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Icons

Celebrating the stalwarts of the industry, our Icons are trailblazers who have made remarkable contributions to promoting diversity and driving change across the asset management sector. Their inspiring careers continue to motivate both investment professionals and asset owners to follow their footsteps towards a more inclusive future.

Ronald Blaylock is the Founder and Managing Partner of GenNx360 Capital Partners, a private equity firm that has been focused on investing in industrial and business services companies in the US middle market since 2006.

Before launching GenNx360 Capital Partners, Blaylock founded and managed Blaylock & Company, one of the top investment banking firms in the country.

In 2005, the firm underwrote and advised on over $150B in transactions. Blaylock & Co. assisted in transactions for a diverse, blue-chip roster of clients such as AT&T, Boeing, CIT, GE, Google, Time Warner, UPS, and Verizon, among other Fortune 500 companies.

Blaylock was named one of the Most Powerful Blacks on Wall Street by Black Enterprise Magazine and was also named Man of the Year by the Covenant House for his charity work within the organization.

Kim Lew is the President and Chief Executive Officer at Columbia Investment Management Company, where she manages the University's endowment. By taking this role, Lew became the first African American and Chinese American woman to run a large Ivy League endowment. Well-seasoned through her time at the Carnegie Corporation of New York, where she worked for over a decade, she most recently served as their Vice President and Chief Investment Officer.

After obtaining her MBA from Harvard Business School, she joined the Prudential Capital Group and later the Ford Foundation, where she held a variety of roles, such as a Portfolio Strategist in technology and a Senior Manager for private equity investments.

Kim Lew serves on the boards of both Ariel Investment Management Mutual Funds and Girls Who Invest.

Raymond McGuire is one of Wall Street's most accomplished professionals. A savvy dealmaker, McGuire was recently named President of the international banking powerhouse, Lazard.

McGuire's climb to the top of New York's financial elite is a study in business excellence.

All Wall Streeters, regardless of their background, point to McGuire's resume as an example of what can be accomplished in banking with hard work and success.

McGuire has over 40 years of financial expertise and a global network of contacts that have made him a talented investment banker. With his drive, McGuire rose to become Citigroup’s Global Head of Corporate and Investment Banking, a position he held for 13 years, marking the longest tenure for this position in the history of Wall Street. Before Citigroup, McGuire was the Global Co-Head of Mergers & Acquisitions at Morgan Stanley, and a Managing Director in the Mergers & Acquisitions Group of Merrill Lynch & Co.

Laurence C. Morse, Ph.D. is a Co-founder and Managing Partner at Fairview Capital Partners, a firm created to spark true change and bridge the gap between institutional sources of capital and exceptionally capable investment professionals who could deploy those resources profitably. Prior to co-founding Fairview, Dr. Morse held roles at TSG Ventures, Equico Capital Corporation, and UNC Ventures.

In 2014, Dr. Morse joined the Howard University Board of Trustees and assumed the chairmanship on July 1, 2020. He actively serves on the advisory boards of a multitude of venture capital and private equity partnerships, such as U.S. Venture Partners, Battery Ventures, GenNx360 Capital Partners, Sierra Ventures, and Trinity Ventures. He is also a member of the board of directors of Webster Financial Corporation and the Board of Trustees of Harris Associates Investment Trust (The Oakmark Mutual Funds).

No one has played the game longer than John W. Rogers, a former Princeton University basketball star, who founded Ariel as the first Black-owned asset manager forty years ago. He is a pioneer in the investment management industry known for his value discipline, philanthropic generosity, and successful efforts to diversify corporate boards and institutional portfolios.

John’s passion for investing began at age 12 when his father started buying him stocks as Christmas and birthday gifts. In 1983, John founded Ariel to invest in undervalued small- and medium-sized companies with $10,000. Today, the firm manages over $16 billion and remains one of the few Black firms to ever enter the mutual fund business.

By serving on the boards of Exelon, McDonald's Corporation, and The New York Times Company, John amplified his commitment to inclusive capitalism by inspiring these companies to embrace diversity and do business with diverse-owned businesses. Recognized as an industry icon, he has tirelessly championed change in the face of asset management, paving the way for a new era of investment professionals and asset owners.

His dedication extends to education and equal opportunities, serving on the board of trustees for institutions like the University of Chicago. A recipient of numerous accolades, John's impact is evident in his transformative contributions to diversity, equity, and inclusion in the financial sector.

Philanthropist, American businessman and dealmaker Robert F. Smith is the standard by which all alternative managers are measured. He is the Founder, Chairman and CEO of Vista Equity Partners (Vista) and steers Vista’s investment strategies, governance and investor relations. At the helm, he holds pivotal roles on the Investment Committees for Vista’s Flagship, Foundation, Endeavor and Perennial Funds and contributes as a member of Vista’s Executive Committee.

Beyond his day job, which involves generating the best returns in all of private equity and transforming enterprise software companies, Smith actively mentors promising industry executives and gives a vote of confidence to the most promising in the form of LP investments. He is focused on underserved communities through his philanthropic work and is determined to leave the world and industry a better place than when he entered.

Smith's journey in the investment industry began in 1994 at Goldman Sachs, where he entered tech investment banking in New York City and later in Silicon Valley. In 2000, Smith founded Vista with a vision to invest in businesses fostering economic equity, ecological responsibility and diversity and inclusion through enterprise software, data and technology. Beyond his corporate leadership, Smith is the founding director and President of Fund II Foundation, Chairman of Carnegie Hall and a co-leader of Southern Communities Initiative. His commitment extends to educational institutions, serving on the Board of Overseers of Columbia Business School and the Cornell Engineering College Council. He is also an at-large board member of the Business Roundtable and Chairman of Student Freedom Initiative. In 2019, Smith made one of his most impactful actions to date by paying off the student loan debt of the graduating class of Morehouse College.

John W. Thompson’s career serves as a model for all people of color seeking to transition from operating roles to investing. A technology executive, he served as Chairman at Microsoft from 2014 until June 2021, and later chaired Illumina from 2021 until 2023. Renowned for his 40+ years of enterprise leadership and entrepreneurial experience, Thompson became a Venture Partner at Lightspeed in 2018.

Throughout his illustrious career, Thompson served as CEO of Virtual Instruments, Vice President at IBM, and former Chief Executive of Symantec. At Lightspeed, he brings invaluable insights, having initially connected with the firm a decade ago when he led the startup Virtual Instruments (VI) as CEO—a company in which Lightspeed invested. Before VI, Thompson served as CEO of Symantec for an impressive 10-year tenure, navigating strategic shifts and transactions. With a rich history at IBM spanning 28 years, Thompson held various leadership roles in Sales, Marketing, and Software Development.

An active investor in Silicon Valley since 2009, Thompson advises and sits on the boards of companies like Reviver, Illumio, and Rubrik, among others in Lightspeed's portfolio. He also contributes his expertise as a board member of Illumina, a leading human genome sequencing company.

Christopher Williams is the Chairman of the Board of Directors and an equity owner of Shank Williams Cisneros & Co., LLC, as well as a Principal of Siebert Williams Shank & Co., LLC (SWS).

Williams' career launched in 1984 at Lehman Brothers, where he worked his way up to senior management responsibilities in debt capital markets, derivatives, and fixed income trading. He later founded the Williams Capital Group, L.P. in 1994.

Thomson Reuters has consecutively recognized Williams Capital as one of the most active underwriters of publicly traded equity and investment-grade corporate debt offerings since 2000. Williams Capital's client portfolio consists of more than 65 of the nation's 200 largest companies, participating in over 1000 corporate debt and equity offerings from 2013 to 2019.

Williams is the Chairman and co-founder of SWS, America's largest women- and minority-owned investment bank.

It takes an incredibly strong, dynamic, and resilient person to move any agenda at Citi, a global financial institution with over 240,000 employees. Enter Erika Irish Brown, Citi's Chief Diversity, Equity, and Inclusion Officer and Global Head of Talent. Her reputation and achievements have established her as a leading figure in her profession, widely recognized across the financial services industry as the benchmark for Chief Diversity Officers. At Citi, she plays a pivotal role in shaping the global diversity, equity, and inclusion strategy. Before joining Citi, Brown served as Chief Diversity Officer at Goldman Sachs from 2018 to 2021 and as the Global Head of Diversity and Inclusion at Bloomberg from 2015 to 2018.

Brown’s extensive career and accomplishments in banking and finance become even more impressive when considering her commitment to family and community engagement.

Kourtney Gibson’s intelligence, integrity and compassion for people has earned her place as one of the industry’s most trusted and valued advisors. Her ability to influence corporate and trustee boards and key decision makers has made her one of the most effective client-facing professionals in the industry for over 20 years. Her reputation and credibility have allowed her to successfully connect investment managers with capital opportunities.

Gibson served as President and Executive Vice Chairman of Loop Capital, the global investment bank and asset manager. At Loop Capital she managed various corporate, governmental, institutional and consultant client relations and led multiple functions, including firm-wide operations, asset management, strategy, sales, and trading.

Today, Gibson is a Senior Executive Vice President at TIAA where she leads the core retirement business, which includes 15,000 plan sponsors and accounts for over $740 billion in assets under management. She previously served on the board of Lululemon and the Board of Trustees of the University of Miami, her alma mater. She is also a past member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York.

Gibson’s journey from working as an intern at Loop Capital to becoming the firm’s President serves as an inspiration for every woman and person of color in or aspiring to enter the financial services industry.

Few organizations have done more to diversify Wall Street than the Sponsors for Educational Opportunity (SEO), which helps underserved students gain admission to competitive colleges and universities. Founded in 1980 by Michael Osheowitz, the non-profit began offering internships at top law firms, investment banks, and accounting firms and has since provided more opportunity in banking and finance and other connected professions than any other program of its kind. It has set the standard in building a network of thousands of high achieving students and professionals.

Today, under the leadership of William Goodloe, its President & CEO, SEO has maintained its reputation for excellence while expanding its reach into alternative investment management – a critical effort in creating the pipeline of diverse professionals for venture, private equity, and other alternative investment disciplines. With a remarkable career spanning several decades, Goodloe served as the Executive Director at the Inner-City Scholarship Fund from 1996 to 2001. Before his work in the nonprofit sector, Goodloe made significant contributions in advertising and sales management, holding notable roles at Procter & Gamble and Corning Inc.

Goodloe’s leadership and commitment to the mission of SEO has continued to drive positive change for SEO’s students, families, and communities who all benefit from the work and success of SEO.

If anyone understands the inequity that exists in the allocation of venture capital and the importance of venture capital dollars to wealth creation and financial independence for diverse communities, it is Robert Gordon IV. As the as the CEO of BLK VC, he stands at the forefront of fostering diversity and inclusion in the broader venture capital ecosystem. With a rich and accomplished career in technology business development and as a member of the prestigious scout networks of Sequoia and Lightspeed Venture Partners, he is the ideal leader of an organization tasked with addressing significant disparities -- less than 3% of venture capital investment goes to Black company founders and only 3% of venture capital investors are Black.

These statistics don’t scare Gordon, they motivate him to advance BLCK VC’s mission to connect, engage, empower, and advance Black venture investors. As the nonprofit’s website boldly states, “We do not accept the status quo; we are driving the industry forward by pushing venture capital firms to become more inclusive in their hiring, deal flow, and portfolios.”

As we enter one of the most difficult venture environments, do not expect the industry headwinds to slow down the progress of Gordon and BLCK VC.

Robert “Bob” L. Greene is the quintessential industry advocate given his experience as both allocator and investor. His deep knowledge and understanding of the industry, investment strategies, and individual diverse managers make him one of the most articulate and credible spokespersons for the diverse manager community.

Greene is the President & CEO of the National Association of Investment Companies (NAIC), a distinguished industry association representing diverse-owned private equity firms and hedge funds. Beyond serving as the titular head of the NAIC and its chief spokesman, Greene is the creative genius behind the association's innovative dealmaking and strategic partnerships, which greatly benefits NAIC’s members. His leadership also extends to core functions, including capital and policy advocacy, performance research, and member services. He once held the prestigious position of Chairman of the Board of Trustees for the Virginia Retirement System.

Greene’s invaluable advice to asset owners and alternative managers solidifies his reputation as a trusted confidant and thought leader in the industry.

He has leveraged decades of Wall Street experience and a unique ability to network in any human circle to establish one of the most impactful consultancies focused on diversity, equity, and inclusion. When a program, event or initiative in the diverse space is oversubscribed and exceeds expectations, like the wizard “Oz”, Dale Favors can usually be found working in the background. His noted ability to bring people together coupled with his understanding of strategic and tactical issues, has driven his success.

Favors is the Managing Partner at Adaptive Growth Leadership, a dynamic professional services firm specializing in sales and leadership training, coaching, and business strategy with a strong emphasis on customer engagement and acquisition. With a career spanning 26 years in the financial industry, Favors has honed his skills to become an inspirational sales coach and strategic business leader. During his tenure at esteemed firms such as Morgan Stanley, Bloomberg, Royal Bank of Canada, Piper Jaffray, and Thomson Reuters, he cultivated robust relationships with some of the world's largest hedge funds, asset managers, corporations, and public pension plans. With extensive experience and exceptional leadership abilities, Favors empowers individuals and organizations to achieve their full potential in the realm of sales and business growth

Andrea Hoffman is the ultimate venture industry connector, whose genuine interest and passion for diversity and inclusion are not commercially driven but are instead, deeply heartfelt and personal. This passion fuels everything she does at Culture Shift Labs (CSL), a boutique management consulting and event firm whose mission, over two decades, is in advising tech, fortune 500 and investors on their social impact and innovation strategies, as well as connecting diverse professionals and funds with opportunity. CSL’s impressive client portfolio includes Carnegie Hall, Verizon, JP Morgan Chase, NextEra Energy, Northwestern Mutual, Paramount, Moet Hennessy USA, Materne, Shutterfly, Norwest Venture Partners and select family offices to name a few. Hoffman has compiled a database of over 13,000 accomplished diverse professionals including the largest community of Black and Latino Venture Fund GPs and over 1,000 Limited Partners and her convenings, such as the Culture Shifting Deal Making Summits, are not to be missed by industry veterans and newcomers.

Hoffman’s dedication to driving corporate cultural change, fostering diversity, and positioning diverse managers for capital flows makes her a vital part of the diverse asset management industry’s future.

Jarvis Hollingsworth’s presence, intellect, and savvy distinguish him even within an industry filled with power players, money makers and intellectual giants.

Hollingsworth has held the prestigious position of Chairman of the Board of the Teacher Retirement System of Texas – twice! The $200 billion government pension plan is one of the industry’s largest investors in “emerging managers” both directly and through strategic partnerships. He also chairs the prestigious and effective Milken Institute DEI in the Asset Management Executive Council and has previously served as the Chairman of the Board of Regents of the University of Houston System.

In his primary role, he is Vice Chairman at Irradiant Partners, and before this, he was a Partner at the esteemed law firm Bracewell LLP. His leadership and sage advice are in constant demand in both the private and public sectors.

Hollingsworth’s support of emerging managers has helped create a generation of diverse institutional asset managers over the last two decades.

Seema R. Hingorani, the founder and Chair of Girls Who Invest, is deeply committed to increasing the representation of women in portfolio management and executive leadership roles. Currently holding the positions of Managing Director and Strategic Client and Talent Engagement Lead at Morgan Stanley Investment Management (MSIM), Hingorani also holds influential roles as a member of the Investment Management Operating Committee, Chair of the Senior Advisory Board of Morgan Stanley Infrastructure Partners, and Senior Sponsor of Investment Management's Diversity Council.

Hingorani previously founded SevenStep Capital, an investment platform focused on supporting women portfolio managers, and has held esteemed positions such as Interim Chief Investment Officer and Head of Public Equities & Hedge Funds for the NYC Retirement Systems pension funds. Beyond her professional endeavors, she actively serves as a Board Director for the non-profit organization Women's World Banking. Hingorani's remarkable career trajectory and unwavering commitment to promoting diversity and inclusion have solidified her as an esteemed leader and advocate within the finance industry.

Kerry Kennedy is a passionate advocate for human rights and equal justice globally. As the President of Robert F. Kennedy Human Rights, she has dedicated over 40 years of her life to fighting for to social and economic justice and upholding the legacy of her father, who locked arms with America’s great civil rights leaders, Martin Luther King, Jr. and Medgar Evers, to secure basic constitutional rights for African Americans.

The RFK Compass Conference has become one of the industry’s most important annual gatherings of limited partners, general partners, and public policy professionals. Held inside the famed Kennedy Compound, the event provides visibility for diverse managers and promotes the use of diverse managers by limited partner attendees.

Few families have sacrificed and paid more to support the vision of racial equality and justice in America than the Kennedys. Kerry has proudly continued her family’s legacy in bold and creative ways, and it is anticipated she will remain steadfast until victory is achieved.

Mark Mason is Wall Street’s Jackie Robinson. He is the first Black Chief Financial Officer of a major global banking institution. As CFO of Citi, the global banking giant with over $2 trillion in assets he is responsible for every dollar, in every business, in every country in which Citi operates. His influence on careers, companies, and communities is unimaginable to most.

Success in finance and banking is typically the result of hard work, intelligence, and problem-solving abilities. Mason, reportedly the highest-paid CFO in banking, embodies these three skills while also displaying a level of humility rarely found in C-suites.

Mason was appointed Chief Financial Officer of Citi in February 2019 and is also a member of Citi’s Executive Management Team. Before assuming the role of CFO, Mark served as CFO of Citi’s Institutional Clients Group. Since joining Citi in 2001, he has held several senior operational, strategic, and financial executive positions. An honors graduate of the prestigious HBCU, Howard University, he now serves as a Trustee of his alma mater. He later earned an M.B.A. from Harvard Business School.

Mason's career at Citi has spanned two decades and his success is proof positive that having the right skills, work ethic, and loyalty to a firm can be a powerful formula for achieving excellence in one’s chosen field.

She is more than a public relations professional; she is a strategist, visionary, soldier, and fixer. Rachel Noerdlinger is the invisible force fixing her clients’ issues and amplifying their successes. She sees around corners and prevents corporate and career collisions and crises before they happen. Even the late attorney Johnnie L Cochran, Jr. valued her abilities, relying on her as his own public relations advisor.

She is Rachel Noerdlinger, a distinguished communications strategist and highly regarded advisor to the who’s who in corporate America, politics, and non-profit sectors. She was the first Black woman partner at a national public relations firm and is currently a Partner at Actum. Known for her exceptional skills, Noerdlinger has played a crucial role in managing media coordination for significant discrimination cases in the investment management industry including Fearless Fund and Blueprint Capital Advisors. She has been involved in major national events, including the high-profile funeral of George Floyd and the historic civil rights march on Washington led by Rev. Al Sharpton and National Action Network.

Noerdlinger’s exceptional abilities in navigating the complex landscape of communication, along with her unwavering commitment to important causes, make her a highly valuable leader in the war being waged against DEI.

This dynamic Black female duo has been dominating headlines for months facing conservative efforts to undermine DEI efforts. Rather than yield, they have decided that their principles are as important as profits.

Arian Simone is an entrepreneur, philanthropist, investor, best-selling author, and international speaker. As a co-founder and General Partner of the Fearless Fund, she has played a pivotal role in empowering women of color by establishing the nation's first venture capital firm dedicated exclusively to investing in tech and consumer-goods companies owned by women of color. With over 17 years of entrepreneurial experience, Simone has been instrumental in pioneering and expanding a highly successful PR and marketing firm, serving high-profile clients such as Sony Pictures, Walt Disney, and Universal, among others. Simone's versatility, business acumen, and dedication to empowering women of color have established her as an influential and respected figure across industries.

Ayana Parsons, a remarkable Co-Founder and General Partner at the Fearless Fund, played a pivotal role in establishing the pioneering venture capital fund exclusively created by and for women of color. With a career spanning over two decades, she has excelled as a venture capitalist, organizational consultant, corporate executive, and entrepreneur. Parsons’ unwavering commitment to diversity and inclusion is evident through her role as a cabinet member of Stanford University's Clayman Institute for Gender Research, where she has provided invaluable thought leadership on bridging the gender gap in corporate boardrooms and executive suites. Throughout her impressive career, Parsons has left an indelible mark on the business world, tirelessly championing diversity and empowerment.

When you combine a powerful organization with skilled and dynamic leadership good things happen. The Council of Urban Professionals (CUP) is an organization committed to inspiring and empowering talented professionals from diverse backgrounds who are navigating careers in corporate, government, media/entertainment, and philanthropy. During the past decade, CUP has positioned itself as a major influencer and cultivator of leadership via its rich programing focused on Diversity & Inclusion, Professional Development, Community Building, and Networking.

Michael Persaud is Chairman of the decorated CUP Board, tasked with building on the organization’s strong reputation and influential membership. Based on his commitment to the organization and effectiveness it is hard to imagine it’s not his full-time pursuit, however, he is also a Portfolio Manager and Investment Advisor at Morgan Stanley. In this position, he serves as an investment advisor to ultra-high net worth individuals, families, and select institutions, including foundations and endowments.

Persaud brings a wealth of experience to CUP and having been an entrepreneur and founder and successful manager of private wealth, he understands the challenges facing diverse firms and individuals. He is the right person at the right time to steer one of the most important ships in our fleet.

Grace Reyes is a trailblazer in the finance industry and an advocate for racial and gender equity in investment management. As the CEO of The Investment Diversity Exchange (TIDE), she has emerged as one of the most prominent voices championing greater inclusion in the investment industry. Through TIDE, Reyes connects and empowers influential figures, cultivating a culture of diversity and inclusivity.

Over the course of the last decade and a half, Reyes has made significant contributions to the investment management industry benefiting the careers of people of color and creating opportunity for firms manage. During her tenure at the Association of Asian American Investment Managers, a non-profit organization dedicated to advocating for Asian Americans, she has showcased her remarkable leadership skills and has positioned the organization to become recognized as the official voice of Asian American investment managers.

Reyes' dedication to fostering diversity and inclusion is matched by her exceptional ability to establish and nurture strategic relationships. She is highly respected for her collaborative spirit and her talent for bringing industry leaders together to drive transformative change.

Every general partner wants a piece of Malcolm Robinson’s time.

Malcolm Robinson is a highly coveted advisor to general partners and his stamp of approval is as valuable as it is difficult to attain. Robinson’s unique understanding and mastery of all things necessary to successfully launching or raising a fund drives the demand.

The old adage “to whom much is given, much is expected” defines Robinson, He is arguably the most successful Black hedge fund manager of our generation. He was a general partner and senior portfolio manager at Avenue Capital Group where he spearheaded the firm's Asia investment management efforts. A graduate of the historically black college Florida A&M, he retired from Avenue Capital to dedicate his time and resources to educational philanthropy, personal investing, developing a pipeline of alternative investment professionals and organizing the industry’s Black limited partners. He founded two critically important mission driven organizations: the Black Venture Capital Consortium (BVCC) and the Black Limited Partners Association (BLPA).

