At Builders Vision’s Chicago office, located in the trendy Fulton Market area, everyone is captivated by a large screen displaying a coiled serpent consuming its own tail. The keynote speaker, appearing via video, passionately explains how, despite appearances, the ouroboros’s cycle of self-destruction is essential for its constant renewal.
The workshop attendees are seated comfortably in the 16th-floor lounge, hanging on to the speaker’s every word. They resonate with her call to “rewild our imaginations” and agree with her statement that “every tradition was once an innovation.”
The participants share a similar aesthetic: bright, eager faces paired with upscale sneakers and slacks — a Silicon Valley vibe adapted for the Midwest. Distinguishing the billionaire among them would be a challenge.
And that’s exactly how Lukas Walton prefers it. As the grandson of Walmart founder Sam Walton, who established the largest retail chain in the US, the 39-year-old, with his curly hair and tall stature, is estimated to have a net worth exceeding $39 billion, yet he has remained largely out of the public eye until now.
In his first media interview with the Financial Times, Walton openly discusses his preference for privacy. As the 42nd richest person globally, he believes it helps avoid others’ preconceived notions about him. This reserved nature also influences his hobbies: he enjoys trail biking because it allows him to disconnect from phone calls.
However, he is embarking on a new path. Over the past 11 years, he has invested $15 billion of his own funds into an impact investment fund, backing initiatives that generate both financial and environmental benefits — a figure that has not been previously disclosed. This capital is aimed at promising ventures in three key areas: ocean conservation, regenerative agriculture, and clean energy, which are the cornerstone of Builders Vision that Walton started eight years ago, functioning essentially as his family office.
His motivation for speaking out stems from a belief that the natural world is in peril. He contends that the best way to address this issue is through harnessing market innovation for positive outcomes, with profit-driven motives inadvertently leading to charitable results. Competing with climate change, for instance, according to the OECD, is expected to require at least $6.3 trillion annually.
This is why Walton is eager for his wealthy peers to comprehend his intentions, prompting his decision to communicate with the media. He envisions that if the world’s 9,000-plus family offices could be encouraged to invest in a “more humane and healthy planet,” as he puts it, significant capital could begin to flow.
“The opportunities exist,” he says with a calm yet assured demeanor as we chat in a side office before the workshop. “[The finance gap] isn’t due to a lack of viable projects. People just need to recognize that the environment encompasses industry, infrastructure, and financial products; it’s not just about trees.”
Walton’s belief in the power of markets to create positive change is fitting, considering his family background.
Walmart, originally known as Wal-Mart Discount City, launched its first store in the small Arkansas town of Rogers. Since 1962, its strategy of providing a diverse array of products at low prices has cemented its place as a hallmark of American capitalism, now employing over 2.1 million people across 19 countries and achieving net sales of over $648 billion in 2024. Walton, however, does not actively participate in the company’s day-to-day operations and chooses not to comment on its management, despite his family’s 45 percent ownership of the business. His interest in market capitalism dates back before inheriting his wealth in 2005 after his father’s tragic plane crash.
His inclination towards philanthropy and social issues carries a familial legacy. John Walton, his father, was a strong advocate for greater autonomy and tailored approaches within the public education system, contributing to the early development of the “charter school” initiative. Similarly, his aunt, Alice Walton, who is the wealthiest woman globally, is known for her extensive support in health and the arts. Protecting water bodies like rivers and lakes has become a fundamental aspect of the Walton family’s charitable work; last year, their foundation allocated $106 million in environmental grants, focusing on issues such as agricultural chemical runoff in the Mississippi River and the restoration of degraded streams in the Colorado River basin.
Walton’s perspective on environmental matters is partly shaped by his personal history. As a young child, he was diagnosed with a rare cancer that was cured — according to family stories — largely due to his mother providing him with an all-natural diet full of homegrown vegetables. To this day, he feels “constantly reminded” of his fortunate survival: “My parents instilled good habits that have kept me here. My mom essentially nurtured me from her garden, teaching me where our food originates.”
