Investors Contribute $100 Million to Direct Impact Dollars to
California Communities
MINNEAPOLIS, MN, Sept. 30, 2020 /PRNewswire/ - RBC Global
Asset Management ("RBC GAM"), Northern California Grantmakers,
Southern California Grantmakers, and San Diego Grantmakers today
announced the launch of the Philanthropy California Investment
Collaborative, an impact investing initiative that will
support homeownership, job creation, small business growth, and
increased access to affordable rental housing, healthcare and
education.
The Philanthropy California Investment Collaborative provides a
coordinated approach for investors to direct market-rate
investments in California with a
specific focus on underserved communities and families. As part of
the collaborative, foundations, grantmakers and organizations can
invest in RBC GAM's impact investing strategies, within their fixed
income allocation, that target the geographic areas of interest
that are important to their organizations and missions, while also
earning a competitive financial return.
San Francisco Foundation, Fresno County Employees' Retirement
Association, Weingart Foundation and other California organizations have made initial
investments totaling approximately $100
million into RBC GAM's impact investing strategies to launch
this initiative.
"We are pleased to collaborate with so many mission-driven
organizations on a program that supports impact-related investments
that will focus on supporting underserved communities and families
across the state of California,"
said Catherine Banat, Director of U.S. Responsible Investing at RBC
Global Asset Management. "We think impact investing can help
California thrive and
prosper."
Members of Philanthropy California – an alliance of Northern California, Southern California, and San Diego Grantmakers
– grant millions of dollars annually to build economic health in
California, and they created this
impact initiative because they know that grant dollars alone will
not drive the change needed. Their goal is to allow organizations
to collaborate across the state of California to generate market-rate returns
while supporting affordable housing and community facilities
like hospitals and healthcare clinics, as well as small
businesses.
"We are excited to work with our California grantmaker peers to raise awareness
for impact investing," said Debbie
McKeon, President and CEO of San Diego Grantmakers.
"Market-rate investments that address important community issues
can work hand-in-hand with grant dollars to accelerate the
contribution foundations can make to help California."
With this investment collaborative, organizations in
California are looking to support
the communities where they live and serve.
"We believe in the power of impact investing as a catalyst for
racial equity and economic inclusion, helping to build affordable
housing, grow small businesses, create fair wage jobs, and
strengthen the organizations that serve our communities," said
Mark Doherty, Director of
Investments at San Francisco Foundation. "We're thrilled to partner
with other investors through the Philanthropy California Investment
Collaborative to advance progress for our region's most pressing
issues."
Nathan Magsig, Chairman of Fresno
County Employees' Retirement Association said, "The
opportunity to partner across sectors to effect change for our
community is compelling and needed now more than ever."
"An equitable recovery must move resources and power to our most
vulnerable residents, and no one organization – or sector – can do
it alone," said Rosa Benitez,
Director of Program Investments at Weingart Foundation. "The
Philanthropy California Investment Collaborative leverages
collaboration among like-minded investors to help achieve impact at
scale."
To learn more about Philanthropy California Investment
Collaborative, visit rbcgam.com.
About RBC
Royal Bank of Canada is a global financial institution with
a purpose-driven, principles-led approach to delivering leading
performance. Our success comes from the 86,000+ employees who bring
our vision, values and strategy to life so we can help our clients
thrive and communities prosper. As Canada's biggest bank, and one of the largest
in the world based on market capitalization, we have a diversified
business model with a focus on innovation and providing exceptional
experiences to our 17 million clients in Canada, the U.S. and 34 other countries. Learn
more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/community-social-impact.
About RBC Global Asset Management (RBC GAM)
RBC Global Asset Management (RBC GAM) is the asset management
division of Royal Bank of Canada
(RBC) and includes BlueBay Asset Management and Phillips, Hager
& PH&N Institutional. RBC GAM is a provider of global
investment management services and solutions to institutional,
high-net-worth and individual investors through separate accounts,
pooled funds, mutual funds, hedge funds, exchange-traded funds and
specialty investment strategies. The RBC GAM group of companies
manage approximately $400 billion USD
in assets and have approximately 1,400 employees located across
Canada, the United States, Europe and Asia.
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SOURCE RBC Global Asset Management (U.S.)