Displaying the ‘CDVCA Ventures Blog’ Category:

Bill Gates Invests in Indian Impact Venture Capital Fund

November 21, 2014  |   CDVCA Ventures Blog   |     |   0 Comment

Bill Gates has made an investment in Unitus Seed, an impact investment fund that focuses on Indian social enterprises, taking for the first the equity route to help drive social and economic change in India. The co-founder of Microsoft, who has been directing millions of dollars in grant capital to the country for years, has joined Indian origin investor Vinod Khosla and a group of Seattle-area techies in backing Unitus Seed. "Impact investing is a powerful model with the potential to build markets and drive change for the people who need it most," said Gates. Read more about it here.

SmartPak acquired by Henry Schein, Inc.

August 12, 2014  |   CDVCA Ventures Blog   |     |   0 Comment

Coastal Ventures’ portfolio company, SmartPak, saw a successful exit through acquisition by Henry Schein, Inc. (NASDAQ: HSIC), the world’s largest provider of health care products and services to office-based dental, animal health and medical practitioners. Its U.S. Animal Health business, Henry Schein Animal Health, has entered into an agreement to acquire an approximate 60 percent ownership position in SmartPak, the leading provider of equine supplements and horse supplies across the United States.  SmartPak had sales in 2013 of approximately $105 million and expands Henry Schein’s product and service offering to the equine community.  Henry Schein Animal Health is a leading companion animal health distribution company in the United States. Over the past decade, SmartPak has been recognized at both the national and local levels, including ranking on the Inc. 500 /5000 lists of America’s Fastest Growing Private Businesses for nine consecutive years; being ranked as #249 on the Internet Retailer 500 and #35 on the Internet Retailer Social Media 500; selected as one of only 66 companies nationally to earn Bizrate’s Circle of Excellence Award (Bizrate powers Google’s reviews); earning StellaService’s highest possible service rating: Elite;  ranking among the Boston Globe’s annual Top Places to Work in Massachusetts; and receiving the Innovation Award from the Smaller Business Association of New England (SBANE).  Mr. Gisholt received the Ernst and Young Entrepreneur of the Year award for Consumer Products in the New England Region and has also been named one of the “Best Bosses” by Fortune Small Business and Winning Workplaces. Read more about ...

CDFI Fund Opens CY 2014 Round of New Markets Tax Credit Program

August 05, 2014  |   Industry News   |     |   0 Comment

The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) released today the Notice of Allocation Availability (NOAA) for the calendar year (CY) 2014 round of the New Markets Tax Credit Program (NMTC Program). The NOAA makes up to $5 billion in tax credit allocation authority available for the CY 2014 round, pending Congressional authorization. The CDFI Fund provided the NOAA on its website in anticipation of its publication in the Federal Register later this week. The New Markets Tax Credit spurs investment of private sector capital into distressed communities by providing a tax credit to corporate or individual taxpayers who make qualified equity investments in designated Community Development Entities (CDEs). The CDEs, in turn, invest the capital raised into projects and businesses in low-income communities. The credit provided to the investor totals 39 percent of the investment in a CDE and is claimed over a seven-year credit allowance period. The CDFI Fund has made 836 awards—totaling $40 billion in tax credit allocation authority—to CDEs through the NMTC Program since the program’s inception.  More information about the NMTC Program can be found on the program’s website or in the program’s fact sheet.

CDVCA endorsement of SSBCI bill

July 14, 2014  |   Public Policy   |     |   0 Comment

CDVCA supports the ‘Small Business Access to Capital Act of 2014’ bill for its potential to stimulate job creation across the states by making available much needed capital to small businesses and leveraging private capital. CDVCA from its  experience managing the Innovate NY Fund, New York State's SSBCI funded venture fund of funds, has seen firsthand the impact of the 2010 funding round. Click here to view a one pager on the bill.  

