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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: Marguerite Casey Foundation, Marguerite Casey Foundation, Kresge Foundation
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Foundation: Indianapolis Foundation
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Foundation: Gates Foundation
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Deforestation in south-east Asia could slash the region's GDP by 35%, according to a new report from Reuters. And that's not all. The report also finds that $100 billion pledged to fight...more
"At a time of multiple crises and scarce resources for development, this is a unique value proposition for governments everywhere." So says the head of the African Development Bank in praising...more
The People's Bank of China says it will start allowing people in China to use the country's new digital currency, the Digital Yuan, to buy goods and services starting next month, the BBC...more
When it comes to corporate social responsibility, India's government and public sector companies are at the top of the list. But when it comes to companies of all sizes, they're at the bottom,...more
The world's biggest state investors are getting into the business of making positive social and environmental impact investments. Singapore's Temasek Holdings, one of the world's largest state...more
Social Entrepreneurship
Spotlight
Celebrity Chef Jamie Oliver Backs Social Saturday
UK will be celebrating its first national celebration of social enterprises dubbed as Social Saturday. World famous celebrity chef Jamie Oliver, who founded the Fifteen restaurant chain.
