Illumen Capital is the first impact-driven private investment firm dedicated to reducing implicit bias across financial markets to unlock returns and impact. In line with our mission, we initiated a research partnership with a "do tank" in Stanford University's Psychology Department to examine the lack of gender and racial diversity in the financial services industry. 


The partnership’s aim is to document and share insights on how bias operates in the financial services industry and to reduce disparities that likely contribute to the underestimation of women and people of color in investing.

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“Illumen Capital sees our impact in terms of systems change. That’s why we’ve created a research arm dedicated to providing insights that enable managers to deliver higher returns and even greater impact.”


Illumen Capital's research applications help investors become aware of their own implicit biases so they can make better investment decisions and generate more impact and financial value in the process.


Race influences professional investors’ financial judgments 
co-authored by Illumen Capital and Stanford SPARQ.
The study examined differences in judgment when all details about a fund’s track record and qualifications were kept constant except race.The results suggest first that underrepresentation of people of color in the realm of investing is not only a pipeline problem, and second, that funds led by people of color might paradoxically face the most barriers to advancement after they have established themselves as strong performers.
Download the report here.


Illumen Capital is pioneering research that redefines impact measurement as it relates to diversity, equity, and inclusion.

Learn more about Illumen Capital's applied research.

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