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Arnold Ventures

Website:

www.arnoldventures.org
Type:

Limited Liability Company (LLC)
Formation:

2019
Founders:

Laura and John Arnold

Contact InfluenceWatch with suggested edits or tips for additional profiles.

Arnold Ventures is a philanthropic LLC. For more information, see the Laura and John Arnold Foundation (Nonprofit)

Arnold Ventures is a limited liability company (LLC) founded in 2019 by Laura and John Arnold to administer their philanthropic efforts. The left-of-center philanthropy is focused on the areas of criminal justice, health, public education, and finance. Arnold Ventures also manages the giving for various Arnold entities, including the Laura and John Arnold Foundation, the Action Now Initiative, and the Arnolds’ donor-advised fund. 1 2

Arnold Family

John Arnold began his career as a trader for Enron; he once made $750 million in revenue for the company in a single year. He left the firm taking an $8 million bonus before the energy company collapsed, causing the largest bankruptcy in American history to that point. He was never accused of wrongdoing in the investigation of the energy company’s collapse. 3 4

In 2002, Arnold founded a hedge fund, Centaurus Advisors. During his time running the fund, Arnold gained a high reputation among his colleagues and even among the federal investigators who investigated the Enron collapse. In 2006, Centaurus placed a large bet against hedge fund Amaranth Advisors, which inaccurately predicted a rise in gas prices and subsequently lost $5 billion, netting Centaurus massive profits. In 2012, with the growth of hydraulic fracturing and the expansion of gas supply undermining the natural gas futures market, Arnold decided to retire to focus on philanthropy. At the time, his fortune was reported at $4 billion. As of 2021, John Arnold’s estimated net worth was $3.3 billion. 4 5 6

John Arnold’s wife, Laura Arnold, attended Harvard University and Yale Law School before working in mergers and acquisitions with a New York City law firm. Later, she worked for an oil exploration firm in Houston where she met John Arnold. 7 8 Laura Arnold has been relatively more politically outspoken than her husband. In June 2018, Laura wrote an op-ed for the Houston Chronicle in which she called on private philanthropic organizations to increase their funding for research into gun violence. 9 In August 2022, Arnold wrote an op-ed for CNBC in which she endorsed the executive action that President Joe Biden had taken to unilaterally cancel a portion of federal student debt. 10 She is a founding partner of the REFORM Alliance, an activist group that works towards softening probation and parole laws, primarily at the state level. 8

In 2012, when John Arnold retired, he and Laura signed the Giving Pledge, a promise signed by numerous billionaires including Bill Gates and Warren Buffet to give away at least half of their wealth. 4 As of 2025, John and Laura are listed as being the only living U.S couple to have fulfilled the Pledge, by donating over $2 billion through the Foundation by that point (out of a net worth of $2.9 billion as reported by Forbes). 11

During the 2018 elections, the Arnold family gave $10 million to the super PAC called Patients for Affordable Drugs Action to endorse candidates who would demand changes to drug pricing policies. 12

Formation of Arnold Ventures

In January 2019, John and Laura Arnold announced that they would form a limited liability company called Arnold Ventures designed to more proactively achieve “social change.” The new organization was intended to join three existing Arnold-funded grantmaking groups: the Laura and John Arnold Foundation, a separate donor-advised fund associated with the Arnolds, and a 501(c)(4) lobbying nonprofit called the Action Now Initiative. 13 2

As a limited liability company (LLC), Arnold Ventures does not file Internal Revenue Service (IRS) Form 990 reports and faces fewer restrictions on political activity than a traditional private foundation, though its constituent arms file tax returns for their portions of the organization’s efforts. It has greater flexibility in where it can spend than a traditional private foundation. 14

As of October 2025, Arnold Ventures was employing “more than 100 subject-matter experts” in offices in Houston, New York City, and Washington, D.C. These experts help Arnold Ventures direct its grantmaking toward “evidence-based solutions,” including “quasi-experimental methods and randomized controlled trials,” in specific policy areas, including criminal justice, higher education, health, infrastructure, and public finance.” 15 16

John Arnold has described the strategy of Arnold Ventures as searching for “orphan areas,” or domains with a relative lack of funding from philanthropic capital. Arnold Ventures not only enters such domains but establishes a “research ecosystem” to promote efficient philanthropic expenditure both by Arnold Ventures and other grantmaking nonprofits. 17

