Who Manages the Money?: How Foundations Can Democratize Capital

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A case study of the W.K. Kellogg Foundation. For the past twenty-five years or more there has been a groundswell of activity among investment managers institutional investors, consultants and diversity advocates to democratize capital — that is, to create more opportunities for diverse investment professionals and the firms they lead, to manage institutional capital. This effort, grounded in both fiduciary and equity principles, has led to the growth of many diverse investment management firms like Progress Investment Management Company LLC (“Progress”) and others. A range of stakeholders now recognizes that democratization of capital brings a range of positive benefits to our industry and society at large

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We hope that more foundations and endowments will use the Kellogg Foundation model of greater investment management diversity to design their own initiatives.

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Thurman V. White, Jr. in cooperation with ABFE: A Philanthropic Partnership for Black Communities



Beyond the Grant 
Financial Stewardship

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