If you want to see more people of color in VC, “look to the people at the top,” says Lo Toney

Last week, we suggested that for a truly diverse venture industry, the limited partners who provide investing capital to VCs — institutions like universities and hospital systems — need to start incorporating diversity mandates into their work. Say a venture firm wanted to secure a commitment from the University of Texas System; it would first need to agree, in writing, to pour a certain percentage of its capital into startups founded by underrepresented groups.

Given how fragmented the world of institutional investing, the idea might sound impracticable. But Lo Toney, one of a small but growing number of black

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