Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo” or the “Firm”) today announced the creation of an Impact
It’s the latest in a wave of funds aimed at supporting Black and Hispanic business founders that have emerged in the wake of the killing of George Floyd, which spawned protests and intensified the public debate over racial inequality. P33, a nonprofit group that promotes the Chicago tech industry, launched a $5 million grant fund last week with Verizon. Accenture also announced a program to increase venture funding for tech startups launched by Black founders.
Black and Hispanic founders get a sliver of venture funding, just 2.4 percent nationally and just 1.9 percent in Chicago, said Desiree Vargas Wrigley, who heads up the Tech Rise fund launched by P33 and Verizon. When Black and Hispanic entrepreneurs in Chicago are just starting out, raising so-called friends and family rounds, they receive an average of about $35,000, compared with about $107,000 for all founders.
concessionary, meaning the company s top priority is impact rather than investor profit. But
non-concessionary impact investments promise a double bottom line, meaning that they hope to achieve their social or environmental goals without significantly hindering returns.
A recent report by the Forum for Sustainable and Responsible Investment (US SIF) found that $17 trillion of US-based investment assets in 2020 used sustainable investing strategies (a 42% increase from 2018). Put another way, a third of all assets under management in the United States now take sustainability issues into consideration.
Impact investing, ESG, socially responsible investing: What s the difference?
Environmental, social, and governance (ESG), socially responsible investing
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