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10-Minute Read

🚨 Dismantle DEI Act Passed, Navigating a Shifting Landscape

Recently, Congressman Michael Cloud’s (R-TX) Dismantle DEI Act passed out of the House Oversight Committee with a party-line vote of 23-17. This legislation aims to eliminate DEI practices within federal agencies, promoting a return to what proponents call a "colorblind" and merit-based system. The bill seeks to dismantle all DEI-related activities in federal institutions, prevent DEI mandates in federal contracting and grants, and ensure that federal accreditation bodies prioritize qualifications over identity-based considerations.

Key Provisions of the Dismantle DEI Act

Elimination of DEI Offices: Federal agencies would be required to close any existing DEI offices.
Prohibition of DEI Requirements: Federal contractors and grant applicants would no longer be able to include DEI initiatives as part of their proposals.
Focus on Merit: The act emphasizes merit and qualifications over identity-based quotas in hiring and promotions.

Rep. Cloud argues that current DEI programs foster division and inefficiency, claiming they waste taxpayer dollars while undermining meritocracy. He states, “These initiatives, presented as promoting fairness, have instead fostered division and racial bias within our institutions”.

Implications for the Institutional Investment Industry

The passage of the Dismantle DEI Act could have profound implications for the institutional investment landscape:

Impact on Federal Contracts: Investment firms that rely on federal contracts may need to reassess their DEI initiatives. The bill’s prohibition on requiring DEI training or programs could lead to a reduction in the diversity of thought within teams that manage public funds.
Shifts in Talent Acquisition: With an emphasis on merit over identity, firms may find it challenging to attract diverse talent if they are unable to implement targeted recruitment strategies aimed at underrepresented groups.
Changes in Compliance Requirements: Investment firms may need to navigate a new regulatory environment where compliance with DEI initiatives is no longer mandated by federal contracts. This could lead to a more homogeneous workforce if firms choose not to prioritize diversity voluntarily.
Market Reactions: The institutional investment community has historically recognized the value of diversity as a driver of performance. A shift away from DEI could raise concerns among investors who prioritize socially responsible investing (SRI) and environmental, social, and governance (ESG) criteria.

Broader Industry Context

Despite these developments, many corporations continue to affirm their commitment to DEI initiatives. A recent survey indicated that 96% of corporate social impact professionals reported that their companies' commitments to DEI have either remained stable or increased¹. This suggests that while legislative efforts may seek to dismantle DEI at the federal level, private-sector firms are still keenly aware of the benefits associated with diverse teams.

Looking Ahead: Balancing Act

As we move into 2025, the debate surrounding DEI will likely intensify. The Dismantle DEI Act reflects a broader political landscape where discussions about equity and inclusion are becoming increasingly more polarized. At TIDE, we encourage our network to remain vigilant and proactive in fostering inclusive environments within their organizations. While legislative changes may influence practices at the federal level, the commitment to diversity should remain a priority for all stakeholders in the investment community.

Thank you for your ongoing support as we navigate these complex issues together. Let’s continue to champion diversity in our industry!

¹https://www.usatoday.com/story/money/2024/07/17/dei-workplace-trump-vance-impact/74432633007/

🏆 Scott Chan Presented with the Toigo Inspirational Award

During the Toigo Gala on November 20th, Stephanie Ivy Sanford of Goldman Sachs presented Scott Chan with the Toigo Inspirational Award. Check out what this Beautiful Country means for Scott.

While there are headwinds to advancing DEI initiatives, it’s inspiring to have leaders like Scott who encourage us to keep forging ahead. Scott’s unwavering commitment to DEI serves as a beacon of hope, reminding us that progress, though often incremental, is possible. His leadership not only motivates us to confront the challenges head-on but also challenges us to rethink traditional practices and create more inclusive environments in our industry. Through his example, we are reminded that diversity is not just a goal but an ongoing journey — one that requires persistence, collaboration, and a shared vision for a better, more equitable future for all.

Special THANK YOU to Stephanie Ivy Sanford for inviting TIDE to be part of this special event.

✨CalSTRS Dream Team✨

🔥 TIDE NYC Pop-Up Event was a hit!

Our inaugural TIDE NYC Pop-Up Event was an unforgettable milestone.

In TIDE fashion, we featured the hottest names in the industry. We kicked off the morning with a Fireside Chat featuring Kim Lew, CEO of Columbia Investment Management Company. The agenda was packed with rockstar asset-class experts from Public to Private Markets, including a lunchtime CIO Fireside Chat featuring Shoaib Khan and Steve Meier, CIOs of New Jersey and NYC, respectively.

The event was an absolute game-changer and set a high bar for NYC industry events: there were more LPs than GPs, the vibe was amazing, and the atmosphere was intimate and conducive to building relationships. But don't take our word for it. Check out all the raving reviews on LinkedIN.

🥳 Congratulations!

