In 2007, the Kellogg Foundation earmarked $75 million for mission driven investing in the United States. The U.S. mission driven investment team has strategically aligned all investments to advance the Foundation’s mission and grantmaking focus on educated kids, healthy kids, and secure families, especially in geographic focus states of Michigan, Mississippi, New Mexico and the city of New Orleans. The portfolio is diversified by asset classes of cash, fixed income, and private equity.
There is no specific duration or maturity target for investments in the United States. Broadly, the goal is to balance four factors:
We have invested $23.4 million in two Africa fund managers. Agri-Vie Fund focuses on expansion stage agribusinesses. Vantage Capital provides mezzanine debt to mid-size companies. We track a financial return commensurate with emerging market private equity and a social return focuses on jobs and black economic empowerment.
Currently, we do not have an active mission driven investment program in this region; over the next 6 to 12 months we will be developing that program.