Large public alternatives managers drop DEI references

Many of the largest publicly traded money managers concentrating on alternatives have mentioned diversity, equity and inclusion initiatives fewer times over the past several years, according to PitchBook’s analysis of 10-K filings.

Among the seven firms, Blackstone didn’t mention “DEI” or “diversity” once in its latest annual filing. The firm has been dropping references for several years. Apollo Global Management and Carlyle Group each made two mentions. The latter dropped from 37 the previous year.

Blue Owl was a notable exception, making 16 references vs. 14 in each of the previous two years. KKR’s DEI mentions was constant at eight over the past two years.

Most of the companies cited the Trump administration’s executive orders related to DEI as a risk factor.

However, among all money managers, an overwhelming majority include formal diversity and inclusion training and grievance procedures for employees who feel they’ve been treated unfairly based on their race, gender or beliefs, according to Pensions & Investments' 13th annual Best Places to Work in Money Management survey that was published in December.

Out of the 113 firms, 89 had diversity and inclusion programs. In addition, 107 out of 112 money managers, had formal grievance processes.