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New York Life Launches $1B Impact Investment Fund Aimed At Closing The Racial Wealth Gap

New York Life — known as America’s largest and most admired mutual life insurer — has made a huge stride toward closing the racial wealth gap. In a press release provided exclusively to AfroTech, New York Life has announced a $1 billion impact investment initiative aimed at addressing the looming issue that comes along with the racial wealth gap. The initiative includes investing in both underserved and undercapitalized communities over the course of the next three years with a primary focus on affordable housing, community development, and supporting small businesses. “We are focused on investments that promise to not only deliver meaningful societal impacts but also those with the potential to generate market returns for New York Life’s policy owners,”  said Tony Malloy, Executive Vice President & Chief Investment Officer, in an exclusive interview with AfroTech. “Generating positive market returns is key to driving sustainable and positive economic outcomes in underserved and...

Shanique Yates

Apr 27, 2021