Two foundations have committed to a strategy that invests in funds and direct co-investments backed by diverse and women-owned venture capital and private equity firms to advance greater diversity, equity and inclusion in the financial markets.
Historically black colleges and universities, typically limited by the size of their assets, are looking to gain further access to alternative assets, particularly private equity and venture capital, as they seek to grow their endowments to further their mission as well as capture outsized returns that have swelled higher education institutions’ portfolios, according to investors and allocators.
The plan concluded its emerging private equity fund-of-funds manager search and made commitments totaling $925 million in closed session at last week’s board meeting.
A foundation based in the Midwest is among a group of institutional investors that has committed to a value-add real estate fund focused on diverse-owned real estate operators or enterprises.
The plan’s emerging manager-of-managers replaced a firm within its global equity emerging manager-of-managers portfolio due to a critical personnel change.