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"The basics of financial analysis often get interrupted when race or gender is present," says Daryn Dodson, CEO of Illumen Capital.
That's why the Detroit-based fund-of-funds is closing its second fund, a $168 million round that was led by the Ford and WK Kellogg foundations along with more than 100 other investors.
The fund will invest in venture, growth, and PE funds across education, health and wellness, climate and sustainability, and financial inclusion, reports the Detroit Free Press.
Illumen Capital, which focuses on racial and gender equity in investing, conducted research last year that found asset allocators, or investors, tend to favor white-led, less-diverse teams and management teams led by black people over those led by white people.
"We know from our research that this increase in volatility and disruption leads to many retreating to their biases," Dodson says.
Illumen Capital also helps fund managers implement strategies to reduce racial and gender bias in hiring, investments, and company operations, in partnership with Stanford SPARQ, a behavioral science think tank at Stanford University.
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