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 upholds our fiduciary duty to preserve our endowment in perpetuity. Research shows that 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.

We set a target to invest 25 percent of our endowment with firms in which women and/or people of color hold majority equity ownership. 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.

GREL Investments

as of March 2023

GREL Investment Total: $651,991,456

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.

*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.