Buffett-Funded NoVo Foundation Says It Will Invest $90 Million In Young Women Of Color
The NoVo Foundation, started by Warren Buffett’s son Peter and daughter-in-law Jennifer Buffett in 2006, announced Wednesday that it will be investing $90 million over seven years to fight the structural inequalities facing young women of color all over the United States.
“Inherently, girls and young women of color already hold incredible power and potential. This work is about dismantling the barriers that prevent them from realizing that potential and leading us toward a truly transformative movement for change,” Jennifer Buffett, co-president of the NoVo Foundation, said in a statement.
The $90 million investment–which the foundation claims is the largest commitment of its kind made by a private foundation to date–will be used for both policy efforts on a national level and grassroots advocacy. The foundation will be speaking with young women of color and advocates around the country over the next year through regional learning sessions to help decide how best to invest the funds and will announce the funding process in early 2017.
“This announcement is made possible because of decades long leadership and activism by women of color,” NoVo’s Executive Director Pamela Shiffman told FORBES. “This is a breakthrough moment, and we want to make sure it translates into lasting and meaningful change.”
This investment builds on work NoVo has been doing since its inception to support young women around the world. For the past 10 years, the foundation has worked with girls and young women in the Southern Hemisphere in partnership with the Nike NKE -3.79% Foundation and others. Through $120 million in grants, NoVo says it has reached half a million girls in 80 nations. In the United States, the foundation started working with young women of color in the past four years and announced its initial strategy in 2014. This $90 million investment will further those efforts.