Catalog of Economically Targeted Investments by Pension Funds

Patrick DugganImpact Investing, InSight, Publications

catalog of economically trageted investments

In October of 2015, the Department of Labor released new guidance on the Employee Retirement Income Security Act (ERISA). This reaffirmed that pension funds — holders of $20+ trillion in capital — could pursue economically-targeted investments (ETIs). These kinds of investments let pension funds put their capital to work in ways that not only generate financial returns but also create jobs and support local economies and the environment — furthering the long-term interests of their plan participants and beneficiaries.

Following the one-year anniversary of the ERISA ETI guidance, the Accelerating Impact Investing Initiative (AI3) is pleased to share a first-of-its kind online catalog of 118 pension fund ETIs and an accompanying research brief that extensively documents ETIs and offers insight into trends, analysis, and reflections.

Key Findings

  • The majority of ETIs (70%) were made by public pension funds
  • The average number of ETIs per year was highest between 1994 and 2008, with a significant decrease between 2009 and 2015. This decrease coincides with the Great Recession and the Department of Labor’s previous 2008 ERISA guidance that many believe had a chilling effect on ETIs.
  • ETIs are most often private equity or fixed-income investments – these two asset classes represent a majority of ETIs (52%)
  • ETIs tend to be less than $500 million in size – with 37 percent reporting between $100 and $500 million in assets under management (AUM) and 29 percent reporting less than $100 million in AUM

Release of ETI Catalog and Research Brief

 

Download (PDF, 833KB)

The goal of this research, and in developing the ETI catalog, is to compile and share information on both public and private pension funds pursuing investments that target social, environmental, or economic benefits. This catalog will better enable information-sharing among the pension fund community and other interested parties by serving as a dedicated online resource for information on ETIs.

When pursued prudently, ETIs have the potential to unleash a tremendous amount of new private investment that delivers significant benefits to communities across the U.S.

In early 2017 we will be releasing further research on ETIs to accompany this catalog.  This research will provide additional information and clarity on the state of pension fund ETIs and will explore the history of ETIs; including how these investments are structured, overarching trends affecting pension funds’ consideration of ETIs, and how ETIs have evolved over time.  The research will include case studies as concrete examples of pension fund ETIs, and profiles of intermediaries working with pension funds to invest assets prudently and in accordance with their fiduciary duty.

In the coming months we encourage pension funds, researchers, and others to engage with us on this research and to share with us updated information and data on new and existing ETIs. We look forward to your comments and questions on the ETI catalog and research brief. Contact us at twoelfel@pcvmail.org and ldixon@pcvmail.org.

The ETI Catalog

A simplified version of the ETI catalog is embedded below. You can also click the green button to download the full and expanded catalog as a Microsoft Excel file.

Download the full catalog as an Excel file >

 

