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Prudential Impact Investments
Reuben Teague
Director, Impact Investments
2
• Prudential’s Office of Corporate Social Responsibility (CSR) manages a set of tools that the
company utilizes in its C...
PII Summary
 Impact Investments (II) was formally established in 1976 and since that time has made
more than $1.5 billion...
PII Summary (cont)
 The outstanding balance of the portfolio is approximately $350 million with a stated goal
of increasi...
Overview of Newark
• At the end of 2013, there were over $2 billion in active development projects downtown
including:
– O...
Downtown Development
Downtown Development (cont)
7
Prudential Tower
8
Prudential Tower (cont)
9
Hahne’s Building
Confidential - For internal use only
hanini group
• Development team led
by L&M Development
Partners and ...
•First hotels to be built in downtown
Newark in the last 40 years
•Courtyard Marriott has 150 rooms and
anchor restaurant,...
Teachers Village
Teachers Village is a catalytic
redevelopment project on
Halsey Street that features
eight new buildings ...
Military Park
• Six-acre green space
located on Broad
Street, reopened in
2014
• Redesign team is
Biederman
Redevelopment
...
Military Park
Military Park
The future of downtown Newark
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NJFuture Redevelopment Forum 2015 Teague

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A look at how Prudential is managing its social investments, particularly in the city of Newark.

Published in: News & Politics
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NJFuture Redevelopment Forum 2015 Teague

  1. 1. Prudential Impact Investments Reuben Teague Director, Impact Investments
  2. 2. 2 • Prudential’s Office of Corporate Social Responsibility (CSR) manages a set of tools that the company utilizes in its CSR work: - Strategic grants - Impact investments (out of both corporate and foundation assets) - Corporate contributions (supporting pro-social causes that complement business interests) - Engagement of Prudential executives and employees in volunteering and service - Matching Gifts administration • Oversight is provided by a board consisting of corporate directors and Prudential executives • Prudential’s CSR work is local, national and international in scope with an emphasis on its headquarters city of Newark, NJ Corporate Social Responsibility
  3. 3. PII Summary  Impact Investments (II) was formally established in 1976 and since that time has made more than $1.5 billion in investments. II provides financing in a variety of forms to for- profits and non-profits to create powerful social impact while earning an appropriate risk- adjusted return.  Investments are focused on strategic areas determined by the Office of Corporate Social Responsibility (CSR). CSR adopted a new strategic framework in the beginning of 2014 and future investments will be deployed against this framework.  Focus areas for impact:  Basic needs – housing, energy, food  Quality Jobs  Savings and Protection  Urban Transformation
  4. 4. PII Summary (cont)  The outstanding balance of the portfolio is approximately $350 million with a stated goal of increasing to $1 billion by 2020.  Portfolio is divided among direct investments (equity and debt), structured finance, real estate and revenue-backed bonds, LP funds, and financial intermediaries.  Nearly all holdings are private (just one publicly-traded)  Real estate related investments are largest portfolio component  Rigorous portfolio management is central to our work  Impact assessment across asset classes is a growing area of emphasis
  5. 5. Overview of Newark • At the end of 2013, there were over $2 billion in active development projects downtown including: – Over 1 million square feet of commercial development – 200,000 sf of retail development – 1000 units of housing, with roughly 20% set aside for affordable housing – 250 new hotel rooms • Physical development is complemented by civic amenities like Military Park, vital anchor institutions like NJPAC and Rutgers, and the on-going commitment to education reform • Prudential, in addition to its new tower, is investing approximately $100 million in a variety of projects that will leverage over $1 billion in new development 5
  6. 6. Downtown Development
  7. 7. Downtown Development (cont) 7
  8. 8. Prudential Tower 8
  9. 9. Prudential Tower (cont) 9
  10. 10. Hahne’s Building Confidential - For internal use only hanini group • Development team led by L&M Development Partners and the Hanini Group • 150+ Loft Apartments • 100,000 sf of retail • Whole Foods is a confirmed tenant
  11. 11. •First hotels to be built in downtown Newark in the last 40 years •Courtyard Marriott has 150 rooms and anchor restaurant, Joe’s Crab Shack •Indigo Hotel is a 106 room boutique hotel with rooftop bar and full service restaurant Courtyard by Marriott and Indigo Hotels
  12. 12. Teachers Village Teachers Village is a catalytic redevelopment project on Halsey Street that features eight new buildings consisting of: ✏ 3 new charter schools and a daycare facility ✏ 205 units of rental housing marketed to teachers, and ✏ 65,000 sf of high quality retail for 20 different businesses.
  13. 13. Military Park • Six-acre green space located on Broad Street, reopened in 2014 • Redesign team is Biederman Redevelopment Ventures, who successfully revitalized Bryant Park in New York City • Park will have a restaurant (Burg) and intensive programming
  14. 14. Military Park
  15. 15. Military Park
  16. 16. The future of downtown Newark

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