Vanguard will invest up to $500 million in a new fund that will help families affected by kidney failure.
The fund, called American Kidney Fund, is a new entity created by Vanguard, the investment company founded by Warren Buffett, in 2011.
Buffett will invest the money and give it to a fund for families affected.
The goal of the fund is to provide funds to families whose incomes fall below $500,000 a year.
“This fund is designed to provide support to families affected because of kidney disease, not to provide compensation,” a Vanguard spokesperson said in a statement.
“We are very happy to have this fund.”
The fund has not yet raised any money, but it has been receiving interest.
Vanguard is currently paying out $500m a year in funding to kidney-related charities.
“Vanguard is investing in a kidney fund that would provide financial assistance to families that need it most,” said Michael Zaslow, president and CEO of the American Kidnapping Association, a group that supports families affected with kidney disease.
“The funds will provide a meaningful and immediate help for families struggling with kidney illness and can help them get back on their feet.”
Vanguard’s kidney fund is the first of its kind to target families with chronic kidney disease and other conditions that affect the kidneys, and will include funds for those in the US, Canada and the UK.
The American Kidnaes Fund will not include the company’s traditional holdings of shares in pharmaceutical companies.
The fund will be based in New York and will be managed by Vanguard.
