Black-led Investment Bank, Loop Capital, Partners With Goldman Sachs To Help Close Racial Wealth Gap
Black-led investment bank Loop Capital and Goldman Sachs have just announced a partnership to launch a new money market fund that will benefit Black women pursuing careers in STEM.
The two money market fund share class offerings will be available exclusively to Loop Capital and Goldman Sachs clients, and a portion of the revenue from the share classes will go to causes that impact increasing racial equity, according to a statement.
The Loop Capital share classes will be offered as part of the Goldman Sachs Financial Square Government Fund and Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Asset Management’s two largest US money market funds.
The fund aims to diversify the asset managerial talent pool.
Google has also made a $500 million catalytic seed investment in the funds and played a foundational role in developing the fund.
Juan Rajlin, Corporate Treasurer for Alphabet and Google, said: “We’re proud to be at the forefront of incorporating responsible investing into the money market fund ecosystem, translating our racial equity commitments into lasting and meaningful change.
“This share class, distributed by Loop Capital, will create economic opportunity within diverse communities and promote educational and career development for Black women in STEM. We hope to inspire other corporates to invest in these types of opportunities to make a positive impact.”
Loop Capital and Goldman Sachs will also make an annual donation from the net revenue they earn from the share classes to fund organizations creating opportunities for Black women, including supporting educational and career development.
Scholarship recipients will also be provided with access to comprehensive training, networking opportunities, career coaching, and mentoring.
The partnership is in line with Goldman Sachs’ One Million Black Women initiative, a $10 billion investment strategy alongside $100 million in philanthropic support to help narrow opportunity gaps and positively impact the lives of at least one million Black women over the next decade.