The firm met its goal of doubling the percentage of its investments with diverse managers to 10% from 5% by the end of 2025 and has established a new target to increase assets held by diverse managers to 15% by 2025.
The foundation is looking to add new diverse managers to its portfolio after adopting a new investment policy statement incorporating a racial equity lens.
Venture capital investors are expressing concern over the support for specialized banks that have provided numerous resources to the industry in light of the recent collapse of Silicon Valley Bank.
The foundation has selected a firm to provide non-discretionary investment consultant services for its portfolio following an RFI process launched in the second quarter.
By now, most know that less than 2% of the U.S.-based investment management industry’s $82 trillion in assets is handled by diverse managers. Maybe less know that historically Black college and university endowments make up an even smaller percentage of higher education endowments nationally.
Social justice funds addressing diversity, equity and inclusion are gaining traction with a growing base of institutional investors, leading asset managers to develop and offer solutions that invest in companies and communities that support people of diverse backgrounds.