The NAACP announced the launch of NAACP Capital on Oct. 25.
NAACP Capital combines funds that will invest in fund managers and startups that are focused on closing gaps facing communities of color.
The fund, which seeks to raise $200 million, was conceptualized in partnership with Kapor Capital and Kapor Center, along with a team of nine venture fund managers.
“As an ever-evolving legacy organization, the NAACP knows that innovation is borne out of inclusivity,” said NAACP President and CEO Derrick Johnson. “Impact Investing has the power to drive historic financial returns and uplift overlooked communities. Right now, deeply entrenched systemic barriers are curtailing the innovative progress necessary to breed healthy competition in a global economy.”
Johnson went on to say, the NAACP is “seeking to change that” trend by making investments in the future.
“Investment is the backbone of impact, and impact investing will shape socioeconomics for generations to come,” he said. “It is time to invest in fund managers who share a forward-looking vision that invests in innovation and technology, ensuring the economy works for everyone, not just a select few.”
NAACP Capital is a part of the #KeepAdvancing campaign — a modernized approach to civic engagement and the organization’s push for a more inclusive economy.
To lead the new venture, Jay Lundy has been hired as the managing director.
Lundy is an experienced venture capital investor and management consultant who started his career in education and impact investing.
