Illumen Capital Closes Approximately $170M Fund II

Illumen Capital, an Oakland, CA-based impact fund of funds addressing systemic inequity by reducing racial and gender bias in investing, raised a $168m Fund II.

Ford Foundation, and W.K. Kellogg Foundation led the fund, which had capital from over 100 investors.

This will allow the firm to further scale its efforts to build a more optimal and inclusive asset management industry.

Illumen Capital II, LP, will combine its investment capital with evidence-backed tools and strategies designed to help fund managers reduce racial and gender bias, while aiming to optimize their financial performance.

Led by Daryn Dodson, Managing Director, Illumen Capital is a Black-owned and led manager dedicated to achieving racial and gender equity across investing. The firm invests in venture, growth and private equity funds, and then works closely with fund managers to install a set of strategies and tools designed to reduce racial and gender bias in the hiring, investment, and company support processes. This research-informed bias reduction program – developed through a strategic relationship with Stanford SPARQ – empowers fund managers to expand their investable landscape and better support entrepreneurs who have historically been overlooked and underestimated.

FinSMEs

16/05/2023