Monday, November 24, 2014
SeaChange Capital Partners Announces New Fund to Make Program-Related Investments in New York City
Five funders – The Altman Foundation, The Heckscher Foundation for Children, SeaChange Capital Partners, The Thompson Family Foundation, and one other private family foundation – have announced a new collective effort – the New York Pooled PRI Fund ("NYPRI") – to make flexible, high-impact capital available to nonprofit organizations working with and on behalf of low-income New Yorkers.
NYPRI will seek opportunities to help organizations increase their impact while offering the potential for some amount of financial return. These organizations may be involved in health and human services, housing, education and youth development, community and economic development, or the arts. NYPRI will target investments from $250,000 to $750,000 in the form of secured and unsecured loans, loan guarantees, equity and equity-like securities. Each investment made by NYPRI will be structured to qualify as a program-related investment for its participants. SeaChange Capital Partners will manage the fund while also being a participant in it....