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.

Primary Responsibilities

Portfolio Management

  • Monitor compliance with reporting and loan covenants
  • Review borrower financial statements and evaluate organization trends, collateral coverage and client’s repayment ability, including data entry for financial spreads
  • Manage / calculate investor capital calls and repayments
  • Conduct annual risk rating reviews
  • Identify problem loans, recommend collection strategies and action plans, and assist with negotiation of loan restructurings when necessary
  • Handle borrower requests for amendments, extensions, etc.

Loan Servicing and Administration

  • Support Assistant/Associate Director in coordinating with Finance and Administration to monitor fund financials
  • Calculate interest invoices and payments
  • Calculate and manage interest and principal payments, transaction
  • Support Senior Administrative Assistant in process draw requests, internal transfers, interest payments and capital calls.
  • Follow-up on delinquent payments
  • Manage a quarterly portfolio report which tracks portfolio balances and borrower interest payment performance
  • Contribute to the development and refinement of LC’s procedures and policies, including but not limited to our loan management platform, to enhance efficiency and minimize credit and operational risk.

Investor Management

  • Support the Senior Administrative Associate in processing confirmations, invoicing and statements for investors
  • Track investor disbursements and allocation across Catalyst Fund sources
  • Manage and track fund covenant compliance
  • Produce Quarterly and Annual Reports for investors

Asset Management

  • Support Senior Investment Associates in entering data into our loan management system (TEA)
  • Analyze & spread borrower financials
  • Follow-up with borrowers on items owed to Living Cities (such as interest payments, reporting, etc.)
  • Contribute to reporting

Secondary Responsibilities

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:

  • Four year degree or equivalent of 3 years’ work experience
  • Advanced degree a plus, but not required
  • Proficiency in fund and portfolio management, direct lending, and asset management
  • Knowledge of urban policy and the issues affecting communities of color in U.S. cities
  • Limited travel (approximately 10% of time)

Desired Qualifications

  • Excellent Excel skills
  • High level of organization and attention to detail
  • Excellent writing and verbal presentation skills
  • Superior interpersonal skills, ability to manage and work in teams, interacting constructively with diverse constituents
  • Highly energetic, creative problem solver exhibiting deep commitment and passion for Living Cities’ mission.
  • Strong analytical skills, combined with demonstrated ability to synthesize and clearly communicate complex issues
  • A sense of humor and the ability to collaborate across roles and locations

Racial Equity & Inclusion (REI)

Demonstrated knowledge & core concepts

  • Understands why racial equity is an integral part of Living Cities’ approach and ability to achieve its mission.
  • Engages with curiosity, humility and openness in discussions about race, equity and power inside and outside of the organization
  • Understands how the construct of race has impacted the distribution of power and resources, and recognizes its impact on current and future outcomes across systems


Salary is competitive and commensurate with experience.


This job operates in a professional office environment.

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.

While performing this job, the employee must be able to remain in a stationary position at least 50% of the time. Additionally, they may require movement around the office to access files or other equipment. As collaboration and communication is a large part of our work, the employee must also be able to accurately exchange information in these situations, whether virtually or in person.

Reasonable accommodations will be provided should the employee require them.

This is a full-time exempt position.

Travel is primarily local during the business day, although some out-of-area and overnight travel may be expected.

Living Cities is committed to building a culturally diverse and inclusive team at all levels.  We are an equal opportunity employer and provide opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.

This policy applies to all terms and conditions of employment, including recruiting, hiring, placement, promotion, termination, leaves of absence, compensation and training.

Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may change at any time with or without notice.

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