Based on three years of research on the racial and ethnic priorities of the San Francisco Foundation and the Cleveland Foundation, Shiao demonstrates the geographically uneven impact of the national transition to diversification. The demographics of the regions served by the foundations in San Francisco and Cleveland are quite different, and paradoxically, the foundation in Cleveland—which serves an area with substantially fewer immigrants—has had greater institutional opportunities for implementing diversity policies. Shiao connects these regional histories with the national philanthropic field by underscoring the prominent role of the Ford Foundation, the third largest private foundation in the country, in shaping diversity policies. Identifying Talent, Institutionalizing Diversity reveals philanthropic diversity policy as a lens through which to focus on U.S. race relations and the role of the private sector in racial politics.