We have a long history of impact investing that creates value for communities and catalyzes inclusion and equity: from supporting projects that help expand racial equity and help women become financially independent to working with credit unions and community-based organizations on expanding financial health to the under- and unbanked. In 2020, we made a new commitment to our communities: to originate $500 million of new MetLife impact investments by 2030 with 25% allocated to climate change priorities.
Racial Equity: Bias-Reduction Programs
MetLife Foundation closed a $2 million equity commitment in the Illumen-managed fund of funds. Illumen Capital leverages its investment power to deliver capital, combined with evidence-based bias-reduction training and coaching for its portfolio of fund managers. With guidance from Stanford SPARQ, Illumen Capital has developed a 10-year bias-reduction program for fund managers, designed to help managers make better decisions, expand their investable landscape, and maximize and protect every dollar invested.
Racial Equity: Targeted Investments in Racially and Ethnically Diverse Communities
Financial exclusion has been a persistent problem in the southeastern U.S., particularly for communities of color. High-cost predatory financial service providers extract billions of dollars in fees and interest from unbanked and underbanked consumers who are better served by credit unions. In 2019, MetLife committed $10 million to Inclusiv Southern Equity Fund to invest capital in credit unions serving low-income and racially and ethnically diverse communities in 17 southeastern states.