ImpactAlpha, August 12 — Financial services giant Northwestern Mutual is hoping to catalyze investments in underserved Black communities, especially in Milwaukee, where it is headquartered.
The vehicle is backed by Northwestern Mutual’s $270 billion general account, the company’s Ray Manista told ImpactAlpha.
It has already deployed $30 million in a pair of Black women-led funds: Gateway Capital Partners, which has raised $13.5 million to invest in early-stage startups targeting low-income Milwaukee County,and Clear Vision Impact Fund in New York, which will make loans to minority-led or owned small businesses.
Corporations have stepped up to help Black and Latinx fund managers invest in companies addressing disparities faced by communities of color (see, “How some corporations are driving capital to Black founders and investors”).
Black-led Brown Venture Group will receive up to $10 million from Best Buy to provide financing for Black, Latinx and Indigenous technology entrepreneurs.