SeaChange Capital Partners, in partnership with the Altman Foundation, Heckscher Foundation for Children, Thompson Family Foundation, and another private family foundation, has announced an initiative to make flexible, high-impact capital available to nonprofit organizations serving low-income New Yorkers.

The New York Pooled PRI Fund will target investments ranging between $250,000 and $750,000 in support of nonprofits working in the areas of health and human services, housing, education and youth development, community and economic development, and the arts. Awards from the fund will be structured as secured and unsecured loans, loan guarantees, equity, and/or equity-like securities and will qualify as a program-related investment for its participants. An important part of NYPRI's strategy will be to identify foundations, high-net-worth individuals, and impact-oriented investment funds to co-invest in particular organizations and situations.

"NYPRI will seek opportunities that are not sensibly funded with grants or by market-rate loans but advance the programmatic objectives of the fund's participants and address the needs of the nonprofits," said John MacIntosh, a partner at SeaChange.

"By coming together, we should be more effective and efficient in sourcing, evaluating, and managing a portfolio of program-related investments than we would be on our own," said John Townsend, head of the Altman Foundation’s finance committee, "while retaining full discretion over participation in individual transactions."