Joyce Foundation Expands Racial Equity Investing


The Joyce Foundation is launching an initiative to help seed the next generation of investment managers by expanding its partnership with race and gender diverse financial management firms.

The Foundation has made it a strategic imperative to incorporate diversity, equity and inclusion in its investment portfolio, currently representing roughly 15 percent of Joyce’s over $1 billion in assets.

The new investment initiative, representing $100 million within five years, will add another dimension to the Foundation’s inclusive approach by directing capital to early stage founders of race and gender diverse firms, which often face a pronounced funding gap.

Nationally, diverse firms have been significantly underrepresented in the field. They control a tiny fraction of assets under management in the multi-trillion-dollar industry, despite performing on par with the industry as a whole.

“Too often talented investment managers and strategists lack access to early-stage capital sources to help them achieve lift off, especially in the institutional investing space.” said Nickol R. Hackett, the Foundation’s Chief Investment Officer and Treasurer.

“We know that by activating this segment, we not only benefit from differentiated strategies for our portfolio, but we participate in the benefits of human capital development and economic reinvestment consistent with the Foundation’s mission of advancing economic mobility,” Hackett said.

Cambridge Associates, retained recently as the Foundation’s investment consultant, will assist in developing the initiative.

About The Joyce Foundation

Joyce is a nonpartisan, private foundation that invests in evidence-informed public policies and strategies to advance racial equity and economic mobility for the next generation in the Great Lakes region.

Related Content


New leadership for Joyce’s Gun Violence Prevention & Justice Reform program

Nina Vinik will be stepping down as director of the Joyce Foundation’s Gun Violence Prevention & Justice Reform program at the end of June. Her successor is Tim Daly, currently the senior program officer overseeing Joyce’s gun-policy portfolio.


A conversation with 2021 Joyce Award recipients

2021 Joyce Awards winners together for the first time discuss their projects– four impactful collaborations spanning the visual, performing, and multidisciplinary arts that engage diverse communities in Chicago, Cleveland, and Milwaukee.

Policy Watch

Getting the lead out

Illinois lawmakers mandate that utilities replace toxic lead water lines, a decades old threat. New legislation provides for state grants and technical assistance and prioritizes communities at highest risk–Black and Latino.


Who bought guns during the pandemic

Foundation-funded research is turning a spotlight on a protracted gun-buying surge by Americans, which accelerated during the COVID-19 pandemic.

Policy Watch

Energy efficiency

Under-resourced communities in Minnesota soon will receive a jolt of financial support for energy efficiency, thanks to newly passed legislation to help the state achieve its decarbonization goals equitably.


Foundation’s Cisar to advise EPA on water

The Foundation is excited to announce that Elizabeth Cisar, co-director of our Environment program, has been invited to serve for a year as a senior advisor in the Office of Water at the U.S. Environmental Protection Agency (EPA).


2021 Joyce Awards Announcement

Announcing the winners of the 2021 Joyce Awards! Four impactful collaborations between BIPOC artists and organizations spanning the visual, performing, and multidisciplinary arts that engage diverse communities in Chicago, Cleveland, and Milwaukee.

In The Media

Sanford Biggers unveils monolithic sculpture at Rockefeller Plaza

The work is part of a campus-wide exhibition exploring themes around European and African mythologies.


The Art Newspaper


2015 Joyce Awards recipient Sanford Biggers