The new kids on the block—BIPOC and female founders and fund managers—have another player on their team: a seed funder who is looking to help those just entering the marketplace.
Toigo organized a day for West Coast Fellows to visit CalPERS, the largest public fund in the country."I discovered an industry I had no idea existed," said Etienne. As a New Yorker, she knew about Wall Street but not pension funds.
Having been a consultant, allocator, and investor, she has a unique perspective. She also is a Haitian immigrant who was raised in Brooklyn."It's a multifaceted problem. First, there's the capital gap."It is difficult for LPs [limited partners] to say to someone with zero experience, I'm going to give you capital to invest," she said.
The third gap is connections. Etienne has relationships with law, accounting, and infrastructure firms that founders and fund managers need. Having the right service providers builds the trust and credibility that institutional investors look for."You want to ensure you're institutional grade," said Etienne.
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