Could This Help Historically Black Colleges Fix Their Endowment Woes?
February 13, 2024
The endowments of Historically Black Colleges and Universities in the U.S. are woefully underfunded and under resourced.
Deaconess Foundation announces it has invested in Paradigm Institutional Investments’ Inclusionary Investment Portfolio. The portfolio of investments includes asset classes with varying degrees of expected risk and return, the majority of which have a specific approach for advancing racial equity. These include commitments such as hiring racially diverse investment managers or investing in companies with commitments to racial equity.
Paradigm Institutional Investments is owned and managed on the day-to-day basis by President Quentin McCorvey and Managing Director Burner Crew, two individuals committed to advancing racial equity in the investment management field. Their team and Advisory Board reflect this commitment to racial diversity.
“Deaconess Foundation has long had a strategy to advance racial equity in everything it does. As part of this commitment, the Foundation is focused on ensuring that its investing is aligned with this strategy,” says Carrie Clark, Board Chair of Deaconess Foundation. “We are pleased that Paradigm Institutional Investments and its TIIP portfolio provides Deaconess the opportunity to achieve its investment return goal while simultaneously promoting racial equity.”
The opportunity to invest in the TIIP managed by Paradigm Institutional Investments was brought to Deaconess by its investment advisor, Clearstead. “The Clearstead team has taken our interest in generating return and advancing equity seriously, and continuously brings opportunities for us to consider,” says President and CEO, Cathy Belk. “We are excited that not only does the TIIP meet our investment goals, but it is also led by two Cleveland-based leaders.”
“Deaconess Foundation’s investment with Paradigm both makes a statement and sends a signal to the community that investment excellence can be delivered without underrepresentation of diverse managers,” says Quentin McCorvey.
Original link found here.
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The endowments of Historically Black Colleges and Universities in the U.S. are woefully underfunded and under resourced.
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