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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
Primary UN Sustainable Development Goal: 10 – Reduced Inequalities
Nutrition, Health and Wellness
Affordable Housing and Community Development
Education and Charter Schools

Firm Overview

Category: Private Debt - CDFIs

Founded in 1984, the Low Income Investment Fund (LIIF) offers investors a way to create opportunities for low income people and communities through our LIIF Impact Note. Since inception, our investors have impacted 2 million low-income people and created $56 billion in social benefits for low income people through job creation, improved health, safer and more affordable homes and higher graduation rates. Our investment approach is based on the understanding that sustained neighborhood transformation requires holistic, cross-sector collaboration, from quality education to affordable housing, healthy food and accessible transportation. Headquartered in San Francisco with offices in Los Angeles, New York, Washington, D.C. and Atlanta, 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 "four stars" for 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:

Over the past 34 years, LIIF has invested $2.4 billion in America's most vulnerable communities to expand opportunity through affordable housing, high quality schools and child care, health centers and equitable transit-oriented development.

Investment Overview:

Our investments target America's hardest-to-reach communities: low income and very low income families. We understand that making positive changes in people's lives yields real social returns, such as greater individual earning potential and increased savings. Meanwhile creating more self-sufficient, sustainable, and economically vibrant communities yields a financial win for investors and the economy as a whole. To date, we've invested $2.4 billion in capital and technical assistance in low income communities, leveraged another $10 billion for development projects, and served 2 million people nationwide. Over the past 34 years, our actively managed portfolio has achieved a default rate of less than 0.5% and a repayment rate of 100% to all of its investors.

Company Differentiator:

As one of the oldest and largest Community Development Financial Institutions (CDFI) in the country, LIIF is seen as a thought leader in the impact investing space. LIIF applies a uniquely integrated approach to community revitalization that addresses all the needs of a neighborhood, instead of siloed solutions that only address individual components. One of the ways we do this is by co-locating proven solutions such as affordable housing, childcare, & healthy food under the same roof to create healthy communities. LIIF's theory of change also goes beyond such revenue-generating lending activities, to include grant-funded Early Childhood Education (ECE) initiatives, federal and local policy advocacy, and outcomes tracking. In 2014 LIIF developed a free, first-of-its-kind Social Impact Calculator, which allows any investor to put a dollar value on the impact of their investments.

Investment Example

Among LIIF's recent projects is the rehabilitation of a historic building into a highly integrated mixed-use facility, anchored by arts, education and healthcare tenants. Built in 1927, the art deco Sears Roebuck & Co distribution center was once the largest building in Memphis, TN, and a significant source of employment and economic activity. In 2017, after 20 years of disuse, the building reopened as Crosstown Concourse, one of the largest historic redevelopment projects in state history, and is expected to create nearly 900 permanent jobs at full capacity. Thanks in part to a $10 million investment from LIIF, nonprofits have leased space in the building alongside a charter high school, healthcare clinic, a teacher residency and graduate urban education program, a wellness and fitness center, art exhibition space, a cancer treatment center and more.

Leadership and Team

Cumulative Leadership Experience in Investing:
More than 30 years
Cumulative Impact Experience of Top Three Firm Leaders:
More than 30 years
Daniel Nissenbaum – President & CEO More Info

Mr. Nissenbaum is LIIF’s President and Chief Executive Officer. Mr. Nissenbaum serves on numerous boards including Primary Care Development Corporation and Community Restoration Corporation. He was also previously Chairman of the Board of Governors and a Trustee for the National Housing Conference. Prior to LIIF, Mr. Nissenbaum was a Managing Director at Goldman Sachs, where he oversaw Community Reinvestment Act compliance for the firm’s Urban Investment Group. Mr. Nissenbaum earned a Masters of Business Administration from Columbia Business School.

Kim Latimer-Nelligan – Chief Operating Officer & EVP, 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.

Giles Coates – Chief Financial Officer More Info

Mr. Coates is LIIF’s CFO and is responsible for the strategic leadership of LIIF's financial wellbeing, overseeing the organization’s capital raising activities and treasury management. Mr. Coates works closely with LIIF’s Board of Directors on all financial planning issues. Most recently, Mr. Coates was the global head of finance & accounting at FINCA Impact Finance, a microfinance subsidiary of a 501(c)3 with a $1 billion balance sheet and regulated subsidiaries in 20 countries and 5 continents. His previous experience includes positions as CFO of Capital One’s Community Development Bank and of the Commercial Real Estate Business. Mr. Coates has 17 years of experience in the financial services industry.

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:
Market 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:
Alleviating poverty
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
Other: Financing technical assistance

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, 97% of individuals impacted have been classified as low income (defined as earning 80% or below area median income) and 59% have been classified as very low income (earning 50% or below area median income). For each project, LIIF tracks outputs such as jobs created, housing units built, new school desks and child care slots created as well as outcomes such as reduced health care expenditures and increased lifetime earnings, and reports these numbers quarterly. LIIF has consistently earned the highest possible "four star" rating for Impact 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 – to the public
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: Tyler Jackson
Phone: (415) 489-6131
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.