NEW YORK, May 04, 2020 (GLOBE NEWSWIRE) -- Youth INC announced the launch of a COVID-19 Response and Recovery Fund and a $1 million commitment in cash grants to support its nonprofit partners that collectively serve over 200,000 young people living in some of the most under-resourced communities in our city.
Youth INC’s COVID-19 Response and Recovery Fund was seeded by two generous investors: the Blackstone Charitable Foundation and Nuveen. All of the funds raised will be granted out to Youth INC’s nonprofit partners with Youth INC’s Board and National Advisory Board covering all administrative costs to operate the program.
“There has never been a more critical time to support our communities in need. Blackstone is humbled to be a part of the solution and proud to invest in Youth INC as they work to provide essential support to youth-centered nonprofit organizations across New York City,” said C. C. Melvin Ike, Principal at The Blackstone Group and Youth INC Board Member.
“Youth INC Director and Head of U.S. Advisory Services at Nuveen, Mike Perry noted, “We are proud to be a longstanding supporter of Youth INC, whose mission is aligned with Nuveen’s own purpose of investing to create an enduring impact on our world. By partnering with this important organization, we reach the grassroots nonprofits working in the most under-resourced communities in our city, which are disproportionately being impacted by this pandemic.”
“Our partners are under substantial financial strain due to cancelled events as well as delays and uncertainty with their government contracts. We are grateful to our unwavering supporters who have fueled our ability to make an initial $1 million commitment to help our nonprofit partners weather this storm,” said Rehana Farrell, Executive Director at Youth INC. “We will continue to be a consistent and reliable resource for our city’s most promising youth-centered nonprofits. We are all in this together, standing firmly with our partners and asking everyone to join us.”
Investors to date in the COVID-19 Response and Recovery Fund include: CVC Capital Partners, AlixPartners, Nasdaq, L.E.K. Consulting, William Blair, GCM Grosvenor, Mark DiMilia (Morgan Stanley), Rhonda and Stratton Heath Charitable Fund (Oak Hill Capital), Barbara Marcin, Dhan Pai (P. Schoenfeld Asset Management), Dan Pine (CS Capital), Rick Schifter (TPG Capital), Adrianne Shapira (Eurazeo), Wray Thorn (Sightway Capital, a Two Sigma Company), Evan Wildstein (Kohlberg & Company), Youth INC’s Young Professionals Board and many others.
Youth INC is also pivoting its programs to continue providing capacity-building resources on digital programing, virtual events, youth protection, remote work, managing virtual teams, crisis communications, and financial analysis and contingency planning. To date, Youth INC has recruited over 150 corporate volunteers to fuel these efforts and is also providing bespoke consulting through a network of pro bono experts.