Veteran fund of funds specialist Accolade Partners has picked up $200m to close one of the largest institutional funds dedicated to investing in women-led and diverse managers.
The firm said Accolade Empowerment I would capitalise on “the expanding universe of funds being launched by women and diverse individuals with impressive backgrounds as investors or operating executives”.
Accolade said that although the dollars raised in venture and growth capital has escalated significantly, the percentage allocated to funds led by women and diverse managers remains in the low single digits.
The firm said it hopes the Empowerment Fund will be a catalyst to change that equation.
Accolade managing partner Joelle Kayden said, “The Accolade team is passionate about investing in thought leaders who are launching funds to back a diverse set of founders and invest in technologies that can change the world and also drive strong returns.
“Building more inclusive businesses is a priority for executives and a necessity to attract talent.
“We believe Accolade’s managers will have a compelling advantage in winning competitive deals.”
Accolade has raised $2.9bn of capital across a string of VC and growth fund of fund vehicles since it was founded in 2000.
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Source: https://www.altassets.net/private-equity-news/by-pe-sector/venturegrowth/accolade-raises-one-of-the-biggest-vc-growth-fund-of-funds-backing-women-led-and-diverse-managers.html
