Equitable Announces Investment in SoLa Impact’s Black Impact Fund
Commitment from Equitable’s General Account to support affordable housing and help advance economic mobility in underserved communities
Equitable, a leading financial services company and principal franchise of Equitable Holdings, has made an investment into the ‘Black Impact Fund’, the fourth fund of SoLa Impact. SoLa Impact, a Black-led real estate developer and investment fund, is focused on providing high-quality, affordable and workforce housing in California’s cities. SoLa launched the fund, in part, to help address and improve economic opportunities for Black and brown Americans in lower income communities.
Equitable’s $15 million investment in SoLa’s Black Impact Fund is part of the company’s commitment to invest a portion of its General Account towards creating meaningful and positive social impact in the communities in which it serves.
“Impact investing is critical in our commitment to reducing inequities and strengthening communities,” said Steve Joenk, Chief Investment Officer at Equitable. “Our investment in Sola Impact’s Black Impact Fund advances economic mobility through affordable and workforce housing, access to education, mentorship and career advancement.”
Through its strategy to drive positive outcomes for all of its stakeholders, Equitable aspires to play a role in addressing the challenges of its people, clients, communities and society. This includes investing in projects that reinforce the company’s commitment to reducing inequalities and fostering healthier and more vibrant communities.
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“Equitable continues to demonstrate its commitment to diversity, equity, and inclusion in many ways,” said Martin Muoto, Chief Executive Officer, SoLa Impact. “Investing in communities that have historically been overlooked and underinvested in is one of the most meaningful ways to create opportunities in Black and brown communities. We are proud to add Equitable to our growing community of investors that take a long-term, inclusive approach to ESG.”
SoLa Impact’s model leverages private capital, instead of government funds, to meet the high demand for high-quality affordable housing in California’s urban markets. SoLa Impact’s approach to social impact combines access to affordable housing with access to education, capital, and ownership to uplift Black and brown communities. As one of the nation’s largest Black-led developers and operators, SoLa Impact also offers extensive social programs to provide practical solutions to addressing racial inequality by equipping tenants with vocational training, financial counseling, scholarships, and pathways to home-ownership and self-sufficiency.