The Macquarie Group Foundation (“the Foundation”), which drives social impact for Macquarie Group (“Macquarie”), today announced a commitment of $US2.75 million via a social impact investment and a philanthropic grant to Pursuit, a social impact organization that seeks to equip low-income individuals with technical and leadership skills to secure and excel in long-term careers as software engineers at best-in-class companies. This marks the first social impact investment the Foundation has made in the United States.
“Our investment demonstrates the expanding impact and sustainability of our community efforts, especially as Macquarie grows its presence in the US,” said Susan Clear, Director of Social Impact Investing for the Macquarie Group Foundation. “With a focus on supporting Fellows from low-income communities and non-college graduates, Pursuit’s work aligns with the Foundation’s mission to drive social impact work for Macquarie, and support our people, businesses and communities to build a better future.”
Founded in 2011 and based in New York City, Pursuit trains adults with the most need and potential to get their first tech jobs, advance in their careers and become the next generation of leaders in tech. Together with investments from Maycomb Capital, Strada, Deutsche Bank Americas Foundation and ECMC Foundation, the total amount funded is $US5 million of impact capital for Pursuit Commit, a three-year employer services program that enables employers to hire and retain non-traditional talent.
“When Pursuit set out to raise this financing, our priorities were to find world-class investors who would bring expertise, intellectual capital, and had the potential to become long-term strategic partners,” said Jukay Hsu, CEO and co-founder at Pursuit. “In partnering with Macquarie, we have found that and much more. I am grateful for their leadership and investment, and I believe, together, we can positively reshape the job market, remove systems-level barriers to economic opportunity, and ultimately enable our Fellows to achieve their own version of the American Dream.”
Recognizing that many people around the world face systemic barriers to employment, the Foundation’s grantmaking and social impact investments aim to break down these barriers, to build effective pathways to economic security. This investment is providing mission-aligned working capital, mobilizing $US5 million to support the sales and program delivery expenses required to scale the Pursuit Commit program. This will enable Pursuit to engage new employer clients and reach more Fellows.
The Foundation is also funding Pursuit’s Core program, a one-year software engineering program designed to train high-potential individuals to become software developers. This philanthropic grant will enhance the Core program by updating the curriculum and developing additional job-readiness and pre-employment training modules.
Commenting on the philanthropic grant, Pritha Mittal, Macquarie Group Foundation Regional Director – Americas, said: “Pursuit offers opportunities for individuals who are often overlooked in the tech sector to gain training and participate in careers that will afford social and economic mobility. In alignment with our grantmaking focus area, this grant will support low-income communities of color and those without a college degree by enabling them to obtain life-sustaining careers in the tech sector. I look forward to continuing to work with Pursuit over the coming years.”
The Foundation is committed to supporting communities and breaking down barriers to employment. By focusing their grantmaking and utilizing an alternative form of capital through social impact investments, the Foundation seeks to achieve the most significant social impact possible.
About Macquarie Group
Macquarie Group Limited (Macquarie) is a global financial services group providing clients with asset management, retail and business banking, wealth management, leasing and asset financing, market access, commodity trading, renewables development, specialist advice and access to capital and principal investment. Founded in 1969, Macquarie employs over 21,000 people in 34 markets. At 30 September 2023, Macquarie had assets under management of $US573.5 billion. For further information, visit www.macquarie.com.
About the Macquarie Group Foundation
The Macquarie Group Foundation (Foundation) drives social impact work for Macquarie. The Foundation supports its people, businesses and communities to build a better future. The Foundation aims to leverage both financial and non-financial resources to achieve the greatest social impact possible.
In the year to 31 March 2023, the Macquarie Group Foundation, together with Macquarie Group staff, contributed more than $A52 million to over 2,500 community organizations around the world and contributed over $A6.6 million in value donated through skilled volunteering. Since it was established in 1985, the Foundation and Macquarie staff have contributed more than $A570 million globally. For further information, visit www.macquarie.com/community.
About Pursuit
Pursuit is an innovative social impact organization whose mission is to close the opportunity gap in America. Founded in 2011 and based in New York City, Pursuit trains adults with the most need and potential to get their first tech jobs, advance in their careers and become the next generation of leaders in tech. On average, Pursuit Fellows increase their annual income from $18,000 to nearly $90,000, and work at leading companies, including Citi, Uber, Peloton, and Blackstone. Pursuit Fellows begin their journey with a year of high-quality, intensive, and supportive training, followed by three years of career development once they’ve been hired. Pursuit also works directly with companies to secure hiring commitments, which results in long-term growth and retention. To ensure the Pursuit Fellowship is sustainable and scalable, Pursuit uses a blended finance model that enables it to tap into philanthropic capital as well as impact investor funding. By breaking down barriers and connecting talent with opportunity, Pursuit empowers their Fellows to bring change to their families, tech companies, and communities across the nation. To learn more, visit pursuit.org.
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