ETIInvestment StrategyETI ObjectiveAsset Class(es)Pension Fund Investor(s)Investment Size (most recent available)
Separate Account J (also known as "J for Jobs")JobsTo foster union-built construction, and create jobs and increase pension fund contributions that result from increased employmentFixed IncomeTaft-Hartley funds, multi-employer pension funds, public pension funds$5.5B
Wisconsin Private Debt ProgramIn-stateProvide financing to businesses headquarted in Wisconsin, operating in Wisconsin, [or] intending to invest proceeds in Wisconsin and to benefit the employers, employees and taxpayers of the state, while improving Wisconsin's economy at the same time.Fixed IncomeWisconsin Retirement System, Wisconsin State Investment Fund, other Wisconsin state trust funds$17B
MassVentures (formerly known as Massachusetts Technology Development Corporation)Business FinancingFuel the Massachusetts innovation economy by funding early-stage, high-growth Massachusetts startups as they move from concept to commercialization.Private EquityMassachusetts Pension Reserve Investment Trust (PRIT)no information available
Retirement Systems of Alabama (RSA): In-state InvestmentsIn-stateSupport CDFIs with an in-state focus.Fixed IncomeAlabama State Employees Retirement System (SERS)no information available
California Public Employees' Retirement System (CalPERS): Member Home Loan ProgramMortgagesHelp members purchase homes and refinance existing loans while providing mortgage investment opportunities to the Public Employees’ Retirement Fund.Fixed IncomeCalifornia Public Employees' Retirement System (CalPERS)no information available
Twin City Family Housing FundCommunity DevelopmentOffer mortgage loans tailored to individual needs of moderate income families not otherwise able to afford a home purchase.Fixed Income, EquityTaft-Hartley funds (carpenters, bricklayers, electrical workers), Minneapolis Municipal Employees Unionno information available
North Carolina Home Mortgage ProgramCommunity DevelopmentThe North Carolina Home Mortgage Program provided financial resources to enable home ownership by low and moderate income families.Fixed IncomeNorth Carolina Retirement System$300M
Pension Fund Investments for Economic Development (PFI)Real EstateInformation not availableReal EstateKentucky public pension funds, Taft-Hartley fundsno information available
Michigan State Retirement System Venture Capital ProgramBusiness FinancingTo preserve, expand and create jobs for residents of Michigan, assist small businesses, and in doing so, to diversify the state's economy. Additionally, the program aims to retain businesses that otherwise might leave the state.Fixed Income, Private EquityMichigan State Retirement Systemsno information available
Multi-Employer Property Trust (MEPT)Union JobsTo create economic activity and jobs in areas where beneficiaries of participating pension plans live and work by investing in 100% union-built new construction projects that meet LEED Silver-certified or higher requirements.
Real EstatePublic Pension Funds, Taft-Hartley Funds$6.3B
Fonds de solidarité FTQBusiness Financing, Union JobsCreate, maintain or protect jobs, train workers, develop the Quebec economy and prepare for retirement.Fixed Income, Private EquityFédération des travailleurs et travailleuses du Québec (FTQ)$11.7B
Kansas Investment FundsIn-stateInformation Not AvailableFixed IncomeKansas Public Employees Retirement System (KPERS)no information available
Pennsylvania Private Placement Separate AccountBusiness Financing, In-stateProvide financing to Pennsylvania businesses that would otherwise not be able to obtain it, in order to keep business activity, and the associated jobs and other economic benefits, within the state of Pennsylvania.Fixed IncomePennsylvania State Employees, Pennsylvania Public School Employees, City of Philadelphia, CIGNA, Pittsburgh Operating Engineers, Carpenters District Council Fund, Western Pennsylvania Electrical Employeesno information available
California State Teachers' Retirement System (CalSTRS) Home Loan ProgramMortgagesTo provide CalSTRS members access to home ownership. Fixed IncomeCalifornia State Teachers' Retirement System (CalSTRS)no information available
Home Loan ProposalMortgages, Underserved MarketsIn addition to the broader goal of making home ownership accessible to employees, a portion of the funds was directed towards mortgages with a low down payment for low income families.Fixed IncomeSan Francisco City and County Retirement Fund$25M
Brooklyn Ecumenical Cooperatives (BEC) "New Communities" ProgramCommunity DevelopmentTo foster community empowerment through affordable housing and economic development programs.Fixed Incomesix multi-employer pension fundsover $10M
Valley Venture FundIn-stateInformation Not AvailablePrivate EquityTennessee state pension funds$546M
AFL-CIO Housing Investment TrustUnion JobsPut union capital to work in secure investments that not only produce competitive returns, but also create union jobs, build affordable housing, and improve the lives of working people and their communities.Real EstateTaft-Hartley funds, Massachusetts Pension Reserves Investment Board (PRIM), New York pension funds, many other public employee pension fundsno information available
