• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Pacific Community Ventures

  • Small Business
    • Advising
    • Loans
    • Good Jobs, Good Business
    • Resources
    • Success Stories
  • Impact Investing
    • Consulting
    • Impact Management
    • Research
    • Policy
    • Quality Jobs
    • Publications
    • Case Studies
  • Get Involved
    • Volunteer
    • The Small Business Support Circle
    • For Lenders
    • For Companies
    • For CDFIs
    • For Governments
  • About Us
    • Our Impact
    • Our Team
    • Our Small Business Clients
    • Our Funders and Partners
    • Contact Us
  • Blog
  • Get Started
Home / Publications / Catalog of Economically Targeted Investments by Pension Funds

Impact Consulting, Impact Investing, Publications · October 21, 2016

Catalog of Economically Targeted Investments by Pension Funds

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

Loader
Loading…

EAD Logo
Taking too long?

Reload Reload document

|

Open Open in new tab

Download [833.18 KB]

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

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.

 

 

 

 

Filed Under: Impact Consulting, Impact Investing, Publications Tagged With: Impact Consulting, Impact Investing, Policy

Previous Post: « Steps For Improving Your Analytical Skills In Business
Next Post: What’s New In Impact Investing? October Roundup »

Primary Sidebar

Tags

Annual Report coronavirus Impact Consulting Impact Investing Impact Investing 101 Policy Quality Jobs Social Impact Assessments

Footer

Questions?

(415) 442-4300

Pacific Community Ventures is a 501(c)(3) nonprofit community development financial institution that envisions a world of thriving communities where everyone has a fair shake. Our mission is to invest in small businesses, create good jobs for working people, and make markets work for social good.

Donate

Resources

  • Careers at PCV
  • Contact Us
  • Blog & News
  • Newsletter
  • Advising Sign In

©Copyright 2021 Pacific Community Ventures Inc. All rights reserved. Privacy Policy