Acknowledgments
We would like to express our deepest appreciation for all who contributed to making this report possible, including the entire Frontline Solutions team and the Board and staff of the Nathan Cummings Foundation. Special thanks to the following individuals for their contributions:
- Bonny Moellenbrock, principal, Millbrook Impact
- Candice Wynter, communications manager, Nathan Cummings Foundation
- Jocelyn Ban, founder, Jocelyn Ban Consulting
- Keith Beverly, chief investment officer, GRID 202 Partners
- Kyle DeMartazzi, finance assistant, Nathan Cummings Foundation
- Micah Gilmer, senior partner, Frontline Solutions
- Nealon DeVore, chief of staff, Nathan Cummings Foundation
- Rey Ramsey, interim president and CEO, Nathan Cummings Foundation
Nathan Cummings Foundation
The Nathan Cummings Foundation is a multigenerational family foundation working to create a more just, vibrant, sustainable, and democratic society, rooted in the Jewish tradition of social justice. The foundation has four main focuses to promote a healthy planet and democracy: advancing racial and economic justice, transitioning to an inclusive clean economy, activating corporate and political accountability, and building solidarity through voice, creativity, and culture. Its 100 percent commitment to mission-aligned investing is a bold continuation of this legacy and a testament to Nathan Cummings’ anchoring ethos that “nothing will ever be attempted if all possible objections must be first overcome.”
Frontline Solutions
Frontline Solutions is a Black-owned national consulting firm that delivers a full range of services in strategic and business planning and program design that includes implementation, research, evaluation, technical assistance, and community engagement. With eighteen full-time staff in Washington, DC and Durham, North Carolina, the Frontline team is comprised of organizers, scholars, strategists, artists, and coaches who are adept at utilizing consulting as a tool for social change. Frontline’s capacity is further augmented by a robust team of part-time subject-matter and technical experts.
Cascade Philanthropy Advisors
Cascade Philanthropy Advisors, based in Seattle, helps donors use their money, time, and brainpower to create meaningful change in the world. The firm works with many different types of philanthropists — from multibillion-dollar foundations operating on a global scale to individual donors investing in their own communities. The common denominator is helping clients use their resources as effectively as possible. The firm’s services include: focusing philanthropic goals, developing grant strategies, developing learning goals, conducting qualitative assessments of past philanthropic efforts, authoring issue briefs that present good opportunities for impact, engaging next-generation family members, and helping Boards assess their strengths and develop improvement plans.
CREATIVE REPUTE
Creative Repute®, LLC is an award-winning graphic design and website development agency. It designs exclusively for social justice driven organizations and transformative brands who are interested in making the world a better place.
In addition, we would like to thank the eighteen OCIO firms whose participation in the RFI process formed the basis for this report. We are grateful for their cooperation and engagement throughout the process. The firms and their contact information are as follows:
FIRM | ADDRESS | PHONE |
---|---|---|
Agility/Perella Weinberg Partners | 7979 East Tufts Ave, Suite 700 Denver, CO 80237 |
303-813-7913 |
Bivium Capital | 601 Montgomery St, Suite 1212 San Francisco, CA 94111 |
415-825-0610 |
Cambridge Associa | 125 High St Boston, MA 02110 |
617-457-7500 |
Commonfund | 15 Old Danbury Rd Wilton, CT 06897 |
203-563-5000 |
Cornerstone Capital Group | 550 Fifth Ave, 11th Floor New York, NY 10036 |
212-874-7400 |
Disciplina Group LLC | 1033 Demonbreun St, Suite 300 Nashville, TN 37203 |
615-490-6007 |
FEG Investment Advisors | 201 East Fifth St, Suite 1600 Cincinnati, OH 45202 |
513-977-4400 |
Flat World Partners | 257 Park Ave S New York, NY 10010 |
212-228-3800 |
Glenmede | 1650 Market St, Unit 1200 Philadelphia, PA 19103 |
215-419-6027 |
Global Endowment Management | 227 West Tremont Ave Charlotte, NC 28203 |
704-333-8282 |
Graystone/Morgan Stanley | 227 West Monroe St, Suite 3400 Chicago, IL 60606 |
312-648-3013 |
Hall Capital Partners | One Maritime Plaza, 6th Floor San Francisco, CA 94111 |
415-288-0544 |
Pathstone Federal Street | 24 Federal St, 8th Floor Boston, MA 02110 |
888-750-7284 |
Rock Creek Group | 1133 Connecticut Ave NW Washington, DC 20036 |
202-331-3400 |
SRI Wealth Management Group, RBC Wealth Management | 345 California St San Francisco, CA 94104 |
415-445-8304 |
The CAPROCK Group | 520 Newport Center Dr, Suite 470 Newport Beach, CA 92660 |
800-344-6458 |
Tiedemann Advisors | 520 Madison Ave, 26th Floor New York, NY 10022 |
212-396-5900 |
Veris Wealth Partners | 17 State St, Suite 2450 New York, NY 10004 |
212-349-4172 |
Appendix One: NCF’s Statement of Values
In Jewish tradition, the guiding principle of Tikkun Olam positions justice as a pathway to repairing the world. The following values statement is rooted in an understanding of history and the ways in which philanthropy has the potential to perpetuate or disrupt a status quo of hierarchical systems that are neither sustainable nor fair. These values have been created to strengthen our ability to learn from the past, acknowledge the complexity of the present, and imagine a more just and vibrant future.