Concert PropertiesCommunity Development, Real EstateTo contribute to and support strong, vibrant, sustainable neighborhoods of all kinds while specifically supporting affordable housing.Real EstateBoilermakers' Pension Trust Fund, Bricklayers and Masons Pension Plan, Carpentry Workers' Pension Plan of B.C., Ceramic Tile Workers Pension Plan, Electrical Workers Local 213 Pension Plan, Floorlayers Industry Pension Plan, Heat & Frost Local Union 118 Pension Plan, IWA - Forest Industry Pension Plan, British Columbia Labourers Pension Plan, Marine and Shipbuilders Local 506 Pension Plan, Operating Engineers Pension Plan, Piledrivers, Divers, Bridge, Dock & Wharf Builders Pension Plan, Plumbing and Pipefitting Workers Local 170 Pension Plan, Pulp and Paper Industry Pension Plan, Shopworkers Industrial Union Local 1928 Pension Plan, Teamsters (Local 213) Pension Plan, Teamsters Canadian Pension Plan, Telecommunication Workers Pension Plan, United Food and Commercial Workers Union Pension PlanCAD $1B
Boilermaker Cogeneration and Infrastructure FundOther, Union JobsTo strategically place Pension Trust capital in job-creating investmentsReal AssetsThe Boilermakers National Pension Trust $50M
Missouri Venture Partners (MVP)Business Financing, In-stateInformation Not AvailableFixed IncomeMissouri State Employees' Retirement System (MOSERS)$3.5M
The New York Business Development Corporation Loan FundBusiness FinancingTo assist, promote and advance the business prosperity and economic welfare of the State of New York by providing loans to small businesses including start-up, early stage and mature businesses with a particular emphasis on minority and women owned businesses.Fixed IncomeNew York State Common Retirement Fundno information available
Pennsylvania Public School Employees' Retirement System (PSERS) Investments in PennsylvaniaIn-stateTo support economic development in the state of Pennsylvania through direct investment and by attracting external capital through partnerships.Fixed Income, Private Equity, Real EstatePennsylvania Public School Employees' Retirement System (PSERS)$2.2B
Employee Real Estate Construction Trust Funds (ERECT)Union JobsCreate employment opportunities for union men and women by investing in commercial real estate projects in Western Pennsylvania, Eastern Ohio and West Virginia.Fixed Income, Real Estatepension funds of 19 construction unionsapproximately $200M
Wisconsin Certificate of Deposit (CD) ProgramOtherEarn a competitive rate of return while providing local financial institutions with access to additional capital.Fixed IncomeState of Wisconsin Investment Board (SWIB)no information available
AFL-CIO Building Investment TrustUnion JobsProvides collateral benefits such as union job creation and economic development by investing exclusively in US markets and implementing one of the most comprehensive written union labor policies in the industry.Real EstateTaft-Hartley funds, public employee pension funds$4.42B
The Bricklayers and Laborers Nonprofit Housing CorporationCommunity Development, Union JobsCreate affordable housing by employing union labor.Fixed IncomeUnion pension fundsno information available
Community Reinvestment Fund, Inc. Business Financing, Community Development, Underserved MarketsMake small business and affordable housing loans in underserved communities and also facilitates a secondary market for affordable housing loans.Fixed IncomeThe General Board of Pension and Health Benefits of The United Methodist Church$55M
Retirement Systems of Alabama (RSA) In-state InvestmentsIn-stateContribute significantly to Alabama’s economic development through asset management and benefits provision, the use of direct investments to facilitate industry
recruitment and expansion, and promotion of tourism.
Fixed IncomeRetirement Systems of Alabama (RSA)no information available
State of Connecticut Trust Fund Private EquityIn-statePrevent the loss of jobs in Connecticut.Private EquityState of Connecticut Trust Fund$25M
Technology Investment ProgramBusiness Financing, Union JobsMake investments that create job opportunities for sheet metal workers in emerging technologies.Information Not AvailableThe Sheet Metal Workers National Pension Fund$30M
Maryland Venture Capital TrustBusiness FinancingInvest in newly formed and existing venture capital funds which ensured that a majority of funds were invested in Maryland business enterprises in the initial stages of development.Private EquityEmployees' Retirement System of the City of Baltimore, The Maryland State Retirement and Pension System, Maryland Fire and Police Employees' Retirement System of the City of Baltimoreno information available
Texas Growth FundBusiness FinancingTo invest in small- to medium-sized businesses across the state of Texas, which will create jobs and attract additional capital to the state's businesses.Private EquityPermanent University of Texas Fund, San Antonio police & fire pensions, Texas Teacher Retirement System, Texas Employees Retirement System$502M
Positive Social Purpose Lending ProgramAffordable Housing, Community Development, Microfinance, Underserved MarketsProvide affordable housing and community development for disadvantaged communities, while delivering competitive returns to investors, by partnering with established and qualified lenders who are able to provide risk-adjusted market returns.Fixed Income, Real EstateUnited Methodist Church (Division of the General Board of Pension and Health Benefits)$982M
