$10M Committed to Place-Based PhilaImpact Fund
The Reinvestment Fund and Philadelphia Foundation have partnered to create the PhilaImpact Fund, an impact investing fund intended to increase access to capital for schools, supermarkets, health care and housing projects in the Philadelphia area. The two organizations have seeded the fund with $10 million-- with a $30 million total goal.
Philadelphia Foundation's $5 million commitment is the first impact investment out of their endowment. Donor advised fund donors can also invest in the fund, with a $100,000 minimum. Philadelphia Foundation manages around 400 donor-advised funds. The Reinvestment Fund also contributed $5 million to the Fund and will offer its Promissory Notes to investors, with a $1,000 minimum. The estimated return is 2.25% annually over a five-year term.
“The creation of the PhilaImpact Fund demonstrates the continued growth of innovative, collaborative place-based impact investing models,” said Matt Onek, CEO of Mission Investors Exchange.