The Fund Aims to Increase People of Color-Led Business Ownership and Close Wealth Gaps. Known to house both the Living Cities Catalyst III fund and the team who powers it.
NEW YORK, May 22, 2023 /PRNewswire/ -- Living Cities announced its new partnership with Known, a finance and asset management firm, to house its $100 million Catalyst Fund III, an investment vehicle designed to confront and address underinvestment in Black, Indigenous, People of Color (BIPOC) communities.
"Living Cities is proud to partner with Known as we work to enable the equitable and inclusive flow of capital investment. We understand from our 32 years of innovation that there can be no equitable or inclusive economic growth or development without an exponential investment in the genius, productivity, and drive of the growing BIPOC population," said Joe Scantlebury, Living Cities' President and CEO. "Our joint venture with Known will help our philanthropic collaborative to scale, demonstrate impact to a wider audience, and challenge current narratives, assumptions and practices that limit capital investment and hobble our nation. Known and Living Cities believe that our nation's growth and stability begin with changing our approach to investing today."
Known is a Black-, Indigenous-, Latinx- and Asian American-founded platform for the investment in and sustainable growth of BIPOC fund managers, financial advisors, bankers, and entrepreneurs. It has committed to support the growth of both the Living Cities fund strategy and provide a home for the staffing of the Catalyst Fund III. Under Known's regulatory framework, the Living Cities team can expand the size and scope of the current fund and future funds augmenting what a non-profit can offer.
"We're thrilled to provide a new home for the operation and growth of this storied franchise of funds, and we look forward to a thriving partnership with our friends at Living Cities. This values-aligned endeavor is a case study in partnership for scale and growth, and true cross-sector collaboration at its best," said Jim Casselberry, CEO of Known Holdings.
The Living Cities Catalyst Fund III builds on Living Cities' many years of impact investing in financial intermediaries and fund managers in both debt and equity capacities. Fund III follows two structured debt funds – the $38 million Catalyst Fund, which fully repaid investors in 2021, and the $37 million Blended Catalyst Fund, which is fully committed – exploring innovative solutions to serve under-invested communities and close racial income and wealth gaps.
"From the launch of Living Cities first fund, the Catalyst Fund, in 2008, and with the continued evolution of our impact investing thesis through our second fund, the Blended Catalyst Fund, we have invested in innovative solutions to close the wealth and income gaps for BIPOC populations," said Demetric Duckett, Managing Partner of the Catalyst Fund III, and former Managing Director at Living Cities. "Our partnership with Known builds on that momentum, continues on the path of systemic change, and will allow our third fund, Catalyst Fund III, to leverage a private sector platform where it can scale and grow to actualize our vision of how the world should be."
About Living Cities
Living Cities is a collaborative of prominent philanthropic foundations and financial institutions committed to ensuring that all people in U.S. cities live economically stable, thriving, abundant, healthy and connected lives. We seek to close the racial income and wealth gaps that divide us by removing barriers to capital investment and economic opportunity. Learn more at LivingCities.org.
About Known
Launched in 2021, Known is a finance and asset management firm that works with founders, family offices, and large asset owners who value competitive returns as well as powerful long-term racial, social, and climate impact. Known generates growth, ownership, and wealth in the economy powered by the Global Majority (AKA BIPOC, Black, Indigenous, and People of Color)—the fastest-growing and most undercapitalized demographic on the planet. Known is led by its Black, Indigenous, Latinx, and Asian-American co-founders, joined by a team of leading financial professionals, seasoned investors, and deeply experienced business leaders. For more on Known please click here.
Living Cities Media Contact: Magdaline Hurtado, [email protected]
SOURCE Living Cities
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