The California Community Mortgage FundCommunity Development, Real Estate, Underserved MarketsAddress finance gaps for affordable housing and retail properties in inner cities and low income rural areas.Fixed Income, Real EstateCalifornia Public Employees' Retirement System (CalPERS), Los Angeles City Employees Fund$75M
ProLoanReal Estate, Union JobsInvest in the construction of single family homes built entirely by union members. Real Estate, Fixed IncomeAFL-CIO Housing Investment Trust (in cooperation with the St. Louis Carpenters' District Council)$300M
Community Preservation Corporation (CPC)Affordable Housing, Community DevelopmentProvide financing solutions for affordable housing projects for families in low- to moderate-income communities in New York. Real Estate, Fixed IncomeNew York State Common Retirement Fund (NYSCRF), New York City Employee Retirement System (NYCERS)$9.7B
Working Opportunity FundBusiness FinancingProvide a competitive long-term return for its shareholders by making equity investments in small to medium-sized innovative, high-growth British Columbia companies, and to provide capital to diversify the resource-based economy of British Columbia and create or maintain well-paid sustainable jobs.Fixed Income, Private EquityB.C. trade unions, government, and 50,000 individual retail investors$103M (CAD 137M)
The Middle Class American Dream ProgramAffordable Housing, Community DevelopmentTo fill a capital need towards home ownership for underserved communities that traditional markets wouldn't satisfy. Real Estate, Fixed IncomeMassachusetts State Teachers and Employees Retirement Systems$125M
New York City Housing Authority (NYCHA) Project H.O.M.E.Community Development, Affordable HousingExpanding affordable housing access by leveraging NYCHA's real estate assets.Real Estate, Fixed IncomeNew York City Pension Fund Systems$100M
Oklahoma Capital Investment Board Venture Investment ProgramBusiness FinancingTo mobilize equity and near-equity capital for investment in order to create jobs and diversify and stabilize the economy of the State of Oklahoma.Private EquityOklahoma State Pension Funds$163M
World/BRIDGE initiativeCommunity DevelopmentAddress the acute shortage of capital available for investment, particularly by non-profits and NGOs, in poverty-stricken areas while directly challenging the widely held perceptions of lenders and investors that such investments are characterized by extreme risk and therefore, must be relegated to the realm of token charitable donations rather than sound, full-scale business investments. Real EstateCalifornia Public Employees' Retirement System (CalPERS), California State Teachers' Retirement System (CalSTRS)$340M
Ginnie Mae Red-Lined Neighborhood AidUnderserved MarketsProvide financing for single family home mortgages in redlined neighborhoods.Fixed IncomeNew York City pension systems$226M
Community Works FundCommunity DevelopmentBenefit lower income or disadvantaged individuals and support unionized labor.Fixed Income, Real EstateAFL-CIO affiliated pension plans$40M
Section 8 Community Investment Demonstration ProgramCommunity DevelopmentEncourage pension funds and trusts to invest in low- to moderate-income housing.Real EstateAFL-CIO, The Board of Pensions and Retirement of the City of Philadelphia, California Public Employees' Retirement System (CalPERS), The Fund for Affordable Housing, New York City Employee Retirement System (NYCERS), New York City Police Pension Fund and the Teachers Retirement System, California Community Mortgage Fund and the Community Works Fund$100M
Cigna America FundUnion JobsMake loans to entities employing union labor for new construction, to unionized corporations, and to firms engaged in leasing of union-made products.Fixed Income, Investment Grade Corporate Bonds, U.S. Treasuries, Private Placement BondsTaft-Hartley funds$250M
Mercy Partnership FundBusiness Financing, Community Development, OtherBenefit the economically poor, especially those who are underserved or poorly served through traditional financial sources. Fixed IncomeSisters of Mercy Pension Fund$32M
Community Property Fund (CPF)Underserved MarketsProvide retail facilities to previously disadvantaged communities, especially in areas characterized by a lack of infrastructure and services.Fixed Income, Real EstateGovernment Employees Pension Fund and other public pension plans$161M (ZAR $2.2B)
California Urban Real Estate (CURE) InitiativeBusiness Financing, Community Development, Underserved MarketsCreate value through the rehabilitation, repositioning, and development of real estate projects located primarily in the urban neighborhoods of California’s major metropolitan areas.Real EstateCalifornia Public Employees' Retirement System (CalPERS)$3.4B
KPS Special Situations FundsBusiness FinancingInvest in companies experiencing a period of transition or challenged by the need to effect immediate and significant change, and to facilitate participatory, communicative, and empowered corporate cultures that encourage employee input and involvement in all levels of decision-making.
Private Equitypublic and private pensions$5.6B