Robinson is an insightful mind and great investor. We are thankful for his advice, philanthropy and community building.

When you need him, he doesn’t run, he doesn’t duck, he doesn’t stand behind you - he stands in front of you!

Reverend Al Sharpton is a towering figure in the realm of civil rights activism. As the founder and president of the National Action Network (NAN), he has been unwavering in his commitment to fighting for justice and equality. While Reverend Sharpton's influence is widely recognized in civil rights, fewer people are aware of his active involvement in the investment management industry. He has confronted state and local treasurers and corporate chief executives alike, advocating for allocation of pension dollars to diverse managers. Every year, during the National Action Network Annual Conference, he convenes one of the most impactful panel discussions drawing leading asset managers and asset owners. This serves as a direct reminder that the subject of the 2022 documentary Loudmouth understands not only the importance of social justice, but the critical importance of economic justice as well.

Throughout his career, Reverend Sharpton has spoken out against injustice, leveraging his platform to bring attention and awareness wherever needed. He is a steadfast champion for the disenfranchised and a relentless force working to secure voting rights, pay equity, police reform, reproductive rights, fair housing, health care, LGBTQ rights, environmental justice, quality education, and access to capital.

With an MBA from Columbia Business School, a scholarly demeanor, and a charmingly charismatic personality, Blair C. Smith could operate at the highest levels of banking and finance. However, his selflessness, inspired by his Baltimore roots and deep community and family values, has guided him instead to a career of service and creating pathways for the under-represented and under-served.

As the Senior Director of the Center for Financial Markets at the Milken Institute, a powerful think tank that prides itself on “doing” and not just thinking, Smith leads initiatives like Access to Capital and other programs designed to foster economic and social impact. He is also a leader in the Milken Institute's efforts toward Diversity, Equity, and Inclusion in Asset Management as well as in ‘Impact Investment’, focusing on CDFIs, MDIs, and Opportunity Zone Funds. Previously, he managed a $5.2 billion Emerging Manager investment portfolio for the State of New York Common Retirement Fund, one of the nation’s largest allocations to diverse managers.

Smith’s sacrifice, tireless advocacy, and steadfast commitment to inclusive capitalism inspire us all to always think about the collective good.

645 Ventures is one of the most experienced and successful Black-owned venture capital firms focused on early-stage investing in a variety of companies and sectors. The firm was founded by Nnamdi Okike and Aaron Holiday and operates out of New York and San Francisco. In 2023, the firm successfully raised two funds with over $300 million in commitments from an exclusive list of investors including multiple Ivy League endowments, top technology companies, and venture capital limited partners. The firm holds “patience” as one of its core values, which is reflected in an investment discipline that results in few outright losers. Their focus on exits and DPI are refreshing, and they will continue to get stronger as they are relentless about team building, culture, and developing a technological infrastructure to make better decisions.

Act One Ventures is a community-focused early-stage venture capital firm that leads pre-seed and seed rounds for companies in e-commerce infrastructure, vertical SaaS, and fintech. Founded by Alejandro Guerrero, Act One demonstrates a focus on diversity and inclusion with over 70% of their portfolio companies led by underrepresented founders including women, LGBTQ+, and people of color. Act One launched the Diversity Rider inspiring other venture investors and portfolio companies to pledge their support for the diversity initiative focused on including underrepresented investors as co-investors.

Aperture Venture Capital, known as the "VC for the Multicultural Mainstream™," is redefining venture capital by focusing on diversity and inclusion. By backing founders leveraging financial innovation for growth, Aperture VC is committed to building an ecosystem for successful exits. Their platform, Diversity Investing API, offers a unique engagement model, connecting diverse entrepreneurs with essential resources, mentorship, and an expansive network to accelerate business growth and innovation. Previously, Aperture VC’s Founder and Managing Partner, William Crowder led a collaborative effort with Comcast to support founders of color, resulting in nearly 40 investments in companies with diverse founders, a record for mainstream accelerators at the time.

Auldbrass Partners is a distinguished private equity firm known for its expertise in the secondary market. Founded in 2011 as a spin-out from Citigroup, it operates as a 100% employee and minority owned entity. The firm, under the leadership of Howard Sanders, specializes in acquiring secondary interests through both Limited Partner (LP) transactions and General Partner (GP)-led opportunities, focusing on investments in growth, buyout, growth equity, mezzanine, and venture capital. As a minority led firm, Auldbrass reflects its commitment to diversity and inclusion through diverse perspectives at the senior leadership level.

Base10 Partners, founded in 2017, has the distinction as the first Black-led venture capital firm to surpass $1 billion in assets under management. Founded by Adeyemi Ajao and TJ Nahigian, the firm invests in founders of technology companies who “solve the problems of the 99%.” Ajao is an operator by background and was the co-founder and CEO of Tuenti, the “Spanish Facebook”, which was acquired by Telefonica in 2010 for $100 million. He was also a founding investor of Cabify, the “Uber of Latin America,” currently valued at over $1 billion. Nahigian was an investor at Coatue Management where he led investments in HotelTonight, Snap, Lyft, and Wish.

The firm is distinguished by its investment performance and institutional following across multiple vintages and strategies. This includes the Advancement Initiative Fund, which donates 50% of profits to create scholarships for students at Historically Black Colleges & Universities. The firm prefers to make investments in companies operating in automation, intelligent software, and analytic technologies applied to sectors such as logistics, enterprise SaaS, healthcare, future of food, retail, operations, construction, and finance.

In 2009, Tammy Jones saw a “blue ocean” in the scale and opportunity of commercial real estate investing. As a result, today she stands practically alone as one of the few in the largest diverse manager in a space that has welcomed few new entrants in the last decade and been a difficult asset class for women and people of color to scale. Her Basis Investment Group has made nearly $4 billion in CRE investments, debt and equity, and has built the capabilities to provide flexible capita solutions to meet the needs of borrowers.

Together for almost two decades, the team is engaged in transactions across the spectrum of situations including stabilized, transitional, and development transactions across United States. In partnership with New York City, Basis launched the Emerging Developer Loan Fund to provide access to capital and paths to scale for emerging developers’ multifamily, mixed-use, industrial, and commercial real estate projects.

Chenault and Monagle met originally as classmates at Harvard Business School, and then worked together as partners at General Catalyst before founding the firm. Benchstrength invests in early stage (pre-seed and seed) technology companies that transform business and uplift communities, which spans across enterprise, consumer, fintech, and healthcare. The firm seeks to expand access and create a more diverse and inclusive entrepreneurial ecosystem. Chenault championed this concept as Co-Head of General Catalysts’ DE&I Team. Benchstrength believes that racial funding disparities in venture capital are present because founders of color often lack access to robust capital networks. Chenault and Monagle are establishing themselves as leaders of the next generation of venture investing.

BharCap Partners is a private investment firm founded by Bharath Srikrishnan, specializing in the financial services sector. The firm’s stated objective is to “Shape the Future of Financial Services.” The team has expertise across the entire financial services sector and employs a thematic approach that enables them to prioritize what the firm believes to be the most attractive sub-sectors of the industry. BharCap invests in dynamic companies across the sector, including asset and wealth management, insurance and related services, specialty finance, and financial technology and tech-enabled business services. Bharcap, one of few Asian-owned buyout focused investment firms, BharCap is currently investing BharCap Fund II.

Biospring Partners was founded in 2020 by Michelle Detwiler, M.D. PhD and Jennifer Lum to make growth equity investments in three sectors across the life sciences technology industry: pharma services, tools, and software. Biospring’s nine-member team pursues a focused, theme-based strategy and seeks to build a concentrated portfolio of high-quality growth companies. Dr. Detwiler initially trained as a surgeon at the University of Oxford but turned to investing in 2005. She co-founded early-stage investor Longwood Funds and later started the life sciences vertical at General Atlantic. Dr. Detwiler and Lum met during Dr. Detwiler's tenure at Longwood, where she assisted Lum in evaluating deals. The duo is currently raising their second fund.

Brewer Lane Ventures is an early-stage, Seed, Series A, and Series B round focused venture capital firm based in Boston and Los Angeles. The firm is focused on raising its second insurance or “insurtech and fintech” dedicated investment vehicle. The team members have extensive backgrounds as insurance executives and the investment program was initially seeded by New York Life and Guardian Life. Founder John Kim has been a leading insurance company and investment executive for many years and has developed an extremely deep network of relationships in the industry.

Brightwood Capital Advisors is a private credit firm specializing in providing senior debt capital to middle market businesses. Co-founded in 2010 by Damien Dwin and Sengal Selassie, the firm has grown to over $5 billion in assets under management. While Dwin left to start a venture of his own, Selassie remained to grow the core business of direct lending – one of the fastest growing investment strategies over the last 10 years. The firm is dedicated to driving diversity and inclusion growth across private equity and private credit through its work with the Diversity in Action initiative. For more than 10 years, Brightwood's leadership team has fostered an inclusive culture to create advancement opportunities for talented people of all backgrounds. Today, women and underrepresented minority professionals comprise more than 60% of the Brightwood team.

Cake Ventures, established by Monique Woodard, is a visionary venture capital firm with a unique focus on demographic shifts shaping the future consumer landscape. Launched with a debut fund of $17 million, Cake Ventures seeks to invest in early-stage companies that are poised to capitalize on three significant trends: the aging population, the increasing economic influence of women, and the shift towards a majority-minority society. With a strong commitment to diversity, Cake Ventures has made notable strides towards gender and racial equity, with a significant portion of its investments in companies led by female and Black founders/CEOs. This focus not only highlights the firm's dedication to founder diversity but also underscores its strategy to back companies that address the nuanced needs of emerging consumer groups.

CFI Partners is one of the leading Black-owned credit-focused investment management firms in the country. Founded in 2005 by Levoyd Robinson, the firm has grown to over $6 billion in assets under management. The duo worked together at Citadel, one of the industry’s most successful hedge funds, which is managed by legendary investor Ken Griffin. In 2016, the firm agreed to create a strategic partnership with the Academy Group, a Chicago based philanthropic entity, as an effort to expand access to educational resources for underserved communities.

Cherryrock Capital is one of the most promising new launches to come to market in 2023. The early-stage venture capital firm focused on investing in Black and Latinx founders, was founded by Stacy Brown-Philpot who is considered one of the most successful and respected Black women in all of technology and venture capital. As the former CEO of TaskRabbit, Brown-Philpot led the company from a budding startup to a global company eventually acquired by IKEA Group. As a founding member of SoftBank’s $100 million Opportunity Fund, Brown-Philpot has built a reputation for supporting and investing in entrepreneurs of color.

Chingona Ventures is an early-stage venture capital firm focused on investing in founders who hail from overlooked backgrounds. Samara Hernandez founded the firm to be a founder’s first institutional check. As one of the industry’s few Latina founded firms, Chingona has established itself as a leader amongst diverse led venture capital investors. Chingona launched its inaugural $52 million fund in 2023. Considered an inspiration to the next generation of Latinx founders and investors, Hernandez co-founded the Latinx Founders Collective to bring together Latinx founders, investors, and community leaders to support the entrepreneurial community.

Coalesce Capital was founded by Stephanie Geveda in 2023 to make control buyout investments in lower middle market companies that provide essential services to other businesses by leveraging human capital and technology-enabled processes. Prior to Coalesce, Geveda served as Partner and Head of the Business Services group during her tenure at Warburg Pincus. The firm consists of several former members of Warburg Pincus who have invested together in their prior roles. Geveda decided to launch Coalesce Capital with a target fundraise of $750 million, which was oversubscribed.

Atlanta, like Miami and Austin, is poised to become a significant force in the venture capital scene. The city's vibrant entrepreneurial spirit and the robust pool of Black talent from prestigious institutions such as Morehouse College, Spelman College, Emory University, and Georgia Institute of Technology form the cornerstone of its ecosystem. Coupled with the presence of major corporate headquarters, including Cox, UPS, Delta Airlines, Home Depot, and Southern Company, Atlanta is set to emerge as a formidable competitor for those aiming to invest in the most promising diverse founders. Collab Capital is one of the leading and most active venture capital firms in the Atlanta ecosystem. Founded by Jewel Burks Solomon and Barry Givens, Collab is dedicated to investing in companies of Black founders. The firm’s $50 million inaugural fund was supported by some of the top global institutions including Apple, Goldman Sachs, and PayPal among others. After founding, scaling, and exiting her startup, Collab Managing Partner Jewel Burks Solomon served as the first head of Google for Startups in the U.S., where she created efforts that deployed over $30 million to Black and Latino led businesses. Barry Givens serves as the Director for the Cox Social Impact Program powered by Techstars and serves on the board for Venture Atlanta. Prior to Techstars, Barry was a successful operator having raised over $4 million in funding and eventually exiting his hardware tech startup. Collab is currently raising its second fund which will cement its position as a dominant player in the South and among the nation’s most promising Black entrepreneurs.

Collide Capital is an early-stage venture capital firm managed by two dynamic general partners, Aaron Samuels and Brian Hollins, who bring a unique blend of consulting, investment banking, and founder and investment experience to the art of venture investing. The name “Collide” comes from the concept of intersectionality between different communities and identities. Of the 40 startups Collide has funded so far, 80% are led by Black, Latino, or female founders. The firm was oversubscribed in their first vintage and will likely be harder to access as their track record solidifies their position as one of the top Black-general partners in the space. Their focus is on pre-seed to Series A investments and the duo has amassed a blue-chip roster of limited partners for Fund I, including Amazon, Alphabet Bain Capital, University of California Endowment, Insight Partners, and Lightspeed Ventures. They are in the early days of launching their second vintage which will be among the most attractive venture raises in 2024.

Concrete Rose Capital is a Menlo Park based early-stage venture capital firm, founded by Sean Mendy and Ian Beadle. The firm was incubated by Alan Waxman and his team at Sixth Street who committed to helping Mendy build a purpose-driven organization that could have real impact on underserved communities. The firm invests in ventures led by underrepresented founders of color, founders addressing the needs of underrepresented consumers of color, and founders with a demonstrated commitment to creating inclusive cultures and building diverse teams. The firm believes that capital is one element of success for underrepresented founders and that supporting founders is critical to success and achieving competitive returns. Concrete Rose’s portfolio companies get access to the “Concrete Rose Network” of operators and investors who have built some of the world’s most successful technology companies. The Network commits their social capital — serving as coaches and mentors. Concrete Rose commits 50% of their carry to The Concrete Rose Foundation. The Foundation funds organizations expanding the pipeline of underrepresented talent and connecting it with opportunities throughout the broader Concrete Rose Network.

Demopolis Equity Partners was founded by Tim Greenfield to make control, growth equity investments in lower middle market companies in the fintech and ecommerce sectors. The firm’s partners previously managed Black Dragon Capital and have functioned as independent sponsors since 2014 with the backing of multiple family offices. The Black-owned firm has made an impact for launching its first fully discretionary vehicle, Demopolis Equity Partners Fund I with a significant $100 million investment from CI Financial of Canada. A team of former McKinsey consultants with investing and operating experience make them one of the most impressive new and diverse buyout teams to emerge this decade.

Exceptional Capital was founded in 2022 by Marell Evans and Andrew Van Nest as an early-stage venture capital firm focused on making investments in Pre-Seed to Series A stage companies. Evans was a Kauffman Fellow and a Vice President at Softbank where he was an early member of the Incubation and Investment Team. His team managed the $100 million Softbank Opportunity Fund, which was one the first institutional venture funds to support Black, Latinx, and Native American founders. Van Nest was a member of the investment team at Artisanal Ventures where he focused on investing in B2B software at the pre-seed to seed stage. Exceptional has raised $50 million in commitments from notable LPs such as Vanderbilt, NextEra, Bank of America, Amazon, Goldman Sachs, First Round, NEA, Lightspeed and Stepstone. Evans and Van Nest, both former Division I athletes, bring strong work ethic and discipline to everything they do. They won’t be out-worked and represent emerging leaders in the next generation of early-stage venture investing.

Female Founders Fund is one of the most prominent and successful venture capital firms dedicated to supporting female entrepreneurs at the earliest stages of their businesses across various industries. The firm was founded by Anu Duggal and operates out of New York City. With the launch of their $75 million Fund IV, the Female Founders Fund will have surpassed $150 million commitments from a select group of investors, which include leading corporation and financial institutions like Goldman Sachs, Pivotal Ventures, and Plexo Capital. This funding underscores institutional support of the firm's commitment to empowering and investing in female-led startups, driving innovation, and fostering diversity in the entrepreneurial ecosystem.

Founded by Kirsten Green, Forerunner Ventures has established itself as one of the most successful female-led early-stage venture capital firms specializing across various consumer sectors. Forerunner Ventures is also one of the largest female led early-stage venture capital firms with assets under management totaling over $2 billion. Notably, Forerunner Ventures is committed to fostering diversity and inclusion within its portfolio and the broader early-stage ecosystem. Through their involvement with Screendoor Partners, the firm actively supports underrepresented founders, providing mentorship, resources, and access to capital to help bridge the gap in venture funding.

FVLCRUM was founded by Ben Carson Jr., Harrison Perry, Chijioke Asomugha, and Marques Marton in 2020. The firm was established to invest in lower middle market, minority owned companies in the United States principally in the government contracting, healthcare, and franchising sectors. Their most recent vintage successfully secured over $300 million in commitments. FVLCRUM’s mission is to close the US racial wealth gap and simultaneously drive strong investor returns by providing equity capital and leveraging network capital to grow minority businesses and their communities. Specifically, the Fund’s impact objectives are low- and moderate-income community revitalization and stabilization, job creation, and economic development through small and minority business finance, community services, and other development supporting these communities, including communities of color.

GenNx360 was founded by Ronald Blaylock and Loydd Trotter in 2006 and has become one of the nation’s most prominent Black-owned private equity firms of experienced investment professionals and seasoned company operators who have a track record of turning around, growing and creating value in middle market industrial businesses. The firm is distinguished by its fully-dedicated operations team of senior operating executives with decades of experience running multi-billion-dollar enterprises and middle-market businesses with relevant experience in target industries. Prior to GenNx360, Blaylock founded Blaylock & Co., which became one of the nation’s leading boutique investment banks. As the founder of two prominent Black-owned financial institutions, Blaylock has solidified himself as a leader among Black professionals in financial advisory and investment management. Trotter helped launch the firm after a tenure of almost four decades with General Electric. He was President and CEO of GE Industrial, where he was responsible for a $28B business with nearly 80,000 employees worldwide. The addition of Daphne Dufresne, perhaps the most experienced Black woman in private equity, adds real depth to an already impressive team. Dufresne was a founding partner and a Managing Director of RLJ Equity Partners.

Gingerbread Capital focuses on investing in women-led businesses, aiming to provide access to knowledge, networks, and capital for these enterprises to grow and scale. They support a diverse portfolio of founders across various industries. Their mission includes increasing the number of women investors and channeling more capital towards female founders. Gingerbread’s CEO and Founder, Linnea Conrad Roberts, launched the firm in 2016 to build and invest in women-led entrepreneurial ventures. Roberts is a former Partner at Goldman Sachs, where she not only led many companies to IPO stage, but also notably recruited and promoted women into leadership positions within the firm and industry.

Grain Management, founded by former Wall Street and Communications executive David Grain, is a private equity firm focusing on the communications sector including broadband technology, fiber optics, and spectrum infrastructure. Prior to founding Grain Management in 2007, Grain led Pinnacle Towers (later renamed Global Signal) from bankruptcy to a successful IPO, transforming it into one of the largest independent wireless communication tower companies in the world. The firm currently manages $9B across various investment vehicles. Grain’s deep sector expertise, background in capital markets, and experience as an operator uniquely position him to be a dominant player in this space. He has built an impressive organization which in addition to industry knowledge and insight is the core of his competitive advantage. The team has a diverse set of backgrounds including experienced industry operators, seasoned investors, regulators, and bankers who all work toward one common goal of industry leading investment returns.

GrowthCurve was founded in 2020 by Sumit Rajpal following a 20-year investing tenure at Goldman Sachs, where he served as the group Head of Merchant Banking. Rajpal left Goldman to build a world class investment firm leveraging AI/ML and human capital to generate organic growth. As the former Head of Merchant Banking, Rajpal made a name for himself by becoming one of Goldman’s youngest partners ever and one of the few Asian Americans at a bulge bracket to lead a major division. GrowthCurve has gone on to raise over $1 billion in assets under management.

​Hannah Grey was founded in 2020 by Kate Beardsley and Jessica Peltz Zatulove. They set out to launch a $25 million Fund I, but oversubscribed eventually closing on $51.6 million. The partners describe their approach as “thesis led,” in which each investment is made based on their study of macro trends that shape consumer behaviors. The women-led fund champions diversity with 61% of the fund’s investments were either founders of color or female founders. Hannah Grey is considered by many in venture capital to be one of the most successful and active women-led early-stage funds.

HarbourView Equity Partners is a private equity firm founded by Sherrese Clarke Soares in 2021. The firm is the first and only Black women-led fund specializing in the entertainment and media sector, focusing on equity and equity-related opportunities, as well as yield-oriented investments such as royalties. The fund invests in the music royalties of the industry’s best-selling artists. HarbourView aims to be a long-term investor, enhancing and protecting the legacy of premium intellectual property in addition to advocating for creators' rights. Investors identify Harbourview as one of the fastest growing alternative firms led by a Black woman. Backed by Apollo at launch with up to a $1 billion of capital, Soares and her team have built an enviable institutional following and matching public profile. Prior to HarbourView, Sherrese Clarke Soares founded and led the Entertainment, Media, and Sports group at Morgan Stanley.

Harlem Capital is an early-stage venture capital firm focused on changing the face of entrepreneurship by investing in companies led by diverse founders. The firm was founded in 2016 by Henri Pierre-Jacques and Jarrid Tingle who worked together under Willie Woods at the famed ICV Capital. Their portfolio includes over 60 investments across more than 10 cities. Over 90% of their portfolio companies are diverse founders with 43% being female founders and 61% being Black or Latinx founders, demonstrating their commitment to creating a generation of venture capital that champions diversity. The Harlem Capital team has raised oversubscribed funds totaling over $170 million in assets under management. They strive to be the industry’s “good guys” -- something they learned from Woods -- as the spend a substantial portion of their time and resources helping the industry recognize the individual and collective value of Black venture capitalists and supporting peer general partners.

Founded in 2010 by William Heard, the eponymous investment firm has grown to over $1 billion in assets under management, cementing itself as a leading Black-owned fund in the public equities space. The firm invests in technology, media, telecommunication, financial, and industrial sectors. The fund leverages a fundamental analysis approach to target misunderstood companies with essential products or processes, strong economic moats, and shareholder-aligned interests.