Justice and Equity
There is a long, devastating, and sanctioned history of racialized violence and anti-Blackness that has resulted in the destruction and continued social and economic exclusion of Black, Brown, and Indigenous people and communities. Policies and practices rooted in capitalism, white supremacy, anti-Semitism, and patriarchy have worked together to prevent the vast majority of people — across identities — from reaching their full potential. We believe that philanthropy is a product of this history and that the foundation, with its power and privilege, has a responsibility to work in partnership with and be led by those individuals and communities most harmed. We are committed to investing in strategies and solutions that seek to dismantle oppressive systems and promote just, fair, and sustainable outcomes.
Interdependence
We know that all life on this planet is interconnected and part of a broader ecosystem. We believe that prosperity can be abundant, resources shared in ways that are not extractive, and that we are more powerful when we work together toward common goals. However, these beliefs will always be in conflict with a society that operates through rugged individualism and scarcity. Therefore, we are committed to working in community with others, the equitable distribution of power and resources, and contributing to the restoration of our communities, humanity, and planet.
Learning and Listening
We believe that no one person has all the answers. We also acknowledge the reality that all voices and types of knowledge are not valued equally. This means we must participate in spaces where we are actively listening to diverse perspectives, valuing, and compensating lived experience as expertise, and entering conversations with curiosity and humility. In this approach, we honor the work that has come before us and seek to support, build on, and credit the collective knowledge and wisdom that already exists.
Courageous Transformation
We believe that structural change requires disruptive thinking and a bold vision for the future. The radical transformation of our society and economy relies on partnership with those whose knowledge and ideas call into question our assumptions. Even through discomfort, it is those critical partnerships that prompt us to interrogate our biases, confront systems that seek to maintain harmful power structures, and show us our potential to courageously reimagine and transform our world.
Integrity
We believe our values are what ground our work and, in difficult times, illuminate the path forward. Clear and open lines of communication and systems of accountability will be paramount to us finding our way if and when we stray from that path. However, the presence of wealth and power can create blind spots and relationships where accountability is one way and unbalanced. We believe that shifting that balance means being transparent about our priorities and decision-making processes, being honest and open about our failures and successes, and making way for feedback with a willingness to change course to strengthen us to be better partners to the communities we serve.
Appendix Two: Equity Lens Framework
Guiding Principles:
- We recognize that diversity of thought yields superior investment performance over time.
- We acknowledge the role that institutional and structural barriers play in hindering diversity and equitable access to capital.
- We believe investors have the opportunity to transform broken systems by designing a process that is robust, inclusive, and antiracist.
- We begin this work today with a series of commitments around accountability, engagement, and transparency.
Commitments:
- Accountability: we establish a clear definition of a diverse-led fund and require regular reporting of metrics and benchmarks to measure progress.
- Engagement: we engage our Board, Investment Committee, staff, consultants, and investment managers around the foundation’s commitment to building an investing process that is robust, inclusive, and antiracist.
- Transparency: we share our story (e.g., metrics, progress, learning) with other foundations and investment professionals, communicate selection criteria clearly, and provide constructive feedback to investment managers, including around rejections.
We define diverse-led funds as those that are majority-owned by women and/or people of color. In the case of private funds, we consider only ownership among the general partners. We are initially focused on US managers but will develop an approach to measuring diversity and inclusion among managers outside of the US in time. We acknowledge that ownership is not the only relevant metric for DEI. We also recognize that our commitment to inclusivity will need to be expansive to include other communities and identities beyond women and people of color.
Appendix Three: Request for Information – Diversity, Equity, and Inclusion Addendum
We recognize that diversity of thought yields superior investment returns. We also acknowledge the role institutional barriers and our personal biases play when sourcing and placing capital with diverse-led funds, which we define as those that are majority-owned by women and/or people of color. Please complete the information below as a demonstration of your firm’s commitment to transparency as it relates to our efforts to construct portfolios that capitalize on the full universe of managers, especially diverse managers. Please provide a diversity summary of the equity partners of your firm.
TOTAL | % WOMEN | % BLACK | % LATINX | % ASIAN | % NATIVE AMERICAN |
---|---|---|---|---|---|
Please provide a diversity summary of the investment professionals of your firm.
TOTAL | % WOMEN | % BLACK | % LATINX | % ASIAN | % NATIVE AMERICAN |
---|---|---|---|---|---|
Please provide a diversity summary of the total employees of your firm.
TOTAL | % WOMEN | % BLACK | % LATINX | % ASIAN | % NATIVE AMERICAN |
---|---|---|---|---|---|
Diverse manager meetings:
MAJORITY OWNERSHIP | 2016 | 2017 | 2018 | 2019 | 2020 (TARGET) |
---|---|---|---|---|---|
Women-owned | |||||
Black and Latinx | |||||
People of color | |||||
Total | |||||
% of overall |
Diverse manager recommendations:
MAJORITY OWNERSHIP | 2016 | 2017 | 2018 | 2019 | 2020 (TARGET) |
---|---|---|---|---|---|
Women-owned | |||||
Black and Latinx | |||||
People of color | |||||
Total | |||||
% of overall |
Diverse managers hired:
MAJORITY OWNERSHIP | 2016 | 2017 | 2018 | 2019 | 2020 (TARGET) |
---|---|---|---|---|---|
Women-owned | |||||
Black and Latinx | |||||
People of color | |||||
Total | |||||
% of overall |
What percent of each asset class in your portfolio is managed by diverse managers?
EQUITY | FIXED INCOME | PRIVATE INVESTMENTS | HEDGE FUNDS | TOTAL | |
---|---|---|---|---|---|
Total by Assets | |||||
Percentage of overall |
To what organizations that prioritize diversity are you affiliated?
What conferences that promote diversity did you attend in 2020?