Last Updated on March 5, 2022 by BVN
Phyllis Kimber Wilcox |
CalSTRS, the California Teachers Retirement Fund, in partnership with the Belay Investment Group has announced a $50 million dollar equity commitment to SoLA Impact through its Black Impact Fund.
With this investment, CalSTRS joins other leading institutional investors who collectively have invested $250 million dollars in SoLA Impact’s Fund.
SoLA Impact Fund has created thousands of units of affordable and workforce housing mostly in the Los Angeles area in Black and Brown communities. They do this by rehabbing and building affordable housing from the ground up and by utilizing available social programs such as Section 8 housing vouchers,
SoLA incorporates social services such as vocational training and financial counseling, financial literacy and scholarships for tenants through their non profit organization SoLA I Can Foundation which seeks to find solutions to the problem of homelessness by providing pathways to self sufficiency.
“We are honored to have CalSTRS anchor our second close with such a significant commitment,” said Martin Muoto, Chief Executive Officer of SoLa Impact. “We looked for a mission-aligned investor that operates in a true partnership with emerging managers, has an appreciation for the diversity of our team, and has deep experience in institutional investing. CalSTRS and Belay are a perfect fit for SoLa Impact.”
Belay’s Managing Principal in charge of Investment Team activity Eliza Bailey shared how after extensive due diligence, Belay was impressed with the senior team at SoLa Impact, highlighting the company’s thoughtful, disciplined approach to building their platform as well as the positive change they continue to have in Los Angeles through their affordable housing investment strategy and related social programming.
“While their track record speaks for itself,” shared Bailey, “we believe that SoLa is an organization that helps prove that ‘Doing well by Doing good’ is a viable business model. And Belay is particularly aligned with their commitment to investing in historically overlooked Black and Brown communities, as well as their deep engagement with the communities in which they invest.”
Commenting on SoLA’s commitment to solving the problem of homelessness, Los Angeles Mayor Eric Garcetti noted, “SoLa Impact is poised to double down on the important work it’s doing to both build much-needed affordable housing in underserved communities and provide Angelenos with the tools they need to transform their lives.”