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
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 >
| ETI | Investment Strategy | ETI Objective | Asset Class(es) | Pension Fund Investor(s) | Investment Size (most recent available) |
|---|---|---|---|---|---|
| Separate Account J (also known as "J for Jobs") | Jobs | To foster union-built construction, and create jobs and increase pension fund contributions that result from increased employment | Fixed Income | Taft-Hartley funds, multi-employer pension funds, public pension funds | $5.5B |
| Wisconsin Private Debt Program | In-state | Provide 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 Income | Wisconsin Retirement System, Wisconsin State Investment Fund, other Wisconsin state trust funds | $17B |
| MassVentures (formerly known as Massachusetts Technology Development Corporation) | Business Financing | Fuel the Massachusetts innovation economy by funding early-stage, high-growth Massachusetts startups as they move from concept to commercialization. | Private Equity | Massachusetts Pension Reserve Investment Trust (PRIT) | no information available |
| Retirement Systems of Alabama (RSA): In-state Investments | In-state | Support CDFIs with an in-state focus. | Fixed Income | Alabama State Employees Retirement System (SERS) | no information available |
| California Public Employees' Retirement System (CalPERS): Member Home Loan Program | Mortgages | Help members purchase homes and refinance existing loans while providing mortgage investment opportunities to the Public Employees’ Retirement Fund. | Fixed Income | California Public Employees' Retirement System (CalPERS) | no information available |
| Twin City Family Housing Fund | Community Development | Offer mortgage loans tailored to individual needs of moderate income families not otherwise able to afford a home purchase. | Fixed Income, Equity | Taft-Hartley funds (carpenters, bricklayers, electrical workers), Minneapolis Municipal Employees Union | no information available |
| North Carolina Home Mortgage Program | Community Development | The North Carolina Home Mortgage Program provided financial resources to enable home ownership by low and moderate income families. | Fixed Income | North Carolina Retirement System | $300M |
| Pension Fund Investments for Economic Development (PFI) | Real Estate | Information not available | Real Estate | Kentucky public pension funds, Taft-Hartley funds | no information available |
| Michigan State Retirement System Venture Capital Program | Business Financing | To 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 Equity | Michigan State Retirement Systems | no information available |
| Multi-Employer Property Trust (MEPT) | Union Jobs | To 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 Estate | Public Pension Funds, Taft-Hartley Funds | $6.3B |
| Fonds de solidarité FTQ | Business Financing, Union Jobs | Create, maintain or protect jobs, train workers, develop the Quebec economy and prepare for retirement. | Fixed Income, Private Equity | Fédération des travailleurs et travailleuses du Québec (FTQ) | $11.7B |
| Kansas Investment Funds | In-state | Information Not Available | Fixed Income | Kansas Public Employees Retirement System (KPERS) | no information available |
| Pennsylvania Private Placement Separate Account | Business Financing, In-state | Provide 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 Income | Pennsylvania State Employees, Pennsylvania Public School Employees, City of Philadelphia, CIGNA, Pittsburgh Operating Engineers, Carpenters District Council Fund, Western Pennsylvania Electrical Employees | no information available |
| California State Teachers' Retirement System (CalSTRS) Home Loan Program | Mortgages | To provide CalSTRS members access to home ownership. | Fixed Income | California State Teachers' Retirement System (CalSTRS) | no information available |
| Home Loan Proposal | Mortgages, Underserved Markets | In 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 Income | San Francisco City and County Retirement Fund | $25M |
| Brooklyn Ecumenical Cooperatives (BEC) "New Communities" Program | Community Development | To foster community empowerment through affordable housing and economic development programs. | Fixed Income | six multi-employer pension funds | over $10M |
| Valley Venture Fund | In-state | Information Not Available | Private Equity | Tennessee state pension funds | $546M |
| AFL-CIO Housing Investment Trust | Union Jobs | Put 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 Estate | Taft-Hartley funds, Massachusetts Pension Reserves Investment Board (PRIM), New York pension funds, many other public employee pension funds | no information available |
| Concert Properties | Community Development, Real Estate | To contribute to and support strong, vibrant, sustainable neighborhoods of all kinds while specifically supporting affordable housing. | Real Estate | Boilermakers' 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 Plan | CAD $1B |
| Boilermaker Cogeneration and Infrastructure Fund | Other, Union Jobs | To strategically place Pension Trust capital in job-creating investments | Real Assets | The Boilermakers National Pension Trust | $50M |
| Missouri Venture Partners (MVP) | Business Financing, In-state | Information Not Available | Fixed Income | Missouri State Employees' Retirement System (MOSERS) | $3.5M |
| The New York Business Development Corporation Loan Fund | Business Financing | To 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 Income | New York State Common Retirement Fund | no information available |
