Dear Castilleja Community,
As part of our mission to foster the next generation of compassionate leaders, Castilleja's leadership and Board of Trustees are committed to promoting equity and diversity in all that we do. We want to update you on an important initiative that we began a few years ago and that we featured in our Annual Report in 2022.
We are pleased to let our community know that we have significantly increased Castilleja’s endowment investments in funds owned or managed by women and people of color. Specifically, the percentage of our endowment invested with diverse managers is now over 30%—up from 22% in 2022. For comparison, according to a Knight Foundation study of Diversity of Asset Managers in Philanthropy, the average foundation invests approximately 20% of its assets in diverse-owned firms.
In 2021, the Board’s Investment Committee, led then by Alyssa Rieder, formed a task force aimed at improving the representation of diverse managers within Castilleja’s endowment to better reflect the school’s mission. In partnership with investment advisors from Cambridge Associates, the Board’s Investment Committee studied other institutions’ approaches to diversity, equity and inclusion (DEI). After months of research, our Board significantly amended our Investment Policy to define, target, and track investments in diverse firms.
We are all energized by the progress we’ve made in this critical area and excited for the work ahead. Creating lasting change takes time and patience. Investing in an endowment is no different—shifting strategies is a long-term pursuit. However, it is satisfying to see signs of progress.
As we look at the progress we’ve made, we encourage other independent schools to report the diversity of managers within their respective endowments to promote equity beyond the classroom.
Thank you for your continued commitment to fostering an equitable and respectful community at Castilleja.
Warmly,
Mahooya Dinda, Investment Committee Chair, and Zac Zeitlin, Board Chair