These foundational experiences concerning nature’s impact on human health have ignited his creativity. After completing a degree in economics and environmental science at Colorado College, he traveled to Reykjavik to study Iceland’s innovative renewable energy practices.
The distinction between Walton and his grandfather lies mainly in their goals rather than their methods. Like Sam Walton, Lukas is striving to market a product, yet his focus is on green hydrogen and rare earth recycling rather than consumer goods like diapers or dog food. “Beginning with food and agriculture, I aim to invest my money wisely and observed a gap for innovative, adaptable capital,” he explains. “My instinct has always been to involve the business community due to its vast scale.”
Walton’s way of life still embodies much of his grandfather’s down-to-earth sensibility. Sam stayed in his small-town roots in Bentonville, Arkansas, and drove an old Ford pick-up truck long after his wealth was established. His grandson, who often rides his bike through downtown Chicago traffic, drove a well-worn Subaru Forester for years; it was only after becoming a father that he opted for an upgrade — albeit still to a modest Volvo SUV.
“The Walton family has consistently maintained a low profile across generations,” comments Charles Fishman, author of The Wal-Mart Effect, a book detailing the retailer’s economic impact. “They aren’t flashy like Jeff Bezos and Lauren Sánchez, for example.”
This approach is not without its contradictions: a billionaire looking to leverage his wealth derived from market capitalism to remedy several issues that these very capitalistic markets often create. To reconcile this dilemma,
Walton is cautious not to point fingers. Whether it’s the seller or buyer, he believes we’re all players in a system that requires improvement.
At the heart of Walton’s perspective on engaging the market for achieving “strong positive social and environmental outcomes,” is his belief that these initiatives cannot be purely charitable. Growth will only happen if investors see returns that match or exceed market averages.
When discussing outcomes, Walton lights up. In Builders Vision’s lobby, next to vibrant slogans like “Shifting markets and minds FOR GOOD” and “Building a more HUMANE AND HEALTHY PLANET,” is an extensive photo montage. It features smiling community groups alongside impressive technology.
This display showcases the over 300 grantees, 100 fund managers, and more than 50 portfolio companies that Builders Vision has aided so far. As we stroll past, Walton highlights a few investees, sharing brief stories about each. GoodLeap designs software for smart home energy solutions. Growing Home is Chicago’s only certified-organic farm, where Walton frequently volunteers. Coral Vita works on restoring damaged reefs using lab-grown coral.
Many of these examples are typical scale-ups: too small to attract institutional investors’ attention, yet too established to secure seed funding or angel investments. This “missing middle” area offers family offices like Walton’s, which have patient capital and a reasonable risk appetite, a broad range of options, says Noelle Laing, Builders Vision’s chief investment officer. Globally, impact investing represents around $1.57 trillion in assets, according to the Global Impact Investing Network, although most of it is managed by banks and large financial institutions.
However, Walton’s change strategy goes beyond selecting individual investments; it necessitates a “systems approach” that collaborates with reform-focused organizations to collectively shift specific sectors towards more impactful practices.
Consider oceans. The additional economic value from marine-based activities such as aquaculture, coastal tourism, and renewable marine energy could reach $9.8 trillion by 2050, nearly four times the current figure, according to the OECD.
To enhance this “blue economy,” Builders Vision provided a $70 million credit-risk guarantee last year for an innovative nature-bond project in the Bahamas. The Inter-American Development Bank, which co-created the initiative, estimates it will unlock $124 million for marine conservation over the next 15 years without increasing the Bahamas’ national debt.
Even though many of Walton’s investments are relatively early-stage, he maintains that Builders Vision is meeting its goal of generating positive financial returns. When asked for examples, he cites Clear Frontier, a Nebraska-based scale-up that buys and leases land for organic farming. The concept, pitched by fifth-generation Iowa farmer Justin Bruch to Walton in 2019, was conceptualized on a napkin during their discussion.
After developing the essential business model, Walton invested an initial $50 million, providing Bruch the necessary capital to raise “a few hundred million dollars” more. The venture now manages over 20,000 acres of chemical-free farmland.
“His capital provided a solid foundation,” says Bruch. “But having someone like Lukas, who perceives the world as he does, affirm that this is valid and important—honestly, that was probably of greater significance.”
