The Equity Endowment, founded by Russel Fugett, is an impact endowment fund with a portfolio made up of minority fund managers and funds that invest in minority businesses and communities. ^{1 2}

Background

Founded in 2023, Equity Endowment is a fiscally sponsored project of the Players Philanthropy Fund. ^{3 4} It is an impact endowment fund focused on “creating equity.” ⁵

Executive director Russel Fugett said that Equity Endowment is a nonprofit that has a “mission of closing the racial wealth gap.” Fugett said that “access to capital has always been a barrier for people of color in America to have ownership.” ⁶

Equity Endowment Fund invests in minority fund managers, businesses, and communities. ^{7 8} Proceeds from the fund are given to nonprofits focused on increasing the number of “minority entrepreneurs and business owners.” ⁹

Leadership

Russel Fugett is the executive director of Equity Endowment. He is also a consultant with Management Concepts and a consulting network member with GLG. Fugett previously was a senior consultant with the Jumla Network, the president of Good Word Digitals, and chief executive officer and president at TLC JR, LLC. Fugett worked as a business delegate for the U.S. Embassy to South Africa and was the senior program coordinator for the Multicultural Student Services Center at George Washington University. ¹⁰

1. “Home.” Equity Endowment. Accessed August 16, 2024. https://www.equityendowment.org/.
2. “Equity Endowment”. LinkedIn. https://www.linkedin.com/company/equityendowment/about/
3. “Equity Endowment”. LinkedIn. https://www.linkedin.com/company/equityendowment/about/
4. “Home.” Equity Endowment. Accessed August 16, 2024. https://www.equityendowment.org/.
5. “Home.” Equity Endowment. Accessed August 16, 2024. https://www.equityendowment.org/.
6. Costello, Jamie. “Russell Fugett Aims to Close the Racial Wealth Gap with His Endowment Fund.” WMAR 2 News Baltimore, January 5, 2024. https://www.wmar2news.com/local/russell-fugett-aims-to-close-the-racial-wealth-gap-with-his-endowment-fund
7. “Equity Endowment”. LinkedIn. https://www.linkedin.com/company/equityendowment/about/
8. Costello, Jamie. “Russell Fugett Aims to Close the Racial Wealth Gap with His Endowment Fund.” WMAR 2 News Baltimore, January 5, 2024. https://www.wmar2news.com/local/russell-fugett-aims-to-close-the-racial-wealth-gap-with-his-endowment-fund.
9.  Costello, Jamie. “Russell Fugett Aims to Close the Racial Wealth Gap with His Endowment Fund.” WMAR 2 News Baltimore, January 5, 2024. https://www.wmar2news.com/local/russell-fugett-aims-to-close-the-racial-wealth-gap-with-his-endowment-fund.
10. “J. Russell Fugett, PMP – Equity Endowment.” Linkedin. Accessed August 16, 2024. https://www.linkedin.com/in/jrussellfugett.