Our Funds
TRF’s financial savvy and business discipline is evident in the way we manage our investments. While TRF actively solicits new investments to the TRF Loan Fund, we also manage several other pools of capital designated specifically for certain programs. In total, TRF manages over $435 million in investment capital.
The TRF Loan Fund has been at the heart of TRF’s work since our founding in 1985. With more than 800 diverse investors, this fund is largely responsible for the many homes, schools, businesses and energy projects TRF has funded over the years. It fuels our innovation, allowing us to create and test new financing products to meet the needs of our market. The TRF Loan Fund is also supported by substantial equity grants from the U.S. Department of the Treasury’s CDFI Fund, the MacArthur Foundation and the Pew Charitable Trusts, which have enabled us to add flexibility to our lending, while also protecting the interests of our investors. A complete listing of the investors in the TRF Loan Fund is available in our most recent Annual Report. Learn how you can invest in the TRF Loan Fund.
The Charter School Capital Access Program (CCAP) was initiated in 2002 with a $6.4 million demonstration grant from the U.S. Department of Education. Investors in this $45 million fund include banks and financial institutions as well as TRF and the NCB Development Corporation. CCAP finances charter schools in the mid-Atlantic region that enroll students from predominantly low-income households or are located in predominantly low-income neighborhoods. In 2005, TRF established the TRF Growth Fund, with a $10 million grant from the U.S. Department of Education. Also targeted toward financing charter schools in this region, this fund is currently being capitalized with additional investments.
The Pennsylvania Fresh Food Financing Initiative (FFFI) was created in the fall of 2004 to increase access to supermarkets in underserved communities. This TRF-managed fund was established through a public-private partnership that includes the Commonwealth of Pennsylvania, The Food Trust and the Greater Philadelphia Urban Affairs Coalition. FFFI was seeded with a $20 million investment from the Pennsylvania Department of Community and Economic Development and is currently inviting investors. Once fully capitalized, this $80 million multi-faceted financing pool will increase the availability of fresh, affordable food, create jobs, and contribute to the economic well-being of low-income neighborhoods.
The Collaborative Lending Initiative (CLI), was established in 1994 as a bank loan consortium to finance large scale construction projects. It is now a $30 million syndicated bank facility led by JPMorgan Chase that finances affordable housing, charter schools and other community facilities.
TRF Sustainable Development Fund (SDF) was created in 1999 as a result of the PECO Energy Company restructuring proceeding, with additional funding received as a result of the PECO Energy/Unicom merger settlement. SDF makes loans, grants and equity investments in projects that advance renewable and clean energy development and use in Southeastern Pennsylvania. Its projects include wind energy development, solar photovoltaics, and renewable energy education.
TRF manages two private equity funds, DVCRF Ventures, L.P., and TRF Urban Growth Partners, L.P., which in combination have generated almost 1500 jobs for low- and middle-income workers. Investors in these funds include foundations, banks and high net-worth individuals. DVCRF Ventures, established in 1998, is TRF’s first private equity fund, and has been fully invested in 11 ventures, four of which remain in portfolio. TRF Urban Growth Partners (UGP) is TRF’s second private equity fund and closed with $48.5 million in commitments.
In 2006, TRF received a $75 million New Markets Tax Credit (NMTC) allocation from the U.S. Department of the Treasury to provide a combination of debt and equity to three project types: charter schools in highly distressed areas in the mid-Atlantic region, full service supermarkets in highly distressed areas of Pennsylvania, and other commercial and mixed use developments in highly distressed communities in the mid-Atlantic region. TRF also received a $38.5 million NMTC allocation in 2004 which funded community and economic development projects in low-income areas in Southeastern Pennsylvania, Central and Southern New Jersey, and Northern Delaware.
Questions? Call 215.574.5819 or email invest@trfund.com