Church Pension Fund (Episcopal), New York, committed $17 million to Off-Grid Solar and Financial Access Senior Debt Fund I, managed by Social Investment Managers & Advisors, said C. Curtis Ritter, pension fund spokesman, in an email.
It is the latest socially responsible investment for the $12.1 billion pension fund, which "has approximately $1 billion of invested or committed capital in socially responsible investments in 25 countries," according to a pension fund news release. It is the first time the pension fund has made a commitment to SIMA, Mr. Ritter said. It falls within the global bonds allocation, which had an actual allocation of 26% as of March 31, 2017, the most recent data available.
SIMA's fund, for which the manager plans to raise $75 million, will provide loans to distribution companies, microfinance institutions and manufacturers in the sub-Saharan African and South Asian off-grid solar sector.