Reuben Munger, chief investment officer at Vision Ridge, a sustainable investment fund, recognizes Walton’s early funding as pivotal. In 2020, Builders Vision invested $25 million to support Munger’s fund in acquiring Fjord1, a Norwegian company operating electric ferries. After significantly expanding its fleet, Vision Ridge exited the business last year under what Munger describes as “favorable terms.”
“It’s extremely challenging to raise a first fund, especially in the impact arena where many investors think returns will be concessionary,” Munger states. “So having someone prominently support the notion that impact investing can yield attractive returns helps alleviate some of this skepticism.”
Fighting skepticism is well-timed. Over the coming decades, Baby Boomers’ offspring are expected to inherit nearly $124 trillion, as per research by Cerulli Associates. However, convincing conservative family offices to embrace Walton’s impact-driven movement will require more than a few eye-catching case studies. As Walton notes, wealth management often defaults to separating “social and environmental good over there” through philanthropy while seeking maximum returns over here through investments.
To bridge this gap, Walton’s family office organizes frequent private investment gatherings for fellow heirs and investors to discuss Builders Vision’s plans.
This approach is proving effective, states Byron Trott, a financier who has advised Walton for many years. Reflecting on a recent event focused on the blue economy, he mentions participants expressed a strong wish to “get more involved” with Walton’s methods. “While Lukas’s focus on oceans may seem narrow, many families are drawn to similar themes,” explains Trott, known as the “billionaires’ banker” for his prestigious client roster. “Together, they have much greater potential than acting individually.”
Another supporter of Walton’s vision is Howard W. Buffett, the grandson of Warren Buffett. The author of the management book Social Value Investing believes “there’s no reason” wealthier individuals cannot adopt similar approaches. “Many families have attempted to embed this philosophy within their operations,” he remarks. “Partly, it depends on how innovative you’re willing to be, as there can be risks involved.”
For those hesitant, his recommendation is to start small. Instead of viewing “your system” as a vast industry like food or energy, consider it more within the context of your local community or a nearby watershed.
Even then, Trott acknowledges that “very few” family offices are likely to embrace Walton’s comprehensive approach. He explains that “Lukas isn’t aiming to convert individuals to a 100 percent club”; his goal is merely to demonstrate that impact and profit can coexist.
Walton affirms this sentiment, stating his main aspiration is for his peers to “recognize their influence” and, ideally, to act on it fully. So, what does “fully” mean? He diplomatically asserts it is about being “generative with my capital, both for Builders Vision and the broader field.”
While his perspective is progressive, many within the charitable space remain skeptical about Walton’s for-profit model.
Just because merging philanthropy and finance is achievable, that doesn’t necessarily make it “ideal,” argues Tobias Jung, director of the Centre for the Study of Philanthropy & Public Good at the University of St Andrews in Scotland. He believes the two approaches are “intrinsically distinct” in their objectives and methods, which is significant for two primary reasons. Firstly, the role of impact investment within existing economic frameworks makes it “comparatively cautious.” Secondly, blending philanthropy into markets can obscure their harmful impacts on the environment.
For economic anthropologist Bridget Kustin, the issue is more about execution than principle. She describes many wealthy individuals as “deeply well-intentioned and aspirational,” but observes that only a small fraction harness their assets for substantial impact. The primary barrier, Kustin, who is researching trends in private wealth at the Saïd Business School in Oxford, identifies is loss aversion.
Nevertheless, she commends Walton for “sticking his neck out.” The typical secrecy surrounding family offices often results in “huge inefficiencies.” By sharing his methods, Walton not only fosters understanding but also facilitates others in adopting similar strategies.
Back above the Chicago skyline, another video rolls in the Builders Vision lounge; it features a solitary man dancing energetically in a public park. Eventually, a courageous bystander joins him, followed by two more; soon, the park transforms into a joyful gathering of dancing people. Sometimes, the facilitator highlights, leaders must “stand alone and look silly.” As ambitious as Walton’s mission may sound, it’s far from ridiculous.
The next edition of FT Wealth is set for print release on July 11
