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Welcome to Episode 84 of the Investing in Impact podcast. Today, I'm joined by Daryn Dodson, Founder and Managing Director of Illumen Capital, an impact fund of funds committed to advancing gender and racial equity in financial markets.

Illumen Capital invests in leading growth, private equity, and venture impact funds, providing fund managers with targeted coaching and tools to reduce implicit biases in decision-making.

Previously, Daryn consulted for the Board of Calvert Funds, a $15 billion impact investing pioneer, managing a global portfolio of over 40 funds across five continents, encompassing more than 350 companies.

He also served as Director of University and Corporate Partnerships at The Idea Village, where he secured over 100,000 hours and $2 million in resources from private equity firms, business schools, and Fortune 500 companies to rebuild New Orleans’ entrepreneurial ecosystem after Hurricane Katrina.

He serves on the Board of Directors for Ben & Jerry’s, the CFA Institute’s Future of Finance Advisory Council, the New Venture Fund, and the Impact Assets Investment Committee.

Daryn earned his M.B.A. from Stanford University, where he served on the Dean’s Management Board, and his A.B. from Duke University. His work reflects a steadfast commitment to equity and measurable impact in financial markets and beyond.

About Illumen Capital

Illumen Capital, an impact-focused fund of funds, is on a mission to challenge the status quo. By reducing racial and gender bias in financial decision-making, Illumen Capital aims to create a more inclusive and optimized asset management industry—one that not only drives equity but also enhances financial performance.

Illumen Capital partners with institutional investors to empower the next generation of diverse-led venture and private equity fund managers.

Their mission is rooted in the belief that an equitable asset management industry will be the cornerstone of a more just and prosperous future.

Why it matters:

• Racial and gender bias limits potential. Research led by Illumen Capital and Stanford SPARQ revealed that race influences the decision-making of professional investors. Alarmingly, high-performing Black-led funds are often rated more harshly on subjective criteria such as competence and social fit.
• Missed opportunities: This bias not only perpetuates inequities but causes investors to unknowingly overlook high-potential investment opportunities.

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