IMPACTASSETS 50™

An Annual Showcase of Impact Investment Fund Managers

IA-50-2023-logo

An Annual Showcase of Impact Investment Fund Managers

ImpactAssets 50 Help Topics
Filtering:
Use the filter categories on the left to narrow down your results. You can switch years via the dropdown menu. The numbers next to each filter represent the number of results available given your current selection. If you'd like to start over, simply click the 'Reset All Filters'� link.
Sorting:
Use the dropdown menu found in the top right to arrange your current set of results. Select your preferred sorting option and wait for the results to refresh.
Printing:
Use the print button to print the current page contents. This works for both the summary view and the full Fund Manager detail view.
ImpactAssets 50: A Global Landscape of Impact Investment Fund Managers
The ImpactAssets 50 (IA 50) is the first open-source, publicly published database of experienced private debt and equity impact investment fund managers.
https://www.impactassets.org/impactassets-50

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

IA 50 2012 PROFILE

Nonprofit Finance Fund

Total Assets Under Management: $100 – 499M
Asset Class: Cash / Cash Alternatives, Private Debt - Absolute Return / Notes
Nutrition, Health and Wellness
Affordable Housing & Community Development
Education

Firm Overview

Category: (None)

As one of the nation's leading CDFIs, Nonprofit Finance Fund provides a continuum of financing, consulting and advocacy services to nonprofits and funders nationwide. We have expertise in structuring philanthropic capital and program-related investments, managing capital for guided investment in programs, and providing advice and research to help maximize the impact of the grants.

Firm Headquarters: US & Canada
Years of Operation: 10 years or more
Total Assets Under Management:
$100 – 499M
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: Less than 25%
Investment Thesis:

NFF's mission is to serve as a community development financial institution for nonprofit organizations and other enterprises with a social mission. We believe these organizations are critical to the health, viability, and vitality of communities, particularly those with significant numbers of low and moderate-income residents. Our goal is to invest money, either as a sole lender or in partnership with other financing institutions (banks, CDFIs, foundations etc.), to help mission-driven organizations meet their capital needs for growth and maintenance of their financial health while they continue to provide high-quality programs and services to their clients.

Investment Overview:
(None)

Investment Example

In January 2012, NFF provided financing to YPI Charter Schools. Our loan was $750,000 working capital line of credit (to increase access to capital and replace existing, smaller bank line of credit. This loan helped YPI retain 58 full time employees. NFF's loan will allow two schools in Los Angeles to keep their doors open and continue to make payroll because of delayed funding from the California Department of Education (as a result of the state of California's budget deficit problems). Given the CDE payment deferrals, charter schools are now expected to operate with only 65% of budgeted annual state revenues during the course of the fiscal year. The two schools, Bert Corona Charter School in Pacoima, and Monsenor Oscar Romero Charter School in the Pico Union area of LA, serve a combined 594 students, 90% of which qualify for Free/Reduced Lunch. YPI Charter Schools is affiliated with Youth Policy Institute, a larger nonprofit organization that provides vocational training and technology services for low-income families in Los Angeles. 

In the absence of NFF financing, YPI Charter Schools would have had to resort to using very expensive factoring options (annualized interest costs above 30%) to maintain operations or to start laying off staff.  In February 2012, Nonprofit Finance Fund, in conjunction with a New Markets Tax Credit financing from Enterprise Community Investment and JPMorgan Chase Bank, provided debt financing of $7,934,117 to Asian Health Services (AHS) for the creation of a new community health center in Oakland, CA. AHS is a California nonprofit public benefit corporation that seeks to ensure equal access to health care services regardless of income, insurance status, language or culture.

Leadership and Team

Cumulative Leadership Experience in Impact Investing:
30 years or more
Cumulative Impact Experience of Top Three Firm Leaders:
30 years or more
Antony Bugg-Levine – CEO/President More Info

Antony Bugg-Levine is the CEO of Nonprofit Finance Fund, a national nonprofit and financial intermediary dedicated to mobilizing and deploying resources effectively to build a just and vibrant society. In this role, Mr. Bugg-Levine oversees more than $225 million of capital under management and a national consulting practice, and works with a range of philanthropic, private sector and government partners to develop and implement innovative approaches to financing social change. Mr. Bugg-Levine writes and speaks regularly on the evolution of the social sector and the emergence of the global impact investing industry. He is the co-author of Impact Investing: Transforming How We Make Money While Making a Difference

Elizabeth Ortiz – COO/CFO More Info

Elizabeth Hall Ortiz joined NFF as Chief Operating Officer in August 2004. In 2010 she assumed the additional responsibilities of CFO. A 13-year veteran of Citibank, N.A., a member of Citigroup, Ms. Ortiz brings to NFF a broad range of operational and management experience in both retail and private banking, strategic planning and financial control. In addition, as Citibank's Director of CRA & Fair Lending, Ms. Ortiz was responsible for the coordination of Citibank's activities in low- and moderate-income communities across the United States and in Puerto Rico.

