McKnight Foundation, Minneapolis, hired Mellon Capital Management to run $100 million in a U.S. equity carbon efficiency strategy.
The portfolio will invest in companies that have low exposure to carbon emissions, said Kate Wolford, president of the $2 billion foundation, in an e-mail.
The foundation is the first to invest in the Mellon Capital strategy, Ms. Wolford said.
The $100 million investment is in addition to $200 million that the foundation in June said it was committing to low-carbon and sustainable development in Minneapolis-St. Paul. The foundation now has $300 million in environmental, social and governance investments, Ms. Wolford said.
Funding came from the foundation’s U.S. stock portfolio, she said. No managers were terminated.
The foundation manages the philanthropic assets of the family of William L. McKnight, former president and CEO of 3M Co., with investments focused on Minnesota.
General investment consultant Mercer and specialist consultant Imprint Capital assisted.
