Mission Related Investing/Program Related Investing:
Given the significance of the number 18 in the Jewish tradition (the number 18 in Hebrew is ‘chai’ which also means life) the Max M. & Marjorie S. Fisher Foundation started a learning journey in 2012 dedicating ourselves to exploring the deployment of 1.8% of assets in impact investing. In late 2015, after a few years’ experience, the Board increased the target to 3.6% (two times chai) of existing assets ($275 million) bringing our total commitment to approximately $10 million. Our strategy includes leading alongside others by investing in individual deals, learning through participating in collaborative investments with seasoned impact investors, and accelerating the field by investing in opportunities that create on-ramps for new impact investors. Of the $10 million current target for impact investing the Foundation has committed $4,900,000:
- $200,000 seven-year zero interest loan to Hebrew Free Loan to provide no interest loans to families in need.
- $250,000 to the Woodward Corridor Investment Fund in partnership with the Kresge Foundation Social Investment Practice to spur transformative real estate ventures to advance the physical development goals of the Woodward Corridor.
- $2 million to create low interest loans for local neighborhood businesses to preserve and create jobs through the New Economy Initiative for Southeast Michigan.
- $500,000 invested in Detroit Venture Partners a Detroit-based venture capital firm.
- $50,000 loan to Artesian Farms in Brightmoor, northwest Detroit.
- $250,000 invested in the Michigan Good Food Fund in partnership with W.K. Kellogg Foundation.
- $1 million in partnership with Council of Michigan Foundations and Community Capital Management for the Economic Development Bond Fund – Michigan Series.
With Phillip’s leadership, the Foundation has been involved in discussions regarding potential social impact bonds (pay for success) and other efforts to put the Foundation’s balance sheet into motion to advance our mission alongside our partners.
Organizations that feel their work is a good fit for the mission of the Foundation and would like to explore the potential of either program related investments (below market rate loans) or mission related investments (at market rate), are encouraged to submit a letter of inquiry.
"We refer to non-profits as 'social-impact' organizations in an effort to define them by what they are – as opposed to what they are not."