Goldman Sachs Announces New Advisory Council Members and Partners for Initiative to Commit $10 Billion in Investment Capital and $100 Million in Philanthropic Capital To Impact The Lives of One Million Black Women

Rhea-AI Summary

The Goldman Sachs Group (NYSE: GS) has announced significant developments in its One Million Black Women initiative, committing over $10 billion to promote racial equity and economic opportunities for Black women. Key activities include conducting 17 listening sessions to guide initial investments, with strategic guidance from an Advisory Council. A first meeting is scheduled for May 17. Recent partnerships aim to support Black women entrepreneurs, particularly in the restaurant industry. The initiative targets the uplifting of one million Black women by 2030.

Positive

• Goldman Sachs committed over $10 billion for the One Million Black Women initiative to advance racial equity.
• Seventeen listening sessions were conducted to inform investment strategies, ensuring alignment with Black women's needs.
• A prominent Advisory Council will provide strategic guidance, fostering impactful investments.
• Partnerships with Ayesha Curry and Lendistry aim to support Black women entrepreneurs in the restaurant sector.
• Focus on increasing childhood literacy led by the Currys aligns with broader community support initiatives.

Negative

• None.

The Goldman Sachs Group, Inc. (NYSE: GS) today announced new developments for the One Million Black Women initiative, which has committed more than $10 billion to advance racial equity and economic opportunity by investing in Black women.

Adhering to the mission of grounding investment decisions in the voices and experiences of Black women, Goldman Sachs, in partnership with Black-women-led organizations, conducted 17 listening sessions to include public town hall discussions and smaller roundtable dialogues. Those conversations have been instrumental in steering the first round of investments for the initiative.

One Million Black Women is guided by an Advisory Council of well-respected Black leaders. The Council will conduct its first meeting on May 17, during which members will provide strategic guidance on the scope of investments and their potential to positively impact the lives of Black women. Goldman Sachs will announce the first set of investments shortly after the first Advisory Council meeting. These efforts will bring Goldman Sachs closer to its goal of improving the lives of one million Black women over the next 10 years.

“The listening sessions have been transformational,” said President and Dean Valerie Montgomery Rice, MD, Morehouse School of Medicine and a member of the One Million Black Women Advisory Council. “The One Million Black Women initiative has, from the start, worked to listen to the ideas, concerns, and aspirations of Black women. The $10 billion dollar investment will allow for more Black women to realize their full potential and become the economic drivers we know they are. I’m excited to partner with Goldman Sachs and be a part of this movement.”

Stephen and Ayesha Curry are the latest additions to the Advisory Council. Today’s announcement comes on the heels of the new partnership with Ayesha Curry and small business and commercial real estate lender Lendistry to encourage and develop Black women entrepreneurs in the restaurant industry in the Greater Oakland area.

Black women leaders across Goldman Sachs developed and will continue to lead this initiative alongside an Advisory Council which includes:

• Melissa L. Bradley
• Rosalind G. Brewer
• Bill Bynum
• Melanie Campbell
• Ayesha Curry
• Stephen Curry
• Thelma Golden
• Lisa P. Jackson
• Valerie B. Jarrett
• Lisa Mensah
• Dr. Valerie Montgomery Rice
• Marc H. Morial
• Dr. Dambisa Moyo
• Issa Rae
• Secretary Condoleezza Rice
• Dr. Ruth J. Simmons
• Darren Walker

Throughout the summer, Goldman Sachs in collaboration with Advisory Council members and Black-women-led organizations will continue the national dialogue about how to use investment capital to positively impact the lives of Black women and communities. These efforts will also include an increased focus on childhood literacy led by Stephen Curry in collaboration with his and Ayesha Curry’s non-profit organization Eat. Learn. Play. The Currys launched Eat. Learn. Play. in 2019 to focus on three vital pillars of a healthy childhood — nutrition, education, and physical activity.

ABOUT THE ONE MILLION BLACK WOMEN INITIATIVE
In partnership with Black-women-led organizations, financial institutions and other partners, Goldman Sachs has committed $10 billion in direct investment capital and $100 million in philanthropic capital over the next decade to address the dual disproportionate gender and racial biases that Black women have faced for generations, which have only been exacerbated by the pandemic. The initiative, One Million Black Women, is named for and guided by the goal of impacting the lives of at least one million Black women by 2030.

ABOUT GOLDMAN SACHS
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210513005382/en/

FAQ

What is the main goal of Goldman Sachs' One Million Black Women initiative?

The primary goal is to impact the lives of at least one million Black women by 2030 through investments and community support.

How much has Goldman Sachs committed to the One Million Black Women initiative?

Goldman Sachs has committed over $10 billion in direct investment capital and $100 million in philanthropic capital for the initiative.

When will the first meeting of the Advisory Council for the One Million Black Women initiative take place?

The first meeting of the Advisory Council is scheduled for May 17.

What specific areas will the One Million Black Women initiative focus on?

The initiative will focus on promoting economic opportunities, addressing racial equity, and supporting Black women entrepreneurs.

Who are some notable members of the Advisory Council for the initiative?

Notable members include Stephen Curry, Ayesha Curry, and Valerie Montgomery Rice, among others.