BlackRock Plans to Raise $1 Billion for Social Impact Fund (1)

BlackRock Inc. plans to raise $1 billion to invest in companies owned, led or serving people of color, the latest example of the financial industry moving to address inequality.

The initiative has already gathered more than $800 million and will focus on businesses and projects that serve Black, Latinx and Native American communities in the US, New York-based BlackRock said in a statement Wednesday.

Initial investors in the BlackRock Impact Opportunities Fund include PayPal Holdings Inc., Anthem Inc., and Costco Wholesale Corp. The fund will make direct investments across asset classes including private equity, private credit, infrastructure ...