When you look at Willie Woods, CEO at ICV Partners, it is hard to believe that he started the middle-market buyout firm 25 years ago. Woods continues to exhibit the youthful appearance and energy of his merger and acquisition days in the 1980’s. Today, ICV is one the earliest and most experienced Black-owned private equity firms. The firm operates with a set of established core values: Honesty, Humility, Hunger, and Hard work. ICV makes control investments in the lower end of the middle market where they believe companies are uniquely driven, entrepreneurial and focused but have special challenges. Enter ICV, with decades of transaction experience, financial and operating resources to help portfolio companies outpace the competition, and generate strong investment results for ICV’s limited partners.

According to Woods, “In the process, we’re proud to say we’ve earned a reputation of supportive collaboration with management teams. We consistently work to give genuine meaning to the phrase “value-added partner.” It has been this reputational capital that has positioned ICV for great deal flow and consistent support from institutional limited partners. It is likely that their current vintage will be oversubscribed. Away from ICV, Woods is a man in demand. He was brought in seven years ago to Chair the Board of prestigious Morehouse College, his alma mater. He also donates a substantial portion of his time mentoring and investing in new general partners like Harlem Capital whose founders, like many high achieving professionals in the industry got their start at ICV Partners.

Impact America Fund, led by Founder & General Partner Kesha Cash, focuses on investing in companies that expand agency and participation in the American economy for people of color. The firm backs entrepreneurs from overlooked communities who have a deep understanding of the problems they're solving and the impact of their solutions. Their portfolio includes innovative companies like Mayvenn, Camino Financial, and CareAcademy, demonstrating a commitment to supporting businesses that generate significant social impact alongside financial returns. The firm recently closed their third vintage fund at $112 million.

Integrum is a private equity firm emphasizing a culture and investment philosophy grounded in principles like focus, innovation, partnership, thoughtfulness, and completeness. The firm was founded by Ursula Burns, the highly seasoned technology executive who was one of few Black women to ever lead a Fortune 100 company when she was CEO of Xerox. n 2021 Burns teamed up with Richard Kunzer and Tagar Olson to pursue a highly focused, proactive, and thematic investing approach aiming to build a concentrated portfolio of high-conviction investments. Their first fund exceeded $1.1 billion in commitments. The firm is committed to giving back to the community through the Integrum Charitable Foundation. The fund dedicates 10% of the carried interest to the charitable foundation, aligning financial support with community engagement to support causes important to the firm and its individuals.

January Ventures was founded by Jennifer Neundorfer and Maren Bannon. According to the firm’s website, “We believe venture should be transparent, open and accessible. We back founders based on their tenacity and ambition, not their pedigrees or who they know. The chance to build the future should be equal opportunity.” The firm makes pre-seed and seed investments in female tech founders who are not based in Silicon Valley, do not have rapport with top investors from their Stanford days, and are largely being left out from venture capital as an asset class. Most of their portfolio companies are accelerating digital transformation in future of work, healthcare, and climate. The firm invests in the US and Europe.

Early-stage VC firm Kapor Capital is truly a pioneer in the field of social impact investing. The firm was founded by Mitch and Frieda Kapor, two legendary philanthropists, social policy researchers and social activists, who have been making positive change for decades. Kapor Capital developed from the Kapor Family office and is now a leader in gap-closing investing. Led by Brian Dixon and Ulili Onovakpuri, the firm has over $200 million in AUM in three funds and is currently raising a fourth fund. Kapor Capital invests in impact startups that positively impact the lives of low-income communities and communities of color. Kapor Capital shares its vision with the Kapor Center for Social Impact and other non-profits run by the Kapor family, all of which are committed to social justice.

With GDP of $2.8 trillion, equivalent to the fifth largest economy in the world, the Latino community is one of the fastest growing and most entrepreneurial cohorts in the US. Led by co-founders Sol Trujillo, Gary Acosta, and Oscar Munoz, L’Attitude Ventures is a clear leader in the effort to harness the power of this community. Founded in 2019, this purpose-led $100 million early stage (pre-seed through Series A) VC firm based in San Diego and San Francisco, invests in and supports high growth technology companies led by Latino entrepreneurs. The firm seeks to positively impact jobs, income, education, productivity, and GDP growth for the 60 million+ member Latino cohort.

Leeds Illuminate is a women-owned growth equity PE firm investing exclusively in three sectors: education, workforce development, and workforce access. The firm provides growth capital for companies with $10million in revenues and beyond, many of which are founded by women or address the needs of women. With decades of combined operating and investing experience in this sector, founder Susan Cates and her partners Elizabeth Chou and Stephanie Nieman support their companies with advice, connections, strategic insight, and operational support. Leeds Illuminate also has a close relationship with its sister firm Leeds Equity Partners, which has invested over $3.3 billion in middle market private equity over the last 25 years.

Lightship Capital is an early-stage venture firm based in Cincinnati, OH that invests in remarkable businesses led by persons of color, LBGTQ+, women, and innovators with disabilities. By supporting their founders with the resources every startup needs to thrive, Lightship empowers, uplifts and catalyzes wealth building for ecosystems typically excluded from economic advancement opportunity. The company directs its capital to potentially overlooked markets in the Midwest and South. The firm’s investment portfolio spans a number of industries but is intentionally geared toward meeting the needs of founders, persons of color, and others who may be overlooked by traditional enterprise.

MaC Venture Capital is a seed-stage venture capital firm that invests in technology startups leveraging shifts in cultural trends and behaviors. The firm, which is anticipated to have over $500 million in AUM upon completion of raising its third fund, invests in fintech, digital healthcare, aerospace and defense, and sports and entertainment, as well as B2B SaaS. Partners Marlon Nichols (founder of Cross Culture Ventures), Adrian Fenty (founder of M Ventures and former Mayor of Washington DC), Charles King ( founder of MACRO, a multi-platform media company representing the voice and perspectives of people of color as well as leading talent agents) and Michael Palank ( a founding member of MACRO) bring a wealth of outstanding and diverse experience to the firm and its portfolio companies.

Maple VC is one of the leading venture capital firms focused on Canada. They are raising their third fund to invest in category-defining tech companies across the spectrum. Founder Andre Charoo was formerly a Venture at Inovia, Canada’s top multi-stage fund as well as one of the first employees at Uber. He is committed to building the Canadian VC ecosystem and has put that commitment into practice as co-chair of C100, which provides advice and resources to Canadian tech companies seeking to increase the value and impact they create and transform their potential into global success. Portfolio companies include Kinly, expanding banking access for people of color; Farmstead, “bringing online grocery to the 99%”; and Sivo, which focuses on making financial inclusion possible by helping customers build credit and wealth.

Marcy Venture Partners (Marcy) is a growth-stage venture capital fund co-founded by Jay Brown, Shawn Carter (JAY-Z) and Larry Marcus in 2018. The firm and fund are named after the Marcy Projects in Brooklyn, NY where JAY-Z began his rise to musical stardom as well as his career as a businessman and investor. Marcy Venture Partners invests in Consumer and Culture with positive impact values. Marcy is not a “celebrity” fund but an institutional VC that marries the network, access, and insights of two of the world’s most important and influential Black business executives and founders with the rigorous analytical skills and investment judgment of one of the industry’s most experienced and successful venture and private equity investors, Larry Marcus. Marcus was classically trained as a Wall Street research analyst working with early technology companies and participating in the success of some of the world’s leading technology companies. He knows disruption when he sees it and has invested across cycles. Unlike most diverse managers who emphasize higher risk pre-seed and seed investments, Marcy invests in more established businesses at growth stage with exceptional founders and products that leverage cultural shifts. Marcy is adept at spotting through its global business partners, distribution relationships, proprietary consumer insights and emphasis on data. The co-founders are passionate about investing in game changing businesses and have built a supporting team in their likeness – smart, hungry, passionate, and intellectually curious with deep knowledge of their industries, companies, and products. Marcus’ investment discipline and acumen combined with the operating experience and entrepreneurial success of the “Two Jays” (Roc Nation, Rocawear, Ace of Spades, Fenty, and Tidal) make them a complete, institutional firm with differentiated sourcing, experienced underwriting capabilities, and solid mentors and connectors to support the companies in their portfolio. Their debut vehicle from 2019 is already a top decile performer in DPI (distributed to paid in capital) and investment multiple. Their Fund II at $325 million may be a record fundraise for a Black-led venture fund. Their third vintage is coming and given their access, high performing companies, DPI and sophisticated portfolio strategy, we expect a significant raise even in a difficult environment.

Carmichael Roberts, PhD and Adam Sharkawy, PhD have built on truly outstanding records of achievement in innovation and entrepreneurship to create Material Impact, a $700 million venture fund that helps inception-stage companies pioneering products to address urgent human needs. They are driven by the belief that the future of earth and humankind depends on materials science and deep tech innovations. With $700 million in AUM, they and their team have the capital, experience, and knowledge necessary to help companies make that vision happen.

Mosaic is an early-stage venture capital firm founded in 2019 by Rudy Cline-Thomas, Sam Landman, Fatima Hussain, Andre Iguodala, and Richard Smith. The firm invests in healthcare, prop-tech, fintech, the creator economy, enterprise SaaS, and marketplaces. Sitting at the intersection of technology, industry, and culture, the Mosaic team leverages an unusually extensive network of founders, CEOs, industry leaders, athletes, and influencers to jump-start the success of their portfolio companies. The team combines extensive investing experience as well as success with a wealth of experience in such diverse fields as sports agency, healthcare consulting, and professional sports.

No one, Black or otherwise, brings as much to consumer and culture focused investing as Richelieu Dennis and the team at New Voices Fund. Following the sale of his Sundial Brands to Unilever in 2017, Dennis has been established as one of the wealthiest Black entrepreneurs in the country. He has spun this wealth into a strategic set of assets, including ownership of publisher Essence Magazine and the Essence Festival and built an ecosystem that provides opportunities, data, support and insights into each New Voices investment. His partner, Darryl Thompson, serves as Chief Investment Officer and is engaged in all aspects of the investment process from sourcing to value creation to exits. Investors interested in a team that can see around cultural corners, select the best underrepresented founders and support portfolio companies in unparalleled ways should look at New Voices.

Simeon Iheagwam, founder and GP of NOEMIS, has traveled an unconventional path to venture capital success. He started his career as a financial professional with Wells Fargo and JP Morgan, and eventually leveraged his financial acumen and proved his investing talent with a successful pilot fund before launching his first NOEMIS fund. NOEMIS invests with early-stage technology and technology-enabled companies in Fintech, AI/ML and marketplaces. Simeon has built relationships with important players in the venture ecosystem, creating a deep network of support for portfolio companies.

Not many emerging VC firms bring together the investing experience and entrepreneurial success of the Open Opportunity Fund. Fewer still are committed to harnessing their talents to help create opportunities by driving investment dollars directly to Black and Latino/a founders. Co-founders Marcelo Claure (previous CEO of SoftBank Group International and COO of SoftBank Group Corp, and founder of Brightstar) and Paul Judge (co-founder of Pindrop) spun out of Softbank to launch a new early-stage fund to invest in tech and software companies founded by Black and Latino/a entrepreneurs. With extraordinary relationships from Softbank, they can access the largest universe of minority startup tech firms in the industry, and top quartile performance in their inaugural fund demonstrates their investing capability. The firm has chosen to operate from Atlanta where they can connect with many promising diverse founders seeking capital.

When President Barack Obama and the First Lady Michelle Obama returned to civilian life, they sought guidance from Robbie Robinson to navigate their financial affairs and the opportunities that come the way of a beloved president and first family. The hiring of Robinson by the former first family in some ways argued with Robbie Robinson’s image. As a financier and investor, Robinson has never sought the spotlight or approval of the industry at large. Instead, he has chosen to focus on doing what he loves and does best -- investing in and advising family and founder-led companies and dedicating the financial rewards of his investment success to meaningful causes identified alongside his wife and business partner D’Rita Robinson.

Pendulum focuses on growth investments in companies led by founders of color, focusing on companies in the consumer sector. Pendulum concentrates on six segments of the consumer sector, where the team has experience and expertise: lifestyle & beauty, food & beverage, tech-enabled services, media, PR & creative, and health & wellness. Robinson always seeks to lead or co-lead deals and is disciplined on value. Prior to forming Pendulum, was a partner at BDT and Company (founded by Byron Trott), which merged with MSD Partners in 2023. He began his career in 1998 at Goldman Sachs. Mrs. Robinson is a former Baxter chemist and serial entrepreneur. The firm’s first fund launched in 2020 and raised $200 million. They are currently raising Fund II, seeking $300 - $350 million. The Robinsons established The Robbie Robinson Finish Line Scholarship in 2015 at Morehouse to provide last resort funding for graduating seniors and to date over 200 Morehouse students have received the scholarship.

Following a successful medical career in his native Texas, physician, investor and presidential appointee Dr. Kneeland Youngblood co-founded Pharos Capital in 1997. Pharos makes control investments in growing healthcare companies that are lowering the total cost of health care, improving patient outcomes, and creating greater access for patients. Dr. Youngblood has a distinguished record of public service and social advocacy, having been appointed by President Clinton to serve on the board of the United States Enrichment Corporation and having served on the Council on Foreign Relations and Hillary Clinton’s Health Care Task Force. Dr. Youngblood co-founded Pharos with Bob Crants, a 25-year veteran of private equity investing whose career includes success at Goldman Sachs and as the President of Prison Realty Trust, a publicly traded REIT.

Charles Hudson, Founder and General Partner at Precursor Ventures, is recognized as one of the deans of the diverse venture capital investing community. GPs and LPs of all types look to Charles for advice and guidance. Now investing its fifth pre-seed and seed venture fund, Precursor focuses on finding promising entrepreneurs with good ideas, and giving them the tools they need to raise additional capital and build their businesses. Precursor Ventures also stands as a champion for diversity, equity, and inclusion (DEI) with tangible statistics that showcase their impact. The firm has made a significant commitment to investing in underrepresented founders, with over 40% of their portfolio companies led by women or people of color. Moreover, they actively support DEI initiatives, with 80% of their investment team participating in programs focused on unconscious bias and inclusive leadership. Precursor Ventures' dedication to DEI extends beyond their investments, as they have allocated 15% of their management fee to support organizations and initiatives that promote diversity in entrepreneurship.

Founded in 2009, Preserver Partners is an alternative investment management firm, based in Memphis, TN, which manages opportunistic multi-strategy private funds and separately managed accounts on behalf of public pension plans, endowments, foundations, corporations, and family offices. Founded by Dana Pointer and Caroline Lovelace, Preserver has recently partnered with Channing Capital to give Preserver even greater resources to bring value to their clients, while at the same maintaining Preserver’s independence as a firm led by two dynamic Black women.

Ariel Alternatives was founded by Mellody Hobson and Les Brun in 2021 with the mission to address the racial wealth inequality gap. Ariel Alternatives is the private equity affiliate of Ariel Investments, the largest Black-owned mutual fund. The Ariel Alternatives team launched “Project Black,” a $1.45 billion fund that will invest and scale minority owned businesses enabling them to serve as suppliers of choice to Fortune 500 companies thereby generating jobs and economic growth within the Black and Latinx communities. Hobson is one of the most prominent women in finance and in addition to leading Ariel, sits on the boards of Starbucks and JP Morgan Chase.

Brun, Founder, Chairman and CEO of Ariel Alternatives, founded private equity consulting and management powerhouse Hamilton Lane and has been an active corporate director and investor for four decades. His network, know-how and ability to execute are the ideal ingredients for a successful Fund I.

Nicholas Antoine and Chad Strader co-founded Red Arts Capital in 2015 to make control investments and acquisitions of North American supply chain businesses including logistics businesses. Coming from business-owning families, they have built a track record of identifying and partnering with family-owned and driving growth and ultimately value. Nicholas and Chad met through John Rogers at Ariel Investments, for whom Nicholas was Chief of Staff. Ariel is one of the best managed investment organizations with a 40-year history of delivering strong investment results for individual and institutional clients and there is no better mind or mentor in the business than Rogers. Nicholas and Chad are strong believers in the power of diversity and will seek to make investments that positively impact the lives of diverse market participants. Their debut fund was oversubscribed and as their deal experience and investment thesis deliver results, this group will raise significantly larger funds and be a more impactful player.

As famous as Serena Williams is as a 23-time grand slam tennis champion, she is increasingly becoming known as a leading venture capital investor. Led by Williams and co-founder Alison Rapaport Stillman, Serena Ventures was formed to make early-stage investments in companies with diverse leadership. With a focus on technology-enabled companies in a variety of industries, the firm has empowered change by investing 79% of the capital in its $111 million inaugural fund with under-represented founders, 54% with women founders, 47% in Black founders, and 11% in Latino founders. Serena Ventures is dedicated to identifying talented and passionate entrepreneurs and giving them the tools they need to “Play to Win.”

When discussing prominent Black figures in private equity, Frank Baker is always at the top of the list. Baker co-founded Siris Capital in 2011 to bring new thinking and a distinct approach to tech & telecom private equity investing. He and his co-founders Peter Berger and Jeff Hendren have worked together for 20 years. Today, Siris has raised over $5.9 billion of cumulative committed capital and is currently targeting investment opportunities with transaction values of $500 million to $2 billion. The firm seeks to drive value creation in mission-critical, mature tech & telecom businesses at strategic crossroads. Prior to founding Siris, Mr. Baker was a Managing Director at Ripplewood Holdings LLC, a global private equity firm. He started his career in the mergers and acquisitions group of Goldman Sachs.

Away from Siris, Baker cares tremendously about societal gaps in health, wealth and education. He is co-chairman of Robert F. Kennedy Human Rights, and a board member of Sponsors for Educational Opportunity. Baker and his wife, Laura Day Baker, an interior designer and philanthropist gave a $1 million gift toward the establishment of a scholarship for Spelman College graduates. The gift covered tuition balances of nearly 50 members of Spelman’s 2020 graduating class.

Founded in 2021 by Los Angeles natives and long-time friends Austin Clements and Ajay Relan, Slauson & Co. focuses on Pre-seed and Seed investments primarily in B2B enterprise SAAS, consumer tech, and tech enabled businesses. Importantly, both Clements and Relan cite transformative experiences in their lives that drove them to dedicate themselves to driving capitalism in a more purposeful and inclusive direction. With the guidance and support of some of the leading figures in venture investing, including Ron Conway, Slauson has become a key player in the growing LA venture ecosystem. According to Clements, “Simply put, Slauson & Co. is a venture capital firm that is all about economic inclusion. While some run nonprofits or focus on policy change to address the widening wealth gap, our approach is an extension of decades long experience in one area – entrepreneurship. We have a belief that entrepreneurship is one of the most powerful tools for creating wealth but recognize not everyone has historically had access to that tool.” Their first fund was oversubscribed and institutional support for the duo has only grown as they have recently launched fund II.

Stellex Capital Management is a New York and London-based private equity firm with more than $2.6 billion in committed capital under management. Founded by Ray Whiteman, an early and tenured investment professional at the Carlyle Group, the firm invests in middle-market companies in North America and Europe. Stellex seeks to invest in opportunities where it can deploy capital to provide stability, catalyze operational improvement, and foster growth. Transactions include majority/minority recapitalizations, carve-outs, turnarounds, structured financings, and first-time institutional capital.

Shayna Harris, an operating executive with two decades of experience at Farmer’s Fridge and Mars, and Noramay Cadena, a former Boeing engineer, brought their diverse backgrounds together to form Supply Change Capital. Their goal was to pursue a shared passion - to make VC investments in the future of food technology. They look at sectors ranging from agtech to supply chain AI to workforce optimization. Their thesis is to make allocations that improve sustainability and access by focusing on two forces transforming the food economy: climate and culture. They also share a commitment to diversity, investing 80% of their first fund in companies led by Black, Latinx and/or female CEOs.

As the understudy to the highly-respected Charles Hudson, founder and general partner of Precursor, Sydney Thomas learned from the best. Sydney Thomas founded Symphonic Capital Partners to make pre-seed and seed stage investments in fintech and digital health companies that she believes can help close the health and wealth inequality gaps in underserved communities. Thomas began making a name for herself as the senior most investment professional at Precursor VC prior to becoming firm advisor. During her time at Precursor, Sydney played a pivotal role as the earliest member of the team, where she contributed to the firm's growth alongside its founder, Charles Hudson. During her time there, Precursor VC expanded from $3 million in assets under management (AUM) to managing $100 million in AUM and increased its portfolio from 10 companies to over 200. She is raising her first vintage in a very difficult fundraising environment. However, Thomas has secured strong institutional support as well as investments from other GPs. It may take Thomas a little time to scale but in the long term expect her to become a leader among the leaders.

The Artemis Fund was founded in 2018 by three seasoned female investment professionals with a single purpose – investing in great companies led by female founders. The general partners have diverse but relevant backgrounds and networks, and the firm is 100% female owned, managed and led. The founders, Stephanie Campbell, Leslie Goldman, and Diana Murakhovskaya arrived at venture investing through varied paths but share a passion for investing and determination to have an impact on venture ecosystem and how it relates to women founders and investors. The team’s focus is making seed investments in companies started by female founders in the Fintech, E-commerce tech, and Care-tech sectors. Artemis is building a brand in the venture ecosystem to become a trusted partner of female entrepreneurs. Their company research is among the best in the industry, and they have built one of the most effective advisory boards engaged in review and investment value creation.

With over $7 billion in AUM, The Vistria Group is one of the most successful Black founded private equity firms in the industry. Based in Chicago, Vistria makes buyout and recapitalization investments in middle-market US-based companies. Their goal is to make private-sector investments that propel businesses and society forward. More importantly, co-founder Marty Nesbitt has used the platform and his extraordinary success to inspire, educate and mentor emerging entrepreneurs and investors. He has emerged as one of the key leaders in the diverse private equity community.

The Visualize Group is a next-generation buyout firm founded in 2023 by C. C. Melvin Ike to pursue public and private market transactions. He hails from Blackstone, arguably the most successful alternative investment firm today across asset classes. Prior to Blackstone, Ike worked at another impressive hedge fund, Third Point Capital. He was a significant contributor to the Tactical Opportunities Team at Blackstone and several of the key executives of that firm are backing his current venture. The Visualize Group was founded on a belief in the power of relationship capital. The team is focused on making strategic, long-term investments in high-quality companies and serving as a partner to these teams in navigating their growth. The firm focuses on mission critical, services-based sectors, including business services, industrial services, and TMT services.