GESD Investors FundsBusiness FinancingEncourage good labor relations. GESD believes that considerable growth results when sound business strategies are combined with mutually beneficial employee relationships, including equity-sharing and other performance-based relationships.Private EquityCWA/ITU, Taft-Hartley funds, other pension funds$250M
The LongView ULTRA Construction Loan Investment FundUnion JobsLongView requires that developers use only union labor and that for the duration of LongView's involvement as a lender, the service workers be allowed to organize.Fixed Income, Real EstateAFL-CIO staff pension fund, Service Employees International Union (SEIU) funds, National Automatic Sprinkler Industry Pension Plan, Taft-Hartley funds, other pension funds$1.1B
Homeownership Opportunity Initiative (HOI)MortgagesExpand homeownership opportunities for union households with the understanding that economic benefits of homeownership create one of the best avenues for working families to increase their wealth.Fixed Income; MortgagesALF-CIO Housing Investment Trust$120M
Impact Community CapitalBusiness Financing, Community Development, Other, Underserved MarketsPromote socially responsible investments in underserved communities, particularly in California.Fixed Income, Real Estate, Private EquityTIAA-CREFover $1.0B
New York City Employee Retirement System (NYCERS) In-state Private Equity Investment ProgramBusiness FinancingSpur private sector investments and jobs—upstate and downstate—by investing in businesses that want to expand in New York.Private EquityNew York City Employee Retirement System (NYCERS)$1.25B
Isibaya FundBusiness Financing, Community Development, Environment, Other, Underserved MarketsProvide finance for projects that support the long-term economic, social, and environmental growth of South Africa and the rest of the African continent.Fixed Income, Real Estate, Private EquityGovernment Employees Pension Fund$2.1B (ZAR 30B)
The BUILD Fund of AmericaUnion JobsInvest in areas with low levels of unionization in order to foster the creation of new unions where there are none. The fund also supports union growth nationally and aims to grow the market share held by union labor and signatory contractors.Fixed Income, Real EstateTaft-Hartley funds$284M
Wisconsin Venture Capital initiatives I, II, III, IV, & VBusiness FinancingInvest in venture capital partnerships with a concentration in firms sited primarily in Wisconsin and the Midwest. These investments – as with all SWIB holdings -- are done within the context of the Board's fiduciary responsibility to the funds it manages.Private EquityState of Wisconsin Investment Board (SWIB)$305M
Genesis LA Real Estate Fund ICommunity Development, Real Estate, Underserved MarketsPromote economic development and employment opportunities low and moderate-income neighborhoods in Los Angeles.Fixed IncomeLACERS, LACERA, LAFPP$85M
Housing Investment Trust (HIT) HomeMortgagesProvide greater access for union members to enjoy the economic benefits of owning a home. HIT Home reached out to groups that have traditionally been underserved in the homeownership market, with special focus on minority families and female-headed households. Fixed IncomeAFL-CIO Housing Investment Trust (HIT)$1.6B
California Public Employees' Retirement System (CalPERS) California Initiative (includes Phase I, Banc of America California Community Venture Fund, and The Golden State Investment Fund)Business Financing, Other, Underserved MarketsThe objective was to generate attractive financial returns. As an ancillary benefit, the California Initiative was designed to create jobs and promote economic opportunity in California.Private EquityCalifornia Public Employees' Retirement System (CalPERS)$1.035B
Canyon-Johnson Urban Fund I, II, IIICommunity Development, Other, Underserved MarketsIn addition to meeting its financial bottom-line investment objectives, CJUF III seeks to provide and foster economic opportunities for underserved residents of the urban neighborhoods in which it invests and to enhance the environment by pursuing LEED certifications and supporting transit-oriented housing that helps to reduce traffic and accompanying emissions.Real EstateCalifornia State Teachers' Retirement System (CalSTRS)$1.9B (Funds I, II, and II combined)
Wastewater Opportunity FundOtherCreate and operate a market driven investment platform that catalyzes a significant part of the planet into sustainable prosperity.Private Equity, InfrastructureThe Church Pension Fund$250M
Green Jobs InitiativeEnvironment, OtherSupport the AFL-CIO’s commitment to the greening of America’s infrastructure through energy-saving retrofit work that provides a growing source of employment and training opportunities for union members.Real EstateAFL-CIO Housing Investment Trust (HIT)$1.5B
Urban and Rural Investment Program Phase I, II, & IIIUnderserved Markets, Business FinancingInvest in funds serving underserved markets where people and places have historically lacked access to capital. Private EquityCalifornia State Teachers' Retirement System (CalSTRS)$1.135B
Banc of America California Community Venture Fund (part of Phase I of the California Initiative)Business Financing, Other, Underserved MarketsInvest in venture capital and private equity funds that provide capital to areas of California and the United States that have historically had limited access to institutional equity capital, employ workers living in economically disadvantaged areas and support women and minority entrepreneurs and managers.Private EquityCalifornia Public Employees' Retirement System (CalPERS)$100M
