<p>Neoliberal reforms have largely overlooked the systemic, structural issues that worsen racial inequity and marginalization within public education. As a result, this study uses critical policy analysis and neoliberal racism to highlight the on-the-ground, specific, and nuanced “practiced reality” of school choice policies, which are embedded within the neoliberal and racist macrosocial discursive structures of public schooling in the 21st century. We focus our study on the thriving school choice market in Indianapolis, through which competition, politics, and venture philanthropy have transformed the traditional public school district into its own portfolio model of choice options. We attempt to untangle the convoluted and insidious web disguised as a portfolio model and surface how neoliberal racism worked to further entangle Inidianapolis Public Scool’s (IPS) school choice landscape. The findings of this study underscore the pervasive influence of neoliberal racism within the IPS portfolio model. By employing CPA and neoliberal racism, we were able to nuance how market-based reforms have perpetuated racial and economic inequities within IPS particularly as the portfolio model exemplifies the deep entrenchment of neoliberal principles in public education.</p>