Trident is a lower middle market private equity firm founded in 2017 by Eric Taylor following a distinguished career at Goldman Sachs and Brightwood Capital. Trident stands out as one of the most promising next-generation buyout funds, thanks to Taylor's sharp focus on value creation and his readiness to invest in businesses across any sector where value and returns can be realized. Taylor partnered with Aron Betru from the Milken Institute whose connections, macro, and operational insights are complimentary to his bottom-up, hands on approach to investing. Trident’s first fund, Trident American Dreams Fund I was created to purchase a majority interest in small and medium sized businesses for whom capital can be difficult to come by. The Fund is managed by a diverse team committed to ESG and DEI principles, actively seeking investment opportunities that benefit disadvantaged groups and communities. They also work with portfolio companies to ensure their hiring practices for employees and vendors reflect Trident’s values. In support of this commitment, Trident has developed playbooks designed to drive commercial value creation while increasing diversity, equity, and inclusion within portfolio companies.

Investing successfully since 2008, Latina-owned Ulu is one of the most established players in diverse venture investing. A generalist technology investor, Ulu was founded by Miriam Rivera and Clint Korver and leverages its position as one of the leading firms in the Stanford University venture ecosystem and among the Latino/a community. Employing 25% of US Latina partners in institutional VC, Ulu focuses on catalyzing diverse entrepreneurial teams to create breakout companies. The firm has made nearly 200 investments so far and has backed 10 unicorns. The firm is currently raising a new fund.

Nitin Pachisia and Manan Mehta, both from India, learned the hard way about the special challenges that face immigrants seeking to become entrepreneurs. That is why they started early-stage venture firm Unshackled Ventures: to empower the next generation of immigrant founders. They provide not just capital, but also understanding of the special challenges facing immigrant founders—including how to navigate the challenging world of H1-B visas. Unshackled also sponsors a residence program that provides capital, immigration support, and employment to solo immigrant founders.

Visible Hands is a pre-seed venture fund formed by Daniel Acheampong, Justin Kang, and Yasmin Cruz Ferrine to make early-stage investments with underrepresented founders. The firm is driven by the core belief that investing in women, people of color, and other underrepresented groups is key to creating a more prosperous and equitable future for everyone. To help achieve that mission, Visible Hands has also created an accelerator program providing meaningful funding, personalized company-building support, and access to amazing networks to underserved talent in the early-stage venture ecosystem.

Founded and led by icon, Robert Smith, Vista Equity Partners is one of the most important, Black-led investment firms in the country. Investing exclusively in enterprise software, the firm’s has over $100 billion in AUM across private equity, permanent capital, credit and public equity. Most who know Vista know Smith and his intellect and charisma are just part of the reason, his consistent delivery of top quartile returns for almost two decades are the other. Martin Taylor joined Vista Equity Partners in 2006 and has been a significant contributor to the firm’s success during that time. Taylor is Co-Head of the Foundation Funds and sits on Vista’s Investment Committee, Private Equity Management Committee and Executive Committee. Vista’s famed “playbook” that is used to create value with each portfolio company was largely developed by Taylor who was the initial President of Vista Consulting Group. He was instrumental in building and scaling the Firm’s value creation infrastructure, formalizing Vista’s portfolio engagement model and developing many of Vista’s best practices.

Prior to Vista, Taylor spent 13 years at Microsoft where mastered best practices in corporate strategy, sales, product marketing and ultimately worked directly for Microsoft Chief Executive Officer Steve Ballmer. It is this breadth of experience that is critical to inspiring entrepreneurs and management teams to partner with Vista and to creating value for all Vista stakeholders. At and away from Vista, Taylor is passionate about creating pathways to success for those underrepresented in the business community. He is a member of the Milken Institute’s Executive Council for Diversity, Equity and Inclusion in Asset Management. Taylor has enjoyed tremendous success in both the corporate and investing worlds. He is unquestionably a standout performer and leader on the team that seems to win the championship year after year.

With over $1.4 trillion of AUM, Wellington Management is a leading global asset manager with over 2,500 institutional clients in over 60 countries Recognizing a largely untapped opportunity to invest in Black, Latino/a and women entrepreneurs and investors, Wellington formed Wellington Access Ventures (WAV) in 2023. It is founded on the principle that while talent is widespread, access to capital in the venture capital (VC) industry has not been, highlighting a significant opportunity for value creation and return potential among founders who struggle to access the traditional VC market. WAV makes seed through Series A investments in a variety of growing sectors, each with a focus on cultural and demographic shifts. In addition, the team at WAV will partner with other diverse-led emerging fund managers (6 GPs as of 2024) to further strengthen and grow the venture ecosystem.

Nasir Qadree created Zeal Capital Partners as a mission driven venture capital firm seeking to partner with diverse management teams who are building tech-enabled, early-stage businesses. The firm’s key competitive differentiator is its Inclusive Investing strategy, which positions the firm to capture under-tapped opportunity from diverse management teams and helps them outperform. Zeal looks for systems change and impact, seeking to identify companies that narrow inequities, turbocharge economic mobility, and see financial and social impact as inextricably linked. Initiatives like the Barclays Black Formation Initiative, a partnership with Barclays focused on emerging founders to address the lack of capital invested with Black founders, have helped cement Zeal’s influence as a leader in the diverse manager ecosphere.

Funds of Funds

Accolade Partners is an alternative asset platform that concentrates in venture capital, growth equity and blockchain fund investments across the technology and healthcare sectors. The firm recently raised more than $1 Billion for three funds of funds. The firm and funds are performance oriented and selectively use emerging managers in their portfolios.

Joelle Kayden is the founder and Managing Partner of Accolade Partners. Prior to founding Accolade in 2000, Joelle joined Alex. Brown & Sons in 1982 and served as the first CFO of ABS Ventures, its venture capital affiliate. Subsequently, she joined the Investment Banking Division where she was a Managing Director. Joelle managed the Venture Capital Service Group and served on the firm’s Equity Capital Markets and Investment committees. Joelle holds an M.B.A. from the Stanford Graduate School of Business (GSB) and a B.A. from Smith College. She serves on the Board of Trustees of Rockefeller University and the Yellowstone Community Foundation.

Mina Pacheco Nazemi is the Head of the Diversified Alternative Equity team and serves on the investment committee of Barings. She is responsible for originating, underwriting, and monitoring GP relationships, direct/co-investments and continuation vehicle opportunities for private equity and real assets. Mina has worked in the industry since 1998 with experience as a general partner and limited partner investor in private markets and focused on underwriting direct/co-investment opportunities. Prior to joining the firm in 2017, Mina held several leadership and investment positions including co-founder and partner at Aldea Capital Partners and partner and investment committee member at GCM Grosvenor Customized Fund Investment Group (formerly Credit Suisse CFIG). She is an alumna of Sponsors for Education Opportunity (SEO) and the Robert Toigo Foundation. She is also a board member of the Pan American Development Fund and serves on the investment committee for the City of Hope and Cal State Los Angeles. Additionally, Mina is a current Finance Fellow for The Aspen Institute. Mina holds a Bachelor of Arts with honors in Economics and Political Science from Stanford University and her Master of Business Administration from Harvard Business School.

Equity Alliance was the brainchild of Richard (Dick) Parsons, one of the nation’s most celebrated business and financial leaders. Dick served as the Chairman of the Rockefeller Foundation, Chairman of Citigroup, Chairman of Time Warner, and Interim CEO of the Los Angeles Clippers and Interim Chairman of the Board of CBS. The firm was launched with backing from a distinguished group of investors dedicated to the company’s mission of democratizing access to capital including: Ronald Lauder, Kenneth Lerer, Benjamin Lerer and Eric Hippeau. Managing Partners of Lerer Hippeau; Eric Zinterhofer, Founding Partner of Search Light; Scott Kapnick, CEO of HPS Partners; and Michael Novogratz, CEO of Galaxy Investment Partners.

The firm’s investment objective is to achieve superior returns by identifying and investing both in undercapitalized diverse fund managers and, on a selective basis, in individual founders.

To serve as CEO and Managing Partner, Dick selected Claude Grunitzky, a first-generation founder and angel investor who launched several successful media companies and understood the power of and issues with the venture ecosystem. He is assisted by Adrienne Rees, CIO and a Partner. She is an experienced, hands-on investment professional with over 10 years of investment experience spanning mergers & acquisitions, private equity and venture capital. Adam Kiki-Charles is a Principal. He was a former Scout for Vamos Ventures and interned at BCG Digital Ventures. Prior to venture, he worked for 7 years as a healthcare informatics consultant.

The Equity Alliance successfully raised a $28.7 million Fund I in 2021 and has now committed 90% of the capital from that fund. The fund made 23 GP commitments and 4 direct investments. The firm is now raising a target $50 million Fund II to build upon the success of Fund I.

JoAnn Price and Larry Morse co-founded Fairview Capital Partners in 1994 and have built it into the largest minority-owned venture capital and private equity fund of funds in the world. The well-respected firm has had more than $10 billion in assets under management since inception and is largely given credit for discovering and financing most of the leading diverse general partners in private equity. Dr. Kola Olofinboba is a Managing Partner at Fairview and is involved in a broad set of investment, business development and governance activities at the firm. Additionally, he serves on the advisory boards of several private equity partnerships in Fairview’s fund portfolios.

Prior to joining Fairview, Dr. Olofinboba was an Engagement Manager at McKinsey & Company, serving U.S. and global clients in healthcare and private equity. He has also practiced medicine as a board-certified internist/hospitalist and assistant professor at the University of Connecticut Health Center in Farmington, Connecticut. Dr. Olofinboba received his medical degree from the University of Ibadan, Nigeria and an MBA in Financial Management from the MIT Sloan School of Management, where he was a Robert Toigo Fellow. He serves on the boards of directors for Liberty Bank, Hartford HealthCare, and the National Association of Investment Companies (NAIC).

Founded in 2020, First Close Partners is a fund of funds that focuses on investing in venture capital funds owned and led by underrepresented managers across the globe. This includes people of color, women, LGBTQIA+, Indigenous people, people with disabilities, and members of other groups that have been historically underrepresented, especially (but not solely) in the venture capital industry. The firm is committed to investment in ecosystem-building with underrepresented founders and manager communities. The founding team has invested in 400 funds on four continents and more than 150 funds led by underrepresented or diverse teams. The firm was Co-founded by Ed and Betsy Zimmerman and Co-founder Carolina Mendoza.

Ed Zimmerman co-founded & chairs the Tech Group at Lowenstein Sandler, LLP, where he’s been a growth company, startup and venture lawyer for 30 years. Ed had personally invested in more than 100 venture funds and more than 160 startups, predominantly in the U.S., Europe and Africa.

Betsy Zimmerman was a partner at Grapearbor Ventures, which has invested in more than 125 startups and as an LP in over 100 venture capital and growth equity funds.

Carolina Huaranca Mendoza began her venture investing career as a Principal at Kapor Capital, a fund which invested in companies such as Uber, Twilio, Promise, and CareerKarma. While at Kapor she also set the first formal investing strategy into diverse emerging managers.

Regina Green is the former head of Launch With GS, Goldman Sachs' $1 billion initiative to invest in underrepresented founders and fund managers, grounded in the firm's data-driven thesis that diverse teams drive strong returns. Prior to leading Launch With GS, she was a Franchise Manager for Global Interest Rate Products in the Global Markets Division. Previously, Regina was a member of Goldman's Conflicts Resolution Group, where she covered Consumer Retail, Technology, and Financial companies. She joined Goldman Sachs in 2007 as an analyst in Global Markets. Regina earned a BA in Mathematics and Economics from New York University and an MBA from Columbia Business School in 2015.

Launch With GS aimed to increase access to capital and facilitate connections for women, Black, Latinx and other underrepresented entrepreneurs and investors globally.

GCM has been a leading global alternative asset manager for over 50 years, delivering flexible solutions to some of the largest and most sophisticated institutional and individual investors in the world. There are few funds of funds or solutions providers that have their depth of experience investing in diverse managers, or that rival their assets committed to diverse GPs -- which stands at over $16 billion.

Derek Jones, Vice Chairman, is a member of the Private Equity Investment Committee and the Diversity, Equity and Inclusion Committee. He heads the firm’s private equity diverse manager practice. His responsibilities include deal sourcing and investment underwriting activities. Prior to joining GCM Grosvenor, Mr. Jones was a Managing Partner at Oncore Capital, as well as a General Partner at Provender Capital.

Renae Griffin, Managing Director, focuses on expanding the firm’s small, emerging, and diverse manager platform. She also serves on the Diversity, Equity and Inclusion Committee. Prior to joining GCM Grosvenor, Ms. Griffin was CEO of RG + Associates, a consulting firm she founded that provided tools and resources for emerging and diverse asset managers, as well as institutional investors and government agencies seeking diverse business partners.

Stephen Cammock, Managing Director, focuses on private equity investment activity. He has expertise in underwriting primary funds, middle market buyout co-investments, secondary opportunities, and direct investments.

Jessica Holsey, Managing Director, focuses on private equity diverse manager investments and small and emerging manager investments. Ms. Holsey was previously a member of the Credit Suisse Customized Fund Investment Group as a private equity analyst focused on fund investments and co-investments.

Hamilton Lane has a long history and track record investing in diverse firms which was the direct result of its Founder Les Brun’s early initiatives in identifying alpha in underrepresented managers. Today, the platform is one of the largest in the industry. Hamilton Lane’s Emerging Manager and Diverse-led Investments platform provides early access to their top selection of rising fund managers and investment teams. The depth of our global platform coupled with our powerful technology solutions and information advantage enable Hamilton Lane to allocate capital to managers they believe are top-tier, next-generation strategic firms. They have committed over $36.2 billion to Emerging and Diverse-led primary fund investments over the past ten years.

Katie Moore is a Managing Director on the Fund Investment team, focused on leading the Emerging & Diverse Investment programs. Prior to this role, Katie was a Senior Relationship Manager to several institutional clients, responsible for portfolio construction and strategic planning. Katie is currently a member of the Responsible Investment Committee and co-chairs the Diversity, Equity & Inclusion Council. In 2021, Katie received the Think Advisors Luminaries award in the Diversity & Inclusion category. Katie has also been named to Chief Investment Officer Magazine’s 2020 Knowledge Brokers list, acknowledging the world’s most influential investment consultants, and named to Real Deals’ 2020 “Future 40 Diversity and Inclusion Leaders” list. In addition to her work at Hamilton Lane, Katie is a member of the Private Equity Women’s Investor Network (PE-WIN), 100 Women in Finance and The Forum of Executive Women.

Bahiyah Yasmeen Robinson is a recognized thought leader and entrepreneur in the asset management space focused around justice, equity, diversity and inclusion, gender, impact, and sustainability. She’s spent over 15 years in philanthropy, impact investing, and building new platforms to drive deeper gender, global impact, and diverse representation in capital markets.

With a passion for building new pathways to drive alpha in the alternative asset management industry, she launched VC Include in 2018 to build infrastructure to drive sustainability and integrity around environmental and social governance, with equity and inclusion embedded in the model. VC Include has gone on to support firms with $4 billion of targeted AUM, led by women and diverse asset managers building institutional grade asset management firms to generate outsized returns. Their best-in-class training and education fellowship has graduated 30 PE + VC firms since 2021 who have raised North of $320 million and counting. VCI’s Climate Justice Initiative is the first of its kind to provide working capital to BIPOC-led fund managers in the U.S. and Europe.

Bahiyah is a Bloomberg New Voices Fellow whose firms have been featured in the Stanford Social Innovation Review, Responsible Investor Magazine, Institutional Investor Magazine, Crunchbase, Bloomberg, Yahoo News, CNN and Forbes among others.

Illumen Capital is an institutional investor seeking to back high-performing managers with the potential for top-decile and top-quartile performance. By working closely with every manager in their portfolio to reduce racial and gender bias, they strive to help managers unlock stronger returns. They are thesis-driven investors and believe that racial and gender disparities in asset management are not only inequitable but can lead to suboptimal performance. Further, by reducing racial and gender bias in how investments are allocated, Illumen can help drive capital to founders and entrepreneurs long overlooked and underestimated – and unlock stronger financial performance.

Daryn Dodson, founder of Illumen, is a passionate advocate of social and economic justice, especially for disadvantaged and marginalized groups. His work with impact investors, private equity funds, Fortune 100 companies, universities and foundations has been viewed through the lens of addressing the world’s most pressing social and environmental problems. Daryn previously led the Special Equities Program as a consultant to the Board of the Calvert Funds, a $12 billion pioneer of the impact investing field.

Octavio Sandoval, CFA, CAIA, leads manager identification with focus on innovative solutions to address social and economic injustice facing historically disadvantaged and underrepresented communities. He believes structural problems require structural solutions. Prior to Illumen Capital, Octavio was a leader at MassMutual Life Insurance Company in building the emerging fund manager program, which allocated $50 million to a wide variety of BIPOC-led funds that invest in BIPOC-led startups. At MassMutual, Octavio also deployed over $500 million in allocations to various alternative investment strategies including private equity and private credit.

Amy Ridge is a Partner in Mercer’s alternatives group where she leads diverse manager research and investing, helping clients close a critical gap in their portfolios - allocating capital to minority and women private markets funds. Ms. Ridge serves as Chair of Mercer’s DEI Investment Committee, is a member of Mercer’s Private Equity Ratings Review Committee, a member of Mercer’s Private Debt Ratings Review Committee and a member of Mercer’s Sustainable Opportunities’ Investment Committee.

Ms. Ridge leads and co-leads numerous client relationships, providing annual pacing, customized pipelines, portfolio plans and due diligence projects. She often presents recommendations to client’s Boards and / or Investment Committees.

Ms. Ridge has 16 years of private equity experience, 13 years of which are at Mercer (including Pavilion Alternatives, which was acquired by Mercer in 2018). Ms. Ridge holds a BA in finance from the University of San Francisco. Prior to Mercer, Ms. Ridge spent almost three years at TorreyCove (now Aksia), where she was part of the private equity consulting group.

Ms. Ridge was a recipient of the 2021 Knowledge Broker Award awarded by Chief Investment Officer Magazine.

Mercer has extensive experience researching and advising on diversity, equity and inclusion (DEI) investments. They take a very customized approach beginning with what diversity means in each organization and then integrating it into a client’s portfolio and investment decision-making process.

MPowered invests in best-in-class female and other underrepresented talent in the alternative investment space. Founded by Marcia Page, Co-Founder and Co-Executive Chair of Värde Partners, the firm is focused on accelerating equity for diverse talent through capital, commitment, and connections. Leveraging its extensive investing experience across strategies and investment types, including fund investments, GP structured partnerships, and direct/co-investments, MPowered believes it is uniquely positioned to access an exceptional, diversified pool of talent while generating superior risk-adjusted returns.

Marcia Page founded MPowered Capital and serves as CEO. She believes the time is now to commit resources to women and other underrepresented investing talent in a more structured and disciplined way. She has a valuable and unique perspective on the careers of underrepresented professionals in investment management. Marcia is one of a handful of women founders of a global alternative investment firm, Värde Partners, where she oversaw the over $12 billion global alternative investment firm’s growth, identifying talent and building investment teams across geographies, and portfolio company board representation. She served as Värde’s Co-CEO and Co-CIO until 2016 and currently serves as the firm’s Co-Executive Chair.

Chrissie Chen Pariso co-leads MPowered Capital, bringing 20 years of investing experience to the role. As a former Senior Portfolio Manager of Private Equity at Exelon Corporation and Head of Exelon’s Women & Minority Manager Program, Chrissie brings a unique set of qualifications to MPowered. While at Exelon, Chrissie sourced, diligenced, and committed over $1.8 billion to 46 funds and 31 managers across venture capital, growth equity, buyout and distressed funds globally. Chrissie led Exelon’s Women and Minority-Owned Manager Program and developed and executed Exelon’s first Investment Office Diversity and Inclusion Survey across asset classes. Prior to Exelon, Chrissie was Vice President at middle-market buyout firm Sterling Partners.

Muller & Monroe is focused exclusively on the small and emerging manager sector of private equity. Typically, funds are between $100 million and $1 billion, and strategies include growth, buyout, and special situations. The firm makes investments in first-time funds, specialty and niche funds, team spinouts, serial deal investors or independent sponsors, regionally and industry focused funds, and minority & women managers.

Building on decades of deal experience, the firm has developed a thoughtful, sophisticated investment process by leveraging years of proven and relevant investment and operating experience. The firm was founded in 1999 making it one of the longest standing diverse-owned investment management firms focused on investing in emerging and diverse general partners. The firm is unparallelled in the depth of its research and due diligence. Through their extensive and active web of relationships, the team can perform offline due diligence in unmatched ways and augment their deal sourcing and operating processes.

André Rice is the President of Muller & Monroe Asset Management and is responsible for general management of the firm, client service, business development, and serves as chair of the investment committee. Prior to founding Muller & Monroe, André was a serial deal investor.

Irwin Loud is the Chief Investment Officer and responsible for portfolio construction and investment policy. Irwin serves on the investment committee and has been with the firm since 1999. Prior to joining Muller & Monroe, Irwin was Senior Portfolio Manager, Private Equity Investments for the Florida State Board of Administration.

Patricia Miller Zollar is a Managing Director of Neuberger Berman and a leader of the Firm’s Private Investment Portfolios practice. She is a member of the Co-Investment and Private Investment Portfolios Investment Committees. Before rejoining Neuberger Berman in 2004, Ms. Zollar was a vice president in the Asset Management Division of Goldman Sachs. Ms. Zollar began her career as a Certified Public Accountant in the Audit Division of Deloitte & Touche. Ms. Zollar is a member of the Executive Leadership Council and the Harvard Business School Alumni Board and was a former member of the executive board of the National Association of Investment Companies. She serves as Vice Chair of The Apollo Theater and a member of the Investment Committee of the Robert Wood Johnson Foundation.

She leads the NorthBound Equity Partners Platform that makes highly selective investments in private equity emerging managers including overlooked and underserved emerging managers, minority and woman-owned funds, funds under $1 billion and first and second time funds. Her history in the emerging manager space generates large deal flow and her focus is on generalist buyout, industry focused buyout and distressed/turnaround funds.

Paradigm, LLC was launched in 2019 by Burner Crew and Quentin McCorvey to provide investors with institutional portfolios with equitable representation of diverse managers (MWBE and BIPOC). Paradigm firmly believes that investors do not have to take more risk or sacrifice performance in using diverse managers to achieve their investment goals. Paradigm works with industry partners to provide customized investment programs that align with the institution’s investment objectives and mission. Their goal is to provide all their clients with a diverse team of investment professionals who are focused on service and to provide flexible customizable investment solutions in the areas often found to be the hardest to achieve excellence.

Ryan Bailey is Chief Investment Officer at Paradigm Institutional Investments, offering a wealth of knowledge and strategic insights to the team and enhancing the firm’s capacity to create great investment solutions and drive superior outcomes for clients. Prior to joining Paradigm, Ryan received notoriety for his job as the Head of Investments at Children’s Health System of Texas, where he expertly managed assets totaling $1.8 billion across 4 different portfolios. Previously, Ryan was Investment Officer and Interim Chief Investment Officer of the Meadows Foundation where he successfully drove the due diligence process, contributed to strategic asset allocation, and designed and executed investment strategies to achieve competitive performance.

