Our board committed to allocate $40 million for MRIs, with an additional $10 million for PRIs. With MRIs, we are seeking market-rate returns so that we can sustain and continue to grow our endowment. At the same time, we’re making investments that align with our mission and result in social impact.
Since 2017, we have invested $48 million in MRIs. Our MRIs will:
- Provide resources and capital to underserved communities, while promoting equity and diversity.
- Actively exclude companies doing the greatest harm to underserved communities.
In addition to what we’re investing in, we pay attention to who we partner with. Whenever possible, we hire money managers who share our values and reflect the diversity of communities we serve. For example, we work with managers who:
- Use social, environmental and governance (ESG) criteria as a factor in their investment philosophy and process.
- Invest in companies with products and/or services advancing wellness.
- Have a significant level of diversity among its ownership and senior management.
Examples of our MRIs:
We are investing in Ilumen Capital and Impact America Fund. These investments go toward companies that are
- Working in underserved communities.
- Are owned by minority populations.
- Have products or services that benefit underserved communities or generate wealth and/or jobs in those communities.
We are investing in New Energy Capital, which invests in clean energy and infrastructure projects.
We are investing in HCAP Partners, which provides debt financing in low- to moderate-income areas throughout California and the Western United States.