The foundation belonging to billionaire investor and philanthropist George Soros has announced it will be investing $220 million into the fight for racial justice.

Open Society Foundations, established in 1993 by Soros, will be investing into “emerging organizations and leaders building power in Black communities across the country,” the foundation's press release stated.

The largest allotment, which totals $150 million, will be distributed through five-year grants to Black-led organizations which "helped to create and now sustain the momentum towards racial equality."

The recipients of the funding from Soros’ foundation range from newly emerged endeavors to already well-established organizations. Black Voters Matter, Circle for Justice Innovations, Repairers of the Breach and the Equal Justice Initiative are among the awardees.

Open Society believes that real change comes from continued support opposed to one-time ventures, according to its statement.

Tom Perriello, executive director of Open Society U.S., said that the success of the present social justice movement will be measured over multiple years.

Open Society President Patrick Gaspard said the current movement fighting for equality is one that is inspiring and transformational.

“We recognize that the struggle to dismantle systemic racism is an ongoing one; it has existed from the dawn of the republic to the present day, and is embedded in every level of government and in our penal and justice systems,” Gaspard said. “But the power-surge of people who have taken to the streets to demand that this nation do better—people of all ages, from all backgrounds, and in every corner of this country—gives hope to us all.”

More immediately, Open Society will invest $70 million into a set of cities that are redesigning public safety and criminal justice in their communities, into the improvement of civic engagement among young people through internships and fellowships centered on racial justice and organizing and into efforts to fight against voter suppression and disinformation.

“This is the time for urgent and bold action to address racial injustice in America,” Open Society Deputy Chair Alex Soros said. “These investments will empower proven leaders in the Black community to reimagine policing, end mass incarceration, and eliminate the barriers to opportunity that have been the source of inequity for too long.”

Soros, an 89-year-old Hungarian humanitarian, has been a long supporter of the fight for social justice. In 2003, his foundation launched the Racial Justice Initiative, reports Forbes. He has been targeted by conservatives and has been an outspoken critic of President Donald Trump.

Last year his foundation donated $50 million to support an ACLU initiative to reduce mass incarceration and $15 million to the NAACP Legal Defense and Educational Fund.

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