Massachusetts Mutual Life Insurance Company (MassMutual) today announced the launch of the MM Catalyst Fund LLC (MMCF), a $50 million investment commitment earmarked for businesses across Massachusetts. The fund will be divided evenly between two sleeves of capital: a $25 million community growth sleeve (“MMCF Growth”) to target equity and debt investments in Black-owned, founded or managed businesses across Massachusetts, including in Boston; and, a $25 million technology sleeve (“MMCF Tech”) to target equity investments in Massachusetts technology companies based outside Boston.
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The MMCF will build a portfolio of early and mid-stage companies with investment sizes of 250K to $2.5 million each. Investment decisions will also take strong leadership teams into account and place an emphasis on racial diversity for those in the growth sleeve to increase access to capital for the Black community. This initiative will serve as a catalyst to strengthen Massachusetts in less economically developed areas of the state through employment and business growth. Strong and sustainable investment outcomes for entrepreneurs in addition to social and community goals will be a focus.
MassMutual, a leading life insurance company, has operated since 1851 with a singular purpose: helping people secure their future and protect the ones they love. Rilwan Meeran, Impact Investment Portfolio Manager at MassMutual who runs the MMCF said, “Impact investing at MassMutual seeks to create a positive social and environmental impact that is measurable while also making market rate financial returns. Philanthropy alone cannot solve our society’s problems; institutional capital investment should also play a role.”
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The fund managers will implement and set goals to track diversity outcomes to identify underrepresented groups missing in its pipeline, deal selection and portfolio across both sleeves of capital. This will allow for the development of strategies that address the gaps. The MMCF’s commitment to diversity, equity and inclusion is at the core of its investment and operational practices with a belief that inclusion drives innovation, creativity and financial performance.
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