Shifting the Dial on Social Impact Investment for Black and Ethnically Minoritised Communities
In this piece, Pathway Fund's Chief Executive Office (CEO), Asher Craig writes on the the ways in which we can shift the dial for Black and Ethnically Minoritised communities, using social impact investment.
Asher Craig, CEO, Pathway Fund
In the world of social impact investment, there’s a pressing issue we can no longer ignore: the significant under-funding and lack of capital flow to Black and Ethnically Minoritised communities.
Despite growing awareness of equity and inclusion, racialised communities continue to face systemic barriers in accessing investment — driven by a lack of data, bias, underrepresentation, and invisibility. Much of our contribution to the economy and society remains fragmented, undocumented, and under-valued.
The current rollback of equality, diversity, and inclusion (EDI) efforts is alarming.
It strips away the very guardrails that were designed to level the playing field. Without intentional strategies, systemic bias and discrimination will creep back into recruitment, procurement, investment decisions, and access to services — deepening existing inequities rather than dismantling them.
We cannot allow that to happen. What’s needed now is a real step change that includes:
Increased Funding and Representation: More capital must reach Black and Ethnically Minoritised-led social enterprises. Equally important, we must see more fund managers from these communities leading change. Representation matters — at every level of the investment ecosystem.
An EDI Lens on Everything: Equity, diversity, and inclusion should not be an add-on. It must be embedded into the design, distribution, and measurement of investment — inclusive by design, not by exception.
Better Data: Robust data collection and transparency are essential. Without it, we cannot understand the needs, track the progress, or properly value the contributions of Black and Ethnically Minoritised communities.
Moral Clarity and Accountability: Government, the social investment sector, and institutional funders must speak with moral clarity. This is not only an economic imperative — it’s a moral obligation to build an economy that is inclusive, regenerative, and equitable.
Ten years' from now, we should be able to look back and see a measurable shift:
More fund managers from Black and Ethnically Minoritised backgrounds;
More capital flowing into underserved enterprises; and
A bold, inclusive, future-facing investment narrative.
It’s time to change the narrative and build a system where no one is left behind.