Criticism

Circumventing Institutions

Right-of-center philanthropy researcher William Schambra criticized Arnold Ventures for “circumvent[ing] the array of institutions through which Americans have traditionally pursued change” by shifting the Arnolds’ $2 billion wealth from an array of nonprofits, which have a high degree of public disclosure and transparency, to a private entity that is not required to publicly disclose its finances. Schambra wrote: 18

Classifications like (c)(3) and (c)(4) only get in the way of our appetite, with their niggling and constraining guidelines and regulations. Rather than play by the rules others must follow—possibly because their appetite for change isn’t matched by their treasure—let’s just go directly for what we want, and let our lawyers and accountants sort out the billing after the fact.

As much as I share her [Laura Arnold’s] disdain for bureaucratic strictures, in this instance, she displays something of a “laws are made for little people” attitude. The rules governing activities that can be legally pursued by (c)(3), (c)(4), and other tax entities exist because they are ways we’ve chosen, as a democracy, to encourage and channel charitable giving and political activism. The legal reporting required for these categories, as annoying as it is, is how our democracy ensures that giving and political activity remain visible and accountable to the public. (It’s also the way politics and charity are meant to be kept separate and distinct, by the way.) Insofar as the LLC form allows donors to treat the categories as just so many rooms for a tiresome accounting game of hide-and-seek—the view that Arnold seems to take here—we may come to regret the growing popularity of that form among those with the largest appetites for change. 18

Funding Campaigns to Combat “Disinformation”

According to reporting by the Washington Examiner, John Arnold and Arnold Ventures had previously donated $13.7 million in grants to several organizations that claimed to combat “disinformation” and “misinformation.” 19

From 2019 through 2021, Arnold Ventures gave $9.7 million in grants to the American Journalism Project, an initiative dedicated to funding nonprofit local news outlets and fighting against “misinformation,” 20 21 which had also received $4.2 million in grants between 2018 and 2021 from the Pierre Omidyar-founded public policy foundation Democracy Fund. 22 19

Between 2018 and 2022, Arnold Ventures donated $1.5 million to the independent nonprofit Social Science Research Council(SSRC), which was partially used to help fund the SSRC’s Social Media and Democracy Research Grants, a project to study the impact of social media on democratic elections and was also funded by Omidyar’s Democracy Fund. 23 19

Between 2013 and 2019, Arnold Ventures donated over $1.1 million in grants to nonprofit group MapLight, which had also accepted a $300,000 grant from the George Soros-linked Open Society Foundations in 2018 in order to, “advance effective solutions to deceptive digital politics and safeguard democratic institutions.” 24 25 MapLight president Daniel Newman told the Washington Examiner in 2022: “MapLight no longer works in the disinformation area, having shifted our focus to data and technology projects…Arnold Ventures is not currently a funder of MapLight. None of their past grants to MapLight have gone toward our disinformation initiatives.” 19

Between 2021 and 2022, Arnold Ventures gave $500,000 to Philadelphia-based local news nonprofit Lenfest Institute for Journalism, which published stories pertaining to “misinformation and disinformation.” 19

In 2020, Arnold Ventures donated $500,000 to California-based environmental nonprofit Global Witness, which is part of a network of nonprofits that includes London-based group Global Witness Limited. The London-based organization published a study in October 2022 regarding “election disinformation within the United States” and had previously received over $17.6 million in donations from Soros’s Open Society Network. 19 26

Funding

Causes that Arnold Ventures have donated to include the coronavirus-oriented Fast Grants initiative, which is operated by George Mason University’s Mercatus Center. 27

Between 2016 and 2020, Arnold Ventures donated over $13.5 million in grants to the Arabella Advisors-managed New Venture Fund. 28

Arnold Ventures have given grants to a number of climate change and environmentalist initiatives. 29 These include:

