Living Cities Blended Catalyst Fund 2023 Annual Report

This report summarizes the eighth year of operations for Living Cities Blended Catalyst Fund’s (“BCF” or the “Fund”) activities, from July 1, 2022, through June 30, 2023 (FY23).

We thank you for your support and are excited to explore and share lessons learned as our portfolio continues to mature. The BCF portfolio is a collection of investments that work to test innovative investment approaches to address the racial wealth gap, shift power within capital systems, and achieve better outcomes for all people in U.S. cities. The latter half of the BCF investments focus on seeking to close racial wealth gaps, specifically by lending to organizations and intermediaries that are:

1. Managed and/or owned by people of color,
2. Finding alternative ways to create income and wealth-building opportunities for people of color, primarily by providing increased access to capital, or
3. Building the ecosystem for entrepreneurs and fund managers of color.

Additionally, the Living Cities Catalyst Funds were named to the ImpactAssets 50 (IA50), an impact investing list featuring fund managers that deliver social, environmental, and financial returns, for the twelfth consecutive year in March 2023. The IA50 is the most recognized free database of impact investment fund managers. Living Cities has been included in the IA50 every year since its inception.