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Photo courtesy of Elevar Equity.
Samunnati, a portfolio company of Elevar Equity, provides financial and social capital to small farmers in India.
Gender and Racial Equity Lens (GREL) Investments
In 2020, the RBF set out to increase the gender, racial, and ethnic diversity of the managers in our investment portfolio. Advancing diversity in our asset management advances our fiduciary duty to preserve our endowment in perpetuity. Investment return performance, in general, is statistically indistinguishable between funds owned by women and people of color and funds owned by white men, but research suggests that investors underestimate the value of funds managed by people of color and women.
The RBF seeks to increase its investments with firms in which women and/or people of color hold ownership to 25 percent of equity ownership across its portfolio. In addition, the RBF will seek firms that reflect several criteria:
- Leadership: Women and/or people of color hold leadership roles, defined as those who establish policies, set strategy, and provide overall direction, at the firm
- Pipeline: Women and/or people of color are represented in the staff of the firm, contributing to its diversity. Special emphasis is placed on firms that make intentional efforts to transition women and/or people of color to more senior roles.
- Portfolio Companies: Venture Capital and Private Equity funds commit to a minimum of 30 percent portfolio companies led by women and/or people of color.
In all of our efforts to align our endowment investments with our mission, we continue to adhere to the longstanding mandate of our board of trustees that our assets be invested with the goal of achieving financial returns that will enable the foundation to meet its annual philanthropic obligations while maintaining the purchasing power of the endowment so that future generations will also benefit from the foundation’s charitable giving. Therefore, mission-aligned investment efforts, including diversity of asset management, will be accomplished through a financially prudent process. RBF will seek the best investment firms to manage its endowment. No investment manager will be unlawfully afforded or denied an opportunity on the basis of a protected characteristic.
We hope this work will interest other asset owners and investment managers and encourage others to strive toward more inclusive investment practices. We also expect to learn from the experience of others.
GREL Investments
as of August 2024
| Manager | Initial Commitment Date | Amount Committed* | Asset Class | GREL Metric** |
|---|---|---|---|---|
| 137 Ventures | December 2020 | $12,000,000 | Private Capital | 3–Pipeline |
| Aikya | August 2023 | $10,340,700 | Global Equities | 1–Ownership, 2–Leadership, 3–Pipeline |
| Ambienta | November 2018 | $14,000,000 | Private Capital | 2–Leadership, 3–Pipeline |
| Aqua Capital | May 2022 | $15,000,000 | Real Assets | 1–Ownership, 2–Leadership, 3–Pipeline, 4–Portfolio Companies |
| ArrowMark | May 2015, April 2014 | $30,836,959 | Private Capital, Global Equities | 2–Leadership, 3–Pipeline |
| Blue Bear Capital | April and September 2021 | $20,500,000 | Real Assets | 2–Leadership, 3–Pipeline |
| Brandywine Global Investment Management | April 2014 | $15,977,171 | Fixed Income | 3–Pipeline |
| CenterOak | March 2016, November 2019 | $30,000,000 | Private Capital | 2–Leadership, 3–Pipeline, 4–Portfolio Companies |
| Centre Lane Partners | September 2019 | $12,000,000 | Private Capital | 1–Ownership, 2–Leadership, 3–Pipeline |
| Cerberus Capital Management | August 2020 | $11,239,888 | Absolute Return | 2–Leadership, 3–Pipeline |
| Clarkston Capital Partners | March 2023 | $14,277,483 | Global Equities | 3–Pipeline |
