Editor's Note
It has now been over a year since CalPERS allocated $1 billion to TPG and GCM Grosvenor to seed diverse managers. While both firms have announced their first commitments out of their respective funds, what they have not announced is any other institution investing in their funds.
If the last 10 years were the “lost decade” for traditional market emerging managers, it is imperative that the next 10 years see steps taken to support and nurture emerging and diverse firms.
With Thanksgiving in the rearview mirror and the holiday season in full swing, I wanted to use this space to reflect on some positives from 2023. To give thanks.
The pie is getting stale. Everyone knows the pie. The big one where only a small sliver is fought over by emerging and diverse managers.
I believe the absurd lawsuit against Fearless Fund alleging that its grant program targeting Black women is discriminatory will ultimately fail.
Emerging and diverse managers are increasingly turning to high-net-worth investors, family offices and foundations and endowments for early allocations.
It is difficult for meaningful change to happen overnight. Most change takes years, if not decades, to truly gain footing and establish roots.
I hope this year’s LGBTQ+ feature reveals the importance of creating inclusive environments within organizations that allow employees to flourish as their true selves.
The financial ecosystem we all operate in is not something that is a part of most people’s world.
This month, we have our annual feature on military veterans in the asset management industry.