Living Cities, a collaborative of 22 of the world’s largest foundations and financial institutions, supports bold and promising approaches to bring opportunities and the power of mainstream markets to urban neighborhoods and residents historically left behind. Living Cities executes its mission through strategic deployment of loans, grants, and the intellectual capital and convening power of its membership. Over the past 15 years, Living Cities' members have collectively invested more than $1 billion in America’s cities, an investment that has resulted in over $16 billion in development and follow-on investments. Yet members are not simply funders. They participate at the senior management level on the Living Cities Board of Directors and contribute the time of 80+ expert staff toward crafting and implementing the Living Cities agenda.
Capital Innovation work at Living Cities is focused on blending and deploying all types of capital – grants, philanthropic debt and commercial capital – to improve the lives of low-income residents. ImpactAssets 50 has named Living Cities’ Catalyst Fund “one of the top 50 impact investing funds in the world” for the last six years in a row.
These activities include:
- The Catalyst Family of Funds (e.g., Catalyst Fund and Blended Catalyst Fund, totaling ~$80M), Living Cities’ impact investment funds which are used to test innovative financing vehicles;
- Contributing to the development of new investment products and tools such as Pay for Success, a nascent financing vehicle used to invest in human capital to get better outcomes for low-income people, and working with partners in the field to develop a commercially viable market;
- Work to harness the power of domestic impact investing to improve the flow of private capital to low-income communities;
- Using capital to support Living Cities’ cross-cutting programs and priorities including the seven-site Integration Initiative;
- The generation of knowledge from these and other activities to influence the broader field of capital innovation.
This is an exciting opportunity for a strategic leader to blend public, private, and philanthropic financial resources in new ways to improve cities and the lives of their low-income residents. Reporting to the Chief Operating Officer and partnering with an outstanding team of colleagues, associates, consultants and external partners, the Managing Director will manage the lending activities for the Catalyst and Blended Catalyst Funds, leading the development of strategy for the funds, accelerating the adoption of innovative financing, and sharing insights with the broader field.
Fund & Team Management:
- Develop and execute on Catalyst Fund and Blended Catalyst Fund’s (Catalyst Family of Funds) business strategy to realize Living Cities articulated results, innovation, and learning
- Oversee day-to-day fund operations including marketing and outreach, loan origination, closing, servicing, asset management, investor repayment and impact measurement
- Maintain thorough knowledge of all investments, oversight of annual review of credits, and consideration of any requests for modifications
- Work closely with investors, anticipate investment committee concerns and questions, help staff prepare for investment committee presentations, and follow-up on investment committee comments and questions
- Review quarterly and annual financial and impact reports to investors for accuracy and clarity
- Develop, execute and continuously improve lending and investment policies, insuring compliance with all funding/financing sources
- Provide direct management, oversight, and professional development for 1-2 team members, including but not limited to reviewing credit memos, providing thought partnership, coaching, and mentoring. Also