| Pennsylvania Public School Employees' Retirement System (PSERS) Investments in Pennsylvania | In-state | To support economic development in the state of Pennsylvania through direct investment and by attracting external capital through partnerships. | Fixed Income, Private Equity, Real Estate | Pennsylvania Public School Employees' Retirement System (PSERS) | $2.2B |
| Employee Real Estate Construction Trust Funds (ERECT) | Union Jobs | Create 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 Estate | pension funds of 19 construction unions | approximately $200M |
| Wisconsin Certificate of Deposit (CD) Program | Other | Earn a competitive rate of return while providing local financial institutions with access to additional capital. | Fixed Income | State of Wisconsin Investment Board (SWIB) | no information available |
| AFL-CIO Building Investment Trust | Union Jobs | Provides 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 Estate | Taft-Hartley funds, public employee pension funds | $4.42B |
| The Bricklayers and Laborers Nonprofit Housing Corporation | Community Development, Union Jobs | Create affordable housing by employing union labor. | Fixed Income | Union pension funds | no information available |
| Community Reinvestment Fund, Inc. | Business Financing, Community Development, Underserved Markets | Make small business and affordable housing loans in underserved communities and also facilitates a secondary market for affordable housing loans. | Fixed Income | The General Board of Pension and Health Benefits of The United Methodist Church | $55M |
| Retirement Systems of Alabama (RSA) In-state Investments | In-state | Contribute 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 Income | Retirement Systems of Alabama (RSA) | no information available |
| State of Connecticut Trust Fund Private Equity | In-state | Prevent the loss of jobs in Connecticut. | Private Equity | State of Connecticut Trust Fund | $25M |
| Technology Investment Program | Business Financing, Union Jobs | Make investments that create job opportunities for sheet metal workers in emerging technologies. | Information Not Available | The Sheet Metal Workers National Pension Fund | $30M |
| Maryland Venture Capital Trust | Business Financing | Invest 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 Equity | Employees' 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 Baltimore | no information available |
| Texas Growth Fund | Business Financing | To 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 Equity | Permanent University of Texas Fund, San Antonio police & fire pensions, Texas Teacher Retirement System, Texas Employees Retirement System | $502M |
| Positive Social Purpose Lending Program | Affordable Housing, Community Development, Microfinance, Underserved Markets | Provide 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 Estate | United Methodist Church (Division of the General Board of Pension and Health Benefits) | $982M |
| The California Community Mortgage Fund | Community Development, Real Estate, Underserved Markets | Address finance gaps for affordable housing and retail properties in inner cities and low income rural areas. | Fixed Income, Real Estate | California Public Employees' Retirement System (CalPERS), Los Angeles City Employees Fund | $75M |
| ProLoan | Real Estate, Union Jobs | Invest in the construction of single family homes built entirely by union members. | Real Estate, Fixed Income | AFL-CIO Housing Investment Trust (in cooperation with the St. Louis Carpenters' District Council) | $300M |
| Community Preservation Corporation (CPC) | Affordable Housing, Community Development | Provide financing solutions for affordable housing projects for families in low- to moderate-income communities in New York. | Real Estate, Fixed Income | New York State Common Retirement Fund (NYSCRF), New York City Employee Retirement System (NYCERS) | $9.7B |
| Working Opportunity Fund | Business Financing | Provide 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 Equity | B.C. trade unions, government, and 50,000 individual retail investors | $103M (CAD 137M) |
| The Middle Class American Dream Program | Affordable Housing, Community Development | To fill a capital need towards home ownership for underserved communities that traditional markets wouldn't satisfy. | Real Estate, Fixed Income | Massachusetts State Teachers and Employees Retirement Systems | $125M |
| New York City Housing Authority (NYCHA) Project H.O.M.E. | Community Development, Affordable Housing | Expanding affordable housing access by leveraging NYCHA's real estate assets. | Real Estate, Fixed Income | New York City Pension Fund Systems | $100M |
| Oklahoma Capital Investment Board Venture Investment Program | Business Financing | To 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 Equity | Oklahoma State Pension Funds | $163M |
| World/BRIDGE initiative | Community Development | Address 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 Estate | California Public Employees' Retirement System (CalPERS), California State Teachers' Retirement System (CalSTRS) | $340M |
| Ginnie Mae Red-Lined Neighborhood Aid | Underserved Markets | Provide financing for single family home mortgages in redlined neighborhoods. | Fixed Income | New York City pension systems | $226M |
| Community Works Fund | Community Development | Benefit lower income or disadvantaged individuals and support unionized labor. | Fixed Income, Real Estate | AFL-CIO affiliated pension plans | $40M |
