The Collective Investment Group (TCIG) is seeking $30 million of equity commitments for the Philadelphia Real Estate Impact Fund. The Fund invests in impactful real estate opportunities led and owned by Philadelphia’s growing network of Black real estate developers.
What Is The Purpose Of The Philadelphia Real Estate Impact Fund?
The Philadelphia Real Estate Impact Fund’s purpose is to finance real estate projects, including residential, mixed-use, office, and retail spaces in the Greater Philadelphia region. The fund is managed by The Collective Investment Group, with the mission to create and grow real estate assets that produce attractive returns for investors while empowering neighborhood stakeholders.
Diversity, inclusion, and equitable development are some of the key impact outcomes that the Fund is looking into, prior to making any investments. The Collective not only follows ESG principles, Impact Investing, and Sustainable Development frameworks but also aligns with SDGs. Specifically, they are focused on SDG 8 – decent work and economic growth -, SDG 9 – industry innovation and infrastructure -, SDG 10 – reducing inequalities – and SDG 11 – sustainable cities and communities.
How the Philadelphia Real Estate Impact Fund Stands Out
The fund is managed by experienced professionals. Steven Sanders, the Chairman of TCIG, has over thirty years of experience in the investment industry; the Vice-Chairman, Sandra Dungee Glenn, has served in executive-level positions in community development, education, public policy, and electoral politics for over forty years.
The local developers selected are all African Americans. Considering that Philadelphia’s population is made of over 40% African Americans but less than 5% of real estate developers are actually black, it is possible to see how the Collective Fund is creating the conditions for a more diverse and inclusive real estate industry in the city.
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The Collective believes that Back developers would be actually more sensitive to the role they play in shaping neighborhoods, and in this context, they are planning to raise a further $100 million to support other Black developers committed to building wealth for communities of color in the future.
Why Investing In Philadelphia Now
It is the right time to invest in Philadelphia. The city is now home to a broad array of healthcare, media, technology, and biotechnology firms, that complements well the long-standing healthcare and education institutions. The cost of living is lower compared to closer cities and the population has been growing constantly for the past years.
The TCIG will leverage its experience and connections to invest in the right areas of the city and create an incredible impact along with its developers. Together, they don’t just want to build homes or offices but to shape communities that could provide a better future for African Americans in the city.
According to several data, the neighborhood where you grow up could potentially affect your future. The Collective knows that and along with the local real estate developers, they are working they will create a long-lasting impact for those who will work or live in the communities that they are building.
For investor relations inquiries, please contact Heather McGee at 17 Asset Management
Editor’s Note: The opinions expressed here by Impakter.com columnists are their own, not those of Impakter.com