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🚨This newsletter is jam-packed with info, so hold on tight! 🚨
10 Minute Read
DEI Landscape Update
When I started to draft this newsletter, I did what everyone does now when tasked with coming up with content - I asked ChatGPT.
This was my prompt:
I am the CEO of The Investment Diversity Exchange. I am writing a newsletter to update the institutional industry on how Trump's administration has affected our industry since he took office. Please help me create thoughtful content that is based on recent data. Please state the source when applicable. Please include levity in the tone. Keep it lighthearted but professional.
ChatGPT provided content that was insightful, data-backed, and added a touch of humor while maintaining professionalism. However, the humor was more of a bad dad joke. It also didn't capture the essence of what I wanted to communicate. It didn't have the insights from conversations and correspondences happening in real-life. And the major drawback: the tone didn't infuse my charming personality. 😋
Overall, ChatGPT referenced many headlines saying that there have been pushback on DEI initiatives. I'm sure it's the same sentiment you've been reading. Now how does that compare to what TIDE is experiencing in real-life?
Let’s start with the headwinds:
· There is only one pension that I know of whose employees are concerned that they might not get approval to attend diversity related conferences.
· There are more people sensitive to using the word DEI or diversity, avoiding it as if it's a bad word.
On the flip side:
· There are LPs who are doubling down on DEI. For example, NYC Pensions Counter Anti-DEI Rhetoric With $23.1B Invested in Diverse Firms. In fact, TIDE was one of five invited speakers during Comptroller Brad Lander’s Press Conference re-affirming his commitment to DEI. Special shout out to Taffi Ayodele for inviting TIDE to represent the voice of the underrepresented groups.
· While Maryland State Retirement and Pension System’s (MSRPS) emerging manager program (Terra Maria) has been in place since 2007, it wasn’t until December 2024 that the MSRPS Board of Trustees formally incorporated the Terra Maria Program into the system's Investment Policy Manual, reinforcing its commitment to innovation, diversity, and long-term growth within the portfolio. Further, at the beginning of this year MSRPS was in search of a PM to spearhead the program.
· Jamie Dimon reaffirms JP Morgan’s commitment to DEI and responds to anti-DEI activists, “Bring them on.” JP Morgan has changed their DEI initiative to DOI, trading “equity” for “opportunity”. We are optimistic that while there will be a shift in what DEI programs are called, the essence of what the initiatives are trying to accomplish will stay the same.
Throughout U.S. history, progress in civil rights, gender equality, and LGBTQ+ rights has been achieved through resilience and persistence. While recent rollbacks are discouraging, we remain committed to justice, inclusion, and equality. Diversity is a strength—it enriches our communities, drives innovation, and reflects the world we live in. Embracing it creates a more just, inclusive, and thriving society for all. TIDE’s mission reflects exactly that.
Therefore, while the waters are murky, TIDE and many supporters are unwavering. We stand strong and firm regardless of the political environment. There are LPs who will attend TIDE SPARK for the first time because they feel this is the time, more than ever, to show support. Registration for TIDE SPARK as of 03/31/25 is up by 59% YoY. We expect to close out registration in May to manage capacity. We will then accept registration on a case-by-case basis.
There is no better time than now to be part of the movement. Your presence at TIDE SPARK alone signals to the investment community the importance of DEI.
What are your thoughts on the current environment?
Email me at grace@tidexchange.com.
Ps. For those more advanced in AI prompt writing, how would you improve my prompt?
Milken Invites
Milken event invites are coming in droves but there is one invite missing. If you’re looking for your TIDE Milken Mansion Party invite, you’re not alone. We decided not to host a party this year given the LA fires and the proximity to our TIDE Barcelona event. But not to fret. For those of you attending our TIDE Barcelona event, you’re in for a treat!
Bringing BDE to Spain
Yes, we’re bringing the Big Diverse Energy to España. Check out our agenda and rockstar speaker line-up.
TIDE Barcelona 2025
📍 Location: Barcelona, Spain
📅 Date: 24 April 2025
🏛 Venue: W Hotel – Discounted Room Block - only for dates April 23 - 25
✨ Registration: http://tidebarcelona2025.splashthat.com – complimentary for asset allocators, investment staff of OCIO/Consultants, and Fund of Funds, please select the LP Pass
In partnership with CFA Society Spain & 100 Women in Finance, featured speakers include:
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Marcie Frost, CEO of CalPERS
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Mark Fawcett, CEO of NEST Invest
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Fernando Vinzons, CIO of Chicago Teachers’ Pension Fund
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Hans-Jörg Baumann, Chairman of Stepstone Private Debt
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Neo Mooki, Managing Director at Generali
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Kanika Goela, Investment Director at Patria
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Yanghui Ren, Legal Counsel at Pension Protection Fund
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Lauren Gellhaus, Vice President at Wilshire
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Lara Rodriguez San Cipriano, ACSI, Co-Head of Equities at People’s Pension
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Charlotte Vincent, Co-Head of Fixed Income at People’s Pension
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Pavel Ermoline, Investment Director at Moonfare
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Octavio Sandoval, Principal at Illumen Capital
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Nathan Pacer, Partner at NetService Ventures Group
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Chloe Dagnell, Partner at Isomer Capital
- …and many more speakers
***Welcome Reception will be held on April 23 at the Norrsken Barcelona House.***
Growing the Pie: A Lesson from Emerging Markets and DEI
I recently attended a week long Filipinos In Institutional Real Estate (FIIRE) Summit in the Philippines. FIIRE is founded by Gloria Gil (currently with Oregon State Treasury, formerly with UC Regents and LACERA) and Lou Canlas (retired from UC Regents).
I moderated the panel featuring Gloria, Janice Llereza (FIIRE Board Member, formerly at Boeing), and Jonathan Umali (Arch Capital). From the week long activities, I met oligarchs and some of the most influential finance and real estate investors of the Philippines. One owned a private island which we visited – think White Lotus vibes. The other developed the most modern Central Business District in the Philippines – Bonafacio Global Center. Many were/are Country Heads of the large investment firms.
Andrea Tecson summarizes the key takeaways on her LinkedIN post. One key takeaway that she touches upon was how wealth remains concentrated among a few powerful families. This dynamic got me thinking about an interesting analogy to DEI.
In many emerging markets, these powerful families often resist allowing foreign direct investment (FDI) because they fear losing control and diminishing their wealth. However, the irony is that by opening up the economy to more diverse capital inflows, the pie grows—leading to greater economic growth that benefits not just the country but also increases the wealth of those who were initially hesitant.
DEI works the same way. In many industries, capital and opportunities are concentrated in the hands of a few. There’s often a perception that embracing diversity, equity, and inclusion threatens the status quo. But just like in emerging markets, DEI is not about taking a smaller slice—it's about making the pie bigger for everyone. By broadening access and bringing in diverse perspectives, companies, institutions, and society can grow stronger, more innovative, and ultimately more prosperous.
The challenge lies in overcoming the fear of losing control. But as both emerging markets and DEI show us, opening the doors to diversity leads to greater growth—and everyone wins.
Speaking of emerging markets, we confirmed the SWF of Malaysia and the Philippines for TIDE SPARK. 😏
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