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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.
"Our small, locally owned businesses are the backbone of our communities.... These assistance programs will help ensure our small business continue to thrive and keep our communities...more
A hospital in San Diego is using artificial intelligence to help doctors more quickly identify patients at risk of sepsis, the San Diego Union-Tribune reports. Dr. Christopher Longhurst,...more
The Old Medical School in Leeds, England, was once one of the country's first provincial medical schools. Now, it's being turned into a "hub for health-tech innovation," per a press release from...more
The Great Lakes region is home to one-fifth of the world's fresh water, but that could soon change. The National Science Foundation has announced a $160 million, 10-year investment in a coalition...more
Foundation: MacArthur Foundation
This year's MacArthur Foundation 100&Change grant competition has a new requirement: applicants must include diversity, equity, and inclusion in their proposals, the Chicago Tribune...more
Foundation: MacArthur Foundation
This year's MacArthur Foundation 100&Change grant competition has a new requirement: applicants must include diversity, equity, and inclusion in their proposals, the Chicago Tribune...more
"Experiential learning is the best way to get at the nuance and complexity of fields like philanthropy or business," Brian Goebel, managing director of Emory University's Business & Society...more
When Balazs Bognar moved to Tokyo from Urbana, Ill., at age 17, he had no idea he'd end up living there for the rest of his life. "He would take me and my mom and my brothers to cities around the...more
Alber Elbaz's fashion brand, AZ Factory, is shutting down, but not in a bad way. Instead, it's launching a new educational program called AZ Academy: Business for Designers, reports Women's Wear...more
Foundation: Central Valley Community Foundation
California's Central Valley is home to 25% of the US' fruits and nuts, and the state's agriculture-heavy San Joaquin Valley alone accounts for 19% of revenue and 14% of gross domestic product, per a...more
Social Entrepreneurship
Spotlight
Global Companies Appeal for Needed Market Changes in Renewable Energy
Global companies like General Motors, Wal-Mart, Bloomberg, Facebook, Hewlett-Packard, Intel, Johnson & Johnson, Mars, Novelis, Sprint, Proctor and Gamble and REI are calling out for necessary market changes to make it easier to buy and access more renewable energy.