Targeted Opportunities ProgramBusiness FinancingThe Targeted Opportunities Program focuses on private equity funds capitalized at a maximum of $250 million. Private EquityColorado Public Employees' Retirement Association (PERA)$50M
Louisiana Fund I & IIOtherTarget companies developing commercially promising technologies with an emphasis on those originating in Louisiana Universities, Louisiana companies, and companies relocating to Louisiana.Private EquityTeachers' Retirement
System of Louisiana (TRSL), Louisiana Municipal Employees’ Retirement System
$55M (Funds I and II combined)
Housing Investment Trust (HIT) New York City Community Investment InitiativeAffordable HousingCreate or preserve much-needed affordable and workforce housing and provide family-supporting union construction jobs. Fixed Income, Real EstateAFL-CIO Housing Investment Trust (HIT), the five New York City retirement systems$898M
Landmark Growth Capital Partners FundBusiness FinancingInvest in established small and mid-size companies with strong growth characteristics in the manufacturing and business services sectors where private equity has been under-represented.Private Equitymulti-employer pension funds and municipal pension funds$78.5M
Indiana Future Fund IBusiness FinancingThe fund focuses on investments in regional and national venture capital funds in order to encourage direct investment activity in Indiana life sciences start-ups.Private EquityIndiana Public Retirement System$73M
Washington State Investment Board (WSIB) Economically Targeted InvestmentsIn-stateETIs are defined in this instance as investments having the primary objective of investment return to pension trust fund assets with the possible collateral effect of assisting the regional economy and the economic well-being of the state of Washington, its localities, and its residents.Private Equity, Public Equity, Fixed Income, Real Estate, Tangible AssetsWashington State Investment Board (WSIB)
$1.8B
Genesis Workforce Housing Fund I & IICommunity Development, Real Estate, Underserved MarketsCreate middle-income housing and neighborhood retail throughout the greater Los Angeles region. Fixed Income, Real EstateLos Angeles City Employees' Retirement System (LACERS), Los Angeles County Employees Retirement Association (LACERA), Los Angeles Fire and Police Pensions (LAFPP)$325M (Funds I and II combined)
Bay Area Equity FundUnderserved MarketsDeliver market-rate venture capital returns while enabling social and environmental improvement in the Bay Area’s low- to moderate-income (LMI) neighborhoods.Private EquityContra Costa County Employees' Retirement Association$75M
Connecticut Horizon FundBusiness FinancingProvide opportunities for emerging, minority and women-owned and Connecticut-based investment managers to compete for investment contracts and include the next generation of investment ideas.Private Equity, Alternative InvestmentsConnecticut Retirement Plans and Trust Funds$1.3B
Oregon Investment FundBusiness FinancingFoster the creation and growth of young and maturing companies in Oregon and the Pacific Northwest.Private EquityOregon Public Employees Retirement Fund$100M
San Diego Smart Growth FundReal Estate, Underserved MarketsAttract financing for work-force housing and urban infill development in low-and moderate-income neighborhoods that ordinarily might not be able to secure funding.Fixed Income, Real EstateCalifornia Public Employees' Retirement System (CalPERS)$90M
Private Equity Clean Technology and Energy ProgramEnvironmentInvestment managers are mandated with a ”double-bottom line” goal, which includes both a dedication to sustainable investing and competitive returns. Private EquityCalifornia State Teachers' Retirement System (CalSTRS)$693M
ABP Microcredit InvestmentsBusiness FinancingABP's microfinance portfolio targets “double bottom-line returns” by investing capital in start-up and intermediate microfinance institutions.Private EquityABP (Dutch Pension Fund)$215M
Illinois Housing InitiativeCommunity DevelopmentDevelop affordable housing and mixed-income developments throughout the state of Illinois.Real EstateAFL-CIO Housing Investment Trust (HIT)$67.3M
Chicago Community Investment PlanCommunity DevelopmentSpecial emphasis is being given to production of affordable housing and housing for special needs groups. The development of these housing projects is generating family-supporting union jobs for members of the local building and construction trades unions.Real EstateAFL-CIO Housing Investment Trust (HIT)$162M
Ohio-Midwest Funds (POMP, POMP II and POMP III)Business FinancingThe fund seeks to invest in funds that focus in whole or in part on making investments in Ohio and the Midwest region.Private EquityOhio Public Employee Retirement System (OPERS)$200M
Golden State Investment Fund (Phase II of the California Initiative)Business Financing, Other, Underserved MarketsThe primary objective of the California Initiative was to generate attractive financial returns. Additional goals for the California Initiative included creating jobs and promoting economic opportunity in California. Private EquityCalifornia Public Employees' Retirement System (CalPERS)$560M
