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.
Twenty-five percent equity ownership across the RBF portfolio is currently invested with firms in which women and/or people of color hold ownership, and we anticipate that percentage will increase over time. 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 holding 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 March 2026
| Manager | Initial Commitment Date | Amount Committed* | Asset Class | GREL Metric** |
|---|---|---|---|---|
| 137 Ventures Fund V | December 2020 | $12,000,000 | Private Capital | 2–Leadership, 3–Pipeline |
| Aiga Climate Fund I, LP | December 2023 | $15,000,000 | Real Assets | 1–Ownership, 2–Leadership, 3–Pipeline |
| Aikya Emerging Markets LP | August 2023 | $10,464,359 | Global Equities | 1–Ownership, 2–Leadership, 3–Pipeline |
| Aqua Capital Fund III LP | May 2022 | $15,000,000 | Real Assets | 1–Ownership, 2–Leadership, 3–Pipeline, 4–Portfolio Companies |
| ArrowMark Income Opportunity Fund | April 2014 | $6,525,712 | Global Equities | 2–Leadership, 3–Pipeline |
| Blue Bear Capital Partners | April and September 2021 | $20,500,000 | Real Assets | 2–Leadership, 3–Pipeline |
| Brandywine Global Investment Management | April 2014 | $19,312,289 | Fixed Income | 3–Pipeline |
| CenterOak Equity Fund | 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 |
| ClearVue Partners | September 2016 | $10,000,000 | Private Capital | 1–Ownership, 2–Leadership, 3–Pipeline, 4–Portfolio Companies |
| DeepCurrents | May 2020 | $27,019,259 | Absolute Return | 1–Ownership, 2–Leadership, 3–Pipeline |
| Elevar Equity III | July 2015 | $12,500,000 | Private Capital | 1–Ownership, 2–Leadership, 3–Pipeline, 4–Portfolio Companies |
| Europa Fund IV | July 2014 | $15,000,000 | Real Assets | 3–Pipeline |
| Fernbridge Capital Onshore Fund | August 2024 | $24,480,711 | Global Equities | 1–Ownership, 2–Leadership, 3–Pipeline |
| Generation Investment Management | March 2014 | $44,496,481 | Global Equities, Private Capital | 1–Ownership, 2–Leadership, 3–Pipeline |
| GHO Capital Fund III | June 2021 | $12,000,000 | Private Capital | 2–Leadership, 3–Pipeline |
| Grain Communications Opportunity Fund III | 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 | $15,051,879 | Real Assets | 2–Leadership, 3–Pipeline |
| HG Vora Capital Management | March and April 2022 | $31,624,650 | Absolute Return | 1–Ownership, 2–Leadership, 3–Pipeline |
| Independent Franchise Partners | December 2022 | $13,957,504 | Global Equities | 3–Pipeline |
| KKR Dislocation Opportunities Feeder LP | May 2020 | $12,000,000 | Private Capital | 3–Pipeline |
| Loop Capital | October 2024 | $17,063,443 | Fixed Income | 1–Ownership, 2–Leadership, 3–Pipeline |
| LSV Global Value Equity | April 2022 | $7,665,779 | Global Equities | 1–Ownership, 2–Leadership, 3–Pipeline |
| New Century Advisors | October 2020 | $20,000,000 | Real Assets | 1–Ownership, 2–Leadership, 3–Pipeline |
| New Energy Capital Infrastructure Credit Fund | February 2019 | $20,000,000 | Real Assets | 3–Pipeline |
| Nexus Special Situations IV | December 2023 | $10,000,000 | Private Capital | 3–Pipeline |
| OceanSound Fund I | 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 Growth Partners III LP | November 2021 | $11,000,000 | Private Capital | 3–Pipeline |
| Rally Ventures Fund III | October 2018 | $12,215,517 | Private Capital | 2–Leadership, 3–Pipeline |
| Redwood Grove Capital Fund LP | April 2020 | $9,401,427 | Global Equities | 3–Pipeline |
| RhumbLine | December 2018 | $21,516,564 | Global Equities | 1–Ownership, 2–Leadership, 3–Pipeline |
| Rockefeller and Co Inc. | January 2016 | $9,546,065 | Global Equities | 3–Pipeline |
| RRG Sustainable Water Impact Fund LP | November 2019 | $12,500,000 | Real Assets | 2–Leadership, 3–Pipeline |
| Sanders Capital, LLC | April 2014 | $80,905,608 | Global Equities | 3–Pipeline |
| Sculptor Credit Opportunities Overseas Fund | May 2020 | $18,000,000 | Absolute Return | 2–Leadership, 3–Pipeline |
| Stellex Capital Fund I | 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 Partners | May 2016 | $13,247,019 | Global Equities | 1–Ownership, 2–Leadership, 3–Pipeline |
| Two Creeks Capital Offshore Fund | October 2020 | $13,556,818 | Real Assets | 2–Leadership, 3–Pipeline |
| Vision Ridge Partners | May 2015, February 2018, April 2021 | $48,500,000 | Real Assets | 3–Pipeline |
GREL Investment Total: $759,051,083
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.