| Section 8 Community Investment Demonstration Program | Community Development | Encourage pension funds and trusts to invest in low- to moderate-income housing. | Real Estate | AFL-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 Fund | Union Jobs | Make 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 Bonds | Taft-Hartley funds | $250M |
| Mercy Partnership Fund | Business Financing, Community Development, Other | Benefit the economically poor, especially those who are underserved or poorly served through traditional financial sources. | Fixed Income | Sisters of Mercy Pension Fund | $32M |
| Community Property Fund (CPF) | Underserved Markets | Provide retail facilities to previously disadvantaged communities, especially in areas characterized by a lack of infrastructure and services. | Fixed Income, Real Estate | Government Employees Pension Fund and other public pension plans | $161M (ZAR $2.2B) |
| California Urban Real Estate (CURE) Initiative | Business Financing, Community Development, Underserved Markets | Create value through the rehabilitation, repositioning, and development of real estate projects located primarily in the urban neighborhoods of California’s major metropolitan areas. | Real Estate | California Public Employees' Retirement System (CalPERS) | $3.4B |
| KPS Special Situations Funds | Business Financing | Invest 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 Equity | public and private pensions | $5.6B |
| GESD Investors Funds | Business Financing | Encourage 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 Equity | CWA/ITU, Taft-Hartley funds, other pension funds | $250M |
| The LongView ULTRA Construction Loan Investment Fund | Union Jobs | LongView 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 Estate | AFL-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) | Mortgages | Expand 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; Mortgages | ALF-CIO Housing Investment Trust | $120M |
| Impact Community Capital | Business Financing, Community Development, Other, Underserved Markets | Promote socially responsible investments in underserved communities, particularly in California. | Fixed Income, Real Estate, Private Equity | TIAA-CREF | over $1.0B |
| New York City Employee Retirement System (NYCERS) In-state Private Equity Investment Program | Business Financing | Spur private sector investments and jobs—upstate and downstate—by investing in businesses that want to expand in New York. | Private Equity | New York City Employee Retirement System (NYCERS) | $1.25B |
| Isibaya Fund | Business Financing, Community Development, Environment, Other, Underserved Markets | Provide 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 Equity | Government Employees Pension Fund | $2.1B (ZAR 30B) |
| The BUILD Fund of America | Union Jobs | Invest 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 Estate | Taft-Hartley funds | $284M |
| Wisconsin Venture Capital initiatives I, II, III, IV, & V | Business Financing | Invest 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 Equity | State of Wisconsin Investment Board (SWIB) | $305M |
| Genesis LA Real Estate Fund I | Community Development, Real Estate, Underserved Markets | Promote economic development and employment opportunities low and moderate-income neighborhoods in Los Angeles. | Fixed Income | LACERS, LACERA, LAFPP | $85M |
| Housing Investment Trust (HIT) Home | Mortgages | Provide 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 Income | AFL-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 Markets | The 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 Equity | California Public Employees' Retirement System (CalPERS) | $1.035B |
| Canyon-Johnson Urban Fund I, II, III | Community Development, Other, Underserved Markets | In 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 Estate | California State Teachers' Retirement System (CalSTRS) | $1.9B (Funds I, II, and II combined) |
| Wastewater Opportunity Fund | Other | Create and operate a market driven investment platform that catalyzes a significant part of the planet into sustainable prosperity. | Private Equity, Infrastructure | The Church Pension Fund | $250M |
| Green Jobs Initiative | Environment, Other | Support 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 Estate | AFL-CIO Housing Investment Trust (HIT) | $1.5B |
| Urban and Rural Investment Program Phase I, II, & III | Underserved Markets, Business Financing | Invest in funds serving underserved markets where people and places have historically lacked access to capital. | Private Equity | California 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 Markets | Invest 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 Equity | California Public Employees' Retirement System (CalPERS) | $100M |
| Targeted Opportunities Program | Business Financing | The Targeted Opportunities Program focuses on private equity funds capitalized at a maximum of $250 million. | Private Equity | Colorado Public Employees' Retirement Association (PERA) | $50M |
| Louisiana Fund I & II | Other | Target companies developing commercially promising technologies with an emphasis on those originating in Louisiana Universities, Louisiana companies, and companies relocating to Louisiana. | Private Equity | Teachers' 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 Initiative | Affordable Housing | Create or preserve much-needed affordable and workforce housing and provide family-supporting union construction jobs. | Fixed Income, Real Estate | AFL-CIO Housing Investment Trust (HIT), the five New York City retirement systems | $898M |
