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Resources created and curated to support the growth of impact investing, for those new to the field and for experienced practitioners.

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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

Low Income Investment Fund

Total Assets Under Management: >$250MM
Asset Class: Public Debt, Private Debt - Absolute Return / Notes
Geographic Focus:
Impact Investment Focus:
Nutrition, Health and Wellness
Affordable Housing and Community Development
Education and Charter Schools

Firm Overview

Category: (None)
Founded in 1984, the Low Income Investment Fund (LIIF) is dedicated to creating pathways of opportunity for low income people and communities. Since inception, we have invested $2 billion in affordable housing, transit, childcare, public schools, healthy food and health centers across the US. Our community-centric investment strategy is based on the growing knowledge-base that neighborhood transformation requires a cross-sector investment approach. To date, we've impacted 2 million lives and created $52 billion in social benefits for low income people, such as job creation, improved health, and higher graduation rates. Headquartered in San Francisco with offices in Los Angeles, New York and Washington, D.C., our investments span the country. We are one of a small cadre of nonprofit community development financial institutions that consistently receives the highest Aeris rating of AAA+/1 for financial strength and impact.
Firm Headquarters: US & Canada
Years of Operation: More than 10 years
Total Assets Under Management:
>$250MM
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: 25 – 50%
Investment Thesis:
This vision is backed by many global investors, including banks, insurers, pension funds and development financiers, which together have committed 1 billion dollars behind LIIF’s funds.
 
Investment Overview:
(None)

Investment Example

Among LIIF's recent projects is the transformation of a vacant blighted historic building into a vital hub for community space and affordable housing in the Harlem neighborhood of New York City. The former Public School 186 building was converted into 79 residential units and a 10,000-square-foot ground floor community facility occupied by the Boys and Girls Club of Harlem. Built in 1903, the school was once the architectural and academic pride of Hamilton Heights, but was abandoned for three decades. The project came during a time of need for the community, as the predominantly African American neighborhood began to feel the pressures of gentrification. LIIF provided a $5.16 million permanent loan. The $48 million project was also awarded Low Income Housing Tax Credits and Historic Preservation Tax Credits alongside construction financing from Bank of New York Mellon and the New York City Department of Housing Preservation and Development.

Leadership and Team

Cumulative Leadership Experience in Investing:
More than 30 years
Cumulative Impact Experience of Top Three Firm Leaders:
More than 30 years
Nancy O. Andrews – President and CEO More Info

Ms. Andrews is the President and Chief Executive Officer of the Low Income Investment Fund (LIIF). Ms. Andrews serves on numerous community development and environmental boards and committees, including Bank of America’s National Community Advisory Council, Morgan Stanley’s Community Development Advisory Committee, Capital One’s Community Advisory Council, the National Association of Affordable Housing Lenders, the National Housing Law Project, Rail~Volution and the International Center for Tropical Agriculture. She was also previously a member of the Federal Reserve Board’s Consumer Advisory Council.

Patricia GoPaul – General Counsel More Info

In her role as LIIF’s General Counsel, Ms. GoPaul oversees the organization’s legal matters, enterprise risk and compliance. Prior to LIIF, she was the General Counsel and Chief Compliance Officer at Impact Community Capital. Ms. GoPaul’s experience in the community development and real estate sectors includes legal consulting roles at the Northern California Community Loan Fund (NCCLF), PMI and Wells Fargo Bank. She has also previously worked as a real estate finance attorney at prominent international law firms and held positions with the Lawyers Alliance for New York and the New York City Economic Development Corporation. Ms. GoPaul is currently a member of the California Organized Investment Network Advisory Board, NCCLF’s Board of Directors, NCCLF’s Loan Committee and State Farm Bank’s CRA Advisory Council.

Kimberly Latimer-Nelligan – COO & Executive Vice President, Community Investment Programs More Info

Ms. Latimer-Nelligan is LIIF’s COO & EVP, Community Investment Programs and is responsible for oversight of LIIF’s Community Investment Programs (CIP) which includes the national lending and New Markets Tax Credit business, programs and risk management. Under Ms. Latimer-Nelligan’s leadership LIIF has launched its Fresh Foods and Community Health Collaborative programs. CIP currently manages assets of approximately $500 million and deploys $200 million of capital annually. Ms. Latimer-Nelligan’s background in community development is extensive. Before joining LIIF in July 2008, she was with Citibank for over 20 years. Most recently, Ms. Latimer-Nelligan served as the Managing Director of National Lending and Investments, overseeing a $3 billion business within Citibank Community Development.

