Bank is also planning fund of funds focused on female managers
Initiative aims to narrow gender gap in venture funding
In an effort to fund more female entrepreneurs and investors, Goldman Sachs Group Inc. said Tuesday it will invest $500 million worth of firm and client capital in businesses and financial products run by women.
Called “Launch With GS,” the program will invest capital in businesses run or founded by women. Goldman Sachs will also launch a fund of funds focused on female managers across private equity strategies, which includes helping women build their investment track records.
The New York-based bank acknowledges that men dominate the financial-services industry.
“Changing that dynamic is going to take time, and it’s going to take a concerted effort by all organizations to foster environments that allow talent to thrive,” Stephanie Cohen, Goldman’s chief strategy officer, said in a statement on the firm’s website. “Diversity is also something that companies can drive through their core commercial activities.”
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