Leon Wilson – Executive Vice-President More Info

Leon Wilson joined NFF in 2006 as Managing Director of Advisory Services. In 2009 he was appointed Executive Vice President of NFF. He is responsible for the business areas of NFF. This includes day to day responsibility for Consulting and Lending as well as the regional offices of NFF. He has extensive experience in financial management. Prior to joining NFF, Mr. Wilson was Executive Vice President of Bank of America responsible for its mid-market asset management division, and the Bank of America endowment/foundation portfolio.

Craig Reigel – Managing Director Capital Partners More Info

Craig Reigel is Managing Director, NFF Capital Partners. He joined NFF after serving as a project based consultant to the nascent Capital Partners business for over a year. The core of his work is attracting essential patient capital to high potential nonprofits, improving the allocation of capital within the sector. Mr. Reigel comes to NFF with a long history of solving the dilemmas of growth in diverse environments. He has been a consultant to for-profit industry leaders, both with Bain & Company and independently, advising on a variety of strategic, operational, and organizational issues. In seven years as a principal in Datagraph Systems, Inc. he has taken a small business delivering performance management tools literally from the basement to international success.

Norah McVeigh – Managing Director Financial Services More Info

Norah McVeigh is responsible for NFF's financial products which include loans, New Market Tax Credits, credit enhancement and asset-building products. She oversees product quality, and manages NFF's credit processes and its $60 million loan portfolio,$150 million NMTC product and other financial product portfolios. She is also responsible for the capitalization of the loan fund, raising capital and managing investor relations. She also works across the organization to develop new products and key partnerships. Before joining NFF in 1993, she was Associate Director and a Loan Specialist for the Housing Development Fund in Stamford, Connecticut. Previously, she worked for International Voluntary Services, where, among other positions, she administered a program in Ecuador that provided assistance to rural communities. Ms. McVeigh holds a Masters in Public and Private Management from The Yale School of Management and a BS from Georgetown University.

Kristin Giantris – Vice-President More Info

Kristin Giantris is Vice President for National Strategic Initiatives and directs the business development and relationship management efforts for a number of strategic, national partnerships and innovative financing and funding initiatives. Kristin’s professional experience combines 20 years of economic development and debt financing in both the nonprofit and for profit sectors. Prior to joining NFF, Kristin was a Vice President at Citigroup Global Markets in debt origination and came to Citigroup after an initial career in the nonprofit sector, working for an international nonprofit organization, Volunteers in Overseas Cooperative Assistance.

Percentage of Investment Professionals who identify as women:
Percentage of Investment Professionals who identify as people of color:*
Percentage of Senior Management Team who identify as women:
Percentage of Senior Management Team who identify as people of color:*
*People of color include: Black, Latinx, Asian, Native American/Alaskan Native, Pacific Islander, Middle Easterm and multi-racial Americans

Financial Performance

Target Financial Returns Relative to Benchmark:
Near-market Rates
Actual Performance of Impact Products/Funds Relative to Target Financial Returns in the Past Three Years:
In line with initial target returns

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
100%
Primary Impact Outcomes:
None
Value-added Services Offered:
Business and legal training
Financial literacy training

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:

Our target market is composed of mission-oriented organizations. As part of our due diligence, our underwriters explore how an organization's business model and activities support both the repayment of debt and the advancement of the organization's mission.

Investments systematically include social and environmental sustainability practices in the due diligence process:

NFF's underwriting philosophy and practice over the last three decades has been based upon capitalizing social sector organizations for the long-term. We are not in the business of project-financing or asset-based lending whereby we look to the deal or the collateral for repayment. Rather, our capital—including real estate loans—is oriented toward financing enterprises (both nonprofit and for-profit social benefit organizations) that have programs that support low and moderate income communities and families during the term of our loan and into the future.

Impact Tracking and Monitoring

Impact is Tracked:
Yes
Impact Verified by an Independent Third-Party:
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes - on regular basis (annual or quarterly)
Third Party Validations:
Member of Impact Capital Managers
Impact Frontiers Cohort Participant
Implement recommendations from Task Force on Climate Related-Financial Disclosure
Net Zero Assets Managers Initiative
Utilizes standardized impact metrics (e.g. IRIS+, GIIRS, etc.)
Participant on steering committees or leadership roles within impact industry associations
Publisher or contributor to industry white paper or other research in impact investing
None

Learn More

Key Contact Name: Elizabeth Ortiz
Phone: (212) 457-4700
Mailing Address:

70 West 36th Street
11th Floor
New York, NY 10018

Apply for the IA 50 2022

The application period to become an ImpactAssets 50 2022 Fund Manager will open in September 2021!
To stay informed on the application process, sign up here.

IA 50 2025: Apply for Consideration

The application period for the IA 50 2025 will open in September 2024. To stay informed on the application process, sign up here.