Minnesota Philanthropy Leads With $17.1 Million Investment
The Minnesota Council on Foundations (MCF) announced a first-of-its-kind impact investing collaborative in the US. MIE members The McKnight, Bush Foundations and the Otto Bremer Trust are among the lead anchor investors.
The $20 million impact investing collaborative is designed to benefit affordable housing and small businesses in Minnesota and already has more than $17.1 million committed. The money is invested in a fixed income bond fund focused on affordable housing and small business lending throughout the state.
MCF credits its peers from the Michigan Council on Foundations with seeding this idea during a presentation at the May 2016 Mission Investors Exchange biennial conference.