AOL sets up fund for minorities, women


AOL Time Warner unveiled plans Thursday to set up a fund invest $100 million over the next three years in companies owned or managed by minorities and women.

The AOL Time Warner Opportunity Investment Fund will target businesses that have "significant diversity in their senior management," the company said. The company will also seek businesses in under-served markets that are a strategic fit with it.

Rachel Lam, formerly a principal at Quetzal/Chase Capital Partners, was named vice president of the Company's AOL Time Warner Investments unit and managing director of the AOL Time Warner Opportunity Investment Fund.

The fund is expected to be completed by sometime next month. Investments are expected to be in the $2 million to $10 million range. - Richard Tedesco