The growing number of foundations committing to mission-related investments from their philanthropic endowments has set off something of a land rush among investment advisors eager for their business (see, “Ford Foundation to tap endowment”).
The latest scrum is being conducted by the California Wellness Foundation, which quietly announced this month it was committing $50 million over five years for program- and mission-related investments, or MRIs, to expand access to healthcare services in underserved communities.
“We’re eager and excited to be embracing MRI as a way to further our philanthropic impact, but we’re in the early stages of this work,” Cal Wellness’ Richard Tate told ImpactAlpha.
Applications are due Monday for advisors seeking to help build the foundation’s strategy.
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