| Landmark Growth Capital Partners Fund | Business Financing | Invest 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 Equity | multi-employer pension funds and municipal pension funds | $78.5M |
| Indiana Future Fund I | Business Financing | The 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 Equity | Indiana Public Retirement System | $73M |
| Washington State Investment Board (WSIB) Economically Targeted Investments | In-state | ETIs 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 Assets | Washington State Investment Board (WSIB) | $1.8B |
| Genesis Workforce Housing Fund I & II | Community Development, Real Estate, Underserved Markets | Create middle-income housing and neighborhood retail throughout the greater Los Angeles region. | Fixed Income, Real Estate | Los 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 Fund | Underserved Markets | Deliver market-rate venture capital returns while enabling social and environmental improvement in the Bay Area’s low- to moderate-income (LMI) neighborhoods. | Private Equity | Contra Costa County Employees' Retirement Association | $75M |
| Connecticut Horizon Fund | Business Financing | Provide 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 Investments | Connecticut Retirement Plans and Trust Funds | $1.3B |
| Oregon Investment Fund | Business Financing | Foster the creation and growth of young and maturing companies in Oregon and the Pacific Northwest. | Private Equity | Oregon Public Employees Retirement Fund | $100M |
| San Diego Smart Growth Fund | Real Estate, Underserved Markets | Attract 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 Estate | California Public Employees' Retirement System (CalPERS) | $90M |
| Private Equity Clean Technology and Energy Program | Environment | Investment managers are mandated with a ”double-bottom line” goal, which includes both a dedication to sustainable investing and competitive returns. | Private Equity | California State Teachers' Retirement System (CalSTRS) | $693M |
| ABP Microcredit Investments | Business Financing | ABP's microfinance portfolio targets “double bottom-line returns” by investing capital in start-up and intermediate microfinance institutions. | Private Equity | ABP (Dutch Pension Fund) | $215M |
| Illinois Housing Initiative | Community Development | Develop affordable housing and mixed-income developments throughout the state of Illinois. | Real Estate | AFL-CIO Housing Investment Trust (HIT) | $67.3M |
| Chicago Community Investment Plan | Community Development | Special 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 Estate | AFL-CIO Housing Investment Trust (HIT) | $162M |
| Ohio-Midwest Funds (POMP, POMP II and POMP III) | Business Financing | The fund seeks to invest in funds that focus in whole or in part on making investments in Ohio and the Midwest region. | Private Equity | Ohio Public Employee Retirement System (OPERS) | $200M |
| Golden State Investment Fund (Phase II of the California Initiative) | Business Financing, Other, Underserved Markets | The 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 Equity | California Public Employees' Retirement System (CalPERS) | $560M |
| Global Microfinance Investment Program | Business Financing | The GMIP seeks competitive returns through socially responsible investments that have a low correlation to traditional equity and fixed income markets. | Private Equity | TIAA-CREF | $100M |
| Indiana Investment Fund I & II | Business Financing | INPRS seeks to achieve premium rates of returns while nurturing Indiana entrepreneurs and their businesses. | Private Equity | Indiana Public Retirement System (INPRS) | $305M (Funds I and II combined) |
| Gulf Coast Revitalization Program | Community Development | Produce affordable housing and promote economic development in New Orleans and other coastal communities ravaged by Hurricane Katrina. | Fixed Income, Real Estate | AFL-CIO Housing Investment Trust (HIT) | $600M |
| Pan African Infrastructure Development Fund | Environment, Other | In 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 Estate | Government Employees Pension Fund (GEPF), Public Investment Corporation | $450M |
| Clean Energy and Technology Fund | Environment | Provide capital through private equity funds for innovative firms that create more efficient and less polluting technologies than current products. | Private Equity | California Public Employees' Retirement System (CalPERS) | $465M |
| Global Equities Sustainable Investment Program | Environment | Pursue the ”double bottom-line” goals of both competitive returns and sustainable investing through allocations to three investment managers. | Public Equity | California State Teachers' Retirement System (CalSTRS) | $820M |
| Northwest Louisiana Community Development Fund | Community Development | Produce superior risk adjusted market rate returns to investors and measurable job creation, income, and community revitalization for low income residents. | Real Estate | TIAA-CREF | $40M |
| Massachusetts Housing Initiative | Community Development | Provide financing for affordable housing developments that meet the HIT’s investment criteria, thereby filling housing needs not readily met by the capital markets. | Real Estate | AFL-CIO Housing Investment Trust (HIT) | $436M |
| New Jersey Directed Investment Fund | Business Financing | The fund seeks high rates of return while also helping the local economy. | Private Equity | New Jersey pensions | $82.9M |
| The Access Capital Strategies (ACS) Separate Account | Community Development, Underserved Markets | Provide 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 Income | New York City Employee Retirement System (NYCERS) | $100M |
