Prudential commits $200 million to diversity in private equity

Prudential Financial has made a $200 million commitment through the Prudential DEI Portfolio to private equity investments constructed with a diversity, equity and inclusion lens.

The investments will focus on limited partner stakes in firms with substantial ownership and/or management by women and minorities, particularly those raising capital for first or second funds, Prudential said in a release.

It noted that only 1.3% of the investment industry’s $69 trillion in assets under management is managed by women or people of color.

“Our goal in managing the DEI Portfolio is to provide equity of opportunity for segments that often face challenges in the fundraising process, while also maintaining the rigorous investment standards we’re known for,” said Cherrise Cederqvist, who leads the DEI Portfolio program at PGIM Investments, Prudential’s global asset management business. “Ultimately, we expect the investments made through the DEI Portfolio to result in greater representation and increased assets under management for women and minority-owned investment firms over time.”

[More: Companies more receptive to diversity-related investor proposals]

Many parents still clueless about college costs

The post Prudential commits $200 million to diversity in private equity appeared first on InvestmentNews.

Andrew is half-human, half-gamer. He’s also a science fiction author writing for BleeBot.

Andrew Vincent
Andrew is half-human, half-gamer. He's also a science fiction author writing for BleeBot.
%d bloggers like this: