggle with supply shortages and power outages.

See TheStreet's first hand perspective on Hoboken's recovery after a challenging weekend.

For more on how to help in the wake of Hurricane Sandy President Barack Obama, Republican presidential candidate Mitt Romney and scores of elected officials have called for those across the country to donate money to the American Red Cross, if they have resources. The relief agency is also calling for urgent blood donations.

-- Written by Antoine Gara in New York

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