RecipientAmountYear(s)
The Niskanen Center$1,000,0002019-2022
Climate Leadership Council$2,766,0002019-2021
Clean Air Task Force$1,000,0002019-2021
Citizens Climate Education Corp.$1,000,0002019-2021
ClearPath Action Fund For Conservative Clean Energy$1,000,0002019-2021
American Council for Capital Formation$50,0002019-2020
The Niskanen Center$600,0002017-2019
The Aspen Institute$200,0002019
Nuclear Innovation Alliance$543,4292017-2019
George Mason University Foundation$400,0002017-2019
Energy Innovation Reform Project$1,000,0002017-2019
Climate Leadership Council$1,500,0002017-2019
Clean Air Task Force$1,449,2922017-2019
Citizens Climate Education Corp.$1,000,0002017-2019
Citizens Climate Education Corp.$50,0002019
ClearPath Inc.$2,000,0002019-2021
The Energy Foundation$4,200,0002017-2020
Environmental Defense Fund$2,500,0002019-2020
Environmental Defense Action Fund$200,0002019-2020
Bipartisan Policy Center Action$100,0002019-2020
Citizens' Climate Lobby$600,0002019-2020
Citizens For Responsible Energy Solutions$50,0002019-2020
Total:$23,208,721

Programs

Biden Community Violence Intervention Collaborative

In June 2021, the Biden administration announced a program to combat rising gun violence and violent crime using a collaborative composed of government and nonprofit organizations funding community violence intervention (CVI) measures. Other funders included the California Endowment, the Annie E. Casey Foundation, the Ford Foundation, the Joyce Foundation, and the Kellogg Foundation. Foundations that also fund the initiative include the Kresge Foundation, the MacArthur Foundation, the Emerson Collective, the Heising-Simons Foundation, George Soros’ Open Society Foundations, and the Charles and Lynn Schusterman Family Philanthropies. CVI strategies “act as an alternative to heavy-handed policing” by focusing its efforts on the minority of citizens who are perpetrators or targets of violent crime. CVI treats violence as a communicable disease rather than a violent crime and attempts to stop the “spread” of violence. 30

Indiana Criminal Justice Overhaul

Between 2018 and 2019, Arnold Ventures donated roughly $175,000 to the Indianapolis Bail Project, a local initiative that pays bail for those arrested within the state. According to then-U.S. Rep. Jim Banks (R-IN), in 2021, the Project paid for the bail of two men previously arrested, who once released committed murder. 31 This eventually led to the Indiana state House passing a bill restricting the ability of similar charity groups from posting the bail of those arrested. 32

In 2019, Arnold Ventures paid a $2.5 million grant to advocacy group Research Foundation of the City University of New York to help, “develop, launch, and manage” the Reducing Revocations Challenge, an initiative meant to, “transform probation supervision and reduce prison populations.” 31 Monroe County, Indiana was one of 10 jurisdictions to participate in the Challenge in 2021, with Indiana University receiving over $198,000 from the grant. According to Arnold Ventures, the initiatives for the Challenge included, “non-punitive warrant service,” launching a type of court to process “technical” probation violations…removing payment of fines and fees as a “standard condition” of probation…[and] called for probation officers to be trained on “racial equity and implicit bias.” 31

In 2021, Arnold Ventures donated another $3.1 million grant to the Research Foundation of the City University of New York, which resulted in a second “phase” of the Reducing Revocations Challenge with $128,000 being donated to Indiana University, while another $170,000 was “subgranted” to the Monroe County probation department. As of January 2023, this “phase” was still ongoing in Monroe County. 31

In 2022, Arnold Ventures donated another $603,000 in grants to Indiana University to fund the dubbed “Promoting Racial Justice and Transparency in Indiana” project, an initiative meant to study “prosecutorial discretion in traffic and misdemeanor cases” within Monroe County and Lake County, Indiana. The grant is part of $7.4 million donated by Arnold Ventures to 19 states for the purpose of “prosecution research” from 2022-2025. 31 The lead of the project, Indiana University criminal justice professor Tri Keah Henry, previously published a post in 2020 supporting the 2020 riots following the police-involved death of George Floyd and amid debates over defunding the police, stating, “Defunding the police isn’t as deep as some of you are making it out to be. We defund/reallocate money all the time for other programs/institutions. It is a reasonable conversation to have.” 31 33

The Argument

As of August 2025, Arnold Ventures was listed as one of the investors in The Argument, a left-of-center publication started by former Atlantic writer Jerusalem Demsas with staff from media sites Vox and Semafor to write on “what liberalism is for, rather than just what it’s against.” 34 The new publication raised $4 million “at a $20 million valuation,” while in a statement Demsas argued, “To move out of this post-liberal, populist moment towards a better future…will require our government, culture, politics, and people to recommit ourselves to liberal values.” 34 Others listed as investors included Open Philanthropy, Susan Mandel, Gaurav Kapadia, Rachel Pritzker, Simone Coxe, John Wolthuis, Patrick Collison, and Emergent Ventures. 34

