I personally hate these initiatives because they don't deal with problem at the core.

They should have policies that address every fund they manage, not some 100m, which is peanuts for them.

I really like how YC does it. Yes, there are problems with YC, but their main program is really good at taking people from different economic/social/racial backgrounds.

Have tonnes of friends from disadvantaged backgrounds and developing countries that got in. I don't understand why every fund can't do it.