Prudential Financial to invest $200M through the Cherrise Cederqvist-led DEI Portfolio program
From our Women's PE Briefs - week commencing August 23, 2021
Prudential Financial commits to investing $200M through the Cherrise Cederqvist-led DEI Portfolio program
Prudential Financial has committed to invest $200 million in firms led by women and minorities, particularly those raising capital for first or second funds. Cherrise Cederqvist, a vice president with PGIM Investments, Prudential’s global asset management business, leads its Diversity, Equity and Inclusion Portfolio program. In a statement, she said Prudential’s “goal in managing the DEI Portfolio is to provide equity of opportunity for segments that often face challenges in the fundraising process, while also maintaining the rigorous investment standards we’re known for. Ultimately, we expect the investments made through the DEI Portfolio to result in greater representation and increased assets under management for women and minority-owned investment firms over time.”
Prudential currently oversees nearly $1.2 billion in assets under management that have been invested in well-established private equity funds, hedge funds and real estate funds whose management teams have a substantial or majority ownership by an ethnic minority or woman. With this new program, Prudential is seeking to ensure the “selection process is equitable and inclusive across the full spectrum of early and late-stage funds,” stated Lata Reddy, senior vice president for Prudential’s Inclusive Solutions organization.