Daily News | New Philly-based $50 million private equity fund will invest in women, underrepresented entrepreneurs in Pa., N.J., and beyond
. The license is key for the fund, because banks putting in money can receive credits toward their Community Reinvestment Act activities, and help meet the diverse credit needs of their communities, Palmer said.
At a launch Monday, Clark was joined by representatives from the SBA, the Minority Business Development Agency, and City Council, and U.S. Rep. Dwight Evans . Innovate Capital Growth Fund will take equity stakes in small businesses, rather than issue loans or grants. Innovate plans to invest for five-year periods and take noncontrolling stakes in companies with revenues of $2 million or more.
in the $2.7 billion NewSpring Capital, a private equity firm based in Radnor. “It’s a traditional private equity fund structure that sprang out of a community development organization. It’s most definitely unique here in Philly.”
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