With not much fanfare, the billionaire Koch brothers have started 1888 Management LLC to manage a portion of their personal wealth. The company has been scouting for investments for the Kochs.
Harry Koch, a newspaper publisher in Texas, was the forerunner for one of the country’s most influential families. The Koch brothers, Charles, 80, and David, 75, are worth 100 billion dollars combined, according to the Bloomberg Billionaires Index.
How much the Koch’s are putting into 1888 is unclear. A source said it may be in the two billion dollar range. 1888 was incorporated in Delaware in 2014, and now can do business in California, Florida, and Kansas.
Trent May is the man in charge of 1888. He has previous experience in investing in hedge funds for public pensions. With 1888 he is working on direct investments that the Kochs can gain a high percentage investment stake. One such company is a telecommunications firm X5 Opco. LLC.
Outside of business circles, the Kochs are known for their conservative network that back mostly republicans that will push for lower taxes and less regulation.
Charles Koch is the CEO of Koch Industries. Originally, the company dealt with oil refining and chemicals. Now it is involved with process and pollution control equipment, fibers and polymers, fertilizers, and minerals. Koch Industries also produces consumer products, and is a part of the ranching industry. Well-known brands they produce include Stainmaster carpet, Lycra Spandex, Quilted Northern tissue, and Dixie Cup.
Charles Koch was born in Wichita Kansas. He’s the son of Harry Koch, founder of the Quanah Tribune Chief newspaper. Koch went to college at the Massachusetts Institute of Technology. He earned a bachelor of Science degree in General Engineering in 1957, a Master of Science in Mechanical Engineering in 1958. He joined the family business in 1961.