Loop Capital Markets, a Black-led investment bank, brokerage, and advisory firm, and Goldman Sachs have announced a partnership aimed at advancing racial equity and building a diverse STEM talent pipeline.

The firms will offer cash management solutions that enable companies to create economic opportunity in diverse communities and provide funding for educational and career development for Black women in STEM and related fields. The two money market fund share class offerings will be available exclusively to clients of Loop Capital and Goldman Sachs, and a portion of the revenue from the share classes will support causes that help advance racial equity. The Loop Capital share classes will be offered as part of the Goldman Sachs Financial Square Government Fund (LEIXX) and Goldman Sachs Financial Square Treasury Instruments Fund (LDIXX).

As part of Goldman Sachs' One Million Black Women initiative, launched in March 2021 with $100 million in philanthropic support to help narrow opportunity gaps for Black women over the next decade, the firms will donate a portion of the net revenue they earn from the share classes to organizations providing scholarships, access to comprehensive training, networking opportunities, career coaching, and mentoring. Google has made a $500 million catalytic seed investment in the funds and played a foundational role in developing the fund.

"This launch with Google demonstrates our shared commitment to both partner with organizations like Loop Capital that are led by Black women and to create commercial solutions to advance racial equity," said Margaret Anadu, global head of sustainability and impact for Goldman Sachs Asset Management. "Rooted in our belief that diversity is foundational to success, this partnership will create opportunities for young Black women pursuing careers in STEM and related fields, aligning directly with our One Million Black Women initiative."

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