Global Microfinance Investment ProgramBusiness FinancingThe GMIP seeks competitive returns through socially responsible investments that have a low correlation to traditional equity and fixed income markets.Private EquityTIAA-CREF$100M
Indiana Investment Fund I & IIBusiness FinancingINPRS seeks to achieve premium rates of returns while nurturing Indiana entrepreneurs and their businesses.Private EquityIndiana Public Retirement System (INPRS)$305M (Funds I and II combined)
Gulf Coast Revitalization ProgramCommunity DevelopmentProduce affordable housing and promote economic development in New Orleans and other coastal communities ravaged by Hurricane Katrina. Fixed Income, Real EstateAFL-CIO Housing Investment Trust (HIT)$600M
Pan African Infrastructure Development FundEnvironment, OtherIn addition to financial return objectives, the fund will only invest in infrastructure projects that have a favorable economic and social impact and that respect good governance and transparency standards.Fixed Income, Real EstateGovernment Employees Pension Fund (GEPF), Public Investment Corporation$450M
Clean Energy and Technology FundEnvironmentProvide capital through private equity funds for innovative firms that create more efficient and less polluting technologies than current products.Private EquityCalifornia Public Employees' Retirement System (CalPERS)$465M
Global Equities Sustainable Investment ProgramEnvironmentPursue the ”double bottom-line” goals of both competitive returns and sustainable investing through allocations to three investment managers.Public EquityCalifornia State Teachers' Retirement System (CalSTRS)$820M
Northwest Louisiana Community Development FundCommunity DevelopmentProduce superior risk adjusted market rate returns to investors and measurable job creation, income, and community revitalization for low income residents.Real EstateTIAA-CREF$40M
Massachusetts Housing InitiativeCommunity DevelopmentProvide financing for affordable housing developments that meet the HIT’s investment criteria, thereby filling housing needs not readily met by the capital markets.Real EstateAFL-CIO Housing Investment Trust (HIT)$436M
New Jersey Directed Investment FundBusiness FinancingThe fund seeks high rates of return while also helping the local economy.Private EquityNew Jersey pensions$82.9M
The Access Capital Strategies (ACS) Separate AccountCommunity Development, Underserved MarketsProvide a source of fairly priced mortgages for low-, moderate- and middle-income home purchasers, including minority and women purchasers who might otherwise be vulnerable to predatory lending practices. An additional goal of the account is to strengthen the secondary market for loans targeted to these segments of the population and encourage additional, similar bank lending.Fixed IncomeNew York City Employee Retirement System (NYCERS)$100M
Avanath Affordable Housing Funds I and IICommunity Development, Underserved MarketsTo acquire and manage a portfolio of affordable housing investments generating current income and capital appreciation. Fixed Income, Real EstateTIAA-CREF, California state pension funds$320M (Funds I and II combined)
INext FundBusiness FinancingInvest in venture capital funds focused on the life sciences, thus encouraging and facilitating direct investment in Indiana life sciences opportunities.Private EquityIndiana Public Retirement System$58M
InvestMichigan! Growth Capital FundsBusiness FinancingTo retain and attract growth businesses to Michigan; to nurture portfolio companies at each phase of development; to enhance Michigan’s reputation for entrepreneurship; to attract leading regional and national private equity and venture capital investment funds to Michigan; and to further develop Michigan’s entrepreneurial ecosystem.Private EquityMichigan state pension funds$150M
InvestMichigan! Opportunities FundBusiness FinancingThe principal objective of the Michigan Opportunities Fund is to invest in successful businesses and provide attractive returns to investors. Through achieving this objective, the fund will create vitality for businesses in Michigan. Private EquityMichigan state pension funds$150M
InvestMichigan! Mezzanine FundsBusiness FinancingProvide capital to businesses that are headquartered in Michigan, have a significant presence in Michigan, or are in the process of expanding their operations in Michigan so they can grow and create jobs.Private EquityMichigan state pension funds$130M
GESD Investors Fund IIBusiness FinancingGESD's first goal is to achieve appropriate risk-adjusted returns for their limited partners. As a secondary social policy, GESD encourages good labor relations.Private EquityTaft-Hartley funds$150M
Florida Growth FundBusiness FinancingEnhance Florida’s capacity for development, growth and innovation while simultaneously generating an attractive return for the Florida State Board of Administration.Private EquityFlorida State Board of Administration Retirement System$500M
Developing World Markets Microfinance Equity Fund IBusiness FinancingThe fund aims to alleviate poverty through the provision of equity capital to microfinance institutions around the world that lend to low-income individuals and families.Private EquityTIAA-CREF$82M
