Prominent Asian-American business leaders launched a $250 million initiative on Monday to support an array of Asian American and Pacific Islander causes, vowing to create a national infrastructure for a community that has faced an increasing number of racial attacks.

The Asian American Foundation will invest its initial funding – described by organizers as the largest-ever philanthropic effort to support the AAPI community – in three key areas: anti-hate programs, education, and data and research.

The foundation’s board, which has committed $125 million over five years, is chaired by Li Lu, founder of hedge fund Himalaya Capital, and includes billionaires Jerry Yang, the co-founder of Yahoo, and Joseph Tsai, co-founder of Alibaba Group Holding (9988.HK), among other executives.

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