Can commercial corridors + broad ownership build community wealth without displacement? A corridor of new small businesses, restored buildings and projects on previously vacant lots is emerging in the majority Latino and low-income west side of San Antonio. The community’s plans for the commercial corridor, known as ESTAR West, is an example of a new crop of mixed-use real estate initiatives that combine small-business support and various flavors of local, community and shared ownership. “The corridor model isn’t a simple commercial real estate fund, and it’s not a housing fund, or just a business-support fund. It’s a community economic development fund,” says Kevin Doyle Jones, who is convening Neighborhood Economics in San Antonio next week. “It’s a real thing, and so we can put real money to work.” Jones, who earlier founded Social Capital Markets, or SOCAP, is bringing to San Antonio developers of corridor initiatives in Philadelphia, Los Angeles, Kansas City and other cities to “prove that the model works.”
Overture raises $60 million to help climate tech founders tap government support. It helps to be a specialist in the crowded climate tech investing space. Overture was founded a year ago by former Obama administration officials to help climate startups navigate the rules, regulations and corridors of power, as the Biden administration deploys hundreds of billions of dollars in incentives to decarbonize the economy. “Government is going to touch the climate transition in nearly every capacity,” Overture’s Michael O’Neil told ImpactAlpha. The Washington, DC-based early stage venture capital firm partners with government affairs firm Boundary Stone Partners to help portfolio companies identify government grants, loans, permitting assistance and policy opportunities. That specialty has helped Overture get into competitive deals and attract $60 million for its debut fund.
Signals: Mission Investing
The California Endowment goes ‘all-in’ on impact. Now here’s an impact mandate: The California Endowment plans to move its entire $4 billion endowment to investments that align with its mission of supporting health and racial equity, making it one of the largest foundations to date to go “all in” on impact. Given the size of the endowment, it will take time to transition it to an all-impact portfolio, the foundation’s Kurt Chilcott and Amy Chung tell ImpactAlpha. The Endowment is determining the criteria it will use for making investments and measuring financial and programmatic success. “We think the field of impact investing and the supply of authentic impact investing opportunities is going to grow,” says Chung.
Agents of Impact: Follow the Talent
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Editor’s note: This guest post is sponsored by Impact Ventures by J&J Foundation, which supports ImpactAlpha’s Investing in Health coverage. In partnership with Impact Ventures, ImpactAlpha is exploring the …