Prudential makes $200M commitment to diversity, equity and inclusion through private equity investments

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Prudential makes $200M commitment to diversity, equity and inclusion through private equity investments

Business Wire2021-08-18

The new Prudential DEI Portfolio will invest in early-stage private equity firms with diverse ownership NEWARK, N.J., August 18, 2021--(BUSINESS WIRE)--Prudential Financial, Inc. (NYSE: PRU) has made ...

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·2021-08-26
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(NYSE: PRU) has made ...</p>\n\n<a href=\"https://finance.yahoo.com/news/prudential-makes-200m-commitment-diversity-124500252.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Prudential makes $200M commitment to diversity, equity and inclusion through private equity investments</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPrudential makes $200M commitment to diversity, equity and inclusion through private equity investments\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-18 20:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/prudential-makes-200m-commitment-diversity-124500252.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The new Prudential DEI Portfolio will invest in early-stage private equity firms with diverse ownership\nNEWARK, N.J., August 18, 2021--(BUSINESS WIRE)--Prudential Financial, Inc. (NYSE: PRU) has made ...</p>\n\n<a href=\"https://finance.yahoo.com/news/prudential-makes-200m-commitment-diversity-124500252.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"TERN","symbol_name":"Terns Pharmaceuticals, Inc.","start_time":0,"source_url":"https://finance.yahoo.com/news/prudential-makes-200m-commitment-diversity-124500252.html","article_id":"2160734318","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/U6ebi31AB6H0HhL7dE5Q6g--~B/aD00ODA7dz0zODE7YXBwaWQ9eXRhY2h5b24-/https://s.yimg.com/uu/api/res/1.2/JJPLeccQa911ksl56QdIqA--~B/aD00ODA7dz0zODE7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/business-wire.com/509179e0846eac0071d407dcbb498704"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2160734318","pubTimestamp":1629290700,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"The new Prudential DEI Portfolio will invest in early-stage private equity firms with diverse owners","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"TERN":"Terns Pharmaceuticals, Inc.","CRCT":"Cricut, Inc.","PRU":"保德信金融"},"translate_title":"保诚通过私募股权投资，承诺投资2亿美元实现多样性、公平性和包容性","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PRU":0.9,"CRCT":0.62,"TERN":0.62},"content_text":"The new Prudential DEI Portfolio will invest in early-stage private equity firms with diverse ownership\nNEWARK, N.J., August 18, 2021--(BUSINESS WIRE)--Prudential Financial, Inc. (NYSE: PRU) has made a $200 million commitment through the Prudential DEI Portfolio to private equity investments constructed with a diversity, equity and inclusion (DEI) lens. Investments will focus on limited partner stakes with substantial ownership and/or management by women and minorities, particularly those raising capital for first or second funds.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210818005158/en/\n\n\nCherrise Cederqvist (Photo: Business Wire)\n\nWithin private equity, structural barriers exist that prevent women-led and diverse teams from raising sufficient capital in support of their first funds. As such, only 1.3% of the investment industry’s $69 trillion in assets under management is managed by women or people of color.1 This is despite the fact that, according to the International Finance Corporation, gender-diverse fund management teams deliver an incremental 10%-20% in returns compared to non-gender-diverse teams.2\n\"Our goal in managing the DEI Portfolio is to provide equity of opportunity for segments that often face challenges in the fundraising process, while also maintaining the rigorous investment standards we’re known for,\" said Cherrise Cederqvist, vice president at PGIM Investments, leading the DEI Portfolio program. \"Ultimately, we expect the investments made through the DEI Portfolio to result in greater representation and increased assets under management for women and minority-owned investment firms over time.\"\nThe DEI Portfolio Investment Steering Committee, led by a diverse group of executives across Prudential and its global asset management business, PGIM Inc., will govern future investments and evaluate funds based on specific factors including diversity of fund management ownership, diversity of the portfolio management team and impact of the investment strategy on diverse populations.