Goldman Sachs Asset Management and the National Association of Investment Companies (NAIC), the trade association for diverse-owned alternative investment managers, have joined forces to improve diversity in the alternative investment industry.
The partnership will focus on various collaborations. They include Goldman Sachs supporting two critical NAIC initiatives: establishing the Next Generation of Private Equity Firms Symposium (NextGen); and the Women in Alternatives Initiative (WIAI).
NextGen is designed to train individuals who recently launched a fund or are seeking to launch a fund within the next 12 months. The series will include intensive virtual training sessions dedicated to educating and empowering a new generation of ethnically diverse and female general partners. Through WIAI, the partnership will leverage a three-pronged strategy to address the underrepresentation of diverse female professionals within the alternative investments industry.
BOOSTING WOMEN IN INVESTMENT
The ultimate goal will be to increase the number of women in the private equity and hedge fund sectors; while also providing them with the support to navigate the industry and gain leadership positions.
The partnership is in addition to Goldman Sachs’ efforts to diversify its capital allocation, in addition to its talent pipeline. Through this partnership, Goldman Sachs will gain increased exposure to a broader universe of diverse-owned asset management firm, many of which generate returns that rank their funds in the top decile; and top quartile of established industry benchmarks through NAIC’s proprietary database of diverse managers. Earlier this year, Goldman Sachs committed $10 billion to support – and unlock the economic and leadership potential of – Black women over the next decade through its newly launched One Million Black Women initiative, as reported.
NEXT GENERATION OF DIVERSE MANAGERS
“At Goldman Sachs, we believe diversity and inclusion is imperative not just for our firm, but also for our clients,” stated Suzanne Gauron, Head of Launch With GS. “We are excited to partner with NAIC to help foster the growth of the next generation of diverse investment managers.”
Commenting on the partnership, NAIC’s President & CEO Robert L Greene, stated: “NAIC partnering with such a highly-respected industry leader will have a profoundly positive impact on the diverse managers universe. Together, our organisations will accelerate the formation of relationships between Goldman Sachs and some of the foremost diverse asset managers. We are excited to be a part of such a game-changing undertaking.”
NAIC also joined forces with Toigo Foundation to boost the pipeline of diverse women in alternative investments, particularly women of colour. Click here to read more.
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