The Local News Impact Investment Fund provides patient, flexible investment capital to local news organizations ready to build sustainable business models.
Launched by Social Finance with anchor funders the John D. and Catherine T. MacArthur Foundation and the John S. and James L. Knight Foundation, along with Press Forward and other partners, the Fund is designed to open the door to impact investment capital, helping local news outlets thrive for the long term.
The Challenge:
Over the past two decades, a third of local newspapers have closed and 70 percent of counties face a severe local reporter shortage. This leaves 50 million Americans with limited or no access to local news, and without reliable coverage of local government, public health, education, and elections.
Philanthropic capital alone can’t close this gap, and traditional lenders lack familiarity with these business models. Local news organizations need the chance to prove that new models can revitalize their businesses and repay investment capital. The Fund creates a bridge between philanthropy and traditional investments, illustrating that financial returns, robust civic engagement, and bolstered local economic vitality are all achievable together.
How It Works:
Funders commit capital to the Fund, which Social Finance manages by sourcing, underwriting, and coaching U.S. local news organizations that receive $500,000–$2 million in debt and equity investment to modernize their platforms, test new revenue models, and expand their reach.
Social Finance tracks each investee’s financial health and community impact throughout, monitoring the impact this capital brings to the local news ecosystem.
Our Approach: What We Bring
Local news strengthens communities and builds shared understanding, yet the organizations that provide this essential service struggle with access to capital. This is the first fund built to connect local news organizations with the capital they need to build sustainable business models that will support local news for generations to come.
John Balbach, Director of Impact Investments, MacArthur Foundation
No compensation was provided in exchange for testimonial.
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.
Amalie Nash, vice president for journalism at Knight Foundation
No compensation was provided in exchange for testimonial.
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. 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.
Kirstin Hill, President & COO, Social Finance
Why We're Bringing Impact-First Capital to Local News
Over the past 15 years, Social Finance and our partners have seen the power of well-designed, impact capital. That’s why we’re excited to bring this approach to a new, critical industry. This capital is meant to help outlets prove the viability of their business models, display how innovative local news can be investable, and reopen the door to broader pools of investment capital. Read more →
Partners
Social Finance (through its wholly owned subsidiary) is the fund manager, drawing on its experience designing and managing impact investments. Social Finance is a national nonprofit and registered investment adviser. Registration does not imply a certain level of skill or training. Impact investing involves risk, including possible loss of capital.
The Fund launched with an initial $21 million including commitments from the anchor funders, the Knight Foundation and the MacArthur Foundation, along with funding from other partners including Press Forward and Social Finance.
This Website displays information about the Local News Impact Investment Fund. 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. This webpage 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.
Impact investing involves risk, including possible loss of capital. 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 webpage 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 Local News Impact Investment 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 webpage, 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 of this webpage. 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.
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