Goldman Sachs Group launched a new investment program in the U.S. on Wednesday to improve racial equity and economic opportunity for Black women with a commitment of more than $10 billion.
Through the 10-year initiative, known as One Million Black Women, Goldman Sachs plans to commit $10 billion for direct investments and $100 million in philanthropic donations to "address the dual disproportionate gender and racial biases that Black women have faced for generations," according to a company news release.
The goal of the program is to improve the lives of at least 1 million Black women by 2030 when the program is slated to end.
Goldman Sachs will be making direct investments in companies, spokesman Andrew Williams said in an interview.
Many of the companies Goldman Sachs plans to invest in will be Black women owned, but "the lens through which we evaluate these investments is the impact they have to improve the lives of Black women," Mr. Williams said.
Initial investments will be in housing, health care, education, job creation, workforce advancement, digital connectivity and financial health, areas that research from the firm's March 9 "Black Womenomics" report, showed were important factors in reducing the earnings gap for Black women, the release said.
David M. Solomon, chairman and CEO of Goldman Sachs, said in the release that the results of the report "suggests that no investment could have a bigger impact than unlocking the economic potential of Black women. In the face of significant disparities, they've shown admirable resilience, especially as they're starting businesses faster than anyone else in the U.S."
In addition to partnering with several Black sororities, Goldman Sachs also is working with Black-women organizations such as Black Women's Roundtable; The National Coalition on Black Civic Participation; The National Council of Negro Women; and We Are Power Rising.
"This initiative is transformational. What Goldman Sachs is doing has the potential to materially impact the lives of Black women, their families and communities across the country," said Melanie Campbell, convener of the Black Women's Roundtable and president and CEO of The National Coalition on Black Civic Participation, in the release.
Goldman Sachs managed $2.15 trillion as of Dec. 31.