Learn About Allocating to Diverse Asset Managers
Racial Equity Investing: A Primer for College and University Endowments l Intentional Endowments Network, August 2020
Gender Lens Investing: A Primer for College and University Endowments l Intentional Endowments Network, March 2019
Gender Lens Investing Landscape: Barriers & Opportunities l Q&A Coordinated by The Intentional Endowments Network, July 2018
Allocating to Diverse Owned Asset Managers | Intentional Endowments Network, August 2020
Gender Lens Investing: The Business Case, Opportunities, and Action | Intentional Endowments Network, February 2017
DAMI's Fiduciary Guide to Investing with Diverse Asset Managers and Firms | Diverse Asset Managers Initiative, April 2017
Diversifying Investments: A Study of Ownership Diversity and Performance in the Asset Management Industry | Knight Foundation, Jan 2019
Due Diligence Framework
Lenox Park Diversity Impact Score can be used to measure how any firm performs with respect to DEI.
Operational and Investment Diversity Questionnaire for Universities | Diverse Asset Manager Initiative, 2020
DAMI's sample questionnaire for an assessment of DEI practices internally as well as in the investment process.
Sustainability/Diversity and Inclusion Due Diligence Questionnaire | State of Illinois, April 2020
Sample due diligence questionnaire by the State of Illinois.
TIFF Manager DEI Survey | TIFF, 2020
Sample due diligence questionnaire by TIFF
To catalyze movement of capital to diverse managers, investors should make shifts in their due diligence processes by following these 9 steps including 1) consider track record alternatives 2) expand what it means to "work together" 3) reassess AUM as a risk metric 4) respect BIPOC time 5) contextualize fees 6) include historically unrecognized risks 7) be willing to go first 8) offer transparency about remaining hurdles 9) provide detailed feedback
Due Diligence Questionnaire | Institutional Limited Partners Association, 2018
Peer Examples and Sample Policies
AJL Foundation - AJL's IPS outlines their priority to identify women and people of color investment managers, with a focus on underrepresented communities in the finance industry - August 2020
Georgetown University reports the demography of their managers - July 2020
The Chicago Community Trust Statement of Investment Policy - 2018, Full Investment Policy Statement that includes Investment Management Diversification Policy
DAMI's Fiduciary Guide to Investing with Diverse Asset Managers and Firms (page 48) Diverse Asset Managers Initiative, April 2017
Inquiry into the Use of Diverse Asset Managers by College and University Endowments, and Related Diversity and Inclusion Practices - Fall 2020, US House of Representatives
- Response letters to the inquiry from 24 university endowments: The University of Chicago | Columbia University in the City of New York | Cornell University | University of California | Duke University | Dartmouth College | Emory University | Harvard University | Johns Hopkins University | Massachusetts Institute of Technology | University of Michigan | Northwestern University | The Ohio State University | University of Pennsylvania | Princeton University | Rice University | Stanford University | University of Southern California | The University of Texas System | The Texas A&M University | Vanderbilt University | University of Virginia | Washington University in St. Louis | Yale University
Sources for Diverse Asset Managers
ABFE’s Directory of Minority and Women-Owned Investment Manager Firms - 2nd Quarter 2016
Gender Equality Funds l As You Sow
List of Investment Funds, Advisors, and Accelerators Led By Entrepreneurs of Color | Mission Investors Exchange
Other Resources for Getting Started
Diverse Asset Managers in Philanthropy Study Global Economics Group, February 2020
Knight Foundation asked Global Economics Group to assess the representation of diverse asset managers among the top 50 U.S. foundations by size, focusing on the representation of women- and racial or ethnic minority- owned investment firms (“diversely-owned firms”). Of the 26 foundations that supplied sufficient data, all but 4 foundations were investing some portion of their assets with diversely owned firms and over half had more than 10% of their assets with such firms.
Diverse Asset Managers in Philanthropy Articles February 2020
The Carnegie Corporation of New York, The Rockefeller Brothers Fund and the Silicon Valley Community Foundation discuss the imperative and reward of investing with diverse-owned firms.