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"The basics of financial analysis often get interrupted when race or gender is present," says Daryn Dodson, CEO of Illumen Capital.
That's why the Detroit-based fund-of-funds is closing its second fund, a $168 million investment in venture, growth, and PE funds focused on racial and gender equity.
The fund, led by the Ford and WK Kellogg foundations along with more than 100 other investors, passed its initial target by around $50 million and nearly doubled the fundraising of its $88 million predecessor, reports the Detroit Free Press.
Illumen Capital, which was founded in 2014, works with fund managers to implement strategies to reduce racial and gender bias in hiring, investments, and company operations.
Its first fund focused on education, health and wellness, climate and sustainability, and financial inclusion.
"Each of these areas represent massive markets that are undergoing increasing disruption and volatility," Dodson says.
"We know from our research that this increase in volatility and disruption leads to many retreating to their biases."
A joint study conducted by Illumen Capital and Stanford's behavioral science think tank found that asset allocators, who make investment decisions, tend to favor white-led, less-diverse teams and Black-led, diverse management teams when evaluating
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
Foundation: Gates Foundation
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The Italian government has put the kibosh on a plan to build ground-mounted photovoltaic systems on agricultural land, Bloomberg reports. According to a draft of a new agriculture law, "the areas...more
Foundation: Kellogg Foundation
For more than 30 years,Henrie Treadwell has been fighting for racial equity at the University of South Carolina, where she became the school's first black graduate since Reconstruction, the...more
When it comes to environmental, social, and governance (ESG) issues, many investors are looking to invest in companies that have a positive social or environmental impact. But when it comes to...more
"To differentiate and compete, you really have to pay attention to technology," says Chat Reynders, CEO of Reynders, McVeigh Capital Management. "It was becoming clear to me that our tech wasn't...more
"Take a jigsaw puzzle of our planet, an amazing planet, and you'll have amazing pieces to fit there. Rivers, oceans, land, people, 8 million species, and they all exist in perfect harmony," says...more
Social Entrepreneurship
Spotlight
Influencing Social Good Through Retail
When Hannah Davis traveled to China to teach English, she noticed how Chinese workers and farmers were often sporting olive green army-style shoes. Those shoes served as her inspiration to create her own social enterprise, Bangs Shoes.
