Photo courtesy of Elevar Equity.
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
|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|
|$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.