Vista’s Robert Smith says investing in DEI businesses vitally important in a bear market

(CNBC) Robert F. Smith, chairman and CEO at Vista Equity Partners, said investing in businesses and managers that emphasize diversity, equity and inclusion remains vital, especially in a bear market.

The billionaire investor, who spoke with CNBC’s Frank Holland at the Disruptor 50 Summit, said that venture capital and private equity funding should continue to expand to minority-owned businesses. The recent drop in venture capital funding, due to growing recession fears, has disproportionately hit African American, Latinx business owners and founders, he said.