Milken-adjacent Power100 aims to reclaim the finance DEI narrative

The Power100 gathering on the sidelines of the Milken Institute Global Conference took on a different tone this year as its diverse leaders in finance attendees fight to reclaim the narrative about people of color and women.

“We are trying to show the world what success looks like,” said Jacob Walthour, co-founder of Power100 and founder and CEO of Blueprint Capital. “And over the course of the last year, what success looks like has been redefined in a way that has not been respectful and not truthful about the contributions of women and people of color.”

President Donald Trump, who campaigned on and speaks often about rolling back diversity, equity and inclusion measures in both the federal government and the private sector, was not mentioned at the conference, but the impact of his policies were clearly on the minds of attendees. In his first week back in office in 2025, Trump issued a series of executive orders targeting DEI initiatives at federal agencies and private-sector businesses.

The Power100 meeting — in its third year — is hosted by Blueprint Capital Advisors in Beverly Hills, Calif., convening diverse leaders in alternative capital management, a field predominantly led by white men.

According to a 2025 Government Accountability Office report, minority- and women-owned firms only manage 1.4% of the approximately $82 trillion in assets under management in the U.S.

Shundrawn Thomas, founder of the Copia Group investment firm attended for the first time this year, with the goal of building networks and opportunities to combat trends he sees as concerning.

“We’ve been through a period where there has been an implication that capital and opportunity was flowing to women and people of color that were not qualified,” he said. “Unfortunately, while these arguments are taking place, we’ve seen a dramatic decline in the amount of capital going to emerging and diverse managers.”

“Superman is not coming,” he said. “We need to be the agents of change.”

Walthour said he thinks the end of DEI is one of two macro trends affecting the alternative capital management field, along with the beginning of what many believe will be an AI revolution.

The Power100 has changed dramatically since it was started in 2024 by Walthour, Robert F. Smith of Vista Equity Partners, Ken Kencel of Churchill Asset Management and several other leaders in finance. 

From the beginning, the event was positioned to be adjacent to the Milken Institute Global Conference to offer networking and access to firm and leaders that could not afford the registration fee that begins at $25,000 this year.

The Power100 event has since grown into its own destination with networking events, panels and a dinner this year that featured discussions with David Rubenstein, co-founder and co-chairman of the Carlyle Group and former Vice President Kamala Harris.

Harris addressed the theme of reclaiming the narrative at the Power100 dinner.

“An underlying assumption is that everyone has equal capacity to compete, and that is just not the case,” she said. “So the work that we have to do, make the promise if you will, of capitalism is to address disparities that exist and have increased over a period of time.”

Walthour estimates this year’s gathering, which ended Monday, included representatives from firms with the ability to allocate approximately $24 trillion, up from more than $15 trillion in 2025.

“Capital should always flow to the best stewards, the best ideas, the best innovations and the people who can execute on business plans, Walthour said. “What we often hear is ‘I would invest with women and people of color, but I don’t know where to find them.’ We’ve raised their visibility.”

Roger Ferguson, former Federal Reserve vice chair and 2026 Power100 honoree, sees improving capital flows as an urgent issue for the broader economy.

“If we don’t get capital in the hands of folks with the best ideas, regardless of what they look like, regardless of their gender, good ideas will sit on the side and the economy can’t grow,” he said.

Jasmine Richards, head of diverse manager investing at Cambridge Associates and a 2026 honoree, said being in the room provides needed access.

“This is an extremely curated room, where you can actually get together and enjoy each other other, but you can also get together and be purposeful,” Richards said. “Not only can you build relationships but get deals done. There’s not many opportunities like that.”

This year, there has also been a greater emphasis on inviting and including smaller firms and younger participants with the goal of preparing them for opportunities of the future.

“We’ve got to accelerate their progress to moving to key seats and moving to opportunity,” Thomas said.

Austin Clements, founder of venture capital firm Slauson & Co. that was founded in 2020 said it’s essential for emerging funds and managers to get access to the connections and conversations at Power100.

“We’re always trying to bring in new voices, younger voices, people that are in tune with what the next wave of innovation, communications technology is all about,” Clements said. “Those are going to be the people that are going to lead us and make the greatest investments of the future. That’s just the way it is, that’s the way it will always be.”