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Investments

We’re using more of our endowment to advance wellness.

In 2017, we started investing more of our endowment dollars to align with our mission and vision. And in 2020, our board approved investing all of our endowment in alignment with our mission and vision.

We are using two strategies—mission-related investments (MRIs) and program-related investments (PRIs). These strategies complement our grantmaking and reflect our commitment to diversity, equity and inclusion.

 

To learn more about our impact investing, scroll through the deck above (using the right-side scrollbar or the arrows at the top left). You can also download the deck here.

By the Numbers

  • 100%

    of our endowment committed to mission-related investing

  • $48 million

    total invested in MRIs since 2017

  • $10 million

    committed to program-related investments

Mission-Related Investments

Our board committed to allocate all of our endowment for MRIs, with an additional $40 million for PRIs. With MRIs, we are seeking market-rate returns so that we can sustain and continue to grow our endowment. At the same time, we’re making investments that align with our mission and result in social impact.

Our MRIs:

  • Provide resources and capital to underserved communities, while promoting equity and diversity.
  • Actively exclude companies doing the greatest harm to underserved communities.

In addition to what we’re investing in, we pay attention to who we partner with. Whenever possible, we hire asset managers who share our values and reflect the diversity of communities we serve. For example, we work with managers who:

  • Use social, environmental and governance (ESG) criteria as a factor in their investment philosophy and process.
  • Invest in companies with products and/or services advancing wellness.
  • Have a significant level of diversity among its ownership and senior management.

Examples of our MRIs:

We are investing in Ilumen Capital and Impact America Fund. These investments go toward companies that are

  • Working in underserved communities.
  • Are owned by minority populations.
  • Have products or services that benefit underserved communities or generate wealth and/or jobs in those communities.

We are investing in New Energy Capital, which invests in clean energy and infrastructure projects.

We are investing in HCAP Partners, which provides debt financing in low- to moderate-income areas throughout California and the Western United States.

Program-Related Investments

We will invest $40 million in program-related investments over the next five years. Unlike MRIs, these investments can yield below-market returns or take added risk. Initial PRIs will contribute needed investment capital for affordable housing, or small-business lending that revitalizes the infrastructure and economies of dis-invested communities. These are dollars that are above and beyond our annual grantmaking commitment. PRIs are made by invitation only.

In early 2019, Cal Wellness’ first program-related investments went to Community Development Financial Institutions: Rural Community Assistance Corporation and Opportunity Fund. Learn more here. In 2020, Everytable was the recipient of a program-related investment. Read about it here.

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