$21M Fund to Bring Impact Investing to Local News

Press Release

October 27, 2026

The new Fund from Social Finance, supported by anchor funders the MacArthur Foundation and Knight Foundation, along with Press Forward, will invest in local news organizations across the United States.

(Boston, MA) — People depend on local news to stay informed, connected, and engaged in civic life. Yet, across the country, communities are losing access to the essential coverage and local information that helps to fuel participation in our democratic process. To confront this reality, national nonprofit and registered investment adviser Social Finance and anchor funders the John D. and Catherine T. MacArthur Foundation and the John S. and James L. Knight Foundation today announced the launch of the Local News Impact Investment Fund, a new initiative designed to bring impact-first investment capital to local news organizations across the United States.

The Fund addresses a persistent challenge for the field: local news organizations need access to capital to grow and strengthen their businesses, but often have limited financing options and rely on donations that can only stretch so far.

The Fund launches with an initial $21 million including commitments from the anchor funders, along with funding from other partners including Press Forward and Social Finance. The Fund plans to grow through additional investor partnerships, and Social Finance, through its registered investment adviser, will serve as the Fund’s investment manager.

America’s local news crisis has left 50 million people with limited or no access to local news, according to Northwestern University’s State of Local News Report, as advertising and circulation shifts severely altered the business model that once sustained local news.

More philanthropic dollars have been committed to journalism in recent years, but donations alone cannot meet the investment needed to sustain local news outlets long-term. The Local News Impact Investment Fund is designed to provide patient, flexible capital from investors who see supporting local news not just as a financial opportunity, but as an investment in the civic engagement and economic vitality of local communities.

“Local news is the backbone of informed, connected communities. This Fund opens a new door for anyone who cares about local journalism and wants their money to do more,” said Kirstin Hill, President & COO of Social Finance. “It is a chance to invest in the civic fabric that connects communities, to see your capital make a difference, and to be part of building a more sustainable future for local news.”

The Fund will deploy investment capital, with most deals ranging between $500,000 to $2 million. Local news organizations that are actively building sustainable business models, have a clear understanding of their market and audience, and have a credible path to revenue growth and profitability will be eligible investees. Qualifying organizations may be independent for-profit or nonprofit news organizations. This new source of capital is designed to work alongside grantmaking and open the door to broader pools of investment capital over time.

“Local news strengthens communities and builds shared understanding, yet the organizations that provide this essential service struggle with access to capital,” said John Balbach, Director of Impact Investments at the MacArthur Foundation. “This is the first fund built to connect local news organizations with the capital they need to develop sustainable business models that will support local news for generations to come.”

The Fund will focus on helping local news organizations modernize their platforms, launch and test new business models that can increase their topline revenue, and expand into new geographies, communities, and news topics. More financially stable newsrooms mean more reporters in the field and more communities served.

“When people have access to local news, they are more connected and more engaged in their communities, but philanthropy alone cannot meet the scale of the challenge facing local news organizations. This Fund brings patient, flexible capital to organizations that are ready to scale proven models, grow revenue and build a more sustainable future,” said Amalie Nash, vice president for journalism at Knight Foundation.

The Fund will also measure results, tracking investees’ financial health alongside their reach and engagement in the communities they serve, with a focus on communities with the least access to local news. Social Finance brings 15 years of experience designing, managing, and measuring impact investments across a variety of sectors.

Organizations interested in learning more about investment opportunities or partnership can visit localnewsinvestmentfund.org.

MacArthur Foundation and Knight Foundation are investors in the Fund. No compensation was provided for their statements.

###

About Social Finance

Social Finance is a national nonprofit and registered investment adviser (SF Advisers, LLC) expanding economic opportunity in America. We bring together leaders from government, philanthropy, and the public sector to improve systems and put capital to work in new ways. We design and manage investments that prioritize impact, advise partners on how to achieve better results, and share what we learn to build the field. Since our founding in 2011, we have mobilized more than $500 million to create measurable outcomes in workforce and education, health, and housing. Learn more at socialfinance.org. Registration does not imply a certain level of skill or training.

About the John D. and Catherine T. MacArthur Foundation

The John D. and Catherine T. MacArthur Foundation supports creative people, effective institutions, and influential networks building a more just, verdant, and peaceful world. MacArthur strives toward transformative change on some of the world’s most pressing social issues, including the existential threats of climate change, criminal justice reform, revitalizing local news in the U.S., expanding who creates, uses, and benefits from artificial intelligence, strengthening the well-being of Native communities, and empowering young people in Nigeria. MacArthur’s Impact Investment program is working to build the field of impact investing and provide catalytic capital to address social and environmental challenges around the world.

About Knight Foundation

We are social investors who support a more effective democracy by funding free expression and journalism, arts and culture in community, research in areas of media and democracy, and the success of American cities and towns where the Knight brothers once published newspapers.

About Press Forward

Press Forward is a network with chapters nationwide, working to strengthen local news so communities stay informed, connected and engaged. With more than 40 place-based chapters and over $400 million invested, we support sustainable models, close coverage gaps, and cultivate the local news champions that help ensure everyone has access to reliable information. Together, we can write a new story for local news.

Legal Disclosures

Quotes and testimonials provided herein are from investors in the Fund. No compensation was provided for quotes or testimonials. This press release does not constitute an offer to subscribe for or otherwise acquire any of the interests described herein nor should it be interpreted to contain a recommendation for the sale or purchase of any security or investment product.

Social Finance, Inc., SF Advisers, LLC and their employees, subsidiaries and affiliates (including, but not limited to, any general partner or investment manager of any vehicle offering the interests described herein) (collectively, “Social Finance”) make no representations as to the completeness and accuracy of any information contained on this webpage. The information contained herein is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security or investment product, nor should it be interpreted as a recommendation for the purchase or sale of any security or investment product. If and when an offering of any of the interests described herein is made, it will only be made pursuant to confidential offering document(s) or other governing documents of the entity issuing such interests, each of which will be furnished on a confidential basis only to qualified, “accredited investors,” as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended.

This webpage is not, and may not be relied on in any manner as, legal, tax or investment advice, and Social Finance makes no representation or warranty regarding the legality of any investment by a prospective investor under applicable securities or other laws.

Statements on this webpage are made as of the dates specified on this webpage and Social Finance has no obligation to update the information on this webpage, including any “forward-looking statements” (as described below).

Certain information contained on this webpage has been obtained from published and non-published sources. Such information has not been independently verified by Social Finance, and Social Finance does not assume responsibility for the accuracy of such information (or updating the webpage based on facts learned following its publication). The information contained on this webpage is subject to change without notice.

An investment in any interests described on this webpage would be subject to various risks, including the risk that the underlying funds will not achieve any strategy, objectives or other plans, including with respect to such funds’ impact objectives. If and when an offering of any of the interests described herein is made, potential investors should carefully review the confidential offering document(s) or other governing documents related thereto for a discussion of the risks involved in making an investment in such interests.

Any projected or targeted returns included on this webpage should not be regarded as a representation or guarantee that any investment strategy will reflect any particular performance or that it will achieve or is likely to achieve any particular result or that investors will be able to avoid losses, including total losses of their investment.

This webpage contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact included in this presentation are forward-looking statements. These statements relate to analyses and other information, which are based on forecasts of future results and estimates of amounts not yet determinable. Due to various risks and uncertainties, actual events or results or the actual policies, procedures and processes of the investment managers of the underlying funds and the performance of the underlying funds may differ materially from those reflected or contemplated in such forward-looking statements and no undue reliance should be placed on these forward-looking statements, nor should the inclusion of these statements be regarded as Social Finance’s representation that the proposed fund will achieve any strategy, objectives or other plans. These forward-looking statements are identified by the use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “will” and similar terms and phrases, including references to assumptions. However, these words are not the exclusive means of identifying such statements. For example, any projections or other estimates in this presentation, including estimates of returns or performance, are forward-looking statements.

Although Social Finance believes that the plans, intentions, and expectations reflected in or suggested by such forward-looking statements are reasonable, there is no assurance such plans, intentions or expectations will be achieved. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that are expected. There is no assurance that the results or developments Social Finance expects or anticipates will be realized or, even if substantially realized, that they will affect the investments in the way Social Finance expects.

The forward-looking statements included on this webpage are made only as of the date hereof. Social Finance undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. Accordingly, investors and prospective investors should not rely on any projections or forward-looking statements in making any investment decision.

Legal Disclosures

Social Finance and Philanthropist Mollie Carter Launch the Tuesday Fund to Advance Economic Mobility Nationwide through Impact Investing

TIME: Cutting Costs Alone Won’t Make Government More Efficient

Governing: To Confront Homelessness, Base Policies on Outcomes, not Impulse

$21M Fund to Bring Impact Investing to Local News

Legal Disclosures

Related News

Social Finance and Philanthropist Mollie Carter Launch the Tuesday Fund to Advance Economic Mobility Nationwide through Impact Investing

TIME: Cutting Costs Alone Won’t Make Government More Efficient

Governing: To Confront Homelessness, Base Policies on Outcomes, not Impulse