| Avanath Affordable Housing Funds I and II | Community Development, Underserved Markets | To acquire and manage a portfolio of affordable housing investments generating current income and capital appreciation. | Fixed Income, Real Estate | TIAA-CREF, California state pension funds | $320M (Funds I and II combined) |
| INext Fund | Business Financing | Invest in venture capital funds focused on the life sciences, thus encouraging and facilitating direct investment in Indiana life sciences opportunities. | Private Equity | Indiana Public Retirement System | $58M |
| InvestMichigan! Growth Capital Funds | Business Financing | To 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 Equity | Michigan state pension funds | $150M |
| InvestMichigan! Opportunities Fund | Business Financing | The 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 Equity | Michigan state pension funds | $150M |
| InvestMichigan! Mezzanine Funds | Business Financing | Provide 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 Equity | Michigan state pension funds | $130M |
| GESD Investors Fund II | Business Financing | GESD'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 Equity | Taft-Hartley funds | $150M |
| Florida Growth Fund | Business Financing | Enhance Florida’s capacity for development, growth and innovation while simultaneously generating an attractive return for the Florida State Board of Administration. | Private Equity | Florida State Board of Administration Retirement System | $500M |
| Developing World Markets Microfinance Equity Fund I | Business Financing | The 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 Equity | TIAA-CREF | $82M |
| Construction Jobs Initiative | Community Development | After 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 Estate | Taft-Hartley funds | $1.96M |
| The North Carolina Innovation Funds | In-state | The funds will target risk-adjusted rates of return while supporting the economic well-being of the state of North Carolina. | Private Equity | North Carolina Retirement Systems | $232M |
| California Infrastructure Program | Other | CalPERS 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. | Infrastructure | California Public Employees' Retirement System (CalPERS) | $800M |
| Colorado Mile High Fund | In-state | The 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 Equity | Colorado Public Employees' Retirement Association (PERA) | $50M |
| Hawaii Venture Targeted Investment Program | Business Financing | Support 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 Equity | Hawaii Employees Retirement System | $25M |
| Public Private Apartment Rehabilitation Program | Community Development | Maintain 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 Income | New 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 Program | Real Estate | Generate attractive risk-adjusted returns while investing in areas underserved by institutional real estate investors | Real Estate | Pennsylvania State Employees' Retirement System (SERS) | $50M |
| Investing4Growth Initiative | Business Financing, Community Development, Underserved Markets | Deliver both financial returns and create measured positive economic impact. | Fixed Income, Infrastructure, Private Equity, Real Estate | Greater 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 Investments | Business Financing | The 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 Equity | California Public Employees' Retirement System (CalPERS) | $80M |
| Fixed Income Green Program | Environment | In 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 portfolio | Fixed Income | The California State Teachers' Retirement System (CalSTRS) | $264.4M |
| The Ireland Strategic Investment Fund | In-state | Invest on a commercial basis to support economic activity and employment in the State. | Fixed Income, Infrastructure, Private Equity, Public Equities, Real Estate | National Pensions Reserve Fund | $8.8B (€8B) |
| Housing Fund for Scotland | Community Development | The fund seeks long-term, low volatility returns from housing infrastructure, which in turn can help to stimulate local economies and communities. | Real Estate | Falkirk Council Pension Scheme | $36M (£30M) |
| 4490 Ventures | In-state | Invest in initiatives to create a “double bottom line” return, encouraging company formation that will ultimately provide employment opportunities throughout the state. | Private Equity | State of Wisconsin Investment Board (SWIB) | $30M |
| World Bank Green Bond Program | Environment, Other | Bond 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 Income | United Nations Joint Staff Pension Fund, California State Teachers Retirement System (CalSTRS), TIAA-CREF | $5.7B |
| SPDR Gender Diversity Index E.T.F. | Business Financing | Achieve 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 Equity | California State Teachers' Retirement System (CalSTRS) | $500M |
| New York State Small Business Investment Company (SBIC) | In-state, Business Financing | The fund aims to generate attractive investment returns while supporting small business growth throughout the state of New York. | Fixed Income | New York State Common Retirement Fund | $200M |
| APA-Fostin Pennsylvania Venture Capital Fund | In-state | Approximately 50% of capital was designated to be invested in Pennsylvania companies. | Private Equity | two Pennsylvania state pension funds | $40M |
About the AI3
The AI3 is a partnership between Enterprise Community Partners and InSight at Pacific Community Ventures, with research support from the Initiative for Responsible Investment.