MassMutual Launches $50 Million Investment Fund
SPRINGFIELD — MassMutual is launching a new $50 million investment fund to support black-owned businesses across the state and tech startups outside of the metro Boston area, the Boston Globe reported.
The Springfield-based life insurer unveiled the MM Catalyst Fund on Thursday. MassMutual plans to divide the money evenly between the two groups: $25 million for equity and debt investments in black-owned or -managed businesses either based in Massachusetts or with significant operations here, and $25 million for equity investments in tech companies outside of metro Boston.
The fund will make investments ranging in size from $250,000 to $2.5 million over the next four to five years. The goal is to serve as a catalyst in less economically developed areas of the state. MassMutual portfolio manager Rilwan Meeran, who is based in Boston, will oversee the fund.