New Venture Fund Partners with Bivium Capital and Westfuller

New relationship further aligns NVF’s investment resources with its organizational values

Washington, DC, June 30, 2022 (GLOBE NEWSWIRE) -- New Venture Fund is pleased to announce its partnership with Bivium Capital and Westfuller as our new Outsourced Chief Investment Officer (OCIO). The partnership was established to align New Venture Fund’s investment resources to its organizational values and those of its non-profit projects for the advancement of race, equity, diversity, and inclusion.

“As part of New Venture Fund’s efforts to align all aspects of our business with our values, we are focusing our invested assets on opportunities that can deliver meaningful impact in the areas of racial, social, and economic justice,” said Shannon Scott, New Venture Fund’s chief financial officer. “Bivium Capital and Westfuller have shown that as firms, investment managers, and as people, they are committed to offering values-aligned investing.”

Bivium Capital, which has operated for 20 years, focuses on values-aligned investing and sourcing diverse, emerging managers. Westfuller, one of the largest Black-majority, woman and LGBTQ-owned wealth management and investment advisory firms in the country, has operated for more than 10 years, to provide bespoke investment solutions for institutions and families seeking meaningful social impact and financial returns. As strategic partners, the BIPOC-owned and operated firms offer Outsourced Chief Officer solutions for some of the country’s leading purpose-driven institutions targeting authentic mission-aligned investment services. The firms have over $3.7 billion in assets under advisement, collectively.

New Venture Fund currently has $15 million invested in community development financial institutions (CDFI) and minority depository institutions (MDI) supporting social change via impact notes, on-balance sheet investments, and deposits. New Venture Fund recognizes that supporting Black and brown communities means investing in the infrastructure supporting those communities — patient capital focused on small business, economic growth, and individual and community wealth creation. Partnering with Bivium Capital and Westfuller is key to these communities having access to capital in the way they determine is best for them.

“A critical component of nonprofit and donor infrastructure, New Venture Fund has taken the bold step of meaningfully aligning its financial resources in service of its mission and purpose. New Venture Fund's success is a tribute to its willingness to be bold and innovative—-for the nation's leading progressive donors and nonprofit projects alike,” said Ian Fuller, Westfuller co-founder and co-managing director. “As the newly selected Outsourced Chief Investment Officer, we're proud to partner with New Venture Fund as it aligns its financial resources to advance a more just and equitable society.”

“The New Venture Fund has taken the bold step of aligning its values with its investments, and we are grateful to be of service on this journey as their Outsourced Chief Investment Officer,” said Lawrence P. Bancroft, Bivium Capital president and chief executive officer. “We will use our diverse networks to open up the aperture of investment options for them, because—-their intentionality about making alignment a reality is at the heart of creating the impact and change the world needs.”

New Venture Fund was established in 2006 as a 501(c)(3) not-for-profit organization incorporated in Washington, DC with projects doing transformational work related to democracy and civic engagement, education, health, environmental sustainability and more. As a charitable organization, New Venture Fund provides legal and operational expertise, back-office administrative support, and cash/investment management to more than 150 projects, enhancing opportunities for project staff and leadership to optimize their resources for greater impact and to drive change.

New Venture Fund’s commitment to race, equity, diversity, and inclusion (REDI) is inextricably tied to our mission to help change leaders accelerate positive impact. Through our work, we are ensuring fair treatment, access, opportunity, and advancement for the communities we serve, and by extension, the broader society. We think it is equally important to support our mission through informed and directed financial investments.

“Our projects are already doing the hard work on the ground. Our investments will allow New Venture Fund to extend its reach to low-income communities in a purposeful way, creating multiple opportunities to advance equity,” said Lee Bodner, New Venture Fund president. “New Venture Fund is excited to work with Bivium Capital and Westfuller to do so.”

For media inquiries contact Lee Bodner at



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