Using All Our Tools
Making a Commitment to Mission-Aligned
Investing with Bivium Westfuller
Rickke Mananzala, Executive Director
I grew up watching my father build and fix things. My earliest memories are of him sorting through big toolboxes packed with gadgets as he mapped out his plan of action without the help of instructions or YouTube. Whatever the project — simple or complex — many tools were involved to get the job done. When I was old enough to help, he explained each tool’s function, and more importantly, encouraged me to appreciate how they worked together to contribute to a larger purpose. Similarly, I believe social justice foundations must use all the tools we have to advance our mission and values.
While the New York Foundation has a long history of using grantmaking to support racial, economic, gender, and climate justice, there are other tools we have not used, specifically our endowment, to support the same goals. Under the leadership of our Investment Committee, full board, and staff, we are opening our toolbox and getting to work on mission-aligned investing through our new partnership with Bivium Westfuller.
So, how did we get here? Historically, we have had a traditional view of our endowment’s purpose and investment strategy: maximize financial returns to support our grantmaking. Interrogating our investments to see if they contributed to problems our grantees were trying to solve was not a fundamental lens in our strategy. However, over the years, we have sporadically explored how assets outside our grantmaking could advance our mission. For example, in 1968 we joined the Cooperative Assistance Fund, which was a consortium of foundations that contributed funds to an investment pool that used its profits to support entrepreneurs leading economic development efforts in Black communities in the urban North and rural South. These investments were innovative at the time and are now commonly known as Program-Related Investments (PRIs).
In 2020, our Investment Committee started a more formal process to leverage our investments to advance our mission. Two years later, we tapped Community Capital Advisors (CCA) to lead us in a search for a new investment advisor that could help guide us along our journey. CCA helped us bake racial equity into the search and decision-making process and build alignment among our board and staff. Ultimately, we found an exceptional partner in Bivium Westfuller (BWF), two Black-led asset & wealth management firms sharing our commitment to support movements for racial, economic, gender, and climate justice. Bivium Capital has operated for almost 20 years, focusing on values-aligned investing and sourcing diverse, emerging managers. Westfuller, which has operated for more than 10 years, provides bespoke investment solutions for families and institutions seeking meaningful social impact. Collectively, the joint firms have $4.96 billion in assets under management.
“Our RFP process was part of a broader undertaking to move the foundation through a pro-Black, intersectional organizational change strategy. We could accelerate efforts toward this goal on the investing side largely thanks to our investment committee composition — it’s one of the most diverse, inclusive, savvy, and values-aligned I’ve ever seen. The committee and Rickke’s leadership along with a deeply collaborative effort across staff and board led us to this important milestone and I’m excited for the ones ahead.”
We understand that philanthropy must play a role in dismantling structural barriers to racial, economic, gender, and climate justice, particularly through the deployment of capital toward equitable solutions. We are not motivated by just shifting capital to advance our mission and values, but rather by shifting power to communities and movements who are paving the way for a more just world. We recognize this is a long-term process, which we will approach with humility, determination, and transparency. We will take our lead from social justice movement leaders who are providing alternative paths for how foundations can steward their resources for change. We will also continue learning from our peers leading in this field, including our new investment advisors, and working with other foundations who are eager to play a role in remaking institutional philanthropy.
“We are honored to begin this partnership with the New York Foundation. This Foundation participated in funding organizations by and for Black people for decades. I look forward to our shared efforts to transform philanthropic investments to advance justice and build power in NYC communities. I have been personally connected to the Foundation’s work for decades, and it is deeply meaningful to do this work together.”
Let’s get to work together! Please reach out to missioninvestments@nyf.org if you would like to connect.
In community,
Rickke