Prudential Financial Commits $200 million to Early Round Funding for Women and Minority Owned Businesses
Less than 2% of the #investment sector’s assets under management is owned or managed by women or minorities. Structural barriers faced by women and minorities in raising #capital, particularly notable for those in first or second fund phases, is one of the greatest challenges to increasing that percentage.
Prudential Financial’s announcement this week that the firm is committed to invest $200 million in early stage #privateequity firms owned or managed by women and minorities is one step in the right direction – en route to breaking down barriers.
The goal of the initiative, as Cherrise Cederqvist, Vice President at PGIM Investments and leader of the #Diversity #Equity and #Inclusion (DEI) Portfolio programme said, is to “provide equity of opportunity for segments that often face challenges in the fundraising process.” The overarching ambition is increased representation and assets under management for women and minority owned businesses.
Mark Twain said “the secret of getting ahead is getting started.”
Prudential and others like them, in their commitments, may not be yet solving all structural barriers and systemic issues within the #financialservices sector. The initiatives by these #business leaders are, however, a good start. Here’s to the momentum growing.
#sustainableinvesting #diversityandinclusion #leadership
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