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CDVCA member fund Bridges Ventures has released a few short films of four of their portfolio companies: The Gym Group (Sustainable Growth Fund II) WholeBake (Sustainable Growth Fund III) Edmund Street (Bridges Sustainable Property Fund) The Old Vinyl Factory (Bridges Property Alternatives Fund III) https://www.youtube.com/watch?v=nZ2LGwNsHKg https://www.youtube.com/watch?v=aRkRXMMf6uY https://www.youtube.com/watch?v=L00Oi5HvGA4 https://www.youtube.com/watch?v=oEJLDOwo9iI
Bridges Ventures, which manages several community development venture capital funds that are members of CDVCA, has closed on a real estate investment fund, Bridges Property Alternatives Fund III, with equity commitments of £212m – ahead of its original £200m target. The fund will focus on investments in low-income communities in the UK. This is the largest fund the firm has raised for any investment strategy to date. The Fund invests in direct property and property-backed businesses, focusing on regeneration areas, buildings showing environmental leadership, and niche sectors being affected by changing demographics and consumer needs – including healthcare, education, SME business space and affordable residential accommodation. Since its first close on more than £120m of equity commitments in April 2014, the Fund has successfully completed six deals in less than a year. Following these deals, about 40% of the Fund's capital has already been invested and committed. Read more.
SJF Ventures has announced its investment in California-based Raise.me, a company that empowers students to earn “micro-scholarships” throughout high school for their individual achievements. For higher-education professionals in admissions, financial aid or enrollment, Raise.me is a new way to get the word out about their schools and scholarships. It also allows them to connect with and attract a more diverse range of prospective students, including from populations that are underrepresented on their campuses. Read more.
CDVCA member fund Bridges Ventures recently announced its first investment in the United States with Springboard Education, a provider of affordable before- and after-school educational programming to 6,000 children at 52 public and charter schools. In addition to the financial investment, Bridges Ventures will also bring in experienced educators to the board of directors, help recruit additional team members, create opportunities for new school partnerships, and increase scholarships for disadvantaged students. Overall, the investment in Springboard Education will help increase accessibility to its programs, allowing tens of thousands of children cross the U.S. to be served. This first investment by Bridges' U.S. office builds on over a decade long's focus on education-sector investment by Bridges Ventures' principles in the U.S. and the U.K. Read more.
Pacific Community Ventures (PCV) is a private, for-profit, venture capital fund that invests in high potential companies across diverse industries based in California's low and moderate income communities. PCV has fueled the recovery since the end of the Great Recession five years ago. PCV has created 1,297 jobs for working people in underserved communities and empowered 867 companies across 25 states. The small business owners in PCV's network saw a 12% job growth. PCV also worked at a national and international level with policymakers and investors in 148 countries to build impact investing markets and drive more private capital toward social good and underserved communities. Download the report here.
Pacific Community Ventures (PCV) has released the report "Financing Social Innovation: Analyzing Domestic Impact Investing Policy in the United States." This report offers a view into the intersection of federal policy and impact investing in the U.S. It includes a look at both historic and present ways policy leverages private dollars for social and environmental impact, and offers a set of criteria for evaluating new impact investing policy proposals going forward. Download the report here.
Governor Andrew M. Cuomo announced that New York State is launching a $2 million MWBE Investment Fund to provide seed financing to certified minority- and women-owned business enterprises. "The launch of this first-of-its-kind investment fund will help further increase opportunities for minority and women-owned businesses in New York and help this vitally important part of this state's economy grow," Governor Cuomo said. "Under this administration, great strides have been made to support these businesses and encourage diversity in the private sector, and this new fund will go a long way toward making those gains permanent and building a brighter future for New York." This fund will be managed by Rochester-based Excell Partners, one of the eight venture capital firms that make up New York State's Innovate NY Fund, L.P. CDVCA serves as the General Partner for the Innovate NY Fund, a $45 million seed stage business equity fund that supports innovation, job creation, and high growth entrepreneurship throughout New York State. Read more.
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 ...
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 ...
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