A group of 19 Black and Latino corporate executives from across Massachusetts are set to launch a new fund to support local nonprofits and the communities of color they serve.

The New Commonwealth Racial Equity and Social Justice Fund is still in its nascent stages, but organizers said it is already seeded with $20 million in individual and corporate commitments.

Bithiah Carter, CEO of the Boston-based New England Blacks in Philanthropy, predicted the fund would have a “tremendous” impact on Black and Latino communities.

“Whenever most of us are asked to think of a philanthropist, I think the first thing that comes to mind is an older, white man. Maybe we’re generous and we bring forth the image of a woman, but rarely is it seen as a Black person,” Carter said in an interview with WGBH News Sunday.

“This is a game-changer in controlling that image of Black community, showing not only our executives in their power, but also showing there is an opportunity to raise all boats by acknowledging…philanthropic gifts from everyone,” she added.

Organizers of the fund said they intend to leverage their corporate networks to build towards a long-term goal of $100 million.

Quincy Miller, president of Eastern Bank and one of the 19 members, told WGBH News the fund will focus on four “key pillars”: policing and criminal justice reform, healthcare equity, economic empowerment and youth education and civic engagement.

Miller said the timing of the fund’s launch coincides with the private sector responding to young protesters who have recently taken to the streets to demand racial equity.

"Corporations are starting to see that there is a business purpose to really being committed to diversity and inclusion” more so than in past years, he said “because of those generations who have amazing purchasing power."

Miller added that members are seeking multi-year commitments to ensure the fund remains sustainable.

"Because this is not a point-in-time situation that needs to be addressed,” he said. “This is 400 years of systemic racism that we need to begin to dismantle."

Pam Everhart, another member of the fund, said the sustainability consideration is a large part of what motivated her to contribute when the group met for the first time earlier this month.

“It was an innovative approach around sustainable, long-term efforts to reduce inequities in our communities,” said Everhart, senior vice president of regional public affairs at Fidelity Investments.

Members said Sunday they are working to put together a legal structure for collecting donations and awarding grants.