The energy group’s Racial Equity Capital Fund will run for the next three years and will supply equity and debt financing for minority-owned businesses.
US-based electric, gas and nuclear utility Exelon formed a $36m investment vehicle dubbed Racial Equity Capital Fund on Wednesday in a bid to back minority-owned companies.
The fund is set to invest in areas strategic to Exelon’s business through 2024, providing up to $1m in equity funding and between $100,000 and $300,000 in debt financing per company. It will be jointly run by the corporate’s non-profit arm, Exelon Foundation, and diversity-oriented investment firm RockCreek.
Exelon Utilities chief executive Calvin Butler…