Brian Prater – Executive Vice President, Strategy, Development & Public Affairs More Info

Mr. Prater oversees LIIF’s federal policy shop, national fundraising, communications, knowledge sharing, transit-oriented development (TOD) and innovation functions. Previously, he led LIIF’s lending and program work in the Western Region, overseeing the San Francisco and Los Angeles offices, including all transactional work, TOD and green programs and state and regional policy. LIIF is partnering with Enterprise Community Partners to advance equitable TOD nationally, including program, planning, policy and transactional work. In March of 2013, Living Cities released a paper, “Filling the Equitable TOD Financing Gap,” co-authored by Mr. Prater and Melinda Pollack from Enterprise. Prior to joining LIIF in 2008, Mr. Prater was a Senior Vice President and Team Leader in Community Development Banking with Bank of America in San Francisco and was responsible for the Northern California and Nevada markets.

Kathy Rock – Chief Financial Officer and Chief Administrative Officer More Info

As CFO and CAO, Ms. Kathy Rock is responsible for the strategic leadership of LIIF's financial wellbeing. She oversees the organization's capital raising activities, treasury management and all administrative operations. Ms. Rock works closely with LIIF's Board of Directors on all financial planning, as well as operational infrastructure issues. Most recently, Ms. Rock was the Chief Financial & Risk Officer at the Calvert Foundation and a Senior Financial Advisor for Kiva.org. Her previous experience includes positions as CFO of Mercy Housing, CFO and SVP, Loss Mitigation, for Genworth Europe and Canada, and the Controller for the Federal Housing Administration (FHA) of the U.S. Department of Housing and Urban Development during the Clinton Administration.

Percentage of Investment Professionals who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
More than 50%
Percentage of Board Members who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
More than 50%

Financial Performance

Target Financial Returns Relative to Benchmark:
Concessionary Rates
Actual Performance Relative to Target Financial Returns in the Past Three Years:
Over-delivered compared to initial target returns
Financial Reporting Frequency to Investors or Donors
Quarterly

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
100%
Primary Impact Outcomes:
Addressing climate change and environmental issues
Alleviating poverty
Creating jobs
Increasing access to education and improving educational outcomes
Increasing access to healthcare services and improving health
Providing housing
Value-added Services Offered:
Access to markets
Financial literacy training

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:
Every investment made by LIIF is targeted to benefit low income individuals and communities. During the underwriting process, LIIF gathers income status information from borrowers and closely examines the potential for positive impact. Since LIIF's founding, 94% of individuals impacted have been classified as low income (defined as earning 80% or below area medium income) and 59% have been classified as very low income (earning 50% or below area medium income). For each project, LIIF tracks outputs and outcomes such as jobs created, housing units built, new school desks and child care slots created and people served, and reports these numbers quarterly. LIIF has consistently earned the highest possible rating for Impact (AAA) from Aeris a highly-regarded, 3rd party ratings system for CDFIs.

Investments systematically include social and environmental sustainability practices in the due diligence process:
LIIF prioritizes green and environmentally sustainable practices when evaluating community development projects for investment. We understand that environmentally sound development has a three-fold benefit for neighborhoods: environmental (reduced carbon emissions); financial (reduced energy costs); and wellness (positive health benefits). A majority of the projects in our portfolio include green development approaches such as solar power, environmental remediation and clean-up, zero-carbon output design, energy retrofitting, water efficiency, use of recycled and existing materials for construction, and storm water management. Many of our projects have achieved outcomes such as LEED certification or met Enterprise Green Communities standards.

Impact Tracking and Monitoring

Impact is Tracked:
Yes
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes - on regular basis (annual or quarterly)
Third Party Validations:
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: Jessica Standiford
Phone: (415) 489-6110
Mailing Address:
50 California St., San Francisco, CA 94111

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Impact investments are investments made into organizations and funds that generate measurable social and environmental impact as well as financial returns.