September 27, 2018

Hartford Foundation kickstarts new investment arm

HBJ File Photo
HBJ File Photo
The city of Hartford.
HBJ FILE PHOTO
Jay Williams, the foundation's president, will also lead HFPG Impact! Greater Hartford.

The Hartford Foundation for Public Giving has launched a new investment arm that will include collaborative investments in companies, organizations and funds that officials say will expand the regional community chest's support of affordable housing and economic development.

The foundation announced Wednesday it invested $4 million into HFPG Impact LLC, a subsidiary the Hartford Foundation will use to increase investments within its 29-municipality footprint. Additional investments will be considered, officials said.

The new arm represents a pivot in the foundation's strategy under a relatively new leader, Jay Williams, who was named president in July 2017.

The foundation has traditionally focused on funding nonprofits or school districts in north central Connecticut, covering cities and towns between Canton, Rocky Hill, Tolland and Enfield.

"By establishing a separate corporation, the foundation has extensive flexibility, through partnerships or on its own, to make investments beyond the scope and range of the foundation's traditional grantmaking," the foundation said.

Billed as "HFPG Impact! Greater Hartford," the initiative will invest in companies and organizations with projects aimed at supporting affordable housing, economic development projects and creating additional access to capital for business and entrepreneurship growth for underserved residents.

The foundation's core annual investments of $33 million to $36 million will not be affected by the new initiative, officials said.

This story has been updated

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