OCC’s Outlook Live Webinar on Interagency Questions and Answers Regarding Community Reinvestment

July 14, 2014  |   Public Policy   |     |   0 Comment

Staff members from the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) are hosting a discussion of the revisions to the “Interagency Questions and Answers Regarding Community Reinvestment” (Q&As) that were issued on November 15, 2013, and the revised interagency “Large Institution Community Reinvestment Act Examination Procedures” (CRA examination procedures) that were issued on April 18, 2014. The revisions to the Q&As and the revised CRA examination procedures primarily address community development issues. This webinar will cover new Q&As that - clarify how the agencies consider community development activities benefiting a broader statewide or regional area that includes an institution’s assessment area. - provide guidance related to CRA consideration of, and documentation associated with, investments in nationwide funds. - clarify the consideration of certain community development services, such as service on a community development organization’s board of directors. - address the treatment of loans or investments to organizations that, in turn, invest those funds and use only a portion of the income from their investments to support a community development purpose. - clarify that community development lending performance is always considered in a large financial institution’s lending test rating.   The deadline for registration to join the live session is July 17, 2014. Please follow this link to OCC's website for more details.   Related Links Webinar Registration “Large Institution CRA Examination Procedures” "Interagency Questions and Answers Regarding Community Reinvestment” “Supplementary Interagency ...

CDFI Fund Appropriations Update

June 29, 2014  |   CDVCA Ventures Blog,Industry News,Member News   |     |   0 Comment

This week, the House Appropriations Committee approved the FY ’15 Financial Services and General Government (FSGG) Appropriations bill. The Committee's bill includes $230 million for the CDFI Fund – an increase of $4 million over current year funding and $5.1 million over the President’s budget request. As the chart below shows, the House bill sets aside $177 million for the Fund’s Financial Assistance (FA) and Technical Assistance (TA) grant programs, and those set-asides are provided in bill language. In addition, $15 million is set aside for the Native American CDFI Initiative, $18 million for the Bank Enterprise Awards (BEA) program, and $20 million for CDFI Fund administrative expenses. The House Appropriations Committee did not include funds for the Healthy Food Financing Initiative (HFFI) or authority for the CDFI Bond Program, as requested by the President. This past Tuesday, June 24th, the Senate Financial Services and General Government (FSGG) Appropriations Subcommittee approved its FY '15 spending bill. While the bill has not been released to the public, Senator Udall (D-NM), who Chairs the Subcommittee, spoke during the mark-up about his commitment to "target resources to boost job creation and community development," including $230 million for the CDFI Fund in the spending bill, along with $1 billion in CDFI Fund Bond authority. A press release issued by the Appropriations Committee reported some--but not all--of the CDFI Fund set-asides, including $1 million to promote CDFI expansion into underserved areas, $35 million for HFFI, and $18 million for BEA. Additional information on the Senate's FSGG Appropriations ...

Transform
 Finance
 Investor
 Network
 Launches
 with Pledge of $556M at
 White
 House 
Event



June 27, 2014  |   CDVCA Ventures Blog,Industry News,Member News   |     |   0 Comment

Washington
 DC,
 June 
25, 
2014 Transform
 Finance
 Investor
 Network
 Launches
 With
 Pledge
 of
 $556 million “Transformative”
 Investments 
at
 White 
House
Event A
 group 
of 
leading
 private
 sector 
investors,
 at
 a 
high‐level 
roundtable
 on 
impact
 investing 
convened
 by
 the
 White
House,
  has
pledged
 $556
 million 
to
 a
 range 
of
 social
 investments
 using 
a
 novel
 investment
 approach
 centered 
on 
social 
justice 
and
community 
value
 creation. On
 June
 25,
 2014, 
the 
White 
House
 hosted
 a
round table
 on 
impact 
investing, 
during
 which
 some 
20
 new
 private 
sector
commitments 
were
 made 
to 
drive
 more
 than
 $1.5 
billion 
into 
investments 
that
 intentionally
 generate 
measurable
 social
 or
environmental 
impact

