Mission Related Investing in Greater New Haven

Mission Related Investing in Greater New Haven

Ripe Liquid Produce

Ripe Liquid Produce created RIPE Craft Juice™ to bring real fresh juice to the market, and to truly connect the farmer to the consumer by using only ingredients that could be traced back to the grower and region. drinkripe.com

The Community Foundation for Greater New Haven uses Mission Related Investing (MRI) to make capital available to innovative business ventures and organizations that have the potential to strengthen Greater New Haven. Working alongside The Foundation’s grantmaking dollars, MRIs provide start-ups and small businesses access to the capital they need to grow and strengthen the local economy and create jobs. The goal of the MRI program is to create positive and sustainable social impact through direct investments in for-profit or nonprofit entities.

About The Community Foundation and MRIs

Why does The Foundation offer MRIs?

Philanthropic dollars can often bridge the gap between the community’s need for capital for important and emerging projects and what the private market will provide. MRIs pave the way for other investors by evaluating both community and financial return, and by conducting due diligence on opportunities that the private market might not otherwise consider due to size, scale or perceived risk. MRI investing is a logical extension of work The Foundation has been doing for many years with donors, nonprofits, and local entrepreneurs to strengthen our community. We will judge MRIs for both financial and community impact outcomes. Depending on the circumstances and the anticipated community impact, The Foundation expects a positive return on its portfolio of MRI investments, yet some investments may be structured with a below-market or even nominal rate of return. MRI investments are made in a variety of forms, including equity, debt, loan guarantees and other market instruments.

We are drafting the MRI impact goals which include: 

  • Supporting organizations and projects that have the potential to generate significant employment in our community, with particular emphasis on jobs for individuals with modest skills; 
  • Supporting organizations and projects with the potential to contribute and  generate longer-term economic growth in our community, building on the 
    competitive strengths of our region and including the talent and  entrepreneurial drive of our people;
  • Supporting organizations and projects that contribute significantly to neighborhood revitalization, particularly in New Haven neighborhoods that have suffered from  social decline and economic disinvestment;
  • Supporting organizations and projects in ways that align with and further The Foundation’s grantmaking, leadership initiatives and other programmatic  strategies; and
  • Building a culture of connection among people and organizations to attract  employment and growth throughout the region.


What resources does The Foundation use for MRIs?

Sea Greens Farms

Sea Greens Farms mission is to support the growing regenerative ocean farming economy and make a positive impact on our communities and environment. seagreensfarms.com

 

In addition to a small portion of The Foundation’s discretionary endowment that has been set aside for MRIs,  The Foundation’s MRIs are also being funded by local private foundations and individual donors. The MRI Program  is managed separate and apart from the endowment held in The Foundation’s Commingled Fund which supports  The Foundation’s overall operations and grantmaking.

How does The Foundation do the MRI work?

The Foundation has created a separate wholly-owned and controlled subsidiary to carry out the MRI work, known as The Community Foundation Mission Investments Company, LLC (TCF-MIC). The Board of TCF-MIC is made up of current and former Foundation Board and staff members as well as other experts. Foundation CEO Will Ginsberg serves ex-officio as Chair of the TCF-MIC Board, and Foundation CFO and CIO Drew Alden, serves as the CEO of TCF-MIC. Other Foundation staff support MRI work with investors, donors and the community residents on each MRI investment.

What investments has The Foundation made?  

The investments below represent over $9 Million.

List of MRI projects

Fitscript

Fitscript provides solutions to the global market for safe and effective diabetes exercise. Developed by people living with diabetes, Fitscript products and services are designed to meet the unique requirements of diabetics for safe and effective exercise. fitscript.com

What should you do if you have an interest in investing or an idea or project that needs investment?

If you are interested in learning about MRI co-investing opportunities, please contact Dotty Weston-Murphy.

If you have an idea or project for investment, please contact A.F. Drew Alden.

 

 

 

 

Address

70 Audubon Street
New Haven, CT 06510
Directions

Contact

203-777-2386
ContactUs@cfgnh.org

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