The NAACP introduced at present NAACP Capital, a $200 million fund of funds to again fund managers targeted on points that affect folks of coloration.
The fund was conceived in partnership with Kapor Capital and Kapor Heart, together with 9 different enterprise fund managers. Final yr, Crunchbase discovered that Black founders raised lower than 1% of all enterprise capital funds and that the group has raised 0.3% within the first half of this yr.
A fund of funds is when an investor invests in a number of enterprise funds, moderately than making particular person investments in funds, and even in startups. It’s a preferred method for an influential investor to place their cash to the broadest attainable use. Kapor is a VC agency that has all the time been targeted on racial justice investing. However different massive names have used the same method. Melinda Gates’ Pivotal Ventures, as an illustration, invests in women-led funds, in addition to straight in startups.