 as 
well
 as 
financial
 return. The 
group
 of 
investors 
convened 
by 
the 
Transform
 Finance
 Investor
 Network,
 concerned 
about 
a
 trend
 in
 impact 
investing 
that
stops 
short
 of
 truly
 transformative 
impact,
 pledged 
to 
invest
 in
 alignment
 with 
the 
transformative
 finance
 principles
 of: (1) 
engaging
 communities 
in 
the
 design,
 governance,
 and 
ownership 
of
 projects
 (2)
 creating 
more 
value 
for
 c ommunities
 than 
is
extracted 
by 
investors
 (3) 
fairly 
allocating
 risks
 and
 rewards
 between 
investors, 
entrepreneurs,
 and 
communities The 
group 
of 
Transform 
Finance
 Investor
 Network
 investors 
includes 
Pi 
Investments,
 Blue
 Haven
 Initiative,
 New
 Belgium
Family
 Foundation,
  ReInventure
 Capital, 
and
 The
 Working
 World.
 These
 members 
will
 invest
 across
 asset
 classes,
 geographies,
and
 verticals. “This
 is
 a 
novel 
approach
 that
 puts
 capital
 at
 the 
service
 of
 community
 needs.
 We
 hope 
that
 through
 our
 participation 
in
 the
Transform
 Finance
 Investor 
Network,
 we
 can
 help 
build 
a
 vibrant 
community
 of 
sophisticated 
investors
 who
 deeply
 believe 
in
empowerment
 and
 intend 
to 
consider 
and 
prioritize
 community
 benefit
 in 
every
 investment 
we
 make,”
said
 Brendan
 Martin,
President
 of
 The
 ...

Impact Investment Advocates Ring The Closing Bell At The NYSE

April 23, 2014  |   CDVCA Ventures Blog,Industry News,Member News   |     |   0 Comment

Representatives and guests from the U.S. National Advisory Board to the Global Task Force on Social Impact Investment rang the Closing Bell at the New York Stock Exchange (NYSE) today to raise awareness about the role of public and private innovation and entrepreneurship in solving our greatest social and environmental challenges. “Our society faces challenges that cannot be solved by government and philanthropy alone, spurring innovative approaches that harness the efficiency and discipline of markets. Impact investments deploy private capital for public good and are intentionally designed to deliver social or environmental benefits as well as financial return,” said Tracy Palandjian, CEO of Social Finance U.S. and co-chair of the National Advisory Board. Matt Bannick, Managing Partner of Omidyar Network, co-chairs the National Advisory Board with Palandjian. For more information, visit www.mysocialgoodnews.com

Bridges Ventures Announces Final Close of Bridges Sustainable Growth Fund III

October 09, 2013  |   CDVCA Ventures Blog,Industry News,Member News   |     |   0 Comment

CDVCA member fund Bridges Venture has successfully completed final close of the Bridges Sustainable Growth Fund III. The fund closed at £125M, surpassing its original target of £100m, and is two-thirds larger than their second £75m fund raised in 2007. The fund will continue Bridges Ventures’ focus on the provision of growth capital to small businesses, while seeking both commercial returns and positive social impact. Through its new fund, Bridges seeks to build on its extensive track record of investment - the firm recently won "Venture Exit of the Year" in the prestigious British Private Equity Awards 2013 for its partial divestment of The Gym Group. The successful fundraise also speaks to growing interest among investors in sustainable and impact investment. New investors in the fund include the European Investment Fund and the London Pensions Fund Authority. For more information, visit www.bridgesventures.com.

CDVCA Takes General Partner Role in $45M New York State Fund

CDVCA serves as the General Partner for New York State’s “Innovate NY Fund, L.P.,” an economic development Fund of Funds, consisting of limited partnership investments into eight New York State-focused, early-stage venture funds.   The $45 million fund is a seed stage business equity fund to support innovation, job creation, and high growth entrepreneurship throughout the state. The Innovate NY Fund is supported with $35 million in State funds (allocated from the US Treasury’s SSBCI Program) and $10 million from Goldman Sachs Urban Investment Group, and will leverage up to $450 million in additional private investment. The purpose of the Innovate NY Fund is to promote technology-led economic growth in the state through targeted investments by regional venture fund managers (the “Seed Funds”) into over 100 seed and early stage companies; and to encourage additional private sector investment across the state.  Unique among state-funded venture capital programs, Innovate NY Fund recognizes that effective statewide growth must include its lower income populations.  The Fund’s investment criteria include a requirement to invest a portion of proceeds in businesses located in lower income communities, or to meaningfully employ individuals from these communities. New York’s approach has been to collaborate with private investors, which includes Goldman Sachs as a limited partner, and through an effective matching investment requirement for the participating funds.  As part of the Small Business Jobs Act signed into law in September 2010, the State Small Business Credit Initiative (SSBCI) was created under the US Department of the Treasury to provide direct support to states ...

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