\nProviding capital to early-stage managers complements Prudential’s existing investments in later-stage alternative asset firms owned and operated by women and minorities. The company currently oversees nearly $1.2 billion in AUM invested in well-established private equity funds, hedge funds and real estate funds whose management teams have a substantial or majority ownership by an ethnic minority or woman.\n\"We are committed to meaningfully developing and growing women and minority managers by ensuring the selection process is equitable and inclusive across the full spectrum of early and late stage funds,\" said Lata Reddy, senior vice president for Prudential’s Inclusive Solutions organization. \"By providing intellectual and financial capital, and by serving as an advocate for this segment, we are seeking to break down the structural barriers that prevent diverse-led teams from raising capital.\"\nAbout Prudential Financial, Inc. \nPrudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with more than $1.5 trillion in assets under management as of June 30, 2021, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.\nAbout PGIM\nPGIM, the global asset management business of Prudential Financial, Inc. (PFI) (NYSE: PRU), ranks among the top 10 largest asset managers in the world3 with more than $1.5 trillion in assets under management as of June 30, 2021. With offices in 16 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.\nPrudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.\n\n\n\n1 \n \nBella Research Group and the John S. and James L. Knight Foundation, \"Diversifying Investments: A Study of Ownership Diversity and Performance in the Asset Management Industry,\" Jan. 28, 2019.\n\n\n2 \n \nInternational Finance Corporation, \"Report: Moving Toward Gender Balance in Private Equity and Venture Capital,\" March 7, 2019.\n\n\n3 \n \nPrudential Financial, Inc. (PFI) is the 10th largest investment manager (out of 527 firms surveyed) in terms of global assets under management based on Pensions & Investments’ Top Money Managers list published on June 1, 2020. This ranking represents global assets under management by PFI as of March 31, 2020.\n\n\n\n1050866-00001-00\nView source version on businesswire.com: https://www.businesswire.com/news/home/20210818005158/en/\nContacts\nMEDIA CONTACT:Kylie Scott 973-902-2503kylie.scott@pgim.com","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":837443519,"gmtCreate":1629908022231,"gmtModify":1676530170506,"author":{"id":"4091778919375340","authorId":"4091778919375340","name":"Wolfiend","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4091778919375340","authorIdStr":"4091778919375340"},"htmlText":"Good news","listText":"Good news","text":"Good news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/837443519","repostId":2160734318,"repostType":2,"repost":{"id":"2160734318","kind":"news","pubTimestamp":1629290700,"share":"https://ttm.financial/m/news/2160734318?lang=&edition=fundamental","pubTime":"2021-08-18 20:45","market":"us","language":"en","title":"Prudential makes $200M commitment to diversity, equity and inclusion through private equity investments","url":"https://stock-news.laohu8.com/highlight/detail?id=2160734318","media":"Business Wire","summary":"The new Prudential DEI Portfolio will invest in early-stage private equity firms with diverse owners","content":"<html><body><p><i>The new Prudential DEI Portfolio will invest in early-stage private equity firms with diverse ownership</i></p>\n<p><b>NEWARK, N.J., August 18, 2021</b>--(BUSINESS WIRE)--<a href=\"https://laohu8.com/S/PRS\">Prudential Financial, Inc.</a> (NYSE: PRU) has made a $200 million commitment through the Prudential DEI Portfolio to private equity investments constructed with a diversity, equity and inclusion (DEI) lens. Investments will focus on limited partner stakes with substantial ownership and/or management by women and minorities, particularly those raising capital for first or second funds.</p>\n<p>This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210818005158/en/</p>\n<div>\n<img src=\"https://s1.yimg.com/uu/api/res/1.2/4unmpf92rMSdGyQLTbKveQ--/cT03NTthcHBpZD15dmlkZW9mZWVkczs-/https://media.zenfs.com/en/business-wire.com/509179e0846eac0071d407dcbb498704\"/>\n<p>Cherrise Cederqvist (Photo: Business Wire)</p>\n</div>\n<p>Within private equity, structural barriers exist that prevent women-led and diverse teams from raising sufficient capital in support of their first funds. As such, only 1.3% of the investment industry’s $69 trillion in assets under management is managed by women or people of color.<sup>1</sup> This is despite the fact that, according to the International Finance Corporation, gender-diverse fund management teams deliver an incremental 10%-20% in returns compared to non-gender-diverse teams.