Turner Impact Capital seeks to raise $300 million to invest into affordable housing. The fund will help fill a pressing need to preserve affordable apartments and target returns of 10 percent to 12 percent.
According to a Bloomberg article, Bobby Turner began to see the social potential of real estate investing in the 1990s when he was part of a group of investors that bought a former wire factory in New York City’s East Harlem neighborhood and transformed it into a shopping mall. Later, he raised $2 billion with basketball Hall of Famer Magic Johnson to invest in inner-city real estate projects. In 2013, he left Canyon Capital Realty Advisors, where he had overseen a $12 billion real estate portfolio, to focus on social impact investing, which he said offers a better way to create change than pure philanthropy.
That model places Turner Impact among a group of 16 leading social impact real estate investors that have launched funds aiming to raise more than $3 billion… more