Gold House Ventures has launched a $30 million to support business founders of Asian descent.
Gold House is a non-profit collective of AAPI leaders created with the goal of supporting the Asian diaspora in pop culture, technology, business and more. Gold House partners from a number of different funds contributed to the $30 million fund, Axios reports.
Gold House hopes the fund will increase AAPI leadership in the corporate world.
“Gold House Ventures is saying, how do we build an index of all the top Asian private companies?” Megan Ruan, a partner at Gold House Ventures told CNBC.
AAPI leaders in the corporate world often face discrimination. Eric Feng, a GP at Gold House Ventures, told Axios that Asians are “seen as very strong on the technical side … but less capable on sales, on business, on being the face of the company, on going out and presenting and speaking at a conference.”
The fund is a for-profit initiative that will benefit its limited partners, CNBC reports. General fees and returns acquired by general partners will be returned to the non-profit.
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