Ryan serves on the Investment Committee for Texas Employee Retirement System, American Heart Association, Dallas Police and Fire, and Parkland Hospital. Ryan has received numerous honors and recognitions from major organizations such as Institutional Investor, Asset International – Chief Investment Officer Magazine, and Trusted Insight.

Melinda French Gates founded Pivotal Ventures to accelerate the pace of social progress in the United States where she is impatient with the status quo. Pivotal Ventures expands opportunity and accelerates equality through high-impact investments, partnerships, and advocacy.

Erin Harkless Moore leads the fund and direct investment program for Pivotal Ventures. With nearly two decades of investment experience, building and managing customized portfolios for endowed institutions and family offices, Erin is responsible for identifying, investing, and overseeing a diverse portfolio of investments that drive breakthrough innovations and advance women’s power and influence. On a day-to-day basis, Erin is deeply involved in discovering and cultivating relationships with leaders, entrepreneurs, investors, and founders. She has sourced and conducted diligence on investment managers across asset classes, with a particular focus and expertise in private markets and early-stage venture capital.

Prior to joining Pivotal, Erin spent 8 years at Cambridge Associates, most recently as a Managing Director. She has extensive experience developing strategies for impact and mission-aligned investments and advising on investment governance best practices. She also writes and speaks frequently on the topics of investing with a social equity/gender equity lens and investing in diverse and emerging managers.

Plexo Capital and its founder, Lo Toney, are on a mission to generate superior returns by investing into the full stack of financing opportunities in the startup ecosystem. This differentiates Plexo from other fund of funds that focus on making allocations to diverse and emerging general partners. Plexo thinks outside the box and punches above its weight as it makes direct fund commitments, co-investments and more recently identified non-US GPs and secondaries as another source of alpha to the table for investors. Lo incubated and spun out from GV (Google Ventures) has since attracted an elite LP base who very much respect him for his industry leadership and technical knowledge. The Plexo LP roster includes Alphabet (holding company of Google), Intel Capital, Cisco Investment, the Royal Bank of Canada, Kapor Capital, the Hampton University Endowment (Cambridge Associates client) and the Ford Foundation.

Plexo prides itself on a distinctive model that values the unique perspectives of diverse investors to drive alpha and, as a byproduct, increase diversity in its ecosystem. Prior to founding Plexo Capital, Lo was a Partner on the investing team at Google Ventures (GV) where he focused on marketplaces, mobile and consumer products. Before GV, Lo was a Partner with Comcast Ventures where he led the Catalyst Fund and worked with the main fund where he focused on mobile messaging and marketplaces.

When Google alums Satya Patel and Hunter Walk conceived Screendoor they had a bold objective to changing the face(s) of venture capital. Today, Screendoor has become one of the largest and most highly respected investment firms focused on investing in underrepresented general partners. The team of experienced VCs and institutional LPs provides capital, access, and mentorship to help diverse managers build their firms and get positioned to generate outstanding economic returns.

Screendoor starts with a meaningful capital commitment to help get a fund closed but continues beyond the investment to provide community and individualized mentorship from experienced venture investors. The two founders (now GP Advisors) supported each general partner and LP investment the way they supported and guided the portfolio companies in their highly successful early stage investment funds at Homebrew, one of the hardest VC funds to access today.

Prior to Homebrew, Satya was VP Product at Twitter, building and leading the Product Management and User Services teams. Before Twitter, he was a Partner at Battery Ventures, where he co-led the seed and early stage investing practices. He joined Google in 2003 and was responsible for AdSense product management and partnerships. Before heading to Silicon Valley for Google, he worked for DoubleClick, in venture capital and as a strategy consultant. Before Homebrew, Hunter led consumer product management at YouTube, starting when it was acquired by Google. He originally joined Google in 2003, managing product and sales efforts for AdSense, Google‘s contextual advertising business.

Almost two years after its founding the firm has backed 12 managers with over $40 million in capital. Lisa Cawley joined recently with a background in evaluating and investing in emerging managers. She will run the platform day to day, guide and oversee the firm’s expansion.

Stepstone believes that investing in diverse managers brings a broad range of perspectives, experiences and skills to the table, leading to more innovation and reducing the chance of bias in decision-making. By building an inclusive culture and investing in diverse managers, Stepstone is driving long-term outperformance and building enduring and differentiated portfolios on behalf of its clients. The firm has launched two specific vehicles focused on diverse managers. The Fund’s objective is to deliver strong net-of-fee returns relative to the benchmarks and allocate capital with the goal of supporting diversity in the innovation economy. The general partner focus is on early-stage, diverse-led US managers with at least 33% diverse key persons, management company or carried interest ownership.

Natalie Zar Walker is a Partner at StepStone on the Private Equity team. In this position, she leads StepStone’s Small, Emerging and Diverse investment efforts which seeks to optimize risk-adjusted returns by focusing on fund investments, secondaries, co-investments, and recapitalizations in partnership with best-in-class Small Buyout managers based in North America. Ms. Walker is Portfolio Manager of StepStone’s Accelerate Diversity Fund, is involved in various management activities, and sits on five LP Advisory Boards.

Dale Irby is a member of the private equity team, focusing on venture capital and growth equity investments. Prior to StepStone, Mr. Irby was a managing director with Greenspring Associates, a venture capital and growth equity investment firm that merged with StepStone in 2021. Before that, he was a managing director at Wellbridge Partners.

When private equity titan TPG launched TPG NEXT, the firm was focused on industry data that clearly demonstrate that despite diverse people accounting for roughly 30 percent, or $5 trillion, of purchasing power in the U.S., diverse managers and ecosystems remain significantly undercapitalized. And, while the lack of diverse representation across the value chain of capital allocation represents a challenge, to TPG and its TPG NEXT affiliate, it represents a compelling investing opportunity for GPs and LPs.

TPG launched TPG NEXT to address this market inefficiency. The firm wanted to use its platform, capital, 30-plus year history, and business-building expertise to seed and support the next generation of alternative asset managers. Putting capital in the hands of diverse investment talent creates an opportunity not only to align the alternative industry with broader demographic trends but also to deliver better performance. According to Jon Winkelried, CEO of TPG, “There is a self-selecting bias in the market that fundamentally disadvantages diverse talent. These structural dynamics will continue unless we push ourselves to step outside of our traditional circles and invest behind people, ideas, and networks that are different.”

The firm hired Pamela Pavkov to spearhead the initiative. She joined TPG after nearly 12 years at Jasper Ridge Partners, where she most recently served as a Partner with a focus on private equity investing and philanthropic advisory services. The firm has completed several deals including Henri Pierre Jacques’ Harlem Capital and C.C. Melvin Ike’s Visualize Group.

Xponance is a multi-strategy investment firm whose primary goal is to be a trusted client solutions provider to a diverse ray of institutional clients. The firm is employee owned by women and diverse professionals, whose common passion is to do the right thing for their clients and each other. The firm is led by Tina Byles Williams, Chief Executive Officer, Chief Investment Officer and Founder of Xponance. Managing $16.5 billion makes Xponance one of the largest diverse and woman-owned investment firms in the United States. Tina is widely regarded as a trailblazer in the field of identifying and investing with talented, entrepreneurial investment management firms, many of which are diverse, and woman owned.

Xponance’s recent expansion into alternatives strategies applies Xponance’s long track record of sourcing, supporting, and seeding diverse & emerging managers in public markets to the private markets. The Xponance Diverse Opportunities Fund (XDO) intends to acquire minority investments in equity, equity-related or debt interests, or rights to share in the revenue streams primarily in or generated by alternative asset managers and their affiliates. The fund may acquire minority investments and or make seeding investments in managers in which either women or minorities own at least 33% of the equity or one or more women or minorities hold the title of Managing Partner or any equivalent title.

Marquette Chester is Senior Managing Director of Xponance Alternatives Solutions. He brings over 30 years of institutional experience, with 20 years in private equity. He previously served as Principal and Managing Director for the Investor Relations and Product Development Group at WL Ross & Co. and Invesco Private Capital.

McCullough Williams, III, President and Chief Operating Officer of Xponance, has 25 years of investment experience and 17 years of state government experience. He oversees the firm’s compliance, business operations, technology, sales and client service divisions.

Corporate

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.

The bank has become one of the leading limited partners investing in funds managed by women general partners or general partners of diverse backgrounds. The bank has committed over $550 million in equity to more than 150 funds, which to date have invested in approximately 1,450 companies that span 40 states. These companies are led by nearly 2,760 entrepreneurs and employ over 28,500 people. BofA has provided an early institutional due diligence experience for many first-time funds thereby preparing them for the broader market and helping general partners build much needed credibility for future limited partners. In Blueprint Capital’s view, it is hard to imagine where the diverse manager community would be today without the support and capital of this financial institution.

More on BofA’s work in supporting diverse funds and entrepreneurs can be found at https://about.bankofamerica.com/en/making-an-impact/investing-in-minority-and-women-led-funds.

Zain A. Gulamali is a technology executive, corporate and business development leader, and venture capital / growth equity investor with nearly 20 years of experience in enterprise, consumer, and healthcare technology investing, as well as strategy, M&A, business development, and startup operations. He is Head of Amazon Catalytic Capital (fund-of-funds supporting underrepresented founders) and an Investment Partner for the Amazon Alexa Fund, Amazon’s VC fund investing in AI, frontier tech, robotics, sustainability, healthcare, and media across consumer and enterprise. Over the past 8 years, Zain has sourced, led, or managed 40+ VC investments, including Greenlight (fintech) - $2.3 billion valuation, SmartRent (property tech) - $2.2 billion exit, SevenRooms (property tech), Fiddler (AI), Comet.ml (AI), Embodied (robotics), etc. He has led the Alexa Fund's investment focus on AI and ML tools, enterprise and collaboration, health care, aging, robotics, property tech, financial tech, and mobility. Zain is also a leader on Amazon's Worldwide Business & Corporate Development group, where he advises senior leaders across the company on strategic decisions and where he leads diversity, equity, and inclusion (DE&I) efforts for the group.

Zain's experiences span corporate development at Amazon, venture capital at Amazon Alexa Fund (early-stage venture capital to growth equity) and Amazon Catalytic Capital (fund-of-funds), startup operating leadership and business development at Pocket Gems (consumer internet), growth equity and private equity at Warburg Pincus, and M&A and investment banking at Goldman Sachs. Beyond his professional experiences, he has volunteered since 2000 in urban community service and international development, primarily in the fields of education and youth development, through the Aga Khan Development Network (global NGO). Zain is a graduate of the Massachusetts Institute of Technology (MIT) and the Stanford Graduate School of Business.

Nestled inside of $50 billion lending franchise Churchill Asset Management, an affiliate of Nuveen and TIAA, sits one of the industry’s deepest and most experienced private capital investment teams. With over $13 billion in limited partnership commitments, the Churchill team is one of the industry’s most active allocators to venture, growth and buyout funds with significant capacity for co-investments. Over the course of the last two years, the team has increased their focus and commitments to diverse managers thereby building on the larger organizational commitment to diversity, equity and inclusion which has been a passion of the board and CEO Thasunda Brown Duckett.

Anne Philpott is a Managing Director on the Private Equity and Junior Capital team at Churchill Asset Management, where she is actively involved in sourcing and executing investments in junior capital and equity co-investments, as well as investments in private equity funds. She is also a member of the Private Equity and Junior Capital team’s Investment Committee, overseeing six private equity and junior capital mandates, including LP commitments, equity co-investments, structured capital, secondaries and junior capital loans. Additionally, Anne serves as Co-Head of Churchill’s Diversity, Equity and Inclusion Council, where she collaborates on initiatives that prioritize inclusion and authenticity.

Raja Doddala serves as a Managing Director and leads investment in venture capital and growth equity strategies. Raja’s mandate includes investments in venture capital funds across stages and growth stage technology companies in fintech, enterprise tech, health tech, prop tech, blockchain, and climate tech sectors. Raja joined TIAA’s parent company in 2016 as Head of digital and fintech strategy for TIAA’s retirement business. In 2018, Raja founded TIAA’s strategic fintech venture capital program where he built a portfolio of top tier fintech and enterprise tech VC fund investments. Prior to his tenure at TIAA, Raja Spent 12 years at Seven & I Holdings, the Japanese parent of 7-Eleven, the largest retailer in the world in terms of number of locations.

When it comes to corporate responsibility very few companies exceed the awards and recognition that NextEra Energy has earned. The company has been recognized time and again by Fortune, Newsweek, Forbes, and Institutional Investor for its leadership in a wide array of areas that really matter beyond financial results including ESG, diversity, occupational and workplace safety and social impact.

Mark Hickson is a member of an executive team that helped NextEra Energy make Fortune's list of companies that "Change the World." NextEra Energy is the only U.S. gas and electric utility to be recognized on the annual list, which recognizes companies that have had a positive social impact through activities that are part of their core business strategy. Hickson developed an impact investing program that has invested hundreds of millions of the company’s balance sheet with women and diverse investment managers. Hickson has served as executive vice president, strategy and corporate development and a director of NEP LP since 2017, and previously served as executive vice president, strategy and corporate development and a director from February 2015 to August 2017. From 1997 to April 2012, he served as managing director in Global Mergers and Acquisitions at Merrill Lynch & Co.

Working closely with Hickson is Purvis Bell. Bell leads the Social Impact Investing efforts and is responsible for sourcing and underwriting investment managers for the program across asset classes but with a focus on alternatives including venture, private equity, and private credit. Prior to this role, Bell served as Finance Director and Health Plan CFO for BlueCross Blue Shield of Michigan. In this role, he was responsible for overseeing the financial and operational performance of the health plan as a key member of the executive leadership team.

In 2021 Robin Diamonte, chief investment officer at Raytheon Technologies, launched a diverse manager program to encourage their investment managers to hire more minorities and women and focus internally on selecting firms led and owned by diverse asset managers. She told CIO Magazine, “I’m not doing this because it’s a social justice issue. I’m doing it because it’s the right thing to do. And I think that our returns, our alpha, and ultimately our performance are going to improve if we add diversity into our program.” She joined Raytheon Technologies as Chief Investment Officer in 2004 and she is responsible for overseeing Raytheon’s $115+B in global retirement assets.

Diamonte serves on RTX’s Finance Leadership Team and their Global DE&I Advisory Board. Prior to joining Raytheon, she spent thirteen years with Verizon Investment Management. She served as Managing Director of Global Investments, responsible for asset allocation and management for their $40B pension plan. In 2013, Robin was appointed by President Obama and served as a member and chair of the Advisory Committee for the Pension Benefit Guaranty Corporation for six years. Ms. Diamonte has been an Independent Director of Morningstar, Inc. since December 2015. She also serves on the board for the Committee on Investment of Employee Benefit Assets (CIEBA), representing more than 100 of the country’s largest private sector retirement funds on fiduciary and investment issues in Washington.

Exelon Corporation embraces diversity, equity, and inclusion as foundational values. In 2022, the company committed nearly $2.9 billion to diversity-certified suppliers. The company maintains membership in the prestigious Billion Dollar Roundtable, a corporate advocacy organization that promotes supply-chain diversity excellence. In 2021, Exelon launched a $36 million Racial Equity Capital Fund in partnership with the Exelon Foundation to provide financing to minority-owned businesses in the cities where they do business. The various pension and trust entities have invested more than $7.4 billion invested with diverse firms, partnering with RockCreek as a discretionary advisor and manager of the investments.

Doug Brown is Exelon Corporation’s Chief Investment Officer. Doug leads a team of professionals responsible for managing all investment activities including pension funds, nuclear decommissioning trusts, defined contribution plans and other employee benefit trusts. He is a member of Exelon’s Corporate Investment Committee and the Exelon Foundation Board of Directors. Prior to joining Exelon, Doug was Chief Investment Officer at Chrysler LLC with responsibility for all asset management activities globally, including pension funds, defined contribution plans and other employee benefit trusts totaling $30 billion.

The UAW Retiree Medical Benefits Trust has committed over $4 billion to diverse and emerging firms and since the arrival of Hershel Harper as CIO has become a significant thought leader in the space and capital provider to emerging and diverse firms. With more than 25 years of institutional asset management experience, he leads the Trust's investment strategy. Prior to joining the Trust, he served as CIO for the South Carolina Retirement System Investment Commission (RSIC), the governing body responsible for investing and managing all assets for the South Carolina Retirement System. Harper was responsible for developing investment policies and strategy, asset, and risk allocations, overseeing manager due diligence, and managing a team of 20 investment professionals. Harper also worked with organizations including Bank of America Capital Management, Columbia Management, Evergreen Investments and State Street Global Advisors.

Bryan Lewis joined U. S. Steel in August 2019 as vice president and chief investment officer. He has executive responsibility for the company’s global investments for both the defined contribution and defined benefit plans, as well as other related programs. Prior to that, he was the Chief Investment Officer of the Pennsylvania State Employees’ Retirement System. Previously, Lewis served as executive director of the $20 billion Illinois State Universities Retirement System, where he led fund administration and investment management for two defined benefit plans and one defined contribution plan. Previously, Lewis spent six years as manager for the North Carolina Department of State Treasurer working on the state’s retirement systems.

Public

For more than 30 years, CalPERS has developed and implemented emerging manager programs and invested with emerging and diverse managers. In 2023, CalPERS announced a $1 billion commitment to identify and support the next generation of investor entrepreneurs in private markets.

Under the leadership of CEO Marcie Frost, CalPERS wants to “establish an ecosystem that helps emerging and diverse firms mitigate risk, unlock alpha, accelerate growth, and provide risk-adjusted returns.” Frost joined CalPERS as chief executive officer in 2016. She is only the second woman to head America's largest public pension fund with over $460 billion in assets and 2,800 employees.

Anton Orlich is managing investment director for the CalPERS Private Equity group. His responsibilities include overseeing the fund’s global private equity asset class’s strategies, programs, and policies. Additionally, Anton sits on CalPERS’ Total Fund Management Committee and the Investment Underwriting Committee, which determines the strategies and allocations of the Total Fund’s assets. Prior to joining CalPERS, Anton was the head of alternative investments at Kaiser Permanente.

Miguel Silva is responsible for Sustainable Investing as well as the fund’s emerging and diverse manager program initiatives across multiple asset classes.

Margot Wirth is the Director of Private Equity at the California State Teachers’ Retirement System (CalSTRS). CalSTRS is the second largest public pension fund in the United States and has approximately $51 billion in private equity assets. The fund began investing in “emerging” firms through funds of funds in 2003. It has since committed over $2.5 billion through funds of funds including Harbourvest and Muller & Monroe whose mandate is to target niche, underserved, emerging managers including women and minority-owned funds. These funds are typically raising their first, second or third institutional funds.

LaShae Badelita joined CalSTRS in 2021 as the fund’s Investment Diversity Officer. She is responsible for the development and implementation of CalSTRS’ Diversity in the Management of Investments Strategy. She also leads internal and external D&I efforts.

David Brand is the Chair of the City of Atlanta Pension Investment Board which oversees the $4 billion pension funds of Atlanta’s public employees including City of Atlanta General Employees, City of Atlanta Police, and the City of Atlanta Firefighters. He was appointed by Mayor Andre Dickens and is charged with continuing the long traditions and national leadership the city has demonstrated with respect to utilization of MWBE organizations dating back to the 1970s under legendary Mayor Maynard Jackson. David has a strong understanding of the adversity faced by diverse firms, having worked for several financial services firms that were Black owned. He is an established public policy advisor with over three decades of experience in finance, public affairs, business development and diversity related matters on the local, state and federal level. As Managing Partner of Marketing Strategies Group, LLC (MSG), David is a trusted partner to clients in developing creative and effective outcomes for public, private, non-profit, educational and governmental entities seeking to achieve a myriad of strategic goals.

Treasurer Carmen Sierra was sworn in as City Treasurer of the City of Hartford, Connecticut in September 2022; however, she is not new to the City’s finances or mission of addressing the long-standing obstacles of discrimination in the financial services industry. Under legendary Treasurer Adam Cloud, she served as the City’s Assistant City Treasurer for ten years. Born and raised in Hartford, Treasurer Sierra is passionate about her home city and her service to all of its people. Her commitment to the community has garnered her local and national recognition during her career. The fund has focused on investing in diverse managers for over three decades and now issues report cards to investment managers to encourage diversity among staff in addition to recruitment and retention of women and people of color. Directly and through a partnership with Fairview Capital, the pension fund has consistently committed its capital and to diverse managers.

Cheryl Alston and Natalie Jenkins Sorrell have been working together for almost two decades as Chief Investment Officer and Deputy Chief Investment Officer, respectively, for the $4 billion Employees’ Retirement Fund of the City of Dallas. Alston is a nationally recognized thought leader in almost every subject related to pensions and investments including diversity, equity and inclusion in the investment management industry. She has over twenty-five years of experience in the financial services industry. She serves on the Board of Blue Cross Blue Shield of Kansas City and is Chair of the Finance and Investment committee. She also serves on the board of Federal Home Loan Bank of Dallas, CHRISTUS Health and Torchmark Corporation. In 2018, Women Inc. Magazine selected Cheryl as one of the most influential corporate directors. In 2011, Cheryl was appointed by President Barack Obama to the Pension Benefit Guaranty Corporation (PBGC) Advisory Committee and served two terms. Sorrell is highly respected for her investment insights and acumen. She is responsible for the design and implementation of the overall investment strategy and policy for the fund. She joined the fund in 2006 and has spearheaded efforts to fulfill new private equity, private real estate, global equity, master limited partnership (MLP), and opportunistic credit allocations of over one billion collectively. She has led the effort to build the Next Generation Manager Program, allocating up to fifteen percent of the fund to smaller, newer, and/ or minority and/ or women-owned investment managers across all asset classes.

We need an Angela Miller May at every pension fund. In a world where some find it difficult to get things done over a decade, she has proven that with a plan, purpose and passion you can get things done in a year. In fact, in one year as Chief Investment Officer at the Illinois Municipal Retirement Fund, she has increased the percentage of assets managed by diverse firms by $12.5 billion. The fund employs close to 70 diverse managers including funds of funds. She views Diversity, Equity and Inclusion as “an implementation of investment strategy similar to all other strategies that have the opportunity to create value and mitigate risk.”

