Invest in Diverse Asset Managers

Learn About Allocating to Diverse Asset Managers 

Knight Diversity of Asset Managers Research Series: Higher Education, Interim Release | Knight Foundation, June 2022

Knight Diversity of Asset Managers Research Series: Industry | Knight Foundation, December 2021 

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  

Measuring Diversity Impact Using Standardized Performance Indicators | Lenox Park

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 

Due Diligence 2.0 Commitment 

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 

San Francisco State University Foundation - SF State University Foundation integrates racial equity, commitments to net zero by 2040, and fossil fuel divestment by 2025 in its investment strategies - September 2022

Princeton University Investment Company - Commitment to Diversity and Inclusion 

Knight FoundationToday, over one-third of the endowment, or about $1.07 billion, is managed by diverse-owned firms

Ford Foundation - Through its 2017 commitment to Mission-related investments (MRI) the foundation promotes investment with diverse fund managers to reduce social injustice and build stronger, more inclusive economies. $99 million of $191 million in investments placed with diverse managers. 33 out of 41 funds in the MRI portfolio are diversely owned - September 2020

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 

Rockefeller Brothers Fund - Aligning Investments with our Mission: Diversifying Investment Managers - March 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

University of California CIO Program to Increase the Percentage of Diverse Asset Management Professionals - December 2019

DAMI's Fiduciary Guide to Investing with Diverse Asset Managers and Firms (page 48) Diverse Asset Managers Initiative, April 2017

Los Angeles Fire & Police Pension Plan -  Emerging Managers Policy - October 2014

Allvue Systems - A comprehensive list of emerging manager programs offered by pensions, endowments, and other sponsors - April 2023

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 


Sources for Diverse Asset Managers

IADEI's Diverse Manager Database on Clade l Launched 2023

  • With nearly 900 managers across asset classes, this is now the largest open-source database of diverse-owned and diverse-led investment firms. Follow the link to join the IADEI community on Clade using your institution's name and work email address to sign up. Only professional investors will be able to access the fund content. Note that GPs on the platform will not have access to individual contact details. 

    Please note that IADEI is an all volunteer effort and measuring results is critical: they ask when using this open-source resource, to please email [email protected] if you allocate capital to a diverse manager that you first encounter through the IADEI community or if you are a diverse manager that receives an allocation from an LP that you first met through IADEI.

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.


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