Kresge bolsters impact investment pool with $7 million commitment

November 21, 2023

A row of new three-story apartment buildings with a tree in the foreground.

The Kresge Foundation has announced a $7 million commitment to the Community Investment Guarantee Pool (CIGP), an initiative that brings together philanthropic capital to catalyze community development projects.

Launched in 2019, CIGP has mobilized more than $50 million in philanthropic capital, creating pooled commitments and financial guarantees for intermediaries addressing affordable housing, job creation, and small business and climate finance. CIGP partners include the Annie E. Casey, Robert Wood Johnson, Phillips, Seattle, Weingart, Winthrop Rockefeller, Sierra Club, California Wellness, California Community foundations; the California Endowment; the Chan Zuckerberg Initiative; CommonSpirit Health; the Jessie Ball duPont Fund; Arnold Ventures; Gary Community Ventures; and Locus, a national community development organization that manages the pool. The new commitment brings Kresge’s total investment to $17 million.

“This initiative is born out of our belief in the power of collaboration and innovative financing models to drive positive change in communities,” said Kresge Foundation social investment practice managing director Aaron Seybert. “By leveraging our resources through CIGP, we can catalyze projects that will have a lasting impact in communities that traditional markets overlook.”

(Photo credit: Getty Images/Alex-Potemkin)

"Kresge bolsters community investment ecosystem with $7m for community investment guarantee pool." Kresge Foundation press release 11/15/2023.