One of Living Cities’ key program areas is Capital for the New Majority (CNM). In the context of closing racial income and wealth gaps, CNM seeks to drive more capital and resources to entrepreneurs and fund managers of color. Functionally, CNM consists of a field-building program, as well as two impact investment funds. Having multiple tools at its disposal allows the CNM team to constantly innovate – by developing new hypotheses and theories, testing those ideas, learning from what has and has not worked, and sharing those lessons with the broader field.
In order to accelerate the adoption of innovative financing for the benefit of people of color and the cities in which they live, Living Cities has been making impact investments for more than a decade. These investments have largely been made out of two structured debt funds: The Catalyst Family of Funds consists of two structured debt funds that have been capitalized by 15 institutional investors, the majority of whom are Living Cities’ members. The Catalyst Fund (LCCF), a $38 million structured debt fund closed in 2008, is fully deployed and has made 19 investments, 12 of which have matured and been fully repaid. The Blended Catalyst Fund (BCF) is a $37 million fund focused on closing the racial wealth gap by supporting the development of jobs, income and wealth for people of color. The BCF achieved its final close in December 2016 and is expected to be fully deployed by the end of the 2020 calendar year.
Living Cities has an investment team of two Senior Investment Associates, a Senior Administrative Assistant and an Assistant/Associate Director that report to the Managing Director of Capital for the New Majority. This is an exciting opportunity for a technically inclined individual who is passionate about fund and portfolio management, financial analysis, loan administration and deeply committed to using capital to create better outcomes for founders of color.
The Investment Associate will primarily provide fund and portfolio management support for Living Cities’ Catalyst Funds and future investment vehicles, as well assisting the Investment team with additional operational and loan administration duties. The Investment Associate will work closely with Senior Administrative Assistant and Senior Investment Associates and will report to the Assistant/Associate Director of Capital for the New Majority.
Loan Servicing and Administration
Learning and storytelling
Support Living Cities goals to synthesize lessons from our impact investing portfolio and share with key decision makers in the fields in which we work (including philanthropy, impact investing, community and mission-driven lending, community economic development, and urban public policy)
Required Experience and Knowledge:
Racial Equity & Inclusion (REI)
Demonstrated knowledge & core concepts