MassMutual announces additional $100 million fund
MassMutual launched a second MM Catalyst Fund of $100 million to continue investing in Black-led startups as well as overlooked businesses across Massachusetts, building on the first $50 million fund the company launched just over two years ago. Additionally, this second fund will selectively invest alongside fund managers within MassMutual’s First Fund Initiative in Black, Latino and Indigenous-led businesses across the US and Canada.
Since 2021, the MM Catalyst Fund has invested in 16 businesses across Massachusetts. Through both the MM Catalyst Fund and the First Fund Initiative, MassMutual’s total impact investment commitment has more than doubled to $300 million in just over two years. MassMutual’s First Fund Initiative invests in Black, Latino, and Indigenous first-time fund managers. With the second MM Catalyst Fund, MassMutual will now consider investment opportunities alongside these fund managers in diverse-led businesses across the US and Canada.
“This new fund will build and expand upon the MM Catalyst Fund’s success – including our innovative, consultative approach that helps address the gaps and barriers to funding. We look forward to investing in companies led by exceptional founders who are solving problems with compassion and conviction to generate positive, measurable social and environmental impact while addressing inequality in capital markets.” – Jason Allen, portfolio manager of Impact Investments at MassMutual.
“As one of the first movers in this space, we are excited to continue supporting entrepreneurs in our home state of Massachusetts as well as expanding our focus to select investment opportunities in diverse-led businesses across the country. Importantly, we hope that our continued commitment and investments in diverse and overlooked companies will inspire other firms and institutions to follow suit so we can collectively reduce structural barriers and advance racial equity.” – Liz Roberts, head of Impact Investing at MassMutual.
