Goldman Sachs to create Social Change Fund with NBA stars

Current and former National Basketball Association stars have teamed up to create another fund aimed to combat social injustice and income inequality in the Black community.

Portland Trail Blazers star Carmelo Anthony, Oklahoma City Thunder point guard Chris Paul and former star Dwyane Wade collaborated to launch the Social Change Fund, which aims to invest and help Black communities with criminal justice reform, access to voting and civic engagement.

The Social Change Fund will help empower “communities of color by expanding and increasing Black representation in leadership, and building economic equity for Black people through investment in education, employment, wages, and housing,” a statement announcing the fund said.

Seed contributors to the fund also include investment bank Goldman Sachs, food supplier Beyond Meat, and nonprofit organization Reform Alliance.

Anthony and Paul were not made available to discuss the fund due to scheduling conflicts with the NBA’s Walt Disney bubble return, public relations agency Jonesworks told CNBC.

However, in the Social Change Fund news release, Anthony said he stands “for everything this Fund and its beneficiaries support and will not stop pushing for progress until we see an end to the systemic racism that the Black community has faced for too long. We will keep on pushing. We will not lose focus.”

Former NBA guard Dwyane Wade is also involved in the investment and will contribute funds. In a statement, he said the Social Change Fund is “committed to supporting organizations that directly represent and benefit the Black community.

“Our goal is to create a pathway for inclusion and success by deploying the necessary funds and resources to invest in long-term change,” Wade said.

The NBA trio will also sit on the fund’s “Founders Council, and will help determine funding priorities, elect beneficiaries, and manage relationships with donors and partners,” according to a news release.

Athletes and top companies have been more active in donating and creating funds to assist the Black community since the death of George Floyd on May 25th.

Last month, Netflix became the latest big tech firm to establish a special fund to address social inequality, creating the Black Economic Development Initiative. The fund assists “Black financial institutions serving low and moderate-income communities and Black community development corporations in the U.S.,” the company said.

Other notable companies that have created funds of $100 million or more to help Black people include Softbank, Jordan Brand, Apple, Google and YouTube.