Transforming Venture Capital for Climate Equity: A Conversation with Milton Speid and Partners

Through its Catalytic Climate Finance Program, The Russell Family Foundation (TRFF) develops grants and investments that uplift organizations advancing equitable climate action. These efforts create community-driven impact, not only addressing the climate crisis but also strengthening communities and promoting economic equality.

Our grantee, VC Include, exemplifies these goals. By accelerating investment into underrepresented venture capital (VC) and private equity (PE) fund managers, VC Include is reshaping the financial landscape to drive equity and inclusion. Their Climate Justice Initiative specifically directs capital toward diverse-led funds that integrate climate change solutions into their strategies.

VC Include’s mission is to expand access to capital for communities historically excluded from investment opportunities. Despite over $82 trillion in alternative assets under management, less than 2% are controlled by women or people of color. This imbalance stifles innovative, community-centered solutions that address systemic challenges like climate change, economic resilience, and wealth building.

We talked to Milton Speid, VC Include’s Executive Director, to understand how his organization is transforming the venture capital and private equity landscape.

Bridging Gaps in Access to Capital

VC Include is dedicated to breaking systemic barriers in venture capital (VC) and private equity (PE) by empowering fund managers from historically underrepresented communities. Through innovative programs, strategic partnerships, and impactful initiatives, the company creates pathways for wealth building and economic opportunity:

• Fellowship Program: Provides training, mentorship, and networks for emerging fund managers, supporting 75+ General Partners (GPs) representing 50+ firms who collectively manage over $450M in assets.
• Fund Fundamentals: Prepares aspiring fund managers with the skills and strategies to build sustainable funds.
• SPARK Convenings: Fosters connections between Limited Partners (LPs) and GPs, and amplifies investment opportunities for diverse managers through regional gatherings in key cities 
• Climate Justice Initiative: Supports fund managers with climate-focused theses, addressing sustainability and equity through community-driven solutions.
• Place-Based Work: Advances localized investment strategies, starting with Minneapolis, to drive innovation, create jobs, and foster wealth in underserved regions.
• Working Capital Fund: Launches in 2025 and will provide critical operational funding for fund managers to sustain and scale their impact.

Intersections with Climate Action

Milton believes that tackling climate change requires equity at its core. Historically, communities of color and marginalized groups are the most impacted by climate change, yet they receive the least amount of investment in sustainable solutions. VC Include’s Climate Justice Initiative is designed to address this by supporting fund managers who focus on climate solutions rooted in equity and community resilience.

“Take Franziska Trautmann, for example,” Milton explains. “She’s a chemical engineering graduate from Tulane University and co-founder of Glass Half Full in New Orleans. Her company recycles glass bottles into sand, which is then used for coastal restoration projects. Franziska’s work is a perfect example of a local, innovative solution to environmental challenges. Yet, like many entrepreneurs in underinvested regions, she struggles to access the capital needed to scale her impact.”

“Our role at VC Include is to bridge that gap by enabling fund managers to invest in solutions like Franziska’s, ensuring these ideas not only take root but thrive.”

A Personal Connection to Equity

Milton’s dedication to equity and increasing access to opportunities is deeply personal. Reflecting on a visit to his family in Jamaica after a recent hurricane, he recounted how two weeks after the storm, many neighborhoods remained without power or official assistance. His family’s generator became a community lifeline, powering phones, refrigerating medicine, and distributing ice and water.

“It was heartwarming to see my family step up, but heartbreaking to witness the lack of broader support,” Milton says. “This reinforced my belief that equity must be at the center of how we respond to crises like climate change. We need investments that empower communities to build resilience.”

TRFF’s Partnership with VC Include 

“TRFF has been an extraordinary partner in advancing our work,” Milton says. “Their funding has allowed us to build on a pilot program that provided working capital to fund managers with climate-related theses. This support enables managers to focus on scalable, impactful investments.”

For example, Malaika Ventures, co-led by Brahm Rhodes and Kerry Bowie, participated in VC Include’s pilot program. They leveraged an initial $100,000 grant to increase access to tens of millions of dollars in new capital. Malaika Ventures exemplifies how these early investment strategies can create ripple effects, connecting managers to larger pools of public and private funding.

Milton explains: “Beyond funding, TRFF has enabled us to collaborate with institutions like MIT, exploring how climate change impacts entrepreneurship and wealth creation. This research will inform our strategies and ensure our investments align with the most pressing needs.

“Additionally, TRFF support enabled us to have a significant presence during Climate Week New York. It was an incredible moment to bring together diverse voices driving equitable climate solutions. In partnership with Lowenstein Sandler, we hosted a three-part event in New York City that included candid dialogues, intimate networking, and a focus on advancing equitable solutions for the green transition.

“The evening began with roundtable conversations led by VC Include Fellows, including Mike Purnell and Kijana Mack of EHI CleanTech Ventures, Brahm Rhodes and Kerry Bowie of Malaika Ventures, Tracy Gray of The 22 Fund, and Laura Fox and Sonam Velani of Streetlife Ventures. These discussions explored local climate solutions, public-private partnerships, and the integral role of diverse fund managers in creating sustainable change.

“Following the roundtables, we hosted a cocktail reception, providing a nourishing space for informal discussions and connections.

“The highlight of the evening was a panel discussion moderated by Sherrell Dorsey, host of TED Tech, featuring Tracy Gray, Rossie Turman of Lowenstein Sandler, and myself. We tackled issues such as the elusive ‘patient capital,’ workforce development in the green economy, and partnerships that drive viable climate opportunities. Audience members actively engaged, adding depth and perspective to the conversation.”

Looking Forward

VC Include is scaling their Climate Justice Initiative to support more fund managers with sustainable investment strategies. A key part of this is launching a Working Capital Fund to address the operational challenges fund managers face—a major barrier to growth.

By expanding programs like SPARK Convenings to connect fund managers with LPs in key regions, VC Include is deepening relationships and driving capital toward underserved communities.

Their partnership with MIT will also continue to inform their strategies, ensuring investments are aligned with the needs of marginalized communities. This partnership will culminate in a report during Earth Week 2025, offering actionable insights into how climate finance can center equity.  

“These initiatives not only underscore the importance of diverse fund managers” Milton explains, “but also provide a blueprint for scaling climate solutions. The work we’re doing at VC Include is about more than just capital—it’s about creating thriving, resilient communities for all.”

“Partners like TRFF make this possible by not only funding our initiatives but also amplifying our mission. Together, we’re proving that inclusive climate finance isn’t just a goal—it’s an imperative for a sustainable future.”