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This work is a joint project of Bridgespan Social Impact, the Global Impact Investing Network (GIIN), PolicyLink, and CapEQ.
Since the social unrest over racial injustice in the summer of 2020, philanthropists, corporations, and impact investors across the United States pledged to invest billions of dollars to advance racial equity. However, recent scrutiny of those commitments reveals that the majority of those dollars remain on the sidelines.
A common hypothesis for the shortfall is the lack of investable “shovel-ready” opportunities. But Bridgespan Social Impact has formally and informally advised organizations seeking to invest for racial equity over the years, and found that hypothesis to be patently untrue. To make the case, Bridgespan is publishing this list of racial-equity funds that emerged from our experience, at the request of multiple funds and potential investors, and alongside the launch of a new racial-equity theme in the IRIS+ family of impact measurement and management guides. It comprises more than 160 funds that explicitly seek to improve the livelihoods of individuals who are Black, Indigenous, and people of color (BIPOC) and their communities. And we’re not done yet.
What is racial-equity investing?
In putting together this list, we chose to characterize “racial-equity investing” as directing capital toward creating equitable opportunities for BIPOC individuals and communities. That often requires shifting decision-making power and redefining risk so that capital flows more freely in service of those opportunities.
Sourcing these funds, we uncovered dozens of creative financing vehicles aimed at building power, creating economic opportunity, and improving livelihoods for communities of color.
This piece captures five key insights to guide organizations as they develop ongoing Measurement, Learning, and Evaluation plans to achieve greater social impact:
- Theory of Change amplifies your impact—helping you focus on the linkages between, and assumptions underlying, your strategies and outcomes.
- Progress toward long-term goals is observable in interim measures.
- Setting targets along the way forecasts your trajectory and provides feedback that tells you if you’re moving in the right direction.
- Impactful measurement needs to align with the rhythm of your work and provide the right data at the right times.
- The payoff of measurement is in the practice, and putting that practice to use greatly increases your odds of success.
When confronted with measurement and evaluation, some turn first to the expensive and time-consuming practice of “gold standard” experimental designs requiring comparison groups to definitively prove whether an intervention delivers the expected results. While measurements of this type are reasonable in certain situations, they are often a stretch for the real world of social innovation and are limited in their timeliness, strategic value, cultural applicability, and validity for measuring the changes sought.
You can get more for less—by deploying measurement based on social science rigor and valuing adaptability and learning. In other words, social innovation is best measured in real time and in ways that can be seamlessly woven into the rhythm of the business cycle and the daily practices of those responsible for funding, managing, and implementing social change.
We will hear from four organizations which have varying focuses and strategies, but share the same goal to help struggling New Jersey communities fight against the growing impact of the coronavirus. Join us for an overview of the purpose and progress of these COVID-19 funds and assistance programs.
We’ll hear about the ALICE Recovery Fund from CEO Kiran Gaudioso and Senior Vice President Theresa Leamy from the United Way of Northern New Jersey and the PHL COVID-19 Fund from Kate Houstoun, Managing Director for Capacity Building at the United Way of Greater Philadelphia and Southern New Jersey. These funds support two different locals and populations reeling from coronavirus crisis. The ALICE (Asset Limited Income Constrained Employed) population is especially vulnerable to economic disruption and illness during this pandemic. The PHL COVID-19 Fund focuses on the 5 southern counties of Atlantic, Burlington, Camden, Cape May, and Cumberland.
We’ll also hear from Tim Sullivan, CEO of the New Jersey Economic Development Authority, who will outline how they are working with philanthropy and nonprofits to develop funds and programs that support our communities during this difficult time. We’ll round out the webinar with a presentation from Wayne Meyer, President of New Jersey Community Capital, who will discuss the Garden State Relief Fund, and its focus on providing low interest loans to nonprofits and small business which have been disproportionately affected by this crisis.
Register now to keep up to date with the latest COVID-19 funds and programs helping to address critical needs and provide equitable relief throughout New Jersey.
Cost: Free for CNJG Member and NonMember Grantmakers.
This program is only open to staff and trustees from grantmaking organizations.
Webinar Video
Join us for an informative session with Justin Scheid, New Jersey Field Office Director at the US Department of Housing and Urban Development. The Field Office manages a range of important programs and special initiatives, including Opportunity Zones, EnVision Centers, Section 3 economic opportunities, Promise Zones, ConnectHome, and homelessness.
During this discussion, Justin Scheid will share updates on CARES Act Funding and other HUD related programs and resources critical to COVID recovery and relief. We’ll also discuss strategies for philanthropy to partner with HUD to leverage resources and maximize impact in local communities.
Cost: Free for CNJG Members. $50 for Non Member Grantmakers
Webinar Video
What does the family philanthropy landscape look like? How has it changed across the last decade, and what do those changes mean for the field?
Join National Center for Family Philanthropy to discuss the findings of the Trends in Family Philanthropy 2025 report.
We will explore:
The changes in philanthropic focus for many family philanthropies
How grantmaking practices are evolving, and whether community needs are coming to the fore
How philanthropies are learning about new ideas and approaches
The changes in family dynamics, shifts in how the next generation are being engaged, and the factors that sustain and impede family engagement
Changes in the make-up of boards
What the findings suggest about future trends
Speakers include:
Miki Akimoto, Chief Impact Officer at the National Center for Family Philanthropy (NCFP) and Erin Hogan is a Managing Director and Philanthropic Market Executive for Bank of America’ Philanthropic Solutions
There will be time at the end of the session for Q&A.
About the Trends report
The Trends survey captures and tracks leading trends in the field of family philanthropy. Conducted every five years, this research identifies emerging issues, changes in funding priorities and governance practices, innovative approaches to giving and decision making, and anticipated future giving patterns and practices among US-based philanthropic families nationally. Ultimately, it aims to equip donors with data they can apply to their decision making.
This second edition of the Diversity Among Philanthropic Professionals (DAPP) Report offers a snapshot of the philanthropic sector’s workforce in a very specific space and time — in the chaotic year that was 2020. The DAPP report aims to help the philanthropic community better understand its workforce and leadership. It is unique in soliciting anonymous self-reporting from individuals on the staff and board of participating foundations, helping grantmakers to accurately assess the culture and climate of their institutions.
Funding Indigenous Peoples: Strategies for Support, looks at how funders collaborate with and bring support to indigenous communities around the world. Through examples from a diverse range of foundations, this guide explores how grantmakers work with indigenous peoples, the approaches they take, and the practices they find effective.
This guide was developed in collaboration with International Funders for Indigenous Peoples (IFIP).
In Supporting Grantee Capacity: Strengthening Effectiveness Together, GrantCraft looks at how funders approach building capacity with grantees. Through examples from foundations ranging in size, mission, and geography, we explore various strategies for capacity building and the types of awareness that funders can choose to incorporate in decision making to facilitate informed, thoughtful judgments about strengthening organizations.