Equitable Announces Investment in SoLa Impact's Black Impact Fund
June 13 2022 - 9:06AM
Business Wire
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 (NYSE: EQH), 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.
"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.
About Equitable
Equitable, a principal franchise of Equitable Holdings, Inc.
(NYSE: EQH), has been one of America’s leading financial services
providers since 1859. With the mission to help clients secure their
financial well-being, Equitable provides advice, protection and
retirement strategies to individuals, families and small
businesses. Equitable has more than 8,000 employees and Equitable
Advisors financial professionals and serves 2.8 million clients
across the country. Please visit equitable.com for more
information.
“Equitable” is used throughout this release to refer
specifically and exclusively to Equitable Financial Life Insurance
Company (Equitable Financial) (NY, NY), including discussion of its
general account and its 1859 founding. Please visit equitable.com
for more information. Overall, Equitable is the brand name of the
retirement and protection subsidiaries of Equitable Holdings, Inc.,
including Equitable Financial Life Insurance Company, Equitable
Financial Life Insurance Company of America (Equitable America), an
AZ stock company with main administrative headquarters in Jersey
City, NJ, and Equitable Distributors, LLC. Equitable Advisors is
the brand name of Equitable Advisors, LLC (member FINRA, SIPC)
(Equitable Financial Advisors in MI and TN).
GE-4761355.1(06/22)(exp.06/24)
About SoLa Impact
SoLa Impact is a family of real estate funds with a double
bottom line strategy focused on preserving, rehabbing, and building
high-quality affordable housing in Black and brown communities.
SoLa's proven track record leverages data-driven social impact
strategies to deliver strong financial returns. SoLa Impact's
fourth fund, the Black Impact Fund, is part of an initiative to
invest over $1 billion in affordable and workforce housing and
related social impact strategies across urban cities in
California.
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Investor Relations Işıl Müderrisoğlu (212) 314-2476
IR@equitable.com Media Relations Todd Williamson (212)
314-2010 mediarelations@equitable.com
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