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Global Atlantic Launches $10 Million Foundation With Million-Dollar Grant to Accion Opportunity Fund
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Rhea-AI Summary
Global Atlantic Financial Group has launched the Global Atlantic Foundation with a $10 million commitment, including a $1 million grant to the Accion Opportunity Fund (AOF). This initiative aims to enhance access to capital and support small businesses in under-invested communities, particularly in states where Global Atlantic operates. Allan Levine, CEO, emphasized community contribution as a core value. The foundation was proposed during Global Atlantic's acquisition by KKR in February 2021. AOF will use the grant to provide lending and business coaching, focusing on promoting entrepreneurship among historically underserved demographics.
Positive
Launch of the Global Atlantic Foundation with a $10 million commitment.
First grant of $1 million to the Accion Opportunity Fund to support small businesses.
Focus on increasing access to capital and coaching for underserved communities.
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NEW YORK--(BUSINESS WIRE)--
Global Atlantic Financial Group (“Global Atlantic”), a leading U.S.-focused annuity and life insurance company, has officially launched the $10 millionGlobal Atlantic Foundation by committing a million dollar grant in support of the Accion Opportunity Fund (“AOF”), a leading nonprofit that provides small businesses with access to capital, business networks and coaching.
“Community giving is engrained in Global Atlantic’s culture and a core component of our identity,” said Allan Levine, CEO of Global Atlantic. “We are thrilled to launch the Global Atlantic Foundation to further reinforce our commitment to serving the community.”
The Global Atlantic Foundation, a donor advised fund, was first proposed in February 2021 when the company was acquired as a majority-owned subsidiary of KKR, a leading global investment firm. At that time, Global Atlantic committed $10 million in proceeds from the sale to establish the new charitable foundation.
“The Accion Opportunity Fund is an ideal inaugural partner for our Foundation,” said Jennifer Cohen, who leads charitable giving at Global Atlantic. “Global Atlantic would not exist today without the capital, trust and support we were provided to become an independent company, and the Foundation will provide that same opportunity for small businesses to thrive and create jobs in their communities.”
“With Global Atlantic’s generous support, AOF will be able to increase our lending and business coaching, promoting entrepreneurship and financial inclusion in under-invested communities, " said Luz Urrutia, Accion Opportunity Fund CEO. “Delivering greater impact to our target customers, historically 90 percent women, people of color, and immigrants, is exciting and inspiring.” Global Atlantic’s grant will play a key role in our vision of helping small businesses reach their goals no matter who or where they are. We are most grateful to be the inaugural partner.”
Through Global Atlantic’s grant, AOF will increase access to capital, as well as business advising and coaching, for small businesses with a focus in states where Global Atlantic maintains offices, including Connecticut, Indiana, Iowa, Massachusetts, New York and Pennsylvania. The partnership will initially roll out with a pilot in Massachusetts.
About Global Atlantic
Global Atlantic Financial Group is a leader in the U.S. life insurance and annuity industry, serving the needs of individuals and institutions. With differentiated investment and risk management capabilities, deep client relationships, and a strong financial foundation, the company has established a track record of delivering proven, value-added solutions and long-term growth. Global Atlantic is a majority-owned subsidiary of KKR, a leading global investment firm that offers alternative asset management across multiple strategies and capital markets solutions. KKR’s parent company is KKR & Co. Inc. (NYSE: KKR).
Global Atlantic Financial Group (Global Atlantic) is the marketing name for The Global Atlantic Financial Group LLC and its subsidiaries.
What is the purpose of the Global Atlantic Foundation launched by KKR?
The Global Atlantic Foundation aims to enhance access to capital and support small businesses in under-invested communities.
How much funding has the Global Atlantic Foundation committed?
The Global Atlantic Foundation has committed $10 million, including an initial $1 million grant to the Accion Opportunity Fund.
When was the Global Atlantic Foundation proposed?
The Global Atlantic Foundation was first proposed in February 2021 during Global Atlantic's acquisition by KKR.
Which states will benefit from the Global Atlantic Foundation's funding?
The funding will focus on small businesses in Connecticut, Indiana, Iowa, Massachusetts, New York, and Pennsylvania.
What is the role of the Accion Opportunity Fund in this initiative?
The Accion Opportunity Fund will use the grant to increase lending and business coaching for small businesses, especially those led by women and people of color.
