Deep Dive on Deals: Kresge Foundation and the Reinvestment Fund’s HBCU Brilliance Initiative
On Feb. 13, Mission Investors Exchange (MIE) hosted a “Deep Dive on Deals,” which highlighted The Kresge Foundation’s investment in Reinvestment Fund’s HBCU Brilliance Initiative. The HBCU Brilliance Initiative creates opportunities for students, stimulates economic growth, and strengthens the vibrant communities surrounding these institutions. This initiative demonstrates the type of technical and financial support that will position Historically Black Colleges and Universities (HBCUs) to make critical investments in their facilities, financial stability, and long-term growth to better serve their institutional missions. With underwriting standards tailored to the unique needs of these historic institutions, the HBCU Brilliance Initiative serves as flexible capital for the nation’s 107 HBCUs.
This Deep Dive on Deals explored Kresge’s unique blended capital approach; investment structure and terms; due diligence and underwriting; challenges, opportunities, and learnings.
Speakers:
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Erika Brice, Social Investment Officer, The Kresge Foundation
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Tim Gillespie, Treasurer, Reinvestment Fund
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Ashley Johnson, Program Officer, The Kresge Foundation
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Damien Wilson, Senior Director of the HBCU Brilliance Initiative, Reinvestment Fund
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Katheryn Witt, Director, Program Content, MIE (Moderator)
Key Takeaways:
The Deep Dive on Deals event outlined several key takeaways about supporting HBCUs, including:
- Kresge’s investment in the Reinvestment Fund’s HBCU Brilliance Initiative shows how flexible, impact-first capital can strengthen HBCUs as vital community anchors.
- “[HBCUs] have been woefully underfunded everywhere. They’re not getting federal matches, they’re not getting equitable funding from annual state appropriations, they’re not getting research and government contracts in the same ways, and they’re not getting money from foundations and philanthropic organizations in the same way,” said Ashley Johnson, Program Officer, The Kresge Foundation.
- Kresge partnered with the Reinvestment Fund, which pairs loans with technical assistance, using a blended investment and grant structure shaped by an existing relationship. The deal highlights the importance of trust and deep connections when working with HBCUs.
View the Recording:
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