Melinda French Gates has pledged $2 billion to advance women’s rights and economic mobility, reinforcing her long-standing commitment to gender equity. Since launching her family office, Pivotal Ventures, in 2015, she has pursued these goals through both philanthropy and investments in women-led funds and startups that serve women.
These investments are managed by Erin Harkless Moore, who joined Pivotal Ventures in 2020 from investment advisory firm Cambridge Associates.
“We want to prove that investing in women can generate top-tier returns while also driving social progress,” Harkless Moore told CNBC.
Pivotal Ventures is part of a growing trend. While traditional asset managers have retreated from impact investing due to political scrutiny, family offices remain committed. Over the past decade, impact investments—which aim to generate both profit and social change—have steadily increased among family offices. In the first half of 2024, impact investments accounted for 56% of all family office deal volume, according to PwC.
A survey by RBC Wealth Management and Campden Wealth highlights the top three focus areas for family office impact investments: renewable energy, climate solutions, and social equality.
Staying the Course of Women’s Economic Growth Despite Political Shifts
Harkless Moore addressed speculation that Pivotal Ventures had adjusted its investment strategy due to political backlash against diversity, equity, and inclusion (DEI) initiatives. She refuted these claims, stating that the firm remains fully operational.
“We’ve had meetings where people assumed we weren’t investing anymore,” said Harkless Moore. “We’re open for business. We have capital to deploy.”
In 2024, Pivotal Ventures has already invested in two startups:
- Little Otter – a mental health app designed for families
- Millie – a maternity clinic based in Berkeley, California
Unlike registered investment advisors, private investment firms such as Pivotal Ventures operate independently, answering only to their founders. This autonomy allows them to stay committed to their mission-driven investments.
Other notable family offices with impact portfolios include:
- Emerson Collective (founded by Laurene Powell Jobs), which invests in women’s health and other social causes
- Blue Haven Initiative (founded by Hyatt heir Liesel Pritzker Simmons and her husband Ian), which funds startups that provide low-income populations with access to capital
Pivotal Ventures’ Expanding Influence
Pivotal Ventures manages the wealth of Melinda French Gates, the former wife of Microsoft co-founder Bill Gates. Beyond startup investments, the firm has also invested in 20+ funds managing a combined $5 billion in assets.
Harkless Moore, who has a two-decade career in investing, started at Goldman Sachs in 2005 before earning her MBA from Harvard Business School. She later joined Cambridge Associates, advising family offices and private foundations on investment strategies.
“I wanted to align my personal values with my investment approach,” she said, explaining her decision to join Pivotal Ventures.
Harkless Moore rejects the idea that investing in women yields weaker financial returns. She cites a PitchBook study showing that female-founded companies exit faster and operate with lower burn rates.
Pivotal Ventures evaluates investments using institutional-grade criteria but actively eliminates bias. Unlike traditional venture capital firms, it does not require general partners (GPs) to invest heavily in their own funds—an expectation that can disadvantage fund managers without generational wealth.
“I want our incentives to align with fund managers,” said Harkless Moore. “But if you don’t come from wealth, where are you supposed to find several million dollars to put into your fund?”
Prioritizing Early-Stage Investments
Pivotal Ventures focuses on early-stage investments, aiming to help emerging founders and funds attract other investors. The firm actively seeks out entrepreneurs, rather than waiting for inbound pitches.
“A lot of times, this industry is about, ‘Oh, you need a warm intro,’” she said. “We try to make ourselves as accessible as possible.”
Despite recent anti-DEI rhetoric, Harkless Moore remains confident in women-led investing.
“I believe in capitalism and markets,” she said. “Even with pushback, capital will still flow to the best ideas.”
She emphasized that staying consistent, disciplined, and committed to the firm’s thesis is key during times of uncertainty.
With $2 billion committed to women’s economic empowerment, Melinda French Gates and Pivotal Ventures are proving that impact investing is not only viable but profitable. As family offices continue to lead the charge, investing in women and social equality is poised to remain a powerful force for change.