<sup>2</sup></p>\n<p>\"Our goal in managing the DEI Portfolio is to provide equity of opportunity for segments that often face challenges in the fundraising process, while also maintaining the rigorous investment standards we’re known for,\" said Cherrise Cederqvist, vice president at PGIM Investments, leading the DEI Portfolio program. \"Ultimately, we expect the investments made through the DEI Portfolio to result in greater representation and increased assets under management for women and minority-owned investment firms over time.\"</p>\n<p>The DEI Portfolio Investment Steering Committee, led by a diverse group of executives across Prudential and its global asset management business, PGIM Inc., will govern future investments and evaluate funds based on specific factors including diversity of fund management ownership, diversity of the portfolio management team and impact of the investment strategy on diverse populations.</p>\n<p>Providing capital to early-stage managers complements Prudential’s existing investments in later-stage alternative asset firms owned and operated by women and minorities. The company currently oversees nearly $1.2 billion in AUM invested in well-established private equity funds, hedge funds and real estate funds whose management teams have a substantial or majority ownership by an ethnic minority or woman.</p>\n<p>\"We are committed to meaningfully developing and growing women and minority managers by ensuring the selection process is equitable and inclusive across the full spectrum of early and late stage funds,\" said Lata Reddy, senior vice president for Prudential’s Inclusive Solutions organization. \"By providing intellectual and financial capital, and by serving as an advocate for this segment, we are seeking to break down the structural barriers that prevent diverse-led teams from raising capital.\"</p>\n<p><b>About Prudential Financial, Inc. </b></p>\n<p>Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with more than $1.5 trillion in assets under management as of June 30, 2021, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.</p>\n<p><b>About PGIM</b></p>\n<p>PGIM, the global asset management business of Prudential Financial, Inc. (PFI) (NYSE: PRU), ranks among the top 10 largest asset managers in the world<sup>3</sup> with more than $1.5 trillion in assets under management as of June 30, 2021. With offices in 16 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.</p>\n<p>Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&amp;G plc, incorporated in the United Kingdom.</p>\n<table cellspacing=\"0\">\n<tbody>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><sup>1</sup> </td>\n<td colspan=\"1\" rowspan=\"1\"> </td>\n<td colspan=\"1\" rowspan=\"1\"><p>Bella Research Group and the John S. and James L. Knight Foundation, \"Diversifying Investments: A Study of Ownership Diversity and Performance in the Asset Management Industry,\" Jan. 28, 2019.</p></td>\n</tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><sup>2</sup> </td>\n<td colspan=\"1\" rowspan=\"1\"> </td>\n<td colspan=\"1\" rowspan=\"1\"><p>International Finance Corporation, \"Report: Moving Toward Gender Balance in Private Equity and Venture Capital,\" March 7, 2019.</p></td>\n</tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><sup>3</sup> </td>\n<td colspan=\"1\" rowspan=\"1\"> </td>\n<td colspan=\"1\" rowspan=\"1\"><p>Prudential Financial, Inc. (PFI) is the 10th largest investment manager (out of 527 firms surveyed) in terms of global assets under management based on Pensions &amp; Investments’ Top Money Managers list published on June 1, 2020. This ranking represents global assets under management by PFI as of March 31, 2020.</p></td>\n</tr>\n</tbody>\n</table>\n<p>1050866-00001-00</p>\n<p><span>View source version on businesswire.com: </span><span>https://www.businesswire.com/news/home/20210818005158/en/</span></p>\n<p><b>Contacts</b></p>\n<p><b>MEDIA CONTACT:<br/></b>Kylie Scott<b> </b><br/>973-902-2503<br/>kylie.scott@pgim.com</p></body></html>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Prudential makes $200M commitment to diversity, equity and inclusion through private equity investments</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPrudential makes $200M commitment to diversity, equity and inclusion through private equity investments\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-18 20:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/prudential-makes-200m-commitment-diversity-124500252.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The new Prudential DEI Portfolio will invest in early-stage private equity firms with diverse ownership\nNEWARK, N.J., August 18, 2021--(BUSINESS WIRE)--Prudential Financial, Inc. (NYSE: PRU) has made ...</p>\n\n<a href=\"https://finance.yahoo.com/news/prudential-makes-200m-commitment-diversity-124500252.