Women, minorities manage 17% of major foundations’ assets

By ALEX DANIELS of The Chronicle of Philanthropy
Chronicle of Philanthropy

Less than 20% of the assets held by major foundations is invested by outside firms run by women or people of color, according to a report released Thursday. Commissioned by the Knight Foundation, the report found that 30 of the largest grantmakers deployed a total of $11 billion, or 16.6% of their endowment investments, with firms controlled by women or people of color. Using a diverse pool of investment managers has many benefits, said Juan Martinez, Knight’s chief financial officer. Diverse investment managers often put money into investments that white money managers don’t, which can add balance to an investment portfolio.