In This Newsletter
ICAP in Action
The HBCU Strategic Initiative and Fellows Program
A Year Centering Research
Milken Institute—The Initiative for Inclusive Entrepreneurship
In July 2024, the Milken Institute became home to the Initiative for Inclusive Entrepreneurship (IIE), a groundbreaking national effort aimed at expanding access to capital for small businesses owned by socially and economically disadvantaged individuals (SEDI). IIE harnesses the power of public-private collaboration to ensure equitable implementation of the US Department of the Treasury’s $10 billion State Small Business Credit Initiative (SSBCI), 40 percent of which is designated for businesses owned by SEDIs. With leverage as a built-in strategy, every SSBCI dollar deployed is designed to catalyze $10 in private investment, with a 1:1 match required.
The initiative was first announced in 2022 and piloted for 18 months by Hyphen, a leading public-private partnership accelerator. During this period, Hyphen created a coalition that included capacity-building partners to identify and address barriers impeding small businesses’ access to capital. During the pilot, IIE deployed $215 million in capital, reached 7,931 organizations, and provided 2,223 hours of technical training.
Now, under the Milken Institute, IIE will enter its next phase: building out a financial ecosystem that increases access to capital and resources for socially and economically disadvantaged entrepreneurs and small businesses, ensuring continued support and growth.
ICAP Launches a Podcast with Purpose
Milken Institute Financial Markets Director Troy Duffie, launched The Market Makers, a dynamic podcast with Bright Ventures Managing Partner Lenore Champagne Beirne, in November. The Market Makers delves into how asset allocators, founders, and innovators are paving the way to drive Inclusive Capitalism. Hosts Beirne and Duffie share their unique experiences and forward-thinking perspectives on the future of capitalism. Through engaging conversations and thought leadership, they welcome guests at the forefront of inclusive innovation to provide insights on how to build a more equitable economic system. Amplifying diverse voices and highlighting actionable strategies, The Market Makers is shaping the dialogue on building a more inclusive and sustainable economy.
Watch the first episodes here
ICAP Collaborated with Silicon Valley Bank to Increase Connections within the Industry
The 2024 Congressional Black Caucus (CBC) Annual Legislative Conference focused on moving from vision to victory by amplifying Black voices. The week featured events, panels, and convenings discussing practically every topic from gun violence to asset management. The ICAP team partnered with Silicon Valley Bank to launch the first annual Connective Capital Consortium panel series as part of CBC week.
The Consortium highlights collective efforts among allocators and asset managers to advance DEI and its positive impact on ROI. Duffie participated in one of the first panels of the series, “Funding Black Capital Allocators,” discussing how the 2020 racial equity commitments can supercharge funding for Black innovators and investors before the commitments expire in 2025.
Milken Institute HBCU Fellows Program Celebrates Milestones
Throughout the fall season, Milken Institute HBCU Fellows had the opportunity to attend premier conferences in the industry through carefully curated partnerships with the sector's leading organizations. Fellows attended the Chartered Alternative Investment Analyst Association ALTSLA 2024 Conference, the Alternative and Direct Investment Securities Association (ADISA) annual conference, the Institute for Portfolio Alternatives annual conference, and the Institutional Limited Partners Association (ILPA) Summit 2024 as well. These conferences provided opportunities for the fellows to connect with professionals within each of the organization's networks while learning about major trends and concepts in the industry.
HBCU Fellows at the ADISA Spring Conference with ICAP Team
2024 HBCU Fellows at the ILPA Summit 2024
Alongside CBC week events in September, the 2024 HBCU Fellowship graduation reception week was a highlight of the year, celebrating the completion of the fellows' first year in the program. The week featured a roundtable conversation with World Bank Group faculty and staff, who shared their inspiring journeys with the organization. This event was followed by a reception attended by more than 120 of ICAP's friends and supporters. The ICAP team was thrilled to host speakers representing some of the program's incredible supporters, including President and CEO of the TD Jakes Foundation Kelley Cornish; President and CEO of the Ewing Marion Kauffman Foundation, DeAngela Burns-Wallace, EdD; Senior Vice President and Executive Director of Strategic Programs for the Wells Fargo Foundation Monica Mitchell; and Milken Institute CEO Richard Ditizio.
DeAngela Burns-Wallace, EdD, speaks at the 2024 Graduation Reception
Milken Institute HBCU Fellows at the World Bank Group
This milestone event underscored the importance of our key partnerships, which have provided fellows with access to education, conferences, and internships throughout the year. During the event, the ICAP team also announced a completely reconfigured HBCU Fellowship program, transitioning from a one-year program to a phased, lifetime program with the identical goal: creating pathways for HBCU fellows to thrive successfully in the financial sector. Through the expansion, we’re excited to continue supporting these talented individuals as they build their experience and skills, preparing for bright futures as they progress through their undergraduate studies and transition into jobs within the financial services industry.
The 2025 HBCU Fellows Cohort Solidified
The ICAP team is pleased to announce the upcoming 2025 HBCU Fellows cohort, which will represent more than 10 HBCUs, including new representation from the Southwest region. This year's applicants demonstrated exceptional talent, passion, and drive, making the selection process both inspiring and highly competitive. The strength of the student applicants reflects the growing recognition of the fellowship as a platform for fostering future finance leaders and innovators. The ICAP team is eager to kick off this transformative journey in January 2025 as we welcome a dynamic group of students ready to build their skills, expand their networks, and make a lasting impact on the financial industry and beyond.
A Report to Inspire Action
In January 2024, the team launched Inclusive Capitalism: Seven Strategies for Specific Action in Asset Management, a white paper serving as a practical guidebook for the asset management industry to enhance efficiency and create value through actionable strategies. The report is tailored to institutional investors, including public and private pension plans, family offices, foundations, and other allocators, to advance inclusive practices within their organizations.
Applying a Gender Lens to Asset Management
At the beginning of 2024, ICAP partnered with Recast Capital to focus on research examining the impact of emerging venture funds characterized as female and nonbinary on the broader financial landscape. The project began with interviews of top industry professionals and experts to gain a better understanding of the challenges experienced by emerging fund managers and to inform the development of future programs aimed at supporting women- and nonbinary-led venture funds. As part of this effort, the ICAP team hosted a roundtable discussion in December during Art Basel in Miami Beach, where key stakeholders gathered to review current findings and build consensus on strategic steps toward fostering inclusivity in venture funding. The full report will be released in mid-2025.
