Impact Investor Illumen Capital Closes $168M Vehicle

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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 investment in venture, growth, and PE funds focused on racial and gender equity.

The fund, led by the Ford and WK Kellogg foundations along with more than 100 other investors, passed its initial target by around $50 million and nearly doubled the fundraising of its $88 million predecessor, reports the Detroit Free Press.

Illumen Capital, which was founded in 2014, works with fund managers to implement strategies to reduce racial and gender bias in hiring, investments, and company operations.

Its first fund focused on education, health and wellness, climate and sustainability, and financial inclusion.

"Each of these areas represent massive markets that are undergoing increasing disruption and volatility," Dodson says.

"We know from our research that this increase in volatility and disruption leads to many retreating to their biases."

A joint study conducted by Illumen Capital and Stanford's behavioral science think tank found that asset allocators, who make investment decisions, tend to favor white-led, less-diverse teams and Black-led, diverse management teams when evaluating

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