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://s.yimg.com/uu/api/res/1.2/U6ebi31AB6H0HhL7dE5Q6g--~B/aD00ODA7dz0zODE7YXBwaWQ9eXRhY2h5b24-/https://s.yimg.com/uu/api/res/1.2/JJPLeccQa911ksl56QdIqA--~B/aD00ODA7dz0zODE7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/business-wire.com/509179e0846eac0071d407dcbb498704","relate_stocks":{"TERN":"Terns Pharmaceuticals, Inc.","CRCT":"Cricut, Inc.","PRU":"保德信金融"},"source_url":"https://finance.yahoo.com/news/prudential-makes-200m-commitment-diversity-124500252.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2160734318","content_text":"The new Prudential DEI Portfolio will invest in early-stage private equity firms with diverse ownership\nNEWARK, N.J., August 18, 2021--(BUSINESS WIRE)--Prudential Financial, Inc. (NYSE: PRU) has made a $200 million commitment through the Prudential DEI Portfolio to private equity investments constructed with a diversity, equity and inclusion (DEI) lens. Investments will focus on limited partner stakes with substantial ownership and/or management by women and minorities, particularly those raising capital for first or second funds.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210818005158/en/\n\n\nCherrise Cederqvist (Photo: Business Wire)\n\nWithin private equity, structural barriers exist that prevent women-led and diverse teams from raising sufficient capital in support of their first funds. As such, only 1.3% of the investment industry’s $69 trillion in assets under management is managed by women or people of color.1 This is despite the fact that, according to the International Finance Corporation, gender-diverse fund management teams deliver an incremental 10%-20% in returns compared to non-gender-diverse teams.2\n\"Our goal in managing the DEI Portfolio is to provide equity of opportunity for segments that often face challenges in the fundraising process, while also maintaining the rigorous investment standards we’re known for,\" said Cherrise Cederqvist, vice president at PGIM Investments, leading the DEI Portfolio program. \"Ultimately, we expect the investments made through the DEI Portfolio to result in greater representation and increased assets under management for women and minority-owned investment firms over time.\"\nThe DEI Portfolio Investment Steering Committee, led by a diverse group of executives across Prudential and its global asset management business, PGIM Inc., will govern future investments and evaluate funds based on specific factors including diversity of fund management ownership, diversity of the portfolio management team and impact of the investment strategy on diverse populations.\nProviding capital to early-stage managers complements Prudential’s existing investments in later-stage alternative asset firms owned and operated by women and minorities. The company currently oversees nearly $1.2 billion in AUM invested in well-established private equity funds, hedge funds and real estate funds whose management teams have a substantial or majority ownership by an ethnic minority or woman.\n\"We are committed to meaningfully developing and growing women and minority managers by ensuring the selection process is equitable and inclusive across the full spectrum of early and late stage funds,\" said Lata Reddy, senior vice president for Prudential’s Inclusive Solutions organization. \"By providing intellectual and financial capital, and by serving as an advocate for this segment, we are seeking to break down the structural barriers that prevent diverse-led teams from raising capital.\"\nAbout Prudential Financial, Inc. \nPrudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with more than $1.5 trillion in assets under management as of June 30, 2021, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.\nAbout PGIM\nPGIM, the global asset management business of Prudential Financial, Inc. (PFI) (NYSE: PRU), ranks among the top 10 largest asset managers in the world3 with more than $1.5 trillion in assets under management as of June 30, 2021. With offices in 16 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.\nPrudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.\n\n\n\n1 \n \nBella Research Group and the John S. and James L. Knight Foundation, \"Diversifying Investments: A Study of Ownership Diversity and Performance in the Asset Management Industry,\" Jan. 28, 2019.\n\n\n2 \n \nInternational Finance Corporation, \"Report: Moving Toward Gender Balance in Private Equity and Venture Capital,\" March 7, 2019.\n\n\n3 \n \nPrudential Financial, Inc. (PFI) is the 10th largest investment manager (out of 527 firms surveyed) in terms of global assets under management based on Pensions & Investments’ Top Money Managers list published on June 1, 2020. This ranking represents global assets under management by PFI as of March 31, 2020.\n\n\n\n1050866-00001-00\nView source version on businesswire.com: https://www.businesswire.com/news/home/20210818005158/en/\nContacts\nMEDIA CONTACT:Kylie Scott 973-902-2503kylie.scott@pgim.com","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}