Seattle-based Marguerite Casey Foundation (MCF) has announced expanded plans to align the management of its endowment with the foundation’s racial equity goals and objectives.

MCF’s updated investment policy statement (IPS)—providing a roadmap for the use of the foundation’s endowment in pursuit of a multiracial democracy and just economic agenda—sets a formal target to direct half of the foundation’s $825 million endowment to investments overseen by diverse-owned asset management firms by the end of 2025. MCF currently has more than $150 million committed to diverse-owned firms (18.2 percent), which tracks closely with the 18.1 percent national average of foundation endowments invested with minority- and women-owned asset managers. The new policy includes “robust, values-aligned screening for the foundation’s investments and racial and gender diversity and inclusion requirements for the companies overseeing them.”

“Marguerite Casey Foundation’s new ‘Investment Policy Statement’ incorporates a racial justice lens across asset classes and investment types,” said MCF vice president of finance and investments Daniel Gould. “Moving forward, our capital will have a double bottom line: to maintain long-term purchasing power and increase the net positive contribution to our mission and values.

(Photo credit: Getty Images/Jacob Lund)