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Laxman Pai, Opalesque Asia: New York-based banking institution Citi has launched a $150 million fund that will invest in private-sector companies that have a positive impact on society.
The Citi Impact Fund, which the banking giant has launched using its own capital, will actively seek to invest in businesses that are led or owned by women and minority entrepreneurs.
Citi said the fund will invest up to $10 million in "double-bottom-line" companies, or those who are measured by both their financial and social results.
The fund, which Citigroup said complements its environmental, social and governance (ESG) initiatives, will invest in U.S.-based companies that are working to address the societal challenges.
According to the banking institution, the four main challenges include: workforce development, access to the financial system, physical and social infrastructure, and companies focused on sustainability.
Citi says it is prepared to make investments of as much as $10 million out of the fund and expects its prospective portfolio companies to have "demonstrated proof of concept, built an existing customer base, secured prior rounds of funding and exhibited the potential for scale in multiple markets."
"It takes companies of all sizes to address the challenges our society faces today," said Citi CEO Michael Corbat. "While Citi's global footprint and scale allow us to use our balance sheet to play an important role, smaller, newer, 'double bottom line'...................... To view our full article Click here
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