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Rockefeller, Kresge Seek LOIs for Community Opportunity Funds

  • June 25, 2018
  • July 16, 2018

The Rockefeller Foundation, in partnership with the Kresge Foundation, is seeking Letters of Inquiry for fund managers establishing new Opportunity Funds.

Through the federal Investing in Opportunity Act (IIOA) — part of the Tax Cuts and Jobs Act of 2017 — investors can receive capital gains relief by investing in newly designated “Opportunity Zones” in the United States. States and territories have identified up to a quarter of low-income Census tracts as investible zones with the aim of attracting investment to those distressed communities.

Unlike other tax incentives designed to incentivize investment in low-income communities, the IIOA currently does not include a provision for long-term impact reporting — an element both Rockefeller and Kresge see as necessary and important. The foundations, therefore, seek partnerships with mission-aligned fund managers who intend to make investments that will benefit the lives and communities of low-income people, will deliver promised returns to investors and will evaluate the impact of investments over time.

The Foundations are prepared to commit grants and unfunded guarantees of up to $25 million to support this program. Unfunded guarantees are a form of impact investment in which the foundations take responsibility for a portion of future losses if an investment fails.

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