Miller-May serves as the Chief Investment Officer of the $52 billion pension fund and is one of the most highly respected advocates for the use of diverse firms in the nation. She joined IMRF in 2021 from the Chicago Teachers’ Pension Fund. She serves as a member on the First Women’s Bank (FWB) advisory board, a member on the Women Investment Professionals (WIP) Board, a member of Private Equity Women Investor Network (PEWIN), a member of the NASP Africa Institutional Investors Advisory Council, a member of African Private Equity and Venture Capital Association (AVCA) LP committee, a member of SEO’s LP Advisory Council, a member of the NCPERS CIO Summit Advisory Faculty and engages with many other organizations. Ms. Miller-May was honored with the Women Investment Professional (WIP) 2020 Trailblazer Award “Distinguished Woman Investment Professional of the Year”, named as one of Institutional Investor’s 2020 Industry Voice Innovators, Crain’s 2019 most Notable Women in Finance, 2019 Trusted Insights Top 30 Chief Investment Officers, Institutional Investor’s 2019 Change Maker of the Year and has had the honor of testifying at a 2019 Congressional Hearing on the topic of Diversity and Inclusion.

When it comes to diversity in the implementation of investment policy and asset allocation, following Johara Farhadieh is not an enviable task. The well-respected and thought leading Executive Director and CIO departed for Wespath in 2023. Dipesh Mehta now takes over the helm as the Executive Director and Chief Investment Officer of the Illinois State Board of Investment. He oversees over $28 billion in assets between the defined benefit and defined contribution plans and is responsible for overseeing all investment operations, managing and executing ISBI’s investment policies, and assisting the Trustees in the strategic direction of ISBI. He is very familiar with the work that made Ms. Farhadieh so beloved by the diverse manager community, having previously served as ISBI’s Deputy Executive Director and General Counsel. A lawyer by training, Mehta has a strong background in private equity having advised a broad array of venture capital, private equity, and start‐up firms. He is very familiar with deal sourcing, legal structure, and valuation. The fund is now over 40% managed by minority managers with over 50% of its alternatives portfolio being managed by such managers. Under Mehta, the fund remains committed to providing opportunities for minority managers and leading the industry by way of action and results.

The Los Angeles City Employees Retirement System (LACERS) believes in the the utilization of emerging managers. The $22 billion fund created an emerging managers program in 2012 to expand the fund’s ability to add value to the portfolio by hiring underrepresented managers. Rodney June is LACERS’ Chief Investment Officer for the fund. He leads the fund’s investment activities and manages all investment advisor, general partner, consultant, and custodian relationships and is responsible for performance evaluation, vendor selection, investment policy, investment strategy development and implementation. He was previously the Chief Investment Officer of the State of Hawaii Employees’ Retirement System overseeing an $11 billion portfolio. The LACERS board has been intentional about its desire to continue to expand access to minority managers.

Diversity, equity, and inclusion are integral to the investment process of the Los Angeles County Employees Retirement Association (LACERA). The fund believes that DEI helps to “produce, protect, and provide the promised benefits to 170,000 beneficiaries in the most populous county in the US.” LACERA believes that “effectively accessing and managing diverse talent leads to improved outcomes.” The fund considers diversity from a broad perspective including race/ethnicity, sexual orientation, gender, gender identity, disability, religion, national origin and culture. The fund incorporates DEI into its evaluation of all external investment partners and firmly believes that best practices in the area will produce the best results. The fund’s T.I.D.E (Towards Inclusion, Diversity and Equity) initiative pursues comprehensive strategies to advance DEI throughout all aspects of our investment process.

Jonathan Grabel manages the $70 billion portfolio. Prior to LACERA, Mr. Grabel was the CIO for New Mexico PERA, where he oversaw the investments for the agency’s $15 billion defined benefit fund. Previously, he was a general partner at a private equity firm focused on growth-stage investments in technology, networking industries, and digital communications. Earlier in his career, Mr. Grabel was an investment banker and licensed CPA.

The Los Angeles Fire & Police Pensions (LAFPP) has been making commitments to diverse managers including minorities and women, veterans, LGBTQ and persons with disabilities since 1996. This was more than three decades before the emergence of DEI. It was then that the fund’s Board created the Specialized Manager Program, the fund’s emerging managers policy. It was established to “provide the Board with opportunities to contract with managers excluded from past searches” and to “allow the Board to identify potentially talented investment management organizations in their early growth stage, and also recognizes that smaller firms may be more flexible and able to take advantage of opportunities to generate alpha because of their size.’ So, the fund believes that there is alpha generating opportunity through its program.

Bryan Fujita, who has deep public and private sector finance and investing experience, is Chief Investment Officer of the $30 billion fund. He was previously Deputy Chief Investment Officer at the Los Angeles City Employees’ Retirement System where he worked for 10 years. Previously, he served as Corporate Treasury Associate at the Walt Disney Company, managing equity and fixed income investments of the company’s then $4.5 billion pension fund. He also served as Client Banking Investment Executive and Assistant Vice President of Wealth Management at Wedbush Securities, managing investment portfolios for high net worth clients.

The Maryland State Retirement and Pension System developed its emerging manager program in 2007. The following year, the System enhanced and rebranded the program, Terra Maria. The program was implemented with a focus on investment performance. It is one of the largest commitments to diverse managers among the nation’s largest pension plans. To date, the System has committed $1.63 billion to developing private equity managers that are minority- and women-owned. At the end of fiscal year 2023, $8.5 billion, or 13.1 percent of the System’s total assets, were managed by minority- and women-owned firms. The fund partners with Attucks Asset Management, Xponance and Hamilton Lane to execute the program’s investments. The system and its staff have received several honors for their commitment and pioneering work with diverse managers.

Andrew Palmer is the Chief Investment Officer for the Maryland State Retirement and Pension System. In this role, he is responsible for the day-to-day operations of the system’s investment division and has overall responsibility for the system’s investment program. Previously he was the Deputy Chief Investment Officer, Director of Fixed Income for the Tennessee Consolidated Retirement System. In addition to his role as Director of Fixed Income, he led the construction of a Strategic Lending Portfolio, was a member of the Private Equity and Real Estate Committees and shared in the responsibility for tactical asset allocation and new product development. He began his career at ASB Capital Management, a Bethesda, Maryland based institutional advisory firm.

The Massachusetts Pension Reserves Investment Management Board (MassPRIM) believes that diversity of thought leads to better decision making. The fund has a slightly different spin on DEI and utilizes its own nomenclature. MassPRIM’s effort to achieve better outcomes through diversity is called diversity, equity, inclusion, and belonging or DEI&B and applies both internally to the organization as well as externally to decisions on the fund’s investment managers and vendors. The Massachusetts Legislature passed Investment Equity Legislation in 2021 that was sponsored by Massachusetts Treasurer Deborah Goldberg. The initiative requires that a goal be established that not less than 20% of investment managers be minorities, women, and persons with disabilities. Since its passage, MassPRIM has almost tripled the assets managed by diverse managers from $4.4 billion to $11.2 billion. In May 2021, MassPRIM launched the FUTURE Initiative, in part to improve sourcing of diverse managers. Additionally, the fund launched a $1 billion Emerging-Diverse Manager Program.

Michael Trotsky is the Executive Director and Chief Investment Officer of the $100 billion fund. He is uniquely qualified to oversee the diversity initiative given his role as founding member of the CFA Institute’s first-ever Diversity, Equity, and Inclusion Code for Investment Professionals. Trotsky’s work at PRIM was preceded by a 25-year career in the private sector, most recently as senior vice president and portfolio manager at PAR Capital Management, a Boston-based absolute return strategy fund. Previously, he was a senior analyst at Greenberg-Summit Partners in Boston and also served as a principal and senior vice president at Independence Investment Associates (a John Hancock subsidiary), also in Boston. He served as a member of the CFA Institute Board of Directors and Chair of the CFA Institute’s Asset Manager Code of Professional Conduct Advisory Committee.

Raynald Levesque is the Chief Investment Officer for the $11 billion New Hampshire Retirement System. Before joining New Hampshire in 2022, Raynald was the Deputy Chief Investment Officer for the Office of the Treasurer, State of Connecticut, for the $37 billion Connecticut Retirement Plans and Trust Funds. Prior to the State of Connecticut, Raynald held leadership roles in strategic asset allocation and risk management at the $210 billion New York State Common Retirement Fund, Office of the State Comptroller. Raynald joined the New York Common in 2010 as the Director of Risk Management, establishing the first-ever risk management function for the plan. Earlier in his career, Raynald was a quantitative investment professional on the Oppenheimer Funds Main Street Team, managing $16 billion across three US mutual funds using factor-based quantitative strategies.

The New York City Comptroller’s Office manages each of the five New York City retirement systems. Each has its own Board of Trustees, and many have different general and asset class consultant relationships. It may be one of the more difficult systems to navigate from a staff point of view. However, Comptroller Brad Lander and CIO Steven Meier continue to move the nearly $300 billion pool of assets forward. Their portfolio is a reflection of the City of New York – large and diverse. The office has allocated over $20 billion to diverse managers.

Meier was no stranger to DEI and emerging manager programs when he arrived. He had previously served as Assistant Treasurer and Interim Chief Investment Officer for the Connecticut Office of the State Treasurer, overseeing the investments of Connecticut’s $40 billion public pension system and a significant allocation to diverse managers.

Eneasz Kądziela is the Deputy Chief Investment Officer & Head of Private Equity. He oversees the over $24 billion private equity portfolio. Taffi Ayodele is Director of Diversity, Equity and Inclusion & Emerging Manager Strategy for the Comptroller’s Bureau of Asset Management. In this role, she drives the strategy to expand engagement with and allocations to Minority and Women-owned Business Enterprises (MWBEs) and emerging investment managers for the five New York City Retirement Systems.

The Comptroller’s Office believes that diversity and inclusion will result in stronger performance and ensures that the office can identify the highest-performing managers.

The New York State Common Retirement Fund’s (CRF) diverse manager efforts began in the early 1990s when the state’s first Black Comptroller was elected. Comptroller Thomas DiNapoli, since his election in 2007, has taken the program to an entirely different level and through his leadership and staff (three consecutive female chief investment officers). Anastasia Titachuk is currently CIO and she has built on the success of Raudline Etienne and Vicki Fuller and has preserved the fund as the leader in diverse and emerging manager investing. As of March 2023, minority and women-owned firms managed more than $31 billion for the CRF. The CRF has had a substantial impact on diverse firms in private equity where over $12 billion has been invested with minority and women-owned firms.

Joe Dawson is the Director of Private Equity. He is responsible for facilitating the management as well as strategic planning and development of the private equity portfolio across all sub-asset classes, including primary funds and co-investments. He has been instrumental in growing and expanding the private equity portfolio to become one of the largest in the industry, equating to approximately $35 billion in total value. Dawson has overseen the introduction of new initiatives across the organization, including strategic partnerships and economic participation transactions.

Sylvester McClearn is the Director of the Emerging Manager Program. He works closely with its internal investment staff, asset class program partners and affiliate organizations on all aspects of the Emerging Manager Program. With more than two decades of Wall Street experience, McClearn has also held various leadership positions at CastleOak Securities, Loop Capital Markets, Topeka Capital Markets and Citi Institutional Client Group.

The Philadelphia Board of Pensions has long been focused on the advancement of racial equity both internally and externally. A diverse Board of Trustees focused on achieving their goal of a diverse and inclusive workforce have been central to their success. Longtime trustee Carole Stukes-Baylor is just one of the members behind the $7 billion pension fund’s results which rival any pension plan, big or small, in the nation. She has been fighting for what is right for over two decades and her working knowledge of the system and its history has guided the implementation of their diversity agenda. As of December 2022, the Board’s overall workforce was 67% diverse by race/ethnicity and 67% diverse by gender. While the internal results are impressive, the results in the portfolio merit recognition. The Board actively promotes an inclusive manager selection process. Approximately 57% of total fund assets are managed by diverse investment managers.

Chris Difusco is responsible for the oversight of the Philadelphia Municipal Employee Retirement System’s $7 billion defined pension plan and the $1.7 billion deferred compensation plan. He supervises the investment staff of six professionals and had overall responsibility for the portfolios including recommending investments and monitoring investments across various asset classes. He leads the Investment Committee meetings and works with Marquette Associates, the plan’s general consultant on asset allocation. DiFusco has a tough job in a tough city but his legal training, judgement, and long history of employment with the fund make him one of the most successful CIOs the city has seen in some time. Given the level of diverse manager utilization it’s hard to see how he can top what may be the best results ever achieved for a public pension plan.

The State of Connecticut Retirement Plans and Trust Funds have been a leader in diverse manager investing going back to the mid-1970s when Henry Parker became the first Black Treasurer of the state thereby paving the way for Frank Borges, Denise Napier and other Black treasurers to preserve his legacy. Through its highly publicized CT Horizons Fund, the state became a model for other public pensions throughout the 1990s. The Connecticut Inclusive Investment Initiative ("Ci3") is the restructured Emerging and Diverse manager program. CI3 targets investments with emerging and diverse managers across both public and private asset classes and will provide a pathway for growth of the best emerging managers in the industry. The program will target doubling the percentage of each asset class managed by diverse firms.

Erick Russell was sworn in as Connecticut’s 84th State Treasurer on January 4, 2023. As treasurer, Russell administers Connecticut’s pension funds holding over $50 billion in assets. He has been an advocate for people traditionally left out of the political process and denied economic opportunity. He is prioritizing financial literacy, sound fiscal policy and necessary statewide investments that maximize resources while growing the economy and combating systemic inequities. In addition to his professional responsibilities, Russell has embraced the role of mentor, particularly for young Black and LGBTQ people. In 2022, he became the first Black LGBTQ person in American history to win an election for statewide office.

Few know more about implementing an emerging manager program than Kirk Sims. He leads the Teachers Retirement System of Texas’ (TRS) Emerging Manager Program. Since being established in 2005, TRS has committed $3.7 billion to one of the largest programs of its kind. An additional $2 billion has been invested directly with the program’s graduates which underscores the fund’s success at manager selection. Recognizing the Program’s success, in early 2019, TRS rolled out a plan to invest another $3 billion over three to five years. Sims joined the Teacher Retirement System of Texas in early 2019. Before joining Texas Teachers, he was a Senior Investment Officer for the Teachers’ Retirement System of the State of Illinois. Sims had oversight and management responsibility of plan’s emerging manager program which consisted of a $750 million evergreen pool of capital designed to identify and invest in emerging investment managers across all asset classes. Previously, Sims worked at Prudential Retirement where he was responsible for a manager of manager’s retirement platform as well as an open investment platform.

Endowments & Foundations

The California Endowment is a private statewide foundation established in 1996 to address the health needs of Californians. In 2023 the California Endowment’s board elected to transition the endowment’s assets to support and more fully align with the Endowment’s vision. By committing to invest their portfolio towards the organization’s mission and values, they sought to leverage their influence as an institutional investor to stand with the communities they serve, and to contribute to a more inclusive form of capitalism. To that end, the Endowment has made the deliberate decision to be more than a grant maker and more than a community agitator. Today, the Endowment embraces its identity as an institutional investor and is committing to go “all in” to begin aligning all its investment assets with its mission and values. With $4 billion in assets under management, this may be the largest impact investing commitment ever made by an endowment or foundation.

Robert K. Ross is president and Chief Executive Officer of the California Endowment. Before he joined the endowment in 2000, he served as director of the Health and Human Services Agency for the County of San Diego. He has an extensive background in health philanthropy and as a public health administrator and clinician, including serving as a commissioner for the Philadelphia Department of Public Health. He is a member of the President’s Advisory Commission on Educational Excellence for African Americans and co-chair of the Diversity in Philanthropy

Second only to the Knight Foundation, Casey Family Programs has over 35% of its assets managed by woman and diverse managers. The Seatle-based foundation clearly takes use of diverse managers very seriously and is providing positive leadership in a segment that has long received criticism for lacking transparency and diverse managers.

Joseph Boateng is the Chief Investment Officer. He joined Casey Family Programs in January 2007. He advises the Board of Trustees as it carries out its responsibility for the investment of $2.6 billion of foundation assets. Before joining Casey Family Programs, he was a member of the Johnson & Johnson Investment Committee, responsible for managing over $17 billion in employee benefit assets worldwide. Previously, he was a member of the Johnson & Johnson Investment Committee, responsible for managing over $17 billion in employee benefit assets worldwide. He also spent 13 years at Xerox Corp., where he was a key member of the Trust Investment Team that managed $10 billion in assets. Boateng is a member of the Nuveen/TIAA-CREF Funds Board and chairs the Seattle Foundation Investment Committee. He also serves on the Seattle City Employees’ Retirement System Investment Advisory Committee and the Africa Institutional Investors Council of the National Association of Securities Professionals.

When Kim Lew arrived at the Columbia University endowment, she was very transparent with the Board. At their first meeting she said, “here’s my background, these are the things that are important to me — we’re going to have more diversity in the portfolio.” Lew was born and raised in New York City, spending her early years in Harlem and then moving to the Bronx when she was school-aged. She is a proud product of the New York City School system, having attended PS 154, PS 9, Mosholu Parkway Junior High School, and the Bronx High School of Science. Lew believed that by highlighting how the endowment portfolio could mirror Columbia’s mission and values her strategy would resonate with the board, thereby connecting her approach to university’s positions on diversity within its classes, faculty and administration.

As President and Chief Executive Officer of the Columbia Investment Management Company, Lew is responsible for managing the University’s endowment. She is the first African American and Chinese American woman to run a large Ivy League endowment. She came to Columbia from Carnegie Corporation of New York, where she worked for more than a decade, most recently as Vice President and Chief Investment Officer. Under Lew’s leadership, Columbia’s investment management company is making changes to how it approaches diversity through a series of steps, including crafting a diversity policy statement, building the diversity policy statement into its processes, and conducting bias training.

Lew began her career at Chemical Bank as a credit analyst, after receiving her BS in economics from The Wharton School of the University of Pennsylvania. She went on to graduate with an MBA from Harvard Business School in 1992, after which she joined Prudential Capital Group and then the Ford Foundation, where she spent more than a decade, first as a portfolio strategist investing in the technology sector and then as a senior manager responsible for the organization’s private equity investments.

Cornell University's Office of Investments, led by Chief Investment Officer Kenneth Miranda, believes that diversity starts with its recruitment and team development, aiming to create a workspace that values different backgrounds and viewpoints. A diverse staff should lead to a diverse set of opinions; if subconscious biases are removed from policies, processes and people, then you have the foundation for building a diverse portfolio.

Miranda was previously the Director of the International Monetary Fund’s (IMF) investment office and had been a member of the Cornell University Board of Trustees’ Investment Committee. As IMF investment office director, Miranda coordinated a focused team that oversaw the investment of approximately $11.5 billion in assets for the IMF’s Staff Retirement Plan and Retired Staff Benefits Investment Account. He was also a senior adviser on George Washington University’s Committee on Investments.

Sean A. Graham is a Senior Investment Officer at Cornell University’s Office of Investments, where he oversees all general operations functions, including administrative staff, development plans, cash management and portfolio rebalancing. He was previously Director of Investment Operations at General Motors Asset Management, overseeing staff supporting the operational matters of the public markets, hedge funds, real estate, private equity, trading, strategy, and derivative and collateral management business units.

The Ewing Marion Kauffman Foundation understands that the solution to the education, health and wealth gaps in the US have a lot do with lack of access to capital for people of color and their communities. According to the Midwest foundation, “capital decision-makers need to be knowledgeable about the history and root causes of the country’s racial wealth gaps. And, we need to explore new ways of investing in fund managers of color.” The foundation puts its money behind its research. In partnership with Living Cities, Kauffman collaborated on an impact investing fund that invests in fund managers of color. The fund provides Black, Indigenous, and People of Color (BIPOC) fund managers access to capital as well as technical supports to promote success. It further enables emerging BIPOC fund managers to establish a track record, gain credibility and be positioned for future rounds of funding. This will, in turn, create a virtuous cycle of funding for BIPOC fund managers who can then fund underrepresented founders who are themselves BIPOC. The foundation also launched the Capital Access Lab that was designed to provide risk capital to new investment models that do not resemble traditional venture capital or lending. The goal was the formation of new financing vehicles that also increase capital investment to underserved entrepreneurs who have been historically left behind due to their race, ethnicity, gender, socioeconomic class, and/or geographic location.

Many of the creative solutions developed by the foundation come from Lisa Murray, the Chief Investment Officer, and her investment team. She leads the team that oversees the Kauffman Foundation’s globally diversified $2 billion portfolio. Previously, Murray was the Managing Director in Investments. Prior to joining the Kauffman Foundation, Murray was an investment consultant for Angeles Investment Advisors, where she worked with foundations and endowments, advising on all aspects of their investment programs. She is an industry authority and advocate for equity and diversity. She serves on the Milken Institutes Diversity Council and is a committed advocate for equity, diversity and fair access to capital.

Darren Walker is the highly respected President of the Ford Foundation. In his own words, “My conviction is that this moment offers us an opportunity to be accelerators of justice. And my hope is that, before long, many more foundations will find ways to tap into the power of their own endowments.” He says what he means and means what he says. Under his leadership, the Ford Foundation became the first non-profit in US history to issue a $1 billion designated social bond and several years prior, the Ford Foundation made a $1 billion commitment to impact investing, the largest effort among all foundation endowments.

Roy Swan is the inaugural head of the Ford Foundation’s Mission Investments Program, which deploys endowment capital for market rate impact investments, program-related investment capital for catalytic opportunities ranging from market rate to concessionary, and grant capital to support the global impact investing and Environmental, Social, and Governance (“ESG”) ecosystems. Roy’s team covers the U.S., Africa, China, India, Indonesia and southeast Asia, Latin America, and the Middle East. His background includes banking, finance, general management, investments, and law. Before joining Ford, Roy served as managing director and co-head of global sustainable finance at Morgan Stanley. During his time at Morgan Stanley, global sustainable finance committed over $13 billion in community development transactions.

Ford is proving that generating financial returns and social impact is possible. The Mission Investments portfolio has generated measurable social impact across all areas of investment, including affordable housing, diverse fund managers, financial inclusion, quality jobs, and health tech. Eighty percent of Mission Investments’ fund managers are at least partially owned by women and people of color.

Harvard Management Company (HMC) is responsible for managing Harvard University's $50 billion endowment, one of the largest academic endowments globally. According to HMC’s Sustainable Investment Policy:

Diversity, equity, and inclusion are important issues in the workplace, not only for our external managers, but for the investments that they make. A central tenet of HMC’s investment culture is the belief that a healthy organization is critical to investment success. To succeed, firms must attract and retain the best talent from the broadest pool possible. HMC seeks to partner with managers from a diverse range of backgrounds which strengthens the endowment by bringing different experience, knowledge, innovation, and perspectives.

Harvard has made some of the largest limited partner commitments to diverse managers seen in the last few years. Although the bar is very high, the HMC staff appear to have a wider “top of funnel” and it is playing out in the diversity of their commitments. HMC is a member of ILPA’s DEI Advisory Council.

