MassMutual Launches $50m Investment Fund to Support Black-Owned Businesses
NEC member Massachusetts Mutual Life Insurance Co. (MassMutual) recently launched the MM Catalyst Fund to invest $50 million in local businesses, targeting economic growth in underdeveloped areas of Massachusetts.
The fund will be distributed evenly between two categories of capital: one half in community growth (“MMCF Growth”) through equity and debt investments in Black-owned businesses, and the other half in technology (“MMCF Tech”) through equity investments in technology companies based outside of Boston.
Rilwan Meeran, Impact Investment Portfolio Manager who oversees the MMCF commented, “Impact investing at MassMutual seeks to create a positive social and environmental impact that is measurable while also making market rate financial returns. Philanthropy alone cannot solve our society’s problems; institutional capital investment should also play a role.”
The New England Council congratulates MassMutual on this exciting initiative and applauds the corporation’s dedication to diversity, equity and inclusion throughout its work. Read more in The Boston Globe or in MassMutual’s press release.
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