On June 4, 2020, NAIC announced it has selected the Fund of Funds (FOFs) that will facilitate the investment of billions of dollars of growth equity capital to drive scale and enhance innovation in ethnically diverse and women-owned business enterprises (DWBEs).
The FOFs for this initiative were selected using an RFP (Request for Proposal) process and vetted by an independent selection committee of industry veterans. The committee objectively reviewed proposal submissions and determined these FOFs were the best suited to perform the requisite due diligence to identify high-performing growth equity investment firms that will facilitate the deployment of capital to the DWBEs. The growth equity firms will invest 100% of the MGEFI capital received from the FOFs with strong, scalable DWBEs.
The selected FOFs are:
With the selection of the 5 FOFs, the Growth Equity Funds Initiative now moves forward to Phase III, where the FOFs will begin their due diligence and fundraising from institutional investors. Capital will be deployed at the end of the fundraising cycle.
If you are a DWBE seeking growth equity capital, please click here to register your business in our portal.
If you are a Growth Equity Fund Manager and are interested in participating in this initiative, please email Carra Wallace at cwallace@naic.growthequityinitiative.com for further consideration.
If you are a Growth Equity Fund Manager and are interested in participating in this initiative, please email Carra Wallace at cwallace@naic.growthequityinitiative.com for further consideration.