Morgan Stanley, TruFund Financial Services and the Ford Foundation announced the launch of the Impact Developers Fund. The $26 million fund will provide much needed capital to emerging impact businesses that lack access to adequate affordable capital, including minority and women owned real estate development companies, expanding their capacity to build, own and operate quality affordable housing and to provide value-adding social services to enhance residents’ quality of life. The fund will also provide custom capital solutions, including debt and equity, tailored to the needs and capacity of the business.
Read More: GlobalFintechSeries Interview with Patrick Turiano, Director of Marketing at Paysafe Group
“Morgan Stanley is proud to partner with the Ford Foundation and TruFund Financial Services on this important initiative that will help expand racial and gender diversity in the community development field by increasing access to capital for the next generation of developers”
Managed by TruFund Financial Services, a minority-led nonprofit financial services organization, the Impact Developers Fund will be seeded by Morgan Stanley and the Ford Foundation. In addition to investing equity capital, the Fund will provide technical support to emerging impact developers that lack access to adequate capital and support from conventional sources. Investments will be used for working capital to acquire, develop and operate affordable housing and community services.
Read More: Healthfully and Paya Deliver Expanded Patient Care and Payments Through New Partnership
“Morgan Stanley is proud to partner with the Ford Foundation and TruFund Financial Services on this important initiative that will help expand racial and gender diversity in the community development field by increasing access to capital for the next generation of developers,” said Shelley O’Connor, Chairman and CEO of Morgan Stanley Private Bank, N.A. and Morgan Stanley Bank, N.A.
“We are very pleased to partner with TruFund and Morgan Stanley — two financiers that have a demonstrated commitment to community-oriented investment. This effort reflects our shared desire to create innovative, bespoke solutions that address the complex development needs of communities nationwide and direct much-needed capital to emerging impact businesses, including those led by women and people of color,” said Roy Swan, Head of Mission Investments at the Ford Foundation.
Read More: SIMON Markets LLC and Raymond James Launch New Strategic Partnership for Annuities