Narv Narvekar, who became CEO in 2016, has been instrumental in HMC's investment approach that has established an open-door policy for all managers – early stage or established, small or large. Previously, he was the Chief Executive Officer of Columbia University Investment Management Company, responsible for setting and leading investment strategy for the university endowment’s portfolio. Prior to joining Columbia in 2002, he was the Managing Director at the University of Pennsylvania Investment Office. Previously, he served in a number of roles at J.P. Morgan, rising to the position of Managing Director, Equity Derivatives.

The $21 billion Hershey Trust Company, responsible for managing the Milton Hershey School Trust, is deeply committed to the legacy of its founders, Milton and Catherine Hershey, focusing on providing education and opportunities for children in need. In alignment with this mission, the Trust embraces diversity, equity, and inclusion in its operations, as much of its senior leadership team including CEO Leslie Lenzo are female or people of color.

Evril Clayton, in his leadership role on the investment team at Hershey Trust, plays a part in this commitment to diversity. He is Vice President, Public Markets and he joined Hershey Trust Company after serving as Managing Director of Marketable Investment for Rockefeller University in New York, NY. Prior to that, he spent 12 years with the New York State Common Retirement Fund in Albany, NY where he most recently served as Deputy Director of Global Equity. Prior to joining the Investment Staff in 2011, Evril served a Senior Investment Analyst focusing on Hedge Funds and Private Equity Strategies, as part of the investment team managing the billion-dollar endowment and pension plan at Rensselaer Polytechnic Institute.

Howard University is one of the most prestigious Historically Black Colleges and Universities in the country and boasts the largest endowment of all at over $800 million. The university’s commitment to diversity, equity, and inclusion (DEI) permeates all aspects of its operations, including its endowment management. The university's endowment, under the leadership of Chief Investment Officer and Assistant Vice President Frank Bello and Deputy Chief Investment Officer Brian Swain, is managed with a keen focus on aligning the investment portfolio with Howard's core values.

Much of the credit for the school’s efforts to increase the representation of female and minority managers in its portfolio over the last decade goes to Bello and Swain. Both gentlemen bring significant finance and investment experience to the university and day to day they play complementary roles: Frank Bello is engaged at the highest levels of the university including strategy, finance, and governance, while Brian Swain develops investment themes and implementation strategies and monitors existing investments.

Howard has a very astute Board of Trustees and alumni that includes a host of very successful investment and finance professionals including Citi CFO Mark Mason, Vista Equity’s Godfrey Gill and Fairview Capital’s Larry Morse. In November 2023, Ben Vinson III was installed as the 18th President, and he is intent on growing the legacy of the university. Given the unwavering commitment of Vinson, the board and the investment staff to growth, the expectation is that Howard’s tradition of Black excellence and developing future leaders will be further elevated and make it one of the most impactful institutions in the world for generations to come.

In 2020, the Joyce Foundation launched an initiative to help seed the next generation of investment managers. The $1 billion foundation already had 15% of its assets with diverse firms and committed to investing another $100 million with five years. “Too often talented investment managers and strategists lack access to early-stage capital sources to help them achieve lift off, especially in the institutional investing space.” said Nickol Hackett, the Foundation’s Chief Investment Officer and Treasurer. “We know that by activating this segment, we not only benefit from differentiated strategies for our portfolio, but we participate in the benefits of human capital development and economic reinvestment consistent with the Foundation’s mission of advancing economic mobility,” she said in a statement on the foundation’s website.

Hackett is responsible for overseeing the investment program for endowment assets of $1 billion in support of the Foundation’s grant making. Prior to joining Joyce, Ms. Hackett served as the executive director and chief investment officer of the $10 billion Cook County Pension Fund. Reporting to the Board of Trustees, she was charged with directing strategy and policies for the governance and administration of the fund. Before becoming executive director, Ms. Hackett served as the fund’s first chief investment officer establishing investment policy, asset allocation strategy, and operational structure for the combined plans since 2008.

The Knight Foundation is serious about changing the face and complexion of the investment management industry. Armed with the best research demonstrating the disparities that exist in the investment management industry and publicizing the commitment or lack thereof of other institutional investors, the foundation is having a real and sustainable impact.

The foundation began by being hard on itself and holding itself to a higher standard. In 2010, Knight Foundation leadership was asked how much of its multibillion-dollar endowment was invested with diverse-owned firms, meaning firms owned by women and people of color. The results revealed that they were not living one of the foundation’s values: its commitment to equitable, inclusive, and engaged communities. Today, over one-third of the endowment, or about $1.07 billion, is managed by diverse-owned firms.

Juan Martinez joined Knight Foundation in 2002. As a member of Knight’s executive committee, Martinez is a partner in the development and implementation of the foundation’s strategy. He is responsible for the foundation’s financial management, reporting and regulatory compliance, overseeing the management of its $2.5 billion investment portfolio, and partnering with program staff in development of grants and program-related investments.

At the Kresge Foundation diversity, equity, and inclusion isn't just the right thing to do. It is also the most profitable thing to do.

Kresge’s aim of addressing diversity, equity and inclusion in asset management began in 2016. Initially, Kresge’s efforts were focused internally. Under the leadership of former CIO Rob Manilla and current CIO John Barker, the Foundation began reviewing its hiring practices, employee demographics and culture. In Barker’s words, “We knew change was needed, but we recognized that we first had to dig deeper and gain a better understanding of the structural barriers that existed in the investment industry.” In 2019, the Kresge investment office formally and publicly shared its commitment to DEI. This included a strategy to combat the structural barriers to diverse ownership in the asset management industry. Kresge also took control over how it manages its investments and insourced the investment function. Barker was hired in 2007 and became the Chief Investment Officer in 2022.

In 2019, Kresge Foundation launched “25% by ’25”, which pledged that by 2025, 25% of its U.S. assets under management would be invested in female- and diverse-owned firms. The initiative formalized Kresge’s belief in improving investment performance by allocating to diverse fund managers.

The MacArthur Foundation approached the issue of diversity or lack thereof in its portfolio from a fundamental perspective – reviewing its decision-making process by which it selected investment managers. According to the foundation’s website, “Historically, the money management/investment business has been dominated largely by firms led or owned by White men. Investment firms led by or owned by women and people of color have historically had challenges in attracting investment capital due to a variety of reasons, including discrimination, implicit bias, lack of opportunity for entry to the field, lack of mentorship, the amount of assets under management, and closed networks.”

Further, “While MacArthur has always been willing to invest with any manager who met our investment criteria as described above, we determined several years ago that it was necessary for us to take additional steps to ensure that we are identifying diverse firms.” The foundation has not set numeric goals, but the aspiration is to have at least 20 percent of its U.S.-based assets invested with diverse managers. The foundation is partnering with Cambridge Associates, Lenox Park and GCM Grosvenor and developing portfolio sleeves to invest in emerging managers, with a focus on managers who may lack the track record or assets under management of more established managers.

Susan E. Manske is Vice President and Chief Investment Officer of the Foundation. She is responsible for managing the Foundation’s $8 billion endowment and is a member of the Leadership Advisory Team that advises the President on strategic and policy matters. Manske joined the Foundation in May 2003 after having served as Vice President and Chief Investment Officer, Trust Investments at the Boeing Company since 2001. At Boeing, Manske was responsible for managing the firm's defined benefit and defined contribution retirement plans.

Margaret Cargill was an heir to the largest privately held company in the U.S. —Minnesota–based agribusiness Cargill Inc. However, she lived a relatively modest life in Southern California and consistently and anonymously donated much of her fortune. A recipient of her generosity remarked for the Washington Post in her obituary that, “She gave from the heart, not in search of any kind of recognition." In 2006, Margaret A. Cargill Philanthropies (MACP), the umbrella organization for multiple grantmaking entities, was established to continue her philanthropic legacy.

MACP’s DEIJ (diversity, equity, inclusion, and justice) vision was drawn from the values and vision of Margaret Cargill. Early leaders of MACP knew Margaret personally and they continue to provide valuable insights to preserve the legacy and culture that supports the DEIJ vision. MACP has been making concerted efforts to bring additional voices and perspectives to the organization, which includes an increasingly diverse staff. MACP was founded by women, and women currently occupy the role of President, Chief Financial Officer, and General Counsel.

MACP’s DEIJ vision extends beyond staffing and grantmaking to how the investment team manages its approximately $8 billion in assets. In 2012, Shawn Wischmeier became CIO and began the process of building an internal investment team. He has been pivotal in aligning the organization's investments with its DEIJ vision beginning with the development of a comprehensive strategy that includes the use of internal investment professionals and an external consultant to measure diversity and equity across its investment management partners. The foundation has also selected multiple funds of funds to source and make investments in diverse managers. Additionally, the investment team is actively sourcing and underwriting diverse managers for direct commitments.

MACP is headquartered in Eden Prairie, Minnesota not far from the tragic death of George Floyd in Minneapolis. Within 60 days, MACP committed $2 million to funding 20 organizations focused on racial, economic, and social equity. This rapid action and the ongoing commitment to under-represented and underserved communities demonstrates that MACP continues to be steeped in the caring and compassionate legacy of Miss Cargill.

Morehouse College, located in Atlanta, Georgia, stands as a beacon of academic excellence. Founded in 1867, Morehouse has been instrumental in shaping the lives of African American men, empowering them to become leaders in their communities and beyond. With a focus on fostering scholarship, leadership, and global citizenship, Morehouse offers a rigorous liberal arts education that equips students to pursue their passions and make meaningful contributions to society. In its commitment to diversity and inclusion, Morehouse College strives to ensure equitable opportunities for all members of its community. This dedication extends to its financial management practices, where efforts are made to enhance representation and diversity. By embracing diversity in its operations, Morehouse seeks to create an environment that reflects and celebrates the rich tapestry of its student body and staff. Through its strategic leadership and unwavering commitment to its mission, Morehouse College continues to uphold its legacy of excellence and empower future generations of leaders to enact positive change in the world.

The Andrew W. Mellon Foundation, a leading institution supporting the arts, culture, education, and humanities, places a strong emphasis on diversity, equity, and inclusion.

Abigail Kahn Archibald is a senior portfolio manager who works with the Chief Investment Officer to manage Mellon’s investment portfolio. Her focus is on private equity assets, including buyouts and venture capital. Prior to joining Mellon, Abigail was a vice president at Lehman Brothers Holdings, where she helped dispose of legacy private equity businesses and led special projects and new product development for Lehman’s private equity business in Europe. Previously, Abigail worked as a consulting associate at Cambridge Associates.

Few understood the dynamics of boards and investment committees like Brian O’Neil, who served as CIO the Robert Wood Johnson Foundation for 20 years. In a webinar sponsored by the Diverse Asset Managers Initiative O’Neil states, “investment committees tend to be more focused on maximizing returns over other concerns, such as the representation of women and racial minorities among the managers with whom they work.”

Under O’Neil’s leadership investment staff sourced diverse firms and the organization developed strategic partners designed to move the needle on diversity across the industry. Partners included Girls Who Invest, SEO and the Robert Toigo Foundation. O’Neil retired last year, and May Ng now serves as Chief Investment Officer. She oversees all aspects of management of the endowment portfolio; executes overall investment policy, asset allocation, manager selection, and portfolio risk; and works closely with the mission-driven Impact Investments team. She was previously Vice President and Chief Investment Officer at the Annie E. Casey Foundation, where she managed a $3.5 billion diversified investment portfolio. The Casey Foundation has been an industry leader in diverse manager investing. Prior to joining the Casey Foundation, Ng was a senior investment officer at The George Washington University, where she was a member of a generalist team managing the university’s endowment.

Princeton University's endowment is managed by the Princeton University Investment Company (PRINCO), led by President Andy Golden. PRINCO is renowned for its sophisticated investment strategies, which have significantly contributed to the growth and sustainability of Princeton's endowment. Under Golden's leadership, Princeton has made strides in incorporating diverse managers into its investment portfolio. The investment staff have very high standards but when they make commitments, they can be among the most sizeable on a manager’s cap table.

Golden became the third President of PRINCO in January 1995. He came to PRINCO from Duke Management Company where he was an Investment Director. He previously worked as a Senior Associate in the Investments Office at Yale University. He served as a founding member of the Investors’ Committee of the President’s Working Group on Financial Markets.

The State University Retirement System of Illinois (SURS) is committed to incorporating diverse managers into its investment portfolio. It is one of the few institutional investors that have developed a portal specifically to source diverse investment managers. The SURS Diverse Manager Outreach Portal provides an opportunity for diversely owned investment management firms with greater than 51% ownership by minorities, women, or people with a disability to present to the SURS investment team, its manager-of-manager partners, and/or its consultants. This tech-enabled sourcing strategy creates a broad funnel and visibility into investment managers that the investment staff and its strategic partners Xponance, Bivium Capital, Aksia and Fairview Capital might not see through their own sourcing methods. SURS consultants and investment partners are encouraged to conduct further due diligence on participating firms. The fund also hosts Diverse Manager Week to further promote visibility of diverse firms to an audience of institutional level asset allocators. Much of the creative thinking and execution of the program has been attributed to Kim Pollitt, Senior Investment Officer. She joined SURS in 2003.

Jagdeep Singh Bachher, chief investment officer and vice president of investments at the University of California (UC) does not mince words when discussing his approach to diversity at the fund. The University of California encompasses 10 institutions and employs 63 people in its investment office, which manages a $161 billion portfolio that includes endowment, retirement and cash assets. UC employs a higher percentage of people of color than the financial services industry. People of color make up 62 percent of investment employees at the university system and only 32 percent of employees in the financial services industry.

Through its Diversified Returns program, UC Investments incorporates diversity, equity and inclusion into its investment and operations processes. In 2019, a new, senior professional level position was created to further develop the approach to DEI. The direct result of Bachher’s strong leadership and focus, the program demonstrates higher metrics than most institutions reporting through the Knight Study. In 2022, the UC team met with roughly 333 diverse-owned managers, including 101 managers largely sourced through its partnership with the National Association of Investment Companies (NAIC). The same year six of the seven new investment partners funded were owned by women and people of color.

Bachher is responsible for managing the UC pension, endowment, short-term, and total-return investment pools. He reports directly to the Board of Regents on investment matters. Before joining the UC system, Bachher was an executive vice president of venture and innovation for Alberta Investment Management Corp (AIMCo) beginning in 2009. Based in Edmonton, AIMCo is one of Canada’s largest and most diversified investment fund managers.

In Bachher’s own words, “We are committed to engaging with intentionality on diversity, equity and inclusion. We will collaborate with - and learn from - others and share our progress along this critical journey.”

The University of Chicago's endowment is managed by the University of Chicago Investment Office, with Andy Ward serving as the Chief Investment Officer. In this role, Ward oversees the management and strategy of the university's endowment, playing a critical role in ensuring the financial sustainability and growth of the university's assets. The University of Chicago's endowment is over $14 billion, making it one of the largest academic endowments in the United States. This endowment supports the university's diverse educational and research initiatives. In his role, Andy Ward is pivotal in developing and implementing investment strategies that ensure the growth and sustainability of these assets. Under Ward's tenure the team has put forth efforts to integrate diversity considerations into their investment processes.

In 2010, the University of Chicago hired its first two Black-owned firms. With the guidance and insistence of John Rogers, the endowment now works with over two dozen diverse managers, responsible for over $1 billion — or greater than 15 percent of the total portfolio. The school’s efforts to increase the representation of female and minority managers in its portfolio over the last decade has been a success story.

Spelman College, a distinguished historically Black college for women located in Atlanta, Georgia, has cultivated a legacy of academic excellence, leadership development, and social activism since its founding in 1881. Rooted in its commitment to empowering women of color, Spelman offers a transformative liberal arts education that prepares students to become global leaders and advocates for social change. In line with its mission of promoting diversity and inclusion, Spelman College actively engages in efforts to enhance representation and equity within its operations, including its financial management.

James Glenn is the Director of Investment Operations in the Spelman College Endowment. He focuses on curating operation efficiencies and strategic enhancements to the functioning of the endowment. He also partners with his OCIO in sourcing, investment performance tracking, and portfolio construction. Glenn leads initiatives to ensure that Spelman's endowment is strategically managed to promote growth and sustainability for the college while recognizing and utilizing talented diverse investment managers.

The University of Miami's endowment, managed by Chief Investment Officer Charmel Maynard, plays a crucial role in the financial health and mission support of the institution. The University of Miami's endowment stands at approximately $1 billion, a significant resource for funding educational programs, research initiatives, and scholarships. In his role, Maynard is responsible for developing and implementing investment strategies that ensure the growth and sustainability of this sizable endowment. His leadership is pivotal in aligning the university's investment activities with its broader goals, including a commitment to diversity, equity, and inclusion.

In an interview with Life@TheU, a campus publication, Maynard remarked, “Diversity has always played a significant role in the success of the University’s investments and financial performance, but we fully acknowledge that there is room to do even more.” He further shared, “We believe that embracing diversity within our portfolios and team enables us to gain a competitive edge, ultimately resulting in greater financial sustainability.”

Maynard, Associate Vice President, Chief Investment Officer, and University Treasurer joined the University of Miami in 2016 and he leads the University’s efforts to invest assets, including endowment and pension funds. Mr. Maynard is also responsible for the University’s capital structure, including liquidity and debt issuances. Additionally, he manages treasury and cash management. He was previously a vice president with J.P. Morgan’s Investment Bank in New York City. During his 10-year career with J.P. Morgan, he focused on investment banking, debt capital markets and leveraged finance, where he advised clients on capital structure solutions, deal structuring, and execution of syndicated revolving credit facilities, institutional term loans, and bond issuances.

The endowment of the University of California, Los Angeles (UCLA) is crucial for supporting its wide array of academic programs, research initiatives, and scholarships. The UCLA Investment Company, established in 2011 by The UCLA Foundation, oversees the endowment and other assets under its management. Justin Barton is the Chief Investment Officer of the UCLA Investment Company where he oversees all aspects of the endowment including executing investment strategy, portfolio construction, and governance and plays a pivotal role in overseeing the investment strategies to ensure the growth and sustainability of UCLA's endowment. In his capacity as CIO, Barton is responsible for aligning the endowment's investment strategies with UCLA's mission and values, including a commitment to diversity, equity, and inclusion (DEI).

He began his investment career in Brown University’s investment office before joining Old Square Capital, a New York-based investment firm. He moved to London in 2011, where he worked for Investec Asset Management, an institutional investment manager.

The University of Southern California Investment Office manages a significant endowment, estimated to be over $8 billion, that supports its various educational and research programs. Amy Diamond, as the Chief Investment Officer, plays a crucial role in overseeing USC's investment strategies to ensure the endowment's growth and alignment with the university's goals. In her role, Diamond is responsible for the strategic direction of USC's investment portfolio, making decisions that will impact the university's financial health over the long term. In managing USC's endowment, Amy Diamond plays a key role in securing the university's financial future, ensuring that it continues to provide high-quality education and contribute to societal progress, in line with its broader mission and values.

Diamond was named chief investment officer in 2020. A recognized national leader in the institutional investment industry, Diamond joined USC after serving two decades as managing director of private investments and real assets with Northwestern University’s Investment Office.

During her tenure at Northwestern, Diamond held leadership roles in annual asset allocation and risk management and served on advisory boards for more than 35 investment managers. In addition, Diamond created a successful co-investment program, worked jointly with financial operations on liquidity planning, and was closely involved in Northwestern’s strategic sale of pharmaceutical patent royalty interests. Before joining Northwestern, Diamond was an equity research analyst for several investment banks, where she led coverage of companies in the health care services and energy industries. She has been recognized as a top performer in the field of institutional investment.

The Vanderbilt University Office of Investments is responsible for managing the university's endowment. According to the Vanderbilt Investment Office website:

Vanderbilt’s Office of Investments is committed to fostering diversity and inclusion within its operations and in how it manages the university’s endowment. Our team comes from diverse racial and ethnic backgrounds, with more than half representing minority groups. These investment professionals embody our belief that building a diverse team with varied backgrounds and a broad range of perspectives gives the office and the university a competitive advantage in understanding the nuances of investing opportunities in various markets.

Roy Yum, as the head of private investments, plays a crucial role in this office, focusing on private market investments that align with Vanderbilt's strategic objectives. His expertise in diversifying the endowment's portfolio has been pivotal in capital allocations to diverse managers. Roy first joined the office in 2008 as an Investment Analyst and became an Investment Principal/Manager in 2009.

The W.K. Kellogg Foundation (WKKF) and its chief investment officer Carlos Rangel are very serious about the subject of diversity and have become authorities and leading advocates in institutional investment, endowment, and foundation communities. While most of its peers have begun focusing on DEI in the context of their investment portfolios post George Floyd, the WKKF started its Diverse Managers Program in 2009.

The Diverse Managers Program focuses on diversity within the broader investment management industry as well as the utilization of diverse-owned managers in the implementation of its portfolio strategy. In April 2023, WKKF published a “workplace transformation guide” for the industry with a series of recommendations that will expand opportunity and advance racial and gender equity. The work is based on the belief that the lack of a robust pipeline of investment professionals within predominantly white owned firms will result in fewer firms owned and managed by women and people of color. WKKF’s assets are managed by a majority racially and ethnically diverse investments team at the foundation.

According to Rangel, “This moment calls for a different type of leadership. That means investing in diverse managers. True to the foundation’s DNA, we continue to use our expertise and influence to advance racial equity, diversity, and inclusion in the investments industry.” WKKF has used its assets to invest in firms and strategies where people of color and women have significant decision-making power. According to the foundation, more than 26% of the U.S. based assets in the WKKF Trust’s diversified portfolio are invested with majority diverse-owned firms in the U.S.

Alongside Rangel, respected investment industry veteran Reginald Sanders contributes internally to strategic thinking and investment decisions and serves as an external advocate for the kind of change that has been working for WKKF for over a decade.

The University of Maryland Foundation, committed to advancing education, research, and community engagement, places a strong emphasis on effective financial management to support its mission. Sharcus Steen, serving as the Chief Investment Officer, plays a critical role in overseeing the foundation's investment strategies and ensuring alignment with its goals. With his expertise, Steen ensures that the foundation's endowment is managed in a manner that seeks growth and sustainability while also considering factors such as diversity, equity, and inclusion.

Steen joined the Foundation in 2017 as the Director of Investments, overseeing and monitoring all investments for the USMF portfolio. He served as interim CIO from July 2022 until his appointment as CIO in October 2023. His prior experience includes serving as a Senior Investment Director for Cambridge Associates, where he worked with nonprofit clients on general investment issues such as asset allocation strategy, manager selection, and investment program evaluation. Prior to joining Cambridge Associates, he worked in consulting both at Ericsson as a senior consultant in their strategy consulting division and at Booz Allen Hamilton as an Associate. Prior to consulting, Mr. Steen worked at Citigroup in a variety of roles including the Investment Bank’s Treasury department, Citigroup’s Pension Fund, and in Strategy and Mergers/Acquisitions.

