Black Economic Development Fund hits $250m goal

The Black Economic Development Fund, managed by the Local Initiatives Support Corporation, has reached its $250 million goal for capital to invest in Black-led banks, anchor institutions, businesses, and real estate developers, and is now rolling out its first investments.

The US-based BEDF, launched last summer, is part of LISC's Project 10X, a $1 billion strategy to address racial gaps in health, wealth, and opportunity. The private investment fund has raised capital from 11 public and private corporations, with McKinsey and Company recently coming in with $15 million.

With the BEDF now fully subscribed, LISC also announced the fund's first five investments this week, with as many as 20 additional fund investments expected by year end.