Goldman Sachs Establishes Fund for Racial Equity

Goldman Sachs Establishes Fund for Racial Equity

Goldman Sachs today announced it has created the Goldman Sachs Fund for Racial Equity. It said the fund objective is to support the vital work of leading organizations addressing racial injustice, structural inequity and economic disparity.

The global investment firm said the fund will be launched with $10 million from Goldman Sachs Gives, a donor-advised fund that allows the firm and its current and retired senior employees to direct grants to support underserved communities around the world.

“We must stand up and support organizations dedicated to the fight for a more just and equitable society,” said David M. Solomon, Chairman and Chief Executive Officer.

“To honour the legacies of George Floyd, Breonna Taylor and Ahmaud Arbery, we must all commit to helping address the damage of generations of racism.”

The fund is in addition to the firm’s COVID-19 relief and recovery efforts, including its $30 million COVID-19 Relief Fund and $525 million commitment to small businesses,.

Goldman Sachs said it has deployed capital to communities in need around the world, with significant funds designated toward supporting communities of colour, who continue to be disproportionately impacted by the pandemic.

Raising Funds for Your Business Not Rocket Science

It stated that its employees donating to Fund for Racial Equity recipient organizations will have their contributions matched by the firm dollar for dollar, and donations $25 and under will be matched three to one.

Goldman Sachs Establishes Fund for Racial Equity