Construction Jobs InitiativeCommunity DevelopmentAfter exceeding the goal of creating 15,000 union construction jobs, the HIT and its subsidiary, Building America, are now working to increase this to 25,000 union construction jobs by the end of 2016.Real EstateTaft-Hartley funds$1.96M
The North Carolina Innovation FundsIn-stateThe funds will target risk-adjusted rates of return while supporting the economic well-being of the state of North Carolina.Private EquityNorth Carolina Retirement Systems$232M
California Infrastructure ProgramOtherCalPERS actively seeks infrastructure investment opportunities that meet risk-adjusted return objectives and have the potential to benefit the local economies and essential community services of California.InfrastructureCalifornia Public Employees' Retirement System (CalPERS)$800M
Colorado Mile High FundIn-stateThe fund’s goals are to generate attractive risk-adjusted returns on investments for the benefit of Colorado Public Employees' Retirement Association (PERA), encourage the development and growth of the Colorado business and private equity community, and facilitate public and private partnerships within the state.
Private EquityColorado Public Employees' Retirement Association (PERA)$50M
Hawaii Venture Targeted Investment ProgramBusiness FinancingSupport an innovation economy while at the same time pursuing its objectives of achieving attractive venture capital investment returns for the benefit of its beneficiaries.Private EquityHawaii Employees Retirement System$25M
Public Private Apartment Rehabilitation ProgramCommunity DevelopmentMaintain the affordability of apartments so that low- to moderate- and middle- income residents are able to continue live in the city, including many seniors who would otherwise be priced out.Fixed IncomeNew York City Employees' Retirement System (NYCERS), Board of Education Retirement System, the Police Pension Fund, the Fire Department Pension Fund$1.1B
Private Markets and Real Estate Pennsylvania Co-Investment ProgramReal EstateGenerate attractive risk-adjusted returns while investing in areas underserved by institutional real estate investors Real EstatePennsylvania State Employees' Retirement System (SERS)$50M
Investing4Growth InitiativeBusiness Financing, Community Development, Underserved MarketsDeliver both financial returns and create measured positive economic impact.Fixed Income, Infrastructure, Private Equity, Real EstateGreater Manchester Pension Fund, West Yorkshire Pension Fund, West Midlands Pension Fund, South Yorkshire Pension Fund and Merseyside Pension Fund$300M (£250M )
California Initiative Phase III - California Mezzanine InvestmentsBusiness FinancingThe objective of the California Initiative is to generate attractive financial returns. As an ancillary benefit, the California Initiative is designed to create jobs and promote economic opportunity in California.Private EquityCalifornia Public Employees' Retirement System (CalPERS)$80M
Fixed Income Green ProgramEnvironmentIn keeping with CalSTRS' commitment to sustainability, the Fixed Income Unit continues to manage risks and seek investable opportunities around environmental issues, such as climate change, across the portfolioFixed IncomeThe California State Teachers' Retirement System (CalSTRS)$264.4M
The Ireland Strategic Investment FundIn-stateInvest on a commercial basis to support economic activity and employment in the State.Fixed Income, Infrastructure, Private Equity, Public Equities, Real EstateNational Pensions Reserve Fund$8.8B (€8B)
Housing Fund for ScotlandCommunity DevelopmentThe fund seeks long-term, low volatility returns from housing infrastructure, which in turn can help to stimulate local economies and communities.Real EstateFalkirk Council Pension Scheme$36M (£30M)
4490 VenturesIn-stateInvest in initiatives to create a “double bottom line” return, encouraging company formation that will ultimately provide employment opportunities throughout the state.Private EquityState of Wisconsin Investment Board (SWIB)$30M
World Bank Green Bond ProgramEnvironment, OtherBond projects are designed to reduce poverty and improve local economies. All bonds specifically focus on tackling climate change issues that directly impact developing countries.Fixed IncomeUnited Nations Joint Staff Pension Fund, California State Teachers Retirement System (CalSTRS), TIAA-CREF$5.7B
SPDR Gender Diversity Index E.T.F.Business FinancingAchieve market-rate returns by investing in United States companies that are leaders in advancing women by promoting gender diversity on their boards of directors and in management.Public EquityCalifornia State Teachers' Retirement System (CalSTRS)$500M
New York State Small Business Investment Company (SBIC)In-state, Business FinancingThe fund aims to generate attractive investment returns while supporting small business growth throughout the state of New York.Fixed IncomeNew York State Common Retirement Fund$200M
APA-Fostin Pennsylvania Venture Capital FundIn-stateApproximately 50% of capital was designated to be invested in Pennsylvania companies.Private Equitytwo Pennsylvania state pension funds$40M

 

About the AI3

ai3 accelerating impact investing initiativeThe AI3 is a partnership between Enterprise Community Partners and InSight at Pacific Community Ventures, with research support from the Initiative for Responsible Investment.