The Equity Fund (originally known as the Twin Cities Queer BIPOC Business Capacity Fund) was created in 2020 in direct response to the dire economic circumstances created by COVID-19 and the civil unrest and burning of Lake Street following the murder of George Floyd by the police. PFund and Quorum distributed $90,000 in microgrants in 2020-21 to help Minneapolis queer small business owners of color with flexible cash assistance and remote business capacity training resources. 

Grant recipients participated in a series of hour-long remote educational sessions on vital business development topics such as human resources best practices, sources of capital, understanding legal liabilities and protections, and use of technology. In late 2022, PFund made a second round of Equity Fund grants to queer entrepreneurs of color. Grants ranged between $5,000 and $20,000 and a total of $105,000 in grant funds was distributed. 

For the 2023 funding cycle, PFund has awarded a record $435,000 in grant funds across three funding cohorts, with grant awards ranging from $5,000 - $30,000.