Government Partnerships

Arnold Ventures engages in partnerships with state governments to fund programs in post-secondary education, youth crime prevention, workforce development, and K-12 education. According to Arnold Ventures, “government social spending often fails to prioritize or reward programs with evidence of impact, leading proven programs to serve only a small fraction of those who could benefit.” By partnering with governments, Arnold Ventures aims to improve the efficiency of government programs both by increasing funding and deploying its team of experts to conduct impact assessments. 35

For example, in September 2025, Arnold Ventures and the State of Maryland announced $20 million in grants to Maryland Big Brothers Big Sisters affiliates and four community colleges to implement the Accelerated Study in Associate Programs, which is designed to support boys and young men to improve education, income, and criminality outcomes. 36

In March 2025, Arnold Ventures and the State of Oklahoma announced $10 million in grants to Be a Neighbor, an initiative of the Oklahoma Department of Human Services to support the education and home lives of low-income and orphaned children. 37

Also in March 2025, Arnold Ventures and the State of Colorado announced $20 million in grants to the Colorado Partnership for Proven Initiatives, a program designed to improve economic opportunities primarily by funding education programs including scholarships for low-income students. 38

Leadership

As of October 2025, founders Laura and John Arnold were still the chairs of the board of Arnold Ventures. 39

Kelli Rhee has worked as the president and CEO of the Arnold Foundation since October 2017, and previously worked in various roles at the foundation going back to June 2013. From 2010 to 2013, Rhee worked at the Baylor College of Medicine as executive director. Earlier, she worked as the vice president of Sandbox Industries, as the director of finance and operations at Tea Collection, as a senior associate consultant at Bridgespan Group, and as a senior associate consultant at Bain and Company. 40

Lobbying

Arnold Ventures engages in lobbying of the U.S. Congress, spending between $120,000 and $240,000 annually from 2021 to 2025. 41