Angels

Concrete Rose, the early-stage venture investing platform that deploys capital to underrepresented founders of color, recently changed the firm’s name to Westbound Equity Partners and quadrupled the size of its first vintage fund. The venture industry is not surprised. Apples don’t fall far from the tree. The firm, founded by the uber impressive Sean Mendy, was incubated inside the highly successful investment firm, Sixth Street Growth, under the direct guidance of Alan Waxman. It was Waxman and others at Sixth Street Growth that helped form the business plan and contributed their social and financial capital to the firm’s launch.

Waxman is the Co-Founding Partner and Chief Executive Officer of Sixth Street Growth which he co-founded and has led to become a leading and highly-respected multi-solution investment platform. The firm manages over $75 billion and has a team of over 500 professionals around the world. He previously served as a Partner at Goldman Sachs and held the position of Chief Investment Officer for its largest proprietary investing business.

Ben Horowitz is the Co-founder and General Partner of the renowned venture capital firm Andreessen Horowitz or as it is now called, a16z. With a mission to bridge cultural leaders with promising technology companies, he established the a16z Cultural Leadership Fund, which aims to foster greater inclusion of young African Americans in the tech industry.

Christopher Lyons serves as the esteemed President of Web3 Media at a16z crypto. Prior to his role at a16z crypto, he played a pivotal part in co-founding the firm's Cultural Leadership Fund. (CLF) and played a crucial role in launching the inaugural Seed Fund.

Megan Holston-Alexander, an accomplished partner at Andreessen Horowitz, currently leads the Cultural Leadership Fund. She oversees CLF's mission to connect cultural leaders to new tech companies and elevate African Americans in the industry.

Candice Morgan, the Equity, Diversity & Inclusion Partner at Google Ventures, has dedicated her career to assisting companies in attracting talent and accessing global market segments of upcoming generations. As one of the first-ever equity, diversity, and inclusion partners in the venture capital industry, Morgan is committed to developing inclusive strategies for GV and its portfolio companies. Prior to her role at Google Ventures, she was the first head of diversity efforts at Pinterest. With experience as a management consultant at Catalyst, Morgan provided counsel to CEOs and leadership teams at renowned Fortune 500 companies like Boston Consulting Group, Deutsche Bank, The Coca-Cola Company, and Nestlé. Demonstrating her dedication to inclusion, she relocated to Switzerland to foster the growth of Catalyst Europe and provided guidance to businesses throughout the continent. Upon her return to North America, she established an annual Diversity and Inclusion conference in Canada. In addition to her impactful work, Morgan serves as a board director for Women Who Code and is a Steering Committee member of BLCK VC, continuously championing inclusivity in every aspect of the industry.

Dee Dee Sklar is the consummate advisory board member or director. She takes her responsibilities seriously and she is even more serious about her work with women-led funds where her valuable experience and insights are constructive in so many areas including structure, fundraising, investment process and governance. She is a seasoned banking executive with over 40 years of experience in the financial services industry. Her extensive network ranges across leading private equity and alternative investment management firms. As Vice Chair and Head of Subscription Finance at Wells Fargo & Company, she helped build the bank into the leading global provider of subscription financing. Her clients included top tier managers such as Apax, Apollo, AXA, Barings, BC Partners, Blackrock, Blackstone, Carlyle, Cerberus, Elliott, Exeter, Goldman Sachs, Insight, Neuberger Berman, Permira, PGIM, PIMCO, 17Capital, Starwood, TIAA, TPG, Varde, and Vista.

A longtime champion of diversity, Ms. Sklar is a founder and Global Co-Chair of Women in Fund Finance (WFF), a global network of over 2,000 women in private equity, banking, and law. Ms. Sklar was the first recipient of her namesake award for outstanding achievement in promoting the success of women in fund finance, The Dee Dee Sklar Women in Fund Finance Award.

Elliott Robinson uses his stature and voice in the venture community to openly discuss the issues related to the lack of diversity in the venture industry. He is a highly respected and admired partner at Bessemer Venture Partners, specializing in growth investments within the Cloud software sector. He is a notable figure in the industry, co-authoring Bessemer's influential 10 Laws of Cloud Computing and the annual State of the Cloud Report. Before joining Bessemer, Elliott served as a partner at M12, leading investments in well-known companies like Livongo, BlueVine, Trusona, and Cooler Screens. His successful venture capital career began at Syncom Venture Partners, focusing on enterprise software and frontier tech investments, including companies such as CLEAR and Iridium Communications. Later, as a partner at Georgian Partners, Elliott continued to invest in prominent growth stage software companies like TurnItIn, Kinnser, and eSentire. Presently, Elliott serves on the boards of various companies such as Coactive AI, Databook, Hinge Health, and Netlify, while also leading investments for Bessemer in companies like Forter, Statespace, and Canva. He actively contributes as a director for organizations committed to diversity including Venture Forward and BLCK VC, the thought-leading organization that works to empower, advance, and increase the number of Black venture investors.

Few understand DEI in the investment management and finance industries like Indhira Arrington, Partner and Chief Diversity, Equity, and Inclusion Officer at Ares. She brings an extensive network, historical context, business unit experience and credibility from being affiliated with some of the industry’s most successful DEI programs. She is a distinguished Consortium for Graduate Study in Management Fellow, a Toigo Fellow, and an INROADS alum. At Ares, she collaborates with the firm's DEI Council to drive strategies for attracting, developing, and advancing diverse talent within an inclusive environment. She also serves as an advisor to support DEI initiatives at portfolio companies across Ares' investment strategies.

Before joining Ares in 2021, Arrington served as a Senior Vice President and Head of Targeted Sourcing at Wells Fargo & Company, where she played a pivotal role in planning and executing diversity sourcing initiatives and programs. She also held senior positions at The Bank of America Corporation within the Global Diversity and Inclusion Organization.

By having a professional of Indhira’s experience and caliber driving the firm’s commitment to DEI, Ares is reinforcing its commitment to changing the industry and leading the industry by example.

Ken Kencel is the President and CEO of Churchill Asset Management, the investment-specialist affiliate of Nuveen (the asset manager of TIAA) that provides customized financing solutions to middle market private equity firms and their portfolio companies across the capital structure.

In Kencel’s opinion, diversity and inclusivity of people and thought are critical to Churchill’s success. According to Kencel, “I am a firm believer that we excel when fostering a culture of inclusivity and transparency in which all employees contribute their unique talents and skills. This is what enables us to provide creative ideas and solutions to our clients.” It would be hard to argue with this point--the firm launched with the backing and ownership of TIAA a little over a decade ago and today has in excess of $50 billion in assets under management.

With over $13 billion in limited partnership commitments, the Churchill team is one of the industry’s most active allocators to venture, growth and buyout funds with significant capacity for co-investments. Over the course of the last two years, the team has increased their focus and commitments to diverse managers, thereby building on the larger organizational commitment to diversity, equity and inclusion which has been a passion of the board and TIAA CEO Thasunda Brown Duckett. Churchill Asset Management is distinguished by its demonstrated ability to support general partners including women and diverse managers in a myriad of ways including senior lending, junior capital, limited partner commitments and co-investments.

Melinda French Gates is a renowned philanthropist, businesswoman, and global advocate for women and girls. In 2015, she established Pivotal Ventures, an initiative focused on accelerating social progress in the United States by expanding opportunity through high-impact investments, partnerships, and advocacy.

The organization’s website states, “We're changing the face of the investment industry.” Pivotal invests in women-led funds and series A to C companies that are aligned with its mission. Tiring of the unconscious bias that has resulted in underrepresentation and under funding of companies led by women, Pivotal is proving that investing in diversity can deliver meaningful financial returns while funding solutions that close important societal gaps. The organization understands its reputation carries weight in financial circles and by committing capital early it is an influential capital partner, often inspiring other pools of capital to get involved.

Named one of the '75 Most Influential People of the 21st Century' by Esquire magazine, Michael Milken has driven social change with a consistent focus on disrupting - and improving - the status quo. He is recognized as an innovator in access to capital as evidenced by his more than four decades of support of minority entrepreneurship.

He is chairman of the Milken Institute, a non-profit, non-partisan economic think tank that gather more than 4,000 thought leaders and decision makers from some 50 nations every year in Los Angeles. The Los Angeles Times wrote, "the conference is about expanding minds as well as wallets." Bloomberg TV called it "The conference to go to."

He is credited with revolutionizing the capital markets, expanding access to capital and thereby breaking up the “old boys’ network” that controlled financing. He helped finance Reginald Lewis’ takeover of TLC Beatrice thereby making Lewis the first Black to own and lead a billion-dollar enterprise. Importantly, it was his financing of Lewis that opened the door for other people of color to receive financing from a closed investment banking community.

Today, the Milken Institute’s Diversity, Equity, and Inclusion initiative is a leader in advocating for the utilization of diverse managers. It has developed three informative white papers -- Inclusive Capitalism: Diversity, Equity, and Inclusion in Asset Management, The Path to Inclusive Capitalism: An Asset Owner Guide for Investment Portfolios and Inclusive Capitalism: Seven Strategies for Specific Action in Asset Management.

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.

The bank has become one of the leading limited partners investing in funds managed by women general partners or general partners of diverse backgrounds. The bank has committed over $550 million in equity to more than 150 funds, which to date have invested in approximately 1,450 companies that span 40 states. These companies are led by nearly 2,760 entrepreneurs and employ over 28,500 people. BofA has provided an early institutional due diligence experience for many first-time funds thereby preparing them for the broader market and helping general partners build much needed credibility for future limited partners. In Blueprint Capital’s view, it is hard to imagine where the diverse manager community would be today without the support and capital of this financial institution.

More on BofA’s work in supporting diverse funds and entrepreneurs can be found at https://about.bankofamerica.com/en/making-an-impact/investing-in-minority-and-women-led-funds.

As the founding partners of Kapor Capital and the nonprofit Kapor Center in Oakland, Calif., Freada and Mitch Kapor target their investments in tech companies that close gaps for communities of color and low-income communities. This is an area they feel is overlooked by most venture capital firms. The result is that a significant number of diverse entrepreneurs that are developing innovative solutions to close these gaps are not receiving funding. In fact, they aren’t even getting a look from traditional VC firms. “We do better than 75% of venture capital firms out there, which are only focused on making money,” said Freada, referring to Kapor Capital. “Our model can be used to convince other VC firms that having a diversity lens, a gap-closing lens, can be an effective way to get a return on investment.”

Their investment criteria is less focused on traditional metrics and pedigree of the founder. Instead, they have developed the concept of “distance travelled.” In other words, they believe that “Where did a person start out in life, and what hurdles and barriers have they overcome? That tells us a lot about their persistence, their resilience. Those are important character traits to succeed as an entrepreneur.” If only the venture community, as a whole, adopted their investment thesis.

Michael Seibel is a managing director at Y Combinator, one of the most prestigious startup accelerators in the world, where he made history as their first Black partner in 2014. Since then, he has advised hundreds of startups, actively promoting diversity efforts among startup founders. Prior to his role at YC, Seibel co-founded two successful startups. Before entering the tech industry, Seibel served as the finance director for a US Senate campaign in Maryland. He further extends his expertise by serving on the boards of two prominent YC companies, Reddit and Dropbox.

Slauson & Co is one of the highest profiles of many recently formed VC firms that aim to fund underrepresented founders. The investment thesis for those backing such funds is that a diverse venture capitalist firm will fund more diverse founders, who in turn, as they succeed, will create jobs and wealth in diverse communities. Ron Conway, the Founder and Managing Partner of SV Angel, is widely recognized for his influential role in the technology ecosystem as an active angel investor since the mid-90s. Prior to establishing SV Angel, Conway held marketing positions at National Semiconductor Corporation and co-founded Altos Computer Systems. As President and CEO, he successfully led the company to a public listing on Nasdaq in 1982. He actively engages in initiatives addressing systemic racial and economic inequality and was a key backer of Slauson and Co. by contributing his valuable insights and experience, relationships or social capital and becoming an investor thereby aligning his words with his wallet. The support of traditional VCs like Conway are often critical to the successful launch and scaling of diverse venture capital firms and Conway’s efforts deserve recognition. We can only hope that more Ron Conways step up and mentor and support firms I ways that improve their odds of success

Samer Yousif is a Senior Associate at Insight Partners, where he brings invaluable expertise to the team. Samer Yousif has dedicated his career to the mission of bringing racial equality into the entrepreneurial, investor and venture ecosystems. Before joining Insight, Yousif served as the CEO of BLCK VC, a prestigious professional organization dedicated to supporting Black venture investors. As the organization's first hire, he played a crucial role in designing strategic initiatives, developing programs and internal operations, and spearheading the creation of the State Black Venture Report, aimed at fostering diversity and inclusion in the venture ecosystem. Prior to his time at BLCK VC, Yousif served as a Program Officer at VentureWell, driving impactful programs supported by the U.S. Department of State with a specific focus on building startup ecosystems in emerging markets. Through these initiatives, he skillfully trained and mobilized angel investors, provided valuable support to early-stage STEM innovators, and established vital partnerships with local entrepreneur support organizations.

Sydney Sykes is a Partner on the Consumer Team at Lightspeed Venture Partners, one of the world’s preeminent multi-stage venture firms. She has been one of the most vocal opponents of the status quo in the venture capital industry. Before joining Lightspeed, Sykes worked with Lightspeed for several years as a Scout, identifying and investing in promising companies that eventually became part of the Lightspeed portfolio, including Archive. Prior to her time with Lightspeed, she was an early-stage investor at NEA, where she developed a passion for consumer startups and gained experience in angel investing. Notably, Sykes co-founded BLCK VC, the influential non-profit organization dedicated to increasing Black representation in venture capital, empowering Black investors with the mindset that if we increase diversity in venture capital it will ultimately increase Black wealth in this country. As co-CEO, she successfully grew the nonprofit organization, expanding its network to over 20,000 individuals.

Upfront Ventures has a deep commitment to equality in funding & building diverse teams across all ethnicities, nationalities and genders. As the firm’s website states, “We do this not just because it’s the right thing to do but also we believe it will help drive large and differentiated returns.” In 2017 Upfront began inserting an “Inclusion Clause” into term sheets to align this value across all its investments. They hope other VCs will follow suit. The results speak for themselves. Upfront’s partnership is 40% BIPOC and 30% female. Upfront’s last three funds have demonstrated diversity within – 22% of the portfolio companies have a BIPOC founder and 21% have a female founder.

Yves Sisteron, an experienced venture investor with over 30 years in the industry, founded Upfront Ventures in 1996. His focus lies in supporting founders who aim for significant industry disruption and equally transformative social impact, regardless of the category in which they operate. Mark Suster is a highly accomplished founder and investor. He currently serves as a Partner at Upfront. Kobie Fuller is a Partner at Upfront who has been dedicated to improving diversity in the VC community for 20 years. He is dedicated to the generative AI space which he has been creatively using to amplify the achievements of Black inventors. He is regarded as a leader and role model and widely respected for his willingness to speak truth to power in the venture community.

Verdun S. Perry has the respect of the entire alternative investment community. His success at arguably the most competitive and successful alternatives firm globally, Blackstone, is a testament to what is possible for people of color at predominantly white institutional investment firms. While building a business and growing his influence inside the $1 trillion asset manager, he has never wavered in his commitment to being an example and opening doors for less represented groups. He called out his industry stating, “The private equity industry needs to step up when it comes to diversifying its ranks and increase the number of places where it seeks out talent.”

Perry holds the esteemed position of Global Head at Blackstone Strategic Partners, a leading secondary fund manager in the global market. Perry gained valuable experience at Donaldson, Lufkin & Jenrette and Bozell, Jacobs, Kenyon and Eckhardt, Inc. He further honed his skills in the Investment Banking Division at Morgan Stanley. He currently serves as Vice-Chairman of Sponsors for Educational Opportunity (SEO), a dedicated organization working towards narrowing the opportunity gap for minority high school and college students while fostering diversity in the financial services sector. Additionally, Perry holds various board positions, including at Morehouse College where he contributes as a member of the Financial Sustainability Committee, the Partnership for Education Advancement, the New York Police & Fire Widows' & Children's Benefit Fund, and notably serves as the Chairman of the Blackstone Charitable Foundation.

As one of the world’s largest privately held asset managers, Wellington Management takes the long view and invests when others pull back. It's $8.5 billion Private Investing platform prioritizes performance while also considering the positive effects the platform can have on the growth of the next generation of private companies. Michael Carmen and Shanna O’Reilly recognize great talent is everywhere, but access to opportunities is not, and set out to create the Wellington Access Ventures (WAV) team to help change this. WAV seeks to drive long-term growth by investing in founders from diverse backgrounds and providing access to venture capital partnerships that can be critical to creating successful businesses and in turn generate value for investors. From venture capital to private credit, Wellington’s Private Investing platform invests across multiple sectors and stages. It leverages deep private and broader public market expertise, extensive network, and robust research across its global footprint to support the next generation of industry-defining entrepreneurs and changemakers.

This innovative initiative is an important financial and reputational commitments a majority-owned firm has made to promoting and changing the face of the investment management industry. It should be applauded, replicated, and supported. Few people of color have the capital to build a complete firm from day-one inclusive of quality investment professionals, operations, legal and compliance and distribution. The “Wellington Model” should be viewed by the eyes of the industry and investors as a prudent alternative and business model that provides fiduciaries with a sound solution to the venture industry’s challenges. We repeat. It should be applauded, replicated, and supported.

Advisors

Few firms have been as remarkably consistent in their market presence, value proposition and people as Cambridge Associates. The firm was founded in 1973 and dominates the endowment and foundation market segments serving close to 600 such institutions. Endowments and foundations have long been considered innovative and thought leading. Serving this clientele with minimal attrition over 50 years has bestowed the firm with an “Ivy” image of its own.

Since the firm’s founding, Cambridge has recognized that to advise the industry’s most sophisticated, competitive, and performance-oriented clients they must uncover investment opportunities before they become mainstream and overcapitalized. This recognition led them to source and underwrite new and emerging managers long before it was in vogue.

So, when Jasmine Richards joined Cambridge Associates in 2018 as Head of Diverse Manager Research, she joined a firm that had since inception embraced diversification and differentiated sources of alpha or outperformance.

Her efforts have been supported by the fact that the firm does not take a “house view” or believe that “one size fits all” as they execute on client mandates. Their custom approach allows for individual managers to represent a fit for some client portfolios, which increases the opportunity for diverse managers that may not be ready to scale and accept assets from the broader Cambridge Associates client base.

Cambridge Associates is one of a very small number of advisory firms that have placed such an emphasis on cultivating relationships with diverse managers that they have hired a dedicated investment professional to lead their diverse manager initiatives.

At Cambridge Associates, Jasmine has the support of the organization from the top down. Her passion for her profession is shared by others within Cambridge Associates like Keon Holmes, Chavon Sutton, Omar Sanchez and Marcus Alexis, seasoned client-facing professionals with strong networks in the diverse manager community. Together, they represent a deep set of intellectual resources and as wide a funnel as you will find at any generalist advisory firm. And ultimately this is what DEI is really about.

Crewcial Partners has been serving endowments, foundations, and other non-profits for over 40 years, giving the firm a deep well of institutional knowledge to draw upon for its clients. After years of gradually scaling its efforts to advance diversity across its industry and examining its own values and culture, in July 2016 the firm amplified this commitment with the addition of Angela Outlaw Matheny, who was tasked with expanding the firm’s knowledge base and network around diverse entrepreneurs through on-the-ground engagement.

Angela works tirelessly to advance diversity, equity, and inclusion industry-wide, coordinating with Crewcial’s CIO, Mike Miller, and the broader investment team to source and attract top-quality diverse and women-led asset managers, both established and emerging. This work has led to a robust and growing pipeline of this largely under-followed segment of the asset-management community. Angela believes a combination of public, private, and philanthropic capital optimally drives meaningful impact when coordinated towards a shared systemic goal. She is a popular speaker at industry conferences, offering constructive and honest advice to general partners to help them better scale operations to attract institutional capital.

Crewcial Investment Consultant Nikki Tanner promotes Crewcial’s efforts of inclusion as a direct point of contact for clients, working to build portfolios reflective of the diverse talent available across the industry. Alongside the broader investment team, she also conducts deep diligence to help uncover inclusive opportunities and harness the power of variant perception among both emerging and established managers.

Lenox Park Solutions has a unique place in the investment management community. The firm, founded by Jason Lamin, seeks to empower its clients with data that can help them make more informed decisions and root our subconscious biases from their decision making. They have developed technological tools and applications that help investors circumvent systemic bias – often the real challenge behind the numbers that continue to demonstrate that diverse manager are underrepresented in institutional portfolios. The Lenox Park platform now has 2,500 users, 1500+ Asset Managers and over $4 trillion of investor capital.

Jason started the company as a Consulting and Advisory company and has overseen its transition into a leading Financial Technology firm that provides collaborative software, data aggregation tools and analytics geared toward fair and democratized access to opportunities. The firm’s clients include some of the largest institutions in the world, with cumulative Assets Under Management of over $4 trillion. In the asset management industry, Jason has been a champion for greater inclusion and intentionality in creating visibility for women, people of color and other underrepresented groups.

Over the last three decades, NEPC has become a dominant player in the public pension space where boards, trustees, staff and beneficiaries care and can get quite emotional about diversity, equity and inclusion. Consequently, the firm brings decades of experience successfully working with boards and investment staff on the subject of emerging and diverse managers.

NEPC no doubt often feels that our hyper results-oriented industry doesn’t give the firm credit for its results in supporting diversity. The truth is that few firms have placed as much money with as many diverse firms as NEPC.

The firm lives in a perpetual “fish bowl” given the public and transparent nature of its clients. This fact necessitates the need for process, for documentation, and ultimately for accountability for decision making. While managers may view their process as painstaking, it provides all managers with an opportunity to experience real institutional decision-making and become prepared for an industry that appreciates a command of the details both investment and operational.

With more than 400 clients and $1.5T of assets under advisement, they are a “go-to” consultant in a firm’s early development, but more importantly once a manager is prepared to scale. NEPC has large clients and individual manager allocations may sometimes be more appropriate for mid-size and larger diverse managers. However, the firm is prepared to be out front and the first capital allocation in select situations where there is a fit for clients.

Samuel M. Austin, III joined NEPC in 2017 and given his three decades of experience, tireless work ethic and strategic approach to the business, NEPC will grow its market share and support for the diverse manager community. “Sam is an extraordinary leader and a true asset to NEPC,” said Michael Manning, Managing Partner of NEPC. “In addition to shaping the future of the firm by helping to build our business and strengthen our management, Sam is creating positive change in the broader financial industry as an influential advocate for diverse investment managers.”

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