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 July 2023

Manager Initial Commitment Date Amount Committed* Asset Class GREL Metric**
137 Ventures December 2020 $12,000,000 Private Capital 3–Pipeline
Accel May 2022 $6,000,000 Private Capital 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
ARCH Ventures November 2017,
December 2018, January 2021
$32,000,000 Private Capital  3–Pipeline
ArrowMark  May 2015, April 2014 $29,253,032 Private Capital, Global Equities 3–Pipeline
Beach Point Capital Management LP February 2016 $5,820,947 Global Fixed Income 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 $15,944,159 Fixed Income 3–Pipeline
CenterOak  March 2016,
November 2019 
$30,000,000 Private Capital  2–Leadership, 3–Pipeline, 4–Portfolio Companies
ClearVue September 2016  $10,000,000 Private Capital  1–Ownership, 2–Leadership, 3–Pipeline, 4–Portfolio Companies
Colchester  March 2018  $14,774,802 Global Fixed Income  3–Pipeline 
DeepCurrents  May 2020  $26,977,912 Absolute Return  3–Pipeline 
Echo Street Capital  January 2021 $34,632,222 Global Equities 2–Leadership, 3–Pipeline
Elephant Asset Management  September 2022 $12,706,081 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
Grain Management December 2020 $13,000,000 Real Assets 1–Ownership, 2–Leadership, 4–Portfolio Companies
Harrison Street March 2014 $15,000,000 Real Assets 2–Leadership, 3–Pipeline
Hazelview Investments (fka Timbercreek)  October 2018  $12,890,135 Real Assets  2–Leadership, 3–Pipeline
HG Vora Capital Management March and April 2022 $26,296,788 Absolute Return  1–Ownership, 2–Leadership, 3–Pipeline
KKR  May 2020  $12,000,000  Private Capital  3–Pipeline
LSV Asset Managment April 2022 $44,401,733 Global Equities 2–Leadership, 3–Pipeline
Mainstream/Lekela July 2016 $12,500,000 Real Assets 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
Patria (P2 Brasil)  February 2015  $15,000,000 Real Assets  3–Pipeline
PeakSpan Capital November 2021 $11,000,000 Private Capital 2–Leadership, 3–Pipeline
Prime Finance August 2016 $8,173,328 Real Assets 3–Pipeline
Rally Ventures Partners October 2018  $12,215,517 Private Capital  2–Leadership, 3–Pipeline
Reams Asset Management December 2018 $23,968,497 Fixed Income 3–Pipeline
Redwood Grove  April 2020  $21,641,928 Global Equities  3–Pipeline
ReThink Impact April 2020  $12,000,000  Private Capital  3–Pipeline, 4–Portfolio Companies 
RhumbLine (Passive)  December 2018  $26,262,194 Global Equities  2–Leadership, 3–Pipeline
Rockefeller and Co Inc.  January 2016 $6,501,484 Global Equities 2–Leadership, 3–Pipeline 
RRG  November 2019  $12,500,000  Real Assets  3–Pipeline 
Sanders Capital, LLC  April 2014  $92,354,883 Global Equities  2–Leadership, 3–Pipeline 
Sculptor Real Estate May 2020  $18,000,000  Absolute Return  2–Leadership, 3–Pipeline 
Select Equity Group July 2020  $20,906,405 Global Equities  2–Leadership, 3–Pipeline 
Stellex Capital Management July 2020  $10,000,000  Private Capital  1–Ownership, 2–Leadership, 3–Pipeline 
Tensile Capital Management  May 2016  $35,000,581 Global Equities  1–Ownership, 2–Leadership, 3–Pipeline 
Two Creeks  October 2020  $21,403,307 Absolute Return  3–Pipeline 
Vision Ridge Partners May 2015, February 2018, April 2021 $48,500,000 Real Assets 3–Pipeline 

GREL Investment Total: $887,165,935

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.