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 underrepresented people of color hold majority ownership. In addition, the RBF will seek firms that reflect several criteria:

  • Leadership: Women and/or people of color are voting members of the Investment Committee or Portfolio Managers.
  • Pipeline: Firm makes 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 Investment as of November 2022

Manager Initial Commitment Date Amount Committed Asset Class GREL Metric*
Aqua Capital May 2022 $15,000,000 Real Assets 1–Ownership
Ambienta November 2018 $14,000,000 Private Capital 2–Leadership, 4–Portfolio Companies
ARCH Ventures November 2017,
December 2018, January 2021
$32,000,000 Private Capital  2–Leadership 
ArrowMark Global Opportunity Fund May 2015 $99,654 Private Capital 2–Leadership, 3–Pipeline
ArrowMark Income Opportunity Fund April 2014  $20,384,994 Global Fixed Income  2–Leadership, 3–Pipeline
Beach Point Capital Management LP February 2016 $5,434,073 Global Fixed Income 2–Leadership, 3–Pipeline
Blue Bear Capital April and September 2021 $20,500,000 Real Assets 2–Leadership 
CenterOak  March 2016,
November 2019 
$20,299,993 Private Capital  4–Portfolio Companies
ClearVue September 2016  $11,065,746 Private Capital  1–Ownership, 2–Leadership, 3–Pipeline 
Colchester  March 2018  $9,471,220 Global Fixed Income  2–Leadership, 3–Pipeline 
DeepCurrents  May 2020  $24,948,431 Absolute Return  1–Ownership, 2–Leadership, 3–Pipeline 
Elephant Asset Management Emerging Markets Fund September 2022 $14,489,013 Global Equities 1–Ownership, 2–Leadership
Elevar Equity July 2015 $36,931,825 Private Capital  1–Ownership, 2–Leadership, 3–Pipeline, 4–Portfolio Companies
Europa Capital Partners  July 2014  $2,125,193 Real Assets  3–Pipeline 
Hazelview Investments (fka Timbercreek)  October 2018  $12,817,439 Real Assets  2–Leadership 
Hudson Bay  November 2017  $44,739,925 Absolute Return  2–Leadership 
Ishana Capital May 2018  $904,515 Absolute Return  1–Ownership, 2–Leadership 
KKR  May 2020  $12,000,000  Private Capital  2–Leadership 
LSV April 2022 $43,003,791 Global Equities 2–Leadership
New Century  October 2020  $20,000,000  Real Assets  1–Ownership, 2–Leadership 
OSP  October 2017  $3,857,241 Private Capital  2–Leadership 
Patria (P2 Brasil)  February 2015  $17,532,506 Real Assets  1–Ownership, 2–Leadership 
Pax World January 2016 $5,604,601 Global Equities 2–Leadership 
Rally Ventures  October 2018  $9,711,158 Private Capital  3–Pipeline, 4–Portfolio Companies 
Redwood Grove  April 2020  $16,813,804 Global Equities  2–Leadership 
ReThink Impact Fund II  April 2020  $12,000,000  Private Capital  1–Ownership, 2–Leadership, 4–Portfolio Companies 
RhumbLine (Passive)  December 2018  $23,061,271 Global Equities  1–Ownership 
Rockefeller and Co Inc.  January 2016 $7,926,507 Global Equities 2–Leadership, 3–Pipeline 
RRG  November 2019  $12,500,000  Real Assets  2–Leadership, 3–Pipeline 
Sanders Capital, LLC  April 2014  $82,362,584 Global Equities  3–Pipeline 
Sculptor Real Estate May 2020  $18,000,000  Absolute Return  2–Leadership 
Select Equity Group July 2020  $18,765,260 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  $32,264,810 Global Equities  1–Ownership, 2–Leadership, 3–Pipeline 
Two Creeks  October 2020  $22,258,916 Absolute Return  3–Pipeline 

GREL Investment Total: $652,874,470

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.