Bank of America and Roy and Patricia Disney Family Foundation Join a Growing Group of Investors in the 22 Seeking Meaningful Environmental, Social and Economic Impact in Disadvantaged Communities
LOS ANGELES, January 27, 2022 /PRNewswire/ — Fund 22, a Los Angeles-early-stage growth equity fund, announced that Bank of America and Roy and Patricia Disney Family Foundation (RPDFF) have committed to The 22 Fund I, LP (The 22). Le 22, created in 2018 to be a $100 million vehicle making equity, debt and revenue share investments, provides capital to promising technology-driven, export-oriented manufacturing companies led by women and Black, Indigenous and People of Color (BIPOC) entrepreneurs who are often excluded from technology capital opportunities.
22’s mission is to help create well-paying jobs and economic prosperity for low- and moderate-income communities through its strategic investments in growing businesses founded by BIPOC. Named after the 22 Pobladores, men and women of color who founded Los Angeles, The 22 Fund honors these founders for their diversity, tenacity, ingenuity and productivity. Its focus on high-tech US manufacturing companies that have the potential for rapid growth and high profitability through international sales (exports) is a one-of-a-kind strategy that provides portfolio diversification for investors seeking impact. uncompromising reality within the highly performing private sector. equity asset class.
“The interests of 22 are aligned with those of our investors – commercially, environmentally, socially and ethically. Our investors understand and value new holistic venture capital and private equity models that can solve the important problems of this decisive decade,” says Tracy Gray, founder and managing partner of The 22 Fund. “The 22 know that we need a sense of urgency to address these issues. We are pioneers in realizing opportunities to invest in diverse, high-growth, clean domestic manufacturing leaders to create jobs in the United States.”
“Bank of America’s equity investment in The 22 Fund underscores our continued efforts to close the persistent gap in access to growth capital for women and minority-led businesses. Los Angelesone of the most ethnically and industrially diverse marketplaces in the world, The 22 Fund is well positioned to help more minority entrepreneurs develop their business ideas, which will ultimately create more jobs and jobs. economic opportunities through Southern California and the country,” said Raul A. AnayaHead of Bank of America Business Banking and Chairman of Greater Los Angeles.
“The status quo will not move the needle and decisive action is needed to address long-standing systemic inequalities. The focus and mission of Fund 22 brings an attractive element to our portfolio to address some of the serious issues facing the country is facing,” said Shawn EscofferyCEO of Roy and Patricia Disney Family Foundation.
Fund 22 is once again making the domestic manufacturing industry an attractive investment sector. For several decades, American companies have been outsourcing manufacturing jobs because of cheap labor overseas. However, underlying systemic changes in global business and trade, consumer demand, supply chain shortages, and improvements in processes, materials, and technologies mean that cheap labor is no longer a key factor in a company’s cost competitiveness.
About Fund 22
The 22 Fund invests in U.S. technology-based manufacturing companies to increase international sales (exports) and create the clean, quality jobs of the future in underserved, low- and moderate-income (LMI) communities. The 22 intentionally invests in women-led businesses and BIPOCs to deliver both high return on investment and high social/economic impact without concessions or compromises.
About Bank of America
At Bank of America, we’re guided by a common goal to help make life better financially, through the power of every connection. We achieve this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded in our eight business lines and reflects how we help fuel the global economy, build trust and credibility, and represent a company people want to work for, invest in and do business with. Business. It shows in the inclusive and supportive workplace we create for our employees, the responsible products and services we provide to our customers, and the impact we have in the world to help local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise for greater impact. important. Learn more about about.bankofamerica.comand join us on Twitter (@BofA_News).
For more information about Bank of America, including dividend announcements and other important information, visit Bank of America Newsroom and sign up to receive email alerts.
About the Roy and Patricia Family Foundation
The mission of the Roy and Patricia Disney Family Foundation (RPDFF) is to invest in innovative solutions and community leaders to build a more just, equitable, and sustainable world in which all people thrive. We approach our philanthropic investments from several angles: human rights, civil rights, economic and environmental justice, gender and racial equity. Our actions are guided by a deep respect for each person’s sense of dignity and identity. We aim to disrupt the status quo, act as a validator of new and compelling ideas, and serve as advocates and leaders in our priority areas. With an endowment exceeding $160 million and an annual $6-7 million grants budget, RPDFF strives to understand and invest in on-the-ground solutions driven by experts – individuals and advocacy groups living and working in the communities they serve. The Foundation elevates organizations and ideas that address pre-existing and reinforcing conditions that lead to inequality. The Foundation is also committed to shifting its endowment capital increasingly towards impact. Over the next few years, the foundation will invest through a racial and gender equity lens while exploring ESG issues and alternative forms of capital.
View original content to download multimedia: https://www.prnewswire.com/news-releases/the-22-fund-closes-multi-million-dollar-equity-investments-from-bank-of-america-roy -and-patricia-disney-family-foundation-to-support-diverse-entrepreneurs-clean-us-manufacturing-and-jobs-of-the-future-301469243.html
SOURCE The Fund 22