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.

Read our full Commitment to Manager Diversity.

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.