RJI Leadership and Staff Statement of Solidarity with the Fearless Fund

The Racial Justice Investing Coalition’s Leadership team and staff would like to express our unwavering support for the Fearless Fund amidst the challenging circumstances it currently faces. As passionate advocates for equality and social justice, we wholeheartedly endorse the Fearless Fund's commitment to advancing racial equity and economic empowerment through supporting Black women-owned businesses.

The recent lawsuit that has been brought against the Fearless Fund, alleging “reverse racism” due to its focus on aiding Black women entrepreneurs in its Fearless Strivers Grant Contest, is a stark example of counter-efforts to impede the pursuit of justice. It is essential to underscore that addressing systemic inequities requires targeted and focused efforts, which the Fearless Fund admirably embodies.

The Fearless Fund's emphasis on supporting women of color-owned businesses is not a form of discrimination against other racial groups; rather, it is a commendable initiative that seeks to redress the profound disparities that have historically plagued marginalized communities, particularly Black women entrepreneurs. For far too long, visionary Black women have faced insurmountable barriers to accessing capital and investment opportunities due to deeply entrenched biases and structural impediments. The Fearless Fund's mission to amplify their voices and elevate their prospects is a significant step towards dismantling these obstacles and cultivating an equitable business environment.

In 2021, firms owned by women and people of color managed just 1.4% of assets in the $82.24 trillion asset management industry1. Black female startup founders received just 0.34 percent of the total venture capital spent in the U.S. in the first half of that year2. These statistics serve as a poignant reminder of the pressing need for transformative change within the investment industry. RJI Leadership firmly believes that initiatives like those led by the Fearless Fund are pivotal in driving progress towards a more inclusive and representative investment landscape. By directing resources towards Black entrepreneurs, the Fearless Fund is actively contributing to the broader societal goal of rectifying historical injustices and fostering a diversified economic ecosystem that benefits all.

Our endorsement of the Fearless Fund and its endeavors is grounded in our unequivocal dedication to promoting racial justice and dismantling systemic inequities within the investment industry. We remain clear that such efforts are not only morally imperative but also critical to the overall health of the US economy. The Fearless Fund's commitment resonates profoundly with our core values and aligns seamlessly with the broader movement to create robust and equitable opportunities for historically underrepresented groups in the realms of business and finance. We are confident that the Fund's endeavors contribute to fostering a more just and inclusive economic landscape for all, and hope they will also serve as a beacon of inspiration for others to follow. 

In solidarity,

RJI Leadership

Footnotes:

1 Knight Foundation, Knight Diversity of Asset Managers Research Series: Industry

2 Crunchbase, Black Women Still Receive Just A Tiny Fraction Of VC Funding Despite 5-Year High