The Goldman Sachs Group recently announced a new investment initiative of more than $10 billion to advance racial equity and economic opportunity by investing in Black women. In partnership with Black women-led organizations, financial institutions and other partners, Goldman Sachs will commit $10 billion in direct investment capital and $100 million in philanthropic capital over the next decade to address the dual disproportionate gender and racial biases that Black women have faced for generations, which have only been exacerbated by the pandemic. The initiative, One Million Black Women, is named for and guided by the goal of impacting the lives of at least 1 million Black women by 2030.
This first-of-its-kind investment in Black women will be done through direct investing and grants. Initial investments are underway through a variety of strategic channels. In just one example of a wide range of investments, Goldman Sachs is partnering with Hope Enterprise Corporation, mayors, and HBCUs – organizations with significant ties to the communities in which they operate – across the American South to distribute and lend capital.
Members of the advisory panel set up by Goldman Sachs include Valerie Montgomery Rice, president and dean of the Morehouse School of Medicine in Atlanta and Ruth J. Simmons president of Prairie View A&M University in Texas.
“Our newly published research suggests that no investment could have a bigger impact than unlocking the economic potential of Black women,” said David M. Solomon, chairman and CEO of Goldman Sachs. “In the face of significant disparities, they’ve shown admirable resilience, especially as they’re starting businesses faster than anyone else in the U.S. Building on our 20-year history of investing in female entrepreneurs and underserved communities we are now proud to partner with Black female-led organizations and an outstanding advisory council to invest in opportunities to unlock their economic and leadership potential.”