A few congratulations are in order:

Fernanda Rice, TIDE Rising Star of 2023, has transitioned over to UTIMCO's PE Team.
Tina Pham has joined Igneo Infrastructure Partners.
Stephanie Henwood-Darts has joined the hot new Phoenix Fund Services as COO & Managing Partner. Side note: TIDE's NYC Happy Hour Drinks was hosted by Phoenix Fund Services! 😊
Brandon Bilton, TIDE Rising Star of 2023, has been promoted to Trading Associate.
Jon Popielarski, TIDE SPARK 2024 surfing session host, was featured in the Venture Capital Journal "Guide to VC Secondaries Buyers" article.
Daniel Kylander, TIDE Foundation Advisory Board Member, was featured in the Private Equity Marketeer's Playbook: "The LP Perspective".

And...congratulations to TIDE! Perplexity.AI, a cutting-edge AI-powered search engine, has recognized TIDE as the best investment diversity conference. 🏆

🇪🇸 TIDE Barcelona

TIDE Barcelona is locked and loaded!

Date: 24 April 2025

Location: W Hotel | Barcelona, Spain - Discounted Room Blocks for €315/night only for registered attendees

Registration: TIDE Barcelona – Grab your discounted early-bird ticket before it's gone!

Representative Attendees: This is our guestlist from our prior European event. We expect a similar turnout for the Barcelona pop-up.

Agenda: Tentative Agenda

If you’d like exposure at TIDE Barcelona, please email kim@tidexchange.com to explore the sponsorship opportunities.

Down for some Beach Yoga with Tingting? 🧘🏻‍♀️

Yes, count me in!!!

Nahhh-maste, but thank you!

Articles to check out

Title: Untangling the intangible asset of workplace culture

Authors: Christine Cappabianca, Amber Fairbanks and Charles French

Synopsis: In this article – an 8-minute read – Christine Cappabianca, Amber Fairbanks and Charlie French explain the Impax Corporate Culture Indicator as a tool for alpha generation.

Key points:

Although the concept of corporate culture is difficult to define and measure, companies with stronger cultures are generally agreed to be better places to work, and may also have better financial outcomes.
In an attempt to begin measuring this intangible asset, we have identified certain workplace factors that we believe can help us identify companies with better workplace environments, which can influence overall corporate behaviours and performance.
Our new tool – the Impax Corporate Culture Indicator –enables the structural and quantitative assessment of these factors to identify companies well positioned to outperform.
Our analysis shows that companies scoring well, as measured by these specific workplace factors, have delivered superior total shareholder returns.

Travel Schedule

It's not over until it's over...

2024 has been an amazing year for TIDE. But the hustle isn't over yet. I'm still pounding the pavement, making sure we meet with people who we need to meet and connect with people who we need to connect with. My schedule is pretty set but in case anything changes, please feel free to email me and let me know if you're in the area or attending any of the events that I'll be at.

Otherwise, if I don't get a chance to connect with you in the next few weeks, I hope you have Happy Holiday!

oxox

Events

New York Alternative Investment Roundtable and Thomas R. Brigandi Foundation's 2024 Complimentary Holiday Reception & 2025 Investment Outlook

New York, NY | December 12

More Info

Join the 12th annual complimentary asset allocator-focused 2024 Complimentary Holiday Reception & 2025 Investment Outlook co-hosted with the New York Alternative Investment Roundtable, and in partnership with The Investment Diversity Exchange (TIDE), during the evening of Thursday, December 12th:

https://thomasbrigandi.com/2025-Outlook-Party.aspx

The event will feature just over one hour of forward-looking perspectives from leading asset owners, investment consultants and institutional asset managers, such as Marc Lipschultz, Co-Chief Executive Officer at Blue Owl Capital; Kate El-Hillow, President and Chief Investment Officer at Russell Investments; Rich Nuzum, Executive Director of Investments and Global Chief Investment Strategist at Mercer; Grace Reyes, CEO of The Investment Diversity Exchange (TIDE) and Bei Saville, Chief Investment Officer at Advance Treasury / Fingerboard Family Office, among many others.

The event will take place at Grant Thornton’s 9th Floor Conference Center in Midtown. The content portion of the evening will be followed by several hours of networking and complimentary food and drinks. The registration cap is 350 attendees (for last year's holiday reception, we received 979 investment professionals requesting an invitation, and for our summer social in June we received 968 requests for an invitation), and we expect over 150 asset allocators and investment consultants will be in attendance.

SuperReturn Saudi Arabia

Riyadh, Saudi Arabia | January 27-28

Private markets in Saudi Arabia and GCC. The time is now.

Accelerate your growth at the place where

regional and global capital connects.

In strategic partnership with Jada Fund of Funds.

SuperReturn Saudi Arabia

NYS Common Retirement Fund EM & MWBE Conference

Albany, NY | February 14

Save the Date

Save The Date

The NEW YORK STATE COMMON RETIREMENT FUND will host their 18th Annual Emerging Manager & MWBE Conference on Friday, February 14, 2025, in Albany, NY.

Join Comptroller DiNapoli, the Emerging Manager Team and the rest of the Investment staff for a day of networking and discussion of how the program is “Innovating & Building for the Future.”

Registration opens early December.