Prudential Pledges $5 Million to Ignite Positive Social Impact Through the Blended Catalyst Fund
On March 29, Prudential Financial, Inc. proudly announced its $5 million investment in Living Cities’ newly launched Blended Catalyst Fund, a $31 million impact investing debt fund that will test innovative approaches to solving urban problems. The Blended Catalyst Fund combines philanthropic and commercial debt under the premise that both types of capital are needed to support initiatives that achieve better results for low-income people in US cities.
For over 140 years, Prudential has upheld its legacy as a purpose-driven business – helping people build financial security and eliminate barriers to social mobility. Driven by a commitment to social responsibility, Prudential is energized to collaborate with nine other philanthropic and commercial investors to pool and deploy capital to meet the growing demand for social services across the country. The Blended Catalyst Fund’s focus is a great match for Prudential, providing an opportunity to further advance its mission of social impact in its three core areas: savings and protection, quality jobs and urban transformation.
Unlike a traditional grantmaking fund, the Blended Catalyst Fund invests repayable capital in urban initiatives that deliver measurable impact. The Fund will provide term loans, lines of credit and equity investments at below-market rates to organizations, both for-profit and non-profit, and local governments that are focused on economic development, income inequality, small business development, homelessness and similar social issues.
Prudential is exited to partner with Living Cities and the other Blended Catalyst Fund investors to innovate, collaborate and share learnings to ultimately find sustainable solutions for low-income communities. This investment is consonant with the company’s commitment to authentic, long-term engagement and respectful collaboration.