References

  1. Wooster, Martin Morse. “John and Laura Arnold create new LLC, focus on affecting policy change.” Philanthropy Daily, February 19, 2019. https://philanthropydaily.com/john-and-laura-arnold-create-new-llc-focus-on-affecting-policy-change/
  2. Piper, Kelsey. “Why this billion-dollar foundation is becoming a corporation.” Vox, February 7, 2019. https://www.vox.com/future-perfect/2019/2/7/18207247/arnold-foundation-corporation-nonprofit-charity
  3. Preston, Caroline. 2011. “A Thirtysomething Billionaire Couple’s Bold Philanthropy”. The Chronicle Of Philanthropy. https://www.philanthropy.com/article/A-Thirtysomething-Billionaire/157613.
  4. Ludwig, Hayden. “Laura and John Arnold: “Dark Money” Entrepreneurs.” Capital Research Center. August 10, 2021. Accessed September 13, 2025. https://capitalresearch.org/article/laura-and-john-arnold-dark-money-entrepreneurs/.
  5. Goodman, Leah McGrath. 2012. “When A Billionaire Trader Loses His Edge”. Fortune. http://fortune.com/2012/05/04/when-a-billionaire-trader-loses-his-edge/.
  6. Dart, Tom. “Eye in the sky: the billionaires funding a surveillance project above Baltimore.” The Guardian. October 15, 2016. Accessed September 15, 2025. https://www.theguardian.com/world/2016/oct/15/baltimore-surveillance-john-laura-arnold-billionaires.
  7. Ben Steverman. “Two Texas Billionaires Think They Can Fix Philanthropy.” Bloomberg. December 12, 2019. Accessed July 2, 2023. https://www.bloomberg.com/news/articles/2019-12-12/billionaires-john-and-laura-arnold-s-data-driven-philanthropy
  8. “Laura Arnold ’00.” Yale Law School. Accessed July 2, 2023. https://law.yale.edu/studying-law-yale/alumni-student-profiles/laura-arnold-00
  9. Laura Arnold. “Want to fund gun research? Ask for private donations.” Houston Chronicle. June 18, 2018. Accessed July 2, 2023. https://www.houstonchronicle.com/opinion/outlook/article/Want-to-fund-gun-research-Ask-for-private-12999228.php
  10. Nina Totenberg, Meghanlata Gupta. “Supreme Court kills Biden’s student debt plan in a setback for millions of borrowers.” NPR. June 30, 2023. Accessed July 2, 2023. https://www.npr.org/2023/06/30/1182216970/supreme-court-student-loan-forgiveness-decision-biden
  11. France, Chandler. “Spreading the wealth.” Houston Business Journal, September 12, 2025. https://www.bizjournals.com/houston/news/2025/09/12/billionaire-john-arnold-philanthropic-strategy.html?b=1757631003^22582740
  12. Cam, Deniz. “Billionaire Philanthropist John Arnold On Drug Prices: Congress Needs To Act.” Forbes. November 29, 2018. Accessed July 19, 2019. https://www.forbes.com/sites/denizcam/2018/11/29/billionaire-philanthropist-john-arnold-on-drug-prices-the-congress-needs-to-act/#22ba3b6a57a2
  13. [1] Wooster, Martin Morse. “John and Laura Arnold create new LLC, focus on affecting policy change.” Philanthropy Daily, February 19, 2019. https://philanthropydaily.com/john-and-laura-arnold-create-new-llc-focus-on-affecting-policy-change/
  14. Gose, Ben. “John and Laura Arnold Join Other Billionaires in Move Away From Traditional Philanthropy.” The Chronicle of Philanthropy. January 28, 2019. Accessed January 30, 2019. https://www.philanthropy.com/article/JohnLaura-Arnold-Join/245557?cid=pw&utm_source=pw&utm_medium=en&elqTrackId=3746a4e54a4f41f3b66fdf6ab3a8668f&elq=9af8f9b3e3854e37867a88ead5c70d7a&elqaid=22092&elqat=1&elqCampaignId=10827.
  15. “About.” Arnold Ventures. Accessed October 7, 2025. https://www.arnoldventures.org/about.
  16. “Evidence and Evaluation.” Arnold Ventures. Accessed October 7, 2025. https://www.arnoldventures.org/work/evidence-evaluation.
  17. France, Chandler. “Spreading the Wealth.” Biz Journals. September 12, 2025. Accessed October 7, 2025. https://www.bizjournals.com/houston/news/2025/09/12/billionaire-john-arnold-philanthropic-strategy.html?b=1757631003^22582740.
  18. William A. Schambra. “Laura Arnold adds to institutional philanthropy’s promotion of progressivism.” Philanthropy Daily. February 3, 2020. Accessed June 23, 2020. https://www.philanthropydaily.com/laura-arnold-adds-to-institutional-philanthropys-promotion-of-progressivism/
  19.  Kaminsky, Gabe. “Texas billionaire quietly steered millions toward groups linked to ‘disinformation’ censorship operations.” The Washington Examiner, December 21, 2022. https://www.washingtonexaminer.com/news/john-arnold-billionaire-disinformation-millions-groups-texas-enron
  20. “Why Local News.” American Journalism Project, Accessed December 29, 2022. https://www.theajp.org/why-local-news/
  21. Kaminsky, Gabe. “Texas billionaire quietly steered millions toward groups linked to ‘disinformation’ censorship operations.” The Washington Examiner, December 21, 2022. https://www.washingtonexaminer.com/news/john-arnold-billionaire-disinformation-millions-groups-texas-enron
  22. “Grants Database.” Democracy Fund, Accessed December 29, 2022. https://democracyfund.org/for-partners/grants-database/?fwp_grants_search=American%20Journalism%20Project
  23. “Social Media and Democracy Research Grants.” Social Science Research Council, Accessed December 29, 2022. https://www.ssrc.org/programs/social-data-initiative/social-media-and-democracy-research-grants/
  24. “Grants: MapLight.” Arnold Ventures, Accessed December 29, 2022. https://www.arnoldventures.org/grants-search?q=maplight
  25. “Awarded Grants: MapLight.” Open Society Foundation, Accessed December 29, 2022. https://www.opensocietyfoundations.org/grants/past?grant_id=OR2018-44171
  26. Kaminsky, Gabe. “Soros donated millions to charity demanding Big Tech censor ‘election disinformation.’” Washington Examiner, November 5, 2022. https://www.washingtonexaminer.com/news/campaigns/soros-charity-big-tech-censor-midterms
  27.  Buck, Stuart. “How Philanthropy Could Embrace More High-Risk, High-Reward Projects.” Inside Philanthropy, September 9, 2020. https://www.insidephilanthropy.com/home/2020/9/9/how-philanthropy-could-embrace-more-high-risk-high-reward-projects.
  28.  “Grants: New Venture Fund.” Arnold Ventures, Accessed December 29, 2022. https://www.arnoldventures.org/grants-search?q=new%2520venture%2520fund&sort=years%253Adesc
  29. “Grants Search.” Arnold Foundation. Accessed February 15, 2021. https://www.arnoldventures.org/grants-search/?topics=Climate%2520and%2520Clean%2520Energy&years=2019.
  30. Rojc, Philip. “Backing Up Biden: Grantmakers Get Behind a New Federal Anti-Violence Collaborative.” Inside Philanthropy. Inside Philanthropy, July 6, 2021. https://www.insidephilanthropy.com/home/2021/7/1/backing-up-biden-grantmakers-get-behind-a-new-federal-anti-violence-collaborative?utm_source=Funding%2BNews%2B%26%2BTips&utm_campaign=f22df871f4-newsletterdaily&utm_medium=email&utm_term=0_c776dbf0df-f22df871f4-95098585
  31. Kaminsky, Gabe. “Texas billionaire John Arnold bankrolls efforts to overhaul Indiana’s criminal justice system.” The Washington Examiner, January 25, 2023. https://www.washingtonexaminer.com/news-john-arnold-has-poured-millions-into-overhauling-indianas-criminal-justice-system
  32. “House Bill 1300.” Indiana General Assembly 2022, Accessed February 1, 2023. https://iga.in.gov/legislative/2022/bills/house/1300#digest-heading
  33. Keah, Tri (itsDr_Henry). “”Defunding the police isn’t as deep as some of you are making it out to be. We defund/reallocate money all the time for other programs/institutions. It is a reasonable conversation to have.” Twitter, June 10, 2020. https://twitter.com/itsDr_Henry/status/1270705001971802112?ref_src=twsrc%5Etfw
  34. Tani, Max. “The left gets a new publication.” Semafor, August 17, 2025. https://www.semafor.com/article/08/17/2025/with-the-argument-the-left-gets-a-new-publication?utm_medium=media&utm_campaign=flagshipnumbered1&utm_source=newslettercta
  35. “Partnerships for Proven Programs.” Arnold Ventures. Accessed October 7, 2025. https://www.arnoldventures.org/partnerships-for-proven-programs.
  36. “Governor Moore, Arnold Ventures Announce $20 Million in Grant Awards to Support Programs that Help Maryland Youth Thrive.” Arnold Ventures. September 16, 2025. Accessed October 7, 2025. https://www.arnoldventures.org/newsroom/governor-moore-arnold-ventures-announce-20-million-in-grant-awards-to-support-programs-that-help-maryland-youth-thrive.
  37. “Governor Kevin Stitt and Arnold Ventures announce $10 million matching initiative to bolster opportunities for Oklahoma’s youth.” Arnold Ventures. March 26, 2025. Accessed October 7, 2025. https://www.arnoldventures.org/newsroom/governor-kevin-stitt-and-arnold-ventures-announces-20-million-initiative-to-bolster-opportunities-for-oklahomas-youth.
  38. “Governor Polis and Arnold Ventures Announce $20 Million Partnership to Boost Economic Opportunity, Strengthen Colorado’s Workforce & Expand Education.” Arnold Ventures. March 17, 2025. Accessed October 7, 2025. https://www.arnoldventures.org/newsroom/governor-polis-and-arnold-ventures-announce-20-million-partnership-to-boost-economic-opportunity-strengthen-colorados-workforce-expand-education.
  39. “Our Leadership.” Arnold Ventures. Accessed October 7, 2025. https://www.arnoldventures.org/people.
  40. “Kelli Rhee.” LinkedIn. Accessed September 15, 2025. https://www.linkedin.com/in/kelli-rhee-94293317/
  41. “Arnold Ventures.” Open Secrets. Accessed October 7, 2025. https://www.opensecrets.org/orgs/arnold-ventures/summary?id=D000070430.
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