US-based financial services group Northwestern Mutual formed a $100m vehicle dubbed Impact Investing Fund yesterday targeting black entrepreneurs based in the city of Milwaukee, in the state of Wisconsin.
The fund will focus on developers of physical and social infrastructure, capital access for private and enterprise customers and sustainable development in neighbourhood and community planning.
Impact Investing Fund has also put up $30m for venture capital vehicles investing in black, African American and other minority groups, including financial services firm Siebert Williams Shank’s Clear Vision Fund.
Northwestern Mutual announced the launch of its Sustained Action for Racial Equity taskforce in July 2020. Its VC arm, Northwestern Mutual Future Ventures, committed $20m in November 2020 to invest in businesses with black founders.
The firm also partnered startup accelerator Gener8tor to create Northwestern Mutual Black Founder Accelerator, the first cohort of which recently received $100,000 each after completing the 12-week scheme. The application window for the second group closes on August 15.
