Equitable Announces Investment in SoLa Impact's Black Impact Fund
Commitment from Equitable’s General Account to support affordable housing and help advance economic mobility in underserved communities
June 13, 2022
NEW YORK — June 13, 2022 – 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.
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.
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.
“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).