Northwestern Mutual has added $75 million to its fund supporting Black entrepreneurs and businesses.

The fund, which opened at $100 million, places investments nationally and in Milwaukee with a focus on business growth and physical and social infrastructure.

"We are steadfast in our commitment to change and proud of the tangible and meaningful impact we've made with our neighbours, partners and businesses in Milwaukee and beyond," Ray Manista, executive vice president, chief legal and compliance officer, and secretary at Northwestern Mutual, said in a statement. "With this added commitment, we will be able to support even more positive social impact and businesses as they grow their footprint and workforce in their local communities."

With more than $558 billion of total assets being managed across the company's institutional portfolio as well as retail investment client portfolios, nearly $35 billion in revenues, and $2.2 trillion worth of life insurance protection, Northwestern Mutual is a financial services company headquartered in Milwaukee.

More than 55 businesses have benefited since the fund was created in 2021. The investments are designed to support the rehabilitation and selling of affordable homes, improvements to school system infrastructure and increase the number of seats available for student enrollment.

The news comes as the company recently announced its latest business owners to join its Black Founder Accelerator Program. It also recently held Gather Against the Gap, an event in partnership with Northwestern University's Kellogg School of Management that included several panels from industry experts on supplier diversity and economic empowerment.

"Gather Against the Gap enables dialogue between business leaders, academics and experts all driving towards one shared goal of addressing the wealth gap," said Abim Kolawole, chief audit executive at Northwestern Mutual and executive sponsor of the company's Sustained Action for Racial Equality (SARE) initiative. "We are energized by both the conversation as well as the potential to influence others looking to support the larger mission."