Kresge Increasing Investments With Diverse-Owned Firms
The Kresge Foundation announced on April 3rd that by 2025, 25 percent of its U.S. assets under management will be invested in female and diverse-owned firms.
“This is about equity. It’s about accountability. And it’s about better economic outcomes,” Kresge Vice President and Chief Investment Officer Robert J. Manilla said. “We believe that diversity of thought, background and beliefs leads to better investment decisions and returns, so our efforts to diversify our investment managers is not only the right thing to do, it’s the smart way to work.”
Kresge is also the first private foundation signatory to ABFE’s “Diversity in Foundation Asset Management Pledge,” a challenge to encourage philanthropic and institutional endowments to take concrete steps to expand gender and racial diversity among their asset managers.