Goldman Sachs to invest $500 million in women-run companies

Goldman Sachs to invest $500 million in women-run companies

By Rishika Dugyala

(Reuters) - Goldman Sachs Group Inc will pump $500 million into companies led, founded or owned by women, as it steps up efforts to close the gender investing gap, the Wall Street bank said on Tuesday.

The programme, Goldman Sach's second geared towards female entrepreneurs, will also help clients invest directly in private, late-stage companies or provide seed capital for women starting their own funds.

"The bottom line is this makes sense for our business – because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sach's chief strategy officer, said in a statement. "We also hope it makes a difference for women who have big ideas but find themselves cut out of the funding ecosystem."

Cohen cited statistics showing that only 2 percent of U.S. venture capital in 2017 went to companies run entirely by women and just 12 percent went to teams with at least one woman. Less than 2 percent of U.S. private equity firms are women-owned, she said.

The programme, called "Launch With GS," follows Goldman Sach's "10,000 Women" which debuted in 2008 to provide female entrepreneurs in developing economies with business education and access to capital. An online education component was added in May.

Goldman Sachs aims to have women make up half of its global workforce, starting with new analysts by 2021.

Only five of the 31 executives listed on the bank's management committee are women, one of whom is retiring. The bank also reported a wide gender pay gap in Britain for its international business earlier this year.

(Reporting by Rishika Dugyala; Editing by Richard Chang)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Jun 20, 2018 02:05 AM

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