Since its founding in 2004, the New Markets Support Company has managed LISC's federal New Markets Tax Credit (NMTC) allocation—currently the largest in the country at $1.2 billion. Over the years, the affiliate has expanded and diversified its offerings to mission-driven investors, and now has a new name to reflect that growth and impact.
CHICAGO—(BUSINESS WIRE)—New Markets Support Company (NMSC) is now Broadstreet Impact Services. The national financial services company has changed its name to better illustrate the breadth of its work to facilitate community impact investing.
Broadstreet was founded as NMSC in 2004 by the nonprofit Local Initiatives Support Corporation (LISC), which created the firm to manage its federal New Markets Tax Credit (NMTC) allocation—now the largest in the country at $1.2 billion. Over the years, Broadstreet has expanded and diversified its work—providing fund management services to structure, deploy and oversee the performance of social impact funds, while also offering a range of administration and advisory services to other fund managers, helping them advance their community investment and impact management strategies.
Information on Broadstreet’s investments, funds and services is now available on the company’s new web site: www.broadstreetimpact.com.
“The new name is really just bringing our brand up to date with our business,” commented Kevin Boes, who has led the firm since 2006. He noted that at year-end 2022, Broadstreet had 32 multi-asset funds and 91 single-asset entities, totaling over $500 million in assets under management (AUM) and $1.3 billion in assets under administration (AUA). Broadstreet also continues to support LISC’s NMTC activity.
“We believe that everyone deserves the chance to build a strong, healthy future—no matter what their background or where they live,” Boes explained. “That’s why we invest and help others invest in ways that break down barriers related to race, class, gender, and geography. Our unique platform – offering both fund management and fund administration services – enables us to support vibrant local economies in communities that have been scarred by discrimination and disinvestment, while also making sure our partners and investors meet their objectives,” he said.
The change in name does not indicate a change in Broadstreet’s outlook or priorities, Boes added, noting the ongoing connection to LISC. Rather, it conveys how the firm’s 20 years of impact investing experience have built a level of expertise that goes well beyond its original mission.
For example, it reflects the innovative models that the organization has developed and tested over the years, like the $200 million Healthy Futures Fund, which demonstrated strategies to connect health and wellness services to affordable housing development, and the Ownership for Change Fund, helping entrepreneurs in distressed communities generate wealth through real estate ownership.
It also illustrates a range of more recent collaborations to address key priorities, like the Black Vision Fund, which is supporting community development financial institutions (CDFIs) as they expand access to capital for underserved communities, including Black-owned businesses, and the Propel Fund, a vehicle for investments to advance racial equity. It speaks to new offerings, like Broadstreet’s unique fund administration service that boosts the capacity of new and emerging impact fund managers. This service goes beyond the scope of traditional fund administrators to meet the distinctive needs of impact fund managers.
Staff members can now be reached at new email addresses formatted as name@broadstreetimpact.com in addition to their existing newmarkets.org emails. For more information on the new Broadstreet brand, please visit: https://broadstreetimpact.com/about/news/a-letter-from-our-ceo
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About Broadstreet
Broadstreet is an impact financial services company, offering both fund management and fund administration services. We work with innovative investors to fuel social and economic impact throughout the country. We manage or administer 32 multi-asset funds, 92 single-asset entities, and $1.8 billion of capital—all of which drive equity and opportunity alongside financial performance. Over nearly 20 years, we have developed a client base that values our customizable services platform, fund development experience, impact focus, collaborative partnership approach, and deep engagement with the community investing ecosystem.
Contact
Broadstreet Impact Services
Ariel Hargrave, 773-904-4355
ahargrave@broadstreetimpact.com