ImpactAlpha, October 22 – Russell Family Foundation has been aggressively pushing to align its investment portfolio with its philanthropic mission: improving the environmental and community health in and around the Puget Sound. Now, the Gig Harbor, Wash.-based foundation, which has $132 million in total assets, has another $6 million to put in that pot.
It has committed $3.8 million to StoneCastle, whose impact-focused Federally Insured Cash Account is designed to boost liquidity for community banks and credit unions in underserved areas. The foundation is also investing $1.5 million for community-led property redevelopment in Tacoma’s gentrifying Hilltop neighborhood; $250,000 to convert a former University of Washington lab for future conservation and environmental programming; and $500,000 to Organically Grown, a produce distributor out of Oregon with a unique ownership model.
Its latest investments add to its already 75% mission-aligned portfolio. They were made alongside $380,000 in grants for youth housing and skills-building, community engagement on local environmental issues, marine preservation and orca protection.