Due Diligence: Food SystemsTakeAction! Impact Investing ConferenceMarch 15, 2011Tina N. CastroDirector, Mission Related Investments
Impact Investingat TCEIt is The California Support and further TCE’s Building Healthy Communities work, invest opportunistically across Endowment’s all asset classes, integrate the mission investing strategy with Building Healthy Communities, the Mission Investing broader investment strategy of The Endowment, and other departments throughout TCE. Policy to: Target Return: At least 3% annualized over the long-term (defined as a full market cycle of three to five years) while being strategic about how much risk and which types of risk are taken on for a given level of return. Asset Allocation: Mission drives the search for investment opportunities thereby possibly creating concentrations in certain asset classes that can increase the risk of the mission-related investment allocation. Size: Mission investments will be made of a size and scale that take into consideration both the fixed costs and resource requirements in making the investment but also the reality that smaller size investments may be necessary at times to address the needs of Building Healthy Communities. Liquidity: The mission investment fund will not be a source of liquidity for the Endowment. Therefore, mission investments may be less liquid if necessary to provide patient capital to meet the needs of Building Healthy Communities. Geography: TCE has a strong bias for geographically targeting California and the 14 BHC sites. Opportunities to invest outside of CA that have a clear and compelling connection will be considered.
The CaliforniaFreshWorks FundThe California FreshWorks Fund is a public-private partnership loan fund intended to finance grocery stores and other forms of fresh food retail and distribution in underserved communities throughout CA. It is modeled after the PA Fresh Food Financing Initiative and it has been developed to align with the National Healthy Food Financing Initiative. Target Fund $200 million ($97.5M Committed, $30 million Size: pending approval) Uses of Capital: Loans & Grants to Grocery Stores & Other Fresh Food Retailers & Distributors Capitalization: Debt & Grants Program Program Guidelines to be released shortly Eligibility: Expected April 2011 Launch:
Initiative Structure Lead Investor/ Lead Grantor Federal HFFI Resources Co-Investors/ Co-Grantors The California Endowment Treasury, USDA, & HHS The California FreshWorks Fund Applications NCB Capital Impact Program Administrator Lending / Grants Reporting Developers / Outreach Food Access Regional Regional Operators Community Community Organization Engagement Engagement Grocery Stores & other Healthy Food Retailers & Distributors
ContactsProgram Administrator: The California Endowment Working Group:NCB Capital Impact Tina Castro, Director, Mission-Related Investments1333 Broadway, Suite 602 213-928-8635Oakland, CA 94612 firstname.lastname@example.orgContact: Scott Sporte, Managing Director, Marion Standish, Director, Healthy CACommunity Investment Group 510-271-4309510-496-2233 email@example.comSSporte@ncbcapitalimpact.orgContact: CHFFI Program Manager TBD Beatriz Solis, Director, Healthy Communitieswww.ncbcapitalimpact.org/healthyfoods 213-928-8736 firstname.lastname@example.org Charles Fields, Regional Program Manager, Healthy Communities 213-928-8601 email@example.com Judi Larsen, Program Manager, Healthy CA 510-271-4346 firstname.lastname@example.org