Pitzer College, Claremont, Calif., made an investment in an environmental, social and governance-focused fossil-fuel-free global equity index fund managed by BlackRock (BLK) for its $135 million endowment, said Anna Chang, college spokeswoman.
The college is the inaugural investor in the MSCI ACWI ex-Fossil Fuels ESG Focus Index Fund, which is being made available to non-profits, endowments and foundations. The fund was developed after Donald Gould, vice chairman of Pitzer College's board of trustees and chairman of the board's investment committee, sought the creation of the fund with the assistance of index provider MSCI and investment consultant Mercer.
Pitzer College's endowment divested itself of fossil-fuel stocks in late 2014.
Ms. Chang could not immediately provide information on the size of the investment; Mr. Gould was not available for comment.