| ClearVue | September 2016 | $10,000,000 | Private Capital | 1–Ownership, 2–Leadership, 3–Pipeline, 4–Portfolio Companies |
| DeepCurrents | May 2020 | $27,759,034 | Absolute Return | 1–Ownership, 2–Leadership, 3–Pipeline |
| Elephant Asset Management | September 2022 | $11,817,476 | Global Equities | 1–Ownership, 2–Leadership, 3–Pipeline |
| Elevar Equity | July 2015 | $12,500,000 | Private Capital | 1–Ownership, 2–Leadership, 3–Pipeline, 4–Portfolio Companies |
| Europa Capital Partners | July 2014 | $15,000,000 | Real Assets | 3–Pipeline |
| Generation Investment Management | March 2014 | $85,087,273 | Global Equities, Private Capital | 3–Pipeline |
| GHO Capital | June 2021 | $12,000,000 | Private Capital | 3–Pipeline |
| Grain Management | December 2020 | $13,000,000 | Real Assets | 1–Ownership, 2–Leadership, 3–Pipeline, 4–Portfolio Companies |
| Harrison Street | March 2014 | $15,000,000 | Real Assets | 2–Leadership, 3–Pipeline |
| Hazelview Investments (fka Timbercreek) | October 2018 | $14,692,040 | Real Assets | 2–Leadership, 3–Pipeline |
| HG Vora Capital Management | March and April 2022 | $32,381,726 | Absolute Return | 1–Ownership, 2–Leadership, 3–Pipeline |
| Independent Franchise Partners | December 2022 | $16,314,844 | Global Equities | 3–Pipeline |
| LSV Asset Management | April 2022 | $26,778,426 | Global Equities | 2–Leadership, 3–Pipeline |
| New Century | October 2020 | $20,000,000 | Real Assets | 1–Ownership, 2–Leadership, 3–Pipeline |
| New Energy Capital | February 2019 | $20,000,000 | Real Assets | 3–Pipeline |
| OceanSound Partners | May 2021 | $10,000,000 | Private Capital | 1–Ownership, 2–Leadership, 3–Pipeline |
| Palatine Capital Partners | March 2023 | $15,000,000 | Real Assets | 3–Pipeline |
| PeakSpan Capital | November 2021 | $11,000,000 | Private Capital | 3–Pipeline |
| Rally Ventures Partners | October 2018 | $12,215,517 | Private Capital | 2–Leadership, 3–Pipeline |
| Reams Asset Management | December 2018 | $20,188,167 | Fixed Income | 3–Pipeline |
| Redwood Grove | April 2020 | $14,878,317 | Global Equities | 3–Pipeline |
| ReThink Impact | April 2020 | $12,000,000 | Private Capital | 3–Pipeline, 4–Portfolio Companies |
| RhumbLine (Passive) | December 2018 | $21,502,180 | Global Equities | 1–Ownership, 2–Leadership, 3–Pipeline |
| Rockefeller and Co Inc. | January 2016 | $8,824,381 | Global Equities | 3–Pipeline |
| RRG | November 2019 | $12,500,000 | Real Assets | 2–Leadership, 3–Pipeline |
| Sanders Capital, LLC | April 2014 | $82,631,639 | Global Equities | 3–Pipeline |
| Sculptor Capital | May 2020 | $18,000,000 | Absolute Return | 3–Pipeline |
| Select Equity Group | July 2020 | $23,498,434 | Global Equities | 2–Leadership, 3–Pipeline |
| Stellex Capital Management | July 2020 | $10,000,000 | Private Capital | 1–Ownership, 2–Leadership, 3–Pipeline |
| Stirling Square Capital Partners | July 2018 | $12,000,000 | Private Capital | 3–Pipeline |
| Tensile Capital Management | May 2016 | $28,190,795 | Global Equities | 1–Ownership, 2–Leadership, 3–Pipeline |
| Vision Ridge Partners | May 2015, February 2018, April 2021 | $48,500,000 | Real Assets | 3–Pipeline |
GREL Investment Total: $892,432,451
The above is provided for information purposes only and is not an offer to sell, or a solicitation of an offer to purchase, any shares in any underlying pooled vehicles or managers named therein.
*Amount committed refers to private capital and private real asset investments. For all other asset classes, value shown denotes market value.
**GREL metrics were created and defined by the RBF; fund managers do not necessarily market their services in these categories. Certain managers declined to be publicly disclosed and are excluded from the list. Managers with whom RBF is in the process of redeeming from were also excluded from this list.