We work across Kresge’s seven program teams to strengthen neighborhoods and improve the quality of life in America’s cities by addressing barriers to capital.
In 2015, Kresge committed 10% of its corpus through 2020 to social investments
We use the full spectrum of capital tools to address the financial barriers that confront communities of color and other underserved communities.
We work alongside our seven program teams to unlock capital for those places and projects that improve equitable outcomes. Our work supports an often under-resourced community-development financial system and includes program-related investments (PRIs) loans, equity investments, strategic deposits, and unfunded guarantees, which reduce risk for other investors.
Social investing at Kresge dates to the financial crisis of 2008. In 2015, Kresge’s Board of Trustees approved a $350 million impact investing pool to be deployed through 2020. A goal to leverage $1 billion from other investors was surpassed in 2019. We seek to partner with banks, other foundations, and government sources, and frequently partner with Community Development Financial Institutions (CDFIs) and mission-aligned intermediaries. We also work with our endowment partners to deploy mission-related investments (MRIs) from Kresge’s corpus.
We partner with each of Kresge’s program teams to find barriers to capital impeding progress in their sectors and obscuring pathways to opportunity. Then, we find capital solutions to topple those barriers. Whether through investing in solar+storage solutions, affordable housing. place-based community development or minority entrepreneurship, our work always supports the strategies of Kresge’s seven Program teams. Through a small grantmaking budget, we support field building efforts in community development finance, especially those that address racial equity in our Program sectors. (Data through 2019)
ALL SOCIAL INVESTMENTS AWARDED
While our work typically involves bespoke deals with program teams, advancing their tightly focused strategies, we have worked via a small number of general initiatives to unlock capital for communities that need it.
In 2017, we issued an open call for funding for CDFIs and Development Finance Agencies with aligned strategies working in cities.
Kresge’s Social Investment Practice team, its partners and colleagues share lessons learned and the newest thinking on impact investing each month. You can also subscribe to receive these blogs via email.
Social Investment Officer
Social Investment Practice
Social Investment Assistant
Portfolio Director and Social Investment Officer
Senior Grants Management Associate
Arts & Culture, Social Investment Practice
Senior Communications Officer
Education, Social Investment Practice
Director of Program and Social Investment Operations
Detroit, Social Investment Practice