Bank of America's commitments to equity investments in minority- and women-led funds have surpassed $500M. The bank's commitment is more than double its initial pledge of $200M. Since the program's launch in 2020, BofA has backed more than 150 funds, which in turn made equity investments in over 1,000 companies. - 60% of the fund managers that received backing were women.
- 65% of the fund managers backed were Black, 20% were Hispanic and Latino, and the remaining 15% were Asians.
- Tram Nguyen, global head of strategic and sustainable investments at BofA, said, "We work across our company to address critical needs in our communities, including the lack of access to capital that diverse business owners face as they start or grow their businesses."
So far in 2023, startups led by Black or Asians have nabbed 0.9% of the share of the total venture capital deployed. - While overall VC funding declined by 36%, Black-led startups faced a much steeper decline of 45%.
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