ABOUT THE MINNESOTA EQUITY FUND
The Minnesota Equity Fund (MEF) is a new social enterprise designed to raise equity capital from Minnesota corporations and banks to invest in well designed, high quality, sustainable affordable housing developments throughout Minnesota. MEF is a subsidiary of the Greater Minnesota Housing Fund, a nonprofit Community Development Financial Institution (CDFI) which has raised over $208 million in charitable grant funds and has financed over 12,000 units of affordable housing in its 18-year history. MEF Fund I is a strategic partnership between GMHF and Great Lakes Capital Fund (GLCF), a nationally recognized syndicator of low income housing tax credits (LIHTC) tax credits with $2.5 billion of assets under management and 20 years of experience and expertise in affordable housing.
The mission of the Minnesota Equity Fund is to enable socially motivated corporations and financial institutions make sound economic investments in well designed, high quality affordable housing developments in communities throughout Minnesota and beyond.
GMHF’s partner in the Minnesota Equity Fund is Great Lakes Capital Fund (GLCF). GMHF performs investor and developer relations, technical assistance and provides complementary development financing. GLCF provides expert underwriting, and asset management.
Minnesota Equity Fund’s first fund is a $50M proprietary fund in partnership with UnitedHealth Group (UHG) which is investing in Minnesota affordable housing developments. This initial $50M fund with UHG places an emphasis on investing in supporting housing with services. The Minnesota Equity Fund also has access to numerous other investors with diverse interests though Great Lakes Capital Fund.