Blue Owl Gathers $1 Billion After Pitching an Unusual Sweetener
Blue Owl Capital Inc. gathered at least $1 billion of commitments after pitching an unorthodox incentive to anchor investors in a strategy backing asset-shuffling private equity deals.
The alternative asset manager had been looking for at least $750 million in early commitments from institutions such as endowments and pensions for its first Strategic Equity fund, according to people with knowledge of the matter. That strategy invests in continuation funds, which buy assets from existing vehicles to cash out early investors and extend the holding period.
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Forbes
2 hours ago
- Forbes
Honoring Juneteenth Through Black Economic Development In Houston
Juneteenth re-enactment celebration in Galveston, Texas. When the Union Army arrived in Galveston, Texas on June 19, 1865 - two and a half years after the Emancipation Proclamation went into effect on Jauary 1, 1863 - the message they carried freed over 250,000 enslaved African Americans in Texas. That day, now celebrated as Juneteenth, stands not only as a powerful reminder of delayed justice but also as a call to continue the fight for equity, opportunity, and liberation. While chattel slavery was legally abolished, African Americans continued to endure systemic oppression through laws like the Black Codes, which restricted basic rights such as earning fair wages and owning property. These post-emancipation barriers combined with generations of racial and economic discrimination contributed to today's racial wealth gap where Black households rank the highest in facing wealth deficits or indebtedness. Today, just 50 miles from Galveston Island, two community leaders are helping to carry that torch of freedom forward through affordable housing, wealth creation, and economic development. In Houston, President & CEO Marlon Mitchell of Houston Business Development, Inc. (HBDi) and Owner Malcolm Sykes of Private Leverage are building the infrastructure for long-term freedom by creating pathways to homeownership and small business success in historically excluded Black neighborhoods. Driven by their Houston roots, Private Leverage holds economic equity as its central commitment. As a Community Development Financial Institution (CDFI), Private Leverage has committed over $25 million in capital to low-to-moderate income (LMI) neighborhoods across Texas, supporting minority real estate developers who rehabilitate and produce housing in these communities. In addition, minority-owned small businesses can access loans to help finance and secure their operating spaces, further strengthening local economic growth. In 2023, homeownership rates in the greater Houston area revealed significant disparities: approximately 72% of White and Asian American households owned their homes, compared to 55% of Hispanic households and just 42% of Black households. Similarly, in 2021, only 4.7% of small business owners in the region were Black, while 11.2% were Hispanic and 57.2% were White. Through residential, commercial, and small business loans, Private Leverage is addressing these gaps and working towards equitable balance by circulating money within Black communities through support of Black-owned businesses, thereby increasing financial velocity. To date, Private Leverage has closed 112 small business loans with 99% to CDFI Eligible Markets. In total 75% of their dollars benefitted CDFI Investment Areas (IA), and 55% High Poverty Areas (HPA). The organization recognizes that its work often leads to the creation of Naturally Occurring Affordable Housing (NOAH). Sykes emphasized the importance of building capacity to help borrowers track the creation of affordable homeownership and rental units and, where possible, to establish affordability agreements that ensure these homes remain affordable in the long term. 'Juneteenth, both personally and professionally, signifies the ongoing quest for freedom, justice, and equality,' said Sykes. 'Daily, we commit to advancing towards our objectives, with ultimate freedom as the paramount goal. While legal bondage has ended, the pursuit of genuine freedom persists.' At HBDi, Mitchell is tackling the same stark disparities through a multi-pronged approach. The organization revitalizes underutilized properties to expand affordable and mixed-income housing, provides loans and technical assistance to minority-owned small businesses as a certified CDFI, and supports entrepreneurs through business incubation programs. Additionally, HBDi offers commercial and co-working spaces to help local businesses thrive and leads adaptive reuse and redevelopment projects that drive neighborhood revitalization. Since its founding in 1986, HBDi has facilitated over $350 million in small business loans and grants, resulting in the creation of approximately 5,000 jobs for citizens in the Houston Metro area, of which 75% have been to Black businesses. To support the development and preservation of affordable housing and community facilities, HBDi spearheaded the renovation of Houston's Palm Center, a twenty-two-acre site that hosts more than 50 small businesses, government agencies, and nonprofit organizations - catalyzing $26 million in economic development, affordable housing projects, and the creation of 400 jobs. According to a Brookings research report, Black business ownership is currently growing at a rate of about 4.72% annually. At that pace, it would take 256 years for the number of Black-owned businesses to reflect the percentage of Black people in the U.S. population. Yet, despite the magnitude of the racial wealth gap and the long road to parity, HBDi is actively investing in the future by advancing $66 million in single-family, multi-family, and adaptive reuse projects aimed at accelerating Black wealth-building and economic opportunity. 'The legacy of Juneteenth reminds us that justice and opportunity have never arrived on time for Black communities—and that we must be both vigilant and proactive in creating creative economic opportunities within our communities,' said Mitchell. 'As Galveston's neighbor and the most populous city in Texas, Houston has long been a place where African American communities have fought for—and created—economic opportunity against the odds. Our work at HBDi is an extension of that legacy.' Looking back 160 years ago, the thought of African Americans leading financial institutions that drive affordable housing and wealth creation was nearly unimaginable. This Juneteenth serves as a powerful reminder of how far we've come against great odds and a call to action to continue investing in the lasting prosperity of Black communities. Yet the data shows that African Americans lag in wealth and housing ownership, last in both categories. I submit that current national policies will erode African Americans past economic gains. If not careful, the losses will be so great that it will take decades to recapture current economic progress. The times call for radical efforts and bold leadership to ensure the challenges of the times are met. If not, history could repeat itself.
Yahoo
6 hours ago
- Yahoo
Juneteenth celebrations adapt after corporate sponsors pull support
AUSTIN, Texas (AP) — Juneteenth celebrations have been scaled back this year due to funding shortfalls as companies and municipalities across the country reconsider their support for diversity, equity and inclusion initiatives. Canceled federal grants and businesses moving away from so-called brand activism have hit the bottom line of parades and other events heading into Thursday's federal holiday, which celebrates the end of slavery in the United States. The shrinking financial support coincides with many companies severing ties with LGBTQ celebrations for Pride this year and President Donald Trump's efforts to squash DEI programs throughout the federal government. In Denver, for example, more than a dozen companies backed out of supporting the Juneteenth Music Festival, which is one of the city's biggest celebrations of the holiday, according to Norman Harris, executive director of JMF Corporation, which puts on the event. 'There were quite a few sponsors who pulled back their investments or let us know they couldn't or wouldn't be in a position to support this year," said Harris, who has overseen the event for more than a decade. The festival, which takes place in the historically Black Five Points neighborhood, has been scaled back to one day instead of two because of the budget shortfall. It has only been able to stay afloat thanks to donations from individuals and foundations. 'Thankfully, there was a wide range of support that came when we made the announcement that the celebration is in jeopardy,' Harris said. Juneteenth celebrates the day the last enslaved people in Texas were told they were free on June 19, 1865, two years after President Abraham Lincoln's Emancipation Proclamation. The day has been celebrated by Black Americans for generations, including in Harris' family, but became more widely celebrated after becoming a federal holiday in 2021. After the 2020 murder of George Floyd, many companies pursued efforts to make their branding more inclusive, but it has slowed down over the past few years after some received blowback from conservatives and because many companies didn't see it as an important part of their revenue stream, said Dionne Nickerson, a professor in marketing at Emory University. Some companies can no longer afford to support Juneteenth celebrations because they just don't have the money given the economic uncertainty, according to Sonya Grier, a marketing professor at American University. 'It's a whole confluence of issues,' Grier said. Rollback of local support Many state and local governments hold or help fund celebrations, but some decided not to this year. The governor's office in West Virginia stated that the state won't be hosting any Juneteenth events this year for the first time since 2017 due to a budget deficit. Republican Gov. Patrick Morrisey last month signed a bill to end all diversity programs. 'Due to the continued fiscal challenges facing West Virginia, state government will not be sponsoring any formal activities,' deputy press secretary Drew Galang said in an email. City Council members in Scottsdale, Arizona, dissolved their DEI office in February, which led to the cancellation of the city's annual Juneteenth festival. Event organizers in Colorado Springs, Colorado, had to move locations due to fewer sponsors and cuts in city funding, said Jennifer Smith, a planner for the Southern Colorado Juneteenth Festival. Around five companies sponsored the event this year, compared to dozens in years prior, Smith said. 'They have said their budgets have been cut because of DEI,' and that they can no longer afford it, she said. Some groups have also mentioned safety concerns. Planners in Bend, Oregon, cited 'an increasingly volatile political climate' in a statement about why they canceled this year's celebration. Slashes in federal funding Many local organizations have also had their budgets slashed after the National Endowment for the Arts pulled funding for numerous grants in May. The Cooper Family Foundation throws one of the largest Juneteenth celebrations in San Diego each year. It was one of dozens of groups told by the NEA in May that its $25,000 grant was being rescinded. The email said the event no longer aligned with the agency's priorities, said Maliya Jones, who works for the foundation. The grant money went toward paying for arts and dance performers. The event will still take place this year, but members of the Cooper family will have to divide up covering the costs, said Marla Cooper, who leads the foundation. 'That's $25,000 we have to figure out how we're going to pay for," Cooper said. 'We will always have Juneteenth. And we will work it out,' she said. ___ Lathan is a corps member for The Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues. Nadia Lathan, The Associated Press
Associated Press
7 hours ago
- Associated Press
Juneteenth celebrations adapt after corporate sponsors pull support
AUSTIN, Texas (AP) — Juneteenth celebrations have been scaled back this year due to funding shortfalls as companies and municipalities across the country reconsider their support for diversity, equity and inclusion initiatives. Canceled federal grants and businesses moving away from so-called brand activism have hit the bottom line of parades and other events heading into Thursday's federal holiday, which celebrates the end of slavery in the United States. The shrinking financial support coincides with many companies severing ties with LGBTQ celebrations for Pride this year and President Donald Trump's efforts to squash DEI programs throughout the federal government. In Denver, for example, more than a dozen companies backed out of supporting the Juneteenth Music Festival, which is one of the city's biggest celebrations of the holiday, according to Norman Harris, executive director of JMF Corporation, which puts on the event. 'There were quite a few sponsors who pulled back their investments or let us know they couldn't or wouldn't be in a position to support this year,' said Harris, who has overseen the event for more than a decade. The festival, which takes place in the historically Black Five Points neighborhood, has been scaled back to one day instead of two because of the budget shortfall. It has only been able to stay afloat thanks to donations from individuals and foundations. 'Thankfully, there was a wide range of support that came when we made the announcement that the celebration is in jeopardy,' Harris said. Juneteenth celebrates the day the last enslaved people in Texas were told they were free on June 19, 1865, two years after President Abraham Lincoln's Emancipation Proclamation. The day has been celebrated by Black Americans for generations, including in Harris' family, but became more widely celebrated after becoming a federal holiday in 2021. After the 2020 murder of George Floyd, many companies pursued efforts to make their branding more inclusive, but it has slowed down over the past few years after some received blowback from conservatives and because many companies didn't see it as an important part of their revenue stream, said Dionne Nickerson, a professor in marketing at Emory University. Some companies can no longer afford to support Juneteenth celebrations because they just don't have the money given the economic uncertainty, according to Sonya Grier, a marketing professor at American University. 'It's a whole confluence of issues,' Grier said. Rollback of local support Many state and local governments hold or help fund celebrations, but some decided not to this year. The governor's office in West Virginia stated that the state won't be hosting any Juneteenth events this year for the first time since 2017 due to a budget deficit. Republican Gov. Patrick Morrisey last month signed a bill to end all diversity programs. 'Due to the continued fiscal challenges facing West Virginia, state government will not be sponsoring any formal activities,' deputy press secretary Drew Galang said in an email. City Council members in Scottsdale, Arizona, dissolved their DEI office in February, which led to the cancellation of the city's annual Juneteenth festival. Event organizers in Colorado Springs, Colorado, had to move locations due to fewer sponsors and cuts in city funding, said Jennifer Smith, a planner for the Southern Colorado Juneteenth Festival. Around five companies sponsored the event this year, compared to dozens in years prior, Smith said. 'They have said their budgets have been cut because of DEI,' and that they can no longer afford it, she said. Some groups have also mentioned safety concerns. Planners in Bend, Oregon, cited 'an increasingly volatile political climate' in a statement about why they canceled this year's celebration. Slashes in federal funding Many local organizations have also had their budgets slashed after the National Endowment for the Arts pulled funding for numerous grants in May. The Cooper Family Foundation throws one of the largest Juneteenth celebrations in San Diego each year. It was one of dozens of groups told by the NEA in May that its $25,000 grant was being rescinded. The email said the event no longer aligned with the agency's priorities, said Maliya Jones, who works for the foundation. The grant money went toward paying for arts and dance performers. The event will still take place this year, but members of the Cooper family will have to divide up covering the costs, said Marla Cooper, who leads the foundation. 'That's $25,000 we have to figure out how we're going to pay for,' Cooper said. 'We will always have Juneteenth. And we will work it out,' she said. ___ Lathan is a corps member for The Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.
