NEW YORK–(BUSINESS WIRE)–Apr 27, 2021–
New York Life, America’s largest 1 and most admired 2 mutual life insurer, today announced a $1 billion impact investment initiative with the aim to address the racial wealth gap by investing in underserved and undercapitalized communities over the next three years with a focus on supporting small businesses, affordable housing, and community development. The company will partner with diverse asset managers, federally chartered community development financial institutions (CDFI), and other mission-driven organizations to amplify their efforts on the ground.
“The societal events of the past year have stirred an urgency to address America’s racial disparities, which the Covid-19 pandemic has only made more glaring. Now, more than ever, is the right time to make impact investments that drive change,” said Tony Malloy, chief investment officer at New York Life. “We are focused on investments that seek to not only deliver meaningful societal impacts, but also provide the potential to generate market returns to help build and sustain positive economic outcomes in underserved and undercapitalized communities over the long term. That’s why, for our initial investment, we are partnering with Fairview Capital, one of the premier players in this space.”