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NEW YORK, May 26, 2021 /PRNewswire/ — The Black Economic Development Fund (BEDF), managed by the Local Initiatives Support Corporation (LISC), has reached its $250 million goal for capital to invest in Black-led banks, anchor institutions, businesses, and real estate developers, and is now rolling out its first investments.
The BEDF, launched last summer, is part of LISC’s Project 10X, a $1 billion strategy to address racial gaps in health, wealth, and opportunity. The private investment fund has raised capital from 11 public and private corporations, with McKinsey and Company recently coming in with $15 million.
“We’re excited about the outpouring of interest from impact investors because it speaks not only to the quality of the fund but to a deepening recognition that access to capital is what facilitates access to opportunity,” noted George Ashton, managing director of LISC Strategic Investments, the fund management arm of Local Initiatives Support…
