$2.3 billion+ of ESG investments underwritten & distributed since 2005.

InspereX has been a leader in the area of values-based investing for the individual investor since 2005 and launched its Legacy™ platform in 2014, to provide issuers the opportunity to offer investment products across asset classes designed for a broad range of investors that align financial goals with personal values.

InspereX is proud to:

  • contribute frequently to financial and trade publications on the topic of values-based investing, as well as publish thought leadership
  • serve on the Socially Responsible Investing Committee at the Government Investment Officer’s Association (GIOA)
  • belong to The Green Bond Principles and The Social Bond Principles, and;
  • support the UN’s Sustainable Development Goals.

ESG Issuers

Calvert Impact Capital, a nonprofit Legacy™ issuer, launched the Community Investment Note® on InspereX’s platform in 2005 to support organizations creating positive social change through initiatives including affordable housing, education, health and the environment.

  • Impacts are organized into three main themes of strengthening communities, increasing access to capital and developing solutions to address climate change.
  • Since inception, the Community Investment Note® has mobilized capital from more than 18,000 investors.

Capital Impact Partners launched Capital Impact Investment Notes in October 2017. A nonprofit Community Development Financial Institution (CDFI), Capital Impact Partners provides financing and technical assistance to underserved communities nationwide. Through its social impact work, it creates access to health care, education, housing, and community development for those most in need.

  • Capital Impact Investment Notes are investment-grade rated* by S&P Global. Out of approximately 1,200 CDFIs in the United States, less than 1% are S&P rated.
  • In the past 30 years, Capital Impact Partners has invested billions of dollars in projects that deliver social impact. Capital Impact Investment Notes will help expand that footprint.

 

Century Housing Corporation launched Century Sustainable Impact Notes in February 2021. Century is a mission-driven Community Development Financial Institution (CDFI) that finances quality, affordable housing throughout California to provide dignified homes, healthy and hopeful futures, and economic independence to individuals, families, veterans, and seniors. With an emphasis on energy efficiency and transit-oriented housing, Century developments work toward positive financial, social, and environmental outcomes in places where help is needed most.

  • Century Sustainable Impact Notes are aligned with the International Capital Market

Association’s Sustainability Bond Guidelines and the United Nations Sustainable Development Goals. They are investment-grade rated* by S&P and Fitch.

  • From its start as a state agency and through the past 25 years as a non-profit, Century has invested more than $2 billion to create and preserve 44,000 homes while creating thousands of construction jobs.

IFC, the largest international development institution focused on the private sector, launched Impact Notes in March 2014. IFC’s mission is to eradicate poverty and boost shared prosperity by supporting private sector development and job creation in more than 100 developing countries.

  • IFC’s projects must adhere to stringent environmental and social requirements focusing on transparency and accountability.
  • InspereX distributed IFC’s first U.S. Green Bond designed for individual investors issued through IFC’s Impact Notes program in September 2014.

 

Local Initiatives Support Corporation launched LISC Impact Notes in November 2020. LISC is a national nonprofit Community Development Financial Institution (CDFI) with a 40-year track record of delivering social and financial impact through technical assistance and financing to underserved U.S. communities. LISC invests in affordable housing, quality schools, growing businesses, accessible services, and other vital community projects.

  • As one of the country’s largest organizations supporting projects to revitalize communities and grow local economies, LISC and its affiliate organizations have invested more than $24 billion since 1979.
  • Aligned with The Social Bond Principles and UN Sustainable Development Goals, LISC Impact Notes help finance community and economic development projects across 38 cities and 2,400 rural areas in 49 states. They are investment-grade rated* by S&P Global.

The World Bank (IBRD) is an international organization that provides project loans and technical assistance to help its member countries end extreme poverty and promote shared prosperity.

  • World Bank is owned by 189 nations who are also its borrowers. Of these member countries, the United States is the largest shareholder.
  • For over 65 years, investors in the U.S. and around the world have helped fund IBRD’s worldwide activities by investing in World Bank bonds. World Bank bonds have been rated AAA by S&P Global and Fitch since 1959.

ESG Policy Statement 

InspereX’s focus in the ESG space has been making a demonstrable impact. We have been a pioneer in making impact investments available to all investors. We continue to build on our historic commitment to communities in underserved areas through the values-based investing sector.

As an underwriter and distributor of new issue offerings, InspereX was at the forefront of supporting issuers in the ESG space. In 2005, we began offering Calvert Impact Capital’s Community Investment Notes. To date, Calvert Impact Capital has reinvested over $800 million in proceeds in the U.S. and in over 100 countries to build affordable housing, finance small businesses, develop renewable energy solutions, and provide essential community services. 

In 2011, we furthered our participation in values-based product distribution when we began underwriting for the World Bank, a supranational with a mission to end extreme poverty and boost shared prosperity.  

Fast forward to 2014, InspereX was again at the forefront of ESG investing through the creation of the Legacy™ Platform. Through the Legacy™ Platform solidified our leadership role aligning ESG-driven issuers and financial professionals and enabling them to offer investment products to investors that combined financial goals with personal principals. That year, International Finance Corporation, part of the World Bank Group, became the first supranational to launch a debt program directed to U.S. individual investors with InspereX as the sole agent. IFC issued its first retail Green Bond that same year as a programmatic note offering. The World Bank followed IFC with a note program through InspereX in 2015. We have raised over $1 billion for these two supranationals combined.

InspereX was also the first to distribute public debt on a programmatic basis for a Community Development Financial Institution (“CDFI”) and now serves as the lead agent for two additional CDFIs. Capital Impact Partners joined in 2017, followed by Local Initiatives Support Corporation in 2020, and Century Housing Corporation in 2021. CDFIs are community lenders that support, grow, and revitalize underserved communities. They lend and service loans in geographies often overlooked by traditional banks. At the same time, they empower communities through technical assistance to address the structural barriers that exclude them from the economic mainstream.

Through the InspereX Legacy™ Platform, we continue to aggressively seek issuers focused on social policy and sustainable environmental initiatives, including those issuers striving to effect positive change in environmental, social, and governance initiatives. 

We are proud of the measurable impact we have achieved in the values-based investment space. On behalf of eight issuers of ESG-driven debt securities, to date, we have raised over $2.3 billion. Those funds have been put to important use that have directly and positively impacted many communities and their residents.  

Beyond our efforts raising capital in support of our values-based investment issuers, we have looked within our organization to facilitate employee engagement as we continue to focus on social impact and sustainability opportunities. The firm’s Diversity Council plays a critical role in our efforts. In conjunction with our Human Resources Department, it works to source candidates to expand the diversity of our workforce. Likewise, we have taken steps at our parent level to formulate a more diverse Executive Board. The Diversity Counsel also seeks out mentorship opportunities for high school and college students from underserved communities.  

With respect to sustainable environmental issues, we have expanded work from home opportunities and further reduced our carbon footprint by securing smaller office space in each of our office locations and our largest office by revenue and headcount.  We also continue to work in conjunction with management at each office location to develop and deploy energy conservation, recycling, and related efforts.

As a small firm with limited resources, our overriding objective in the ESG space is to directly and measurably impact the communities we serve.

* Ratings current as of 7/14/2021. A credit rating is not a recommendation to buy, sell, or hold securities, and is subject to revision or withdrawal at any time, and without notice, by the assigning rating agency. Each rating should be evaluated independently of any other rating and investors should conduct thorough due diligence before investing.
Investors should refer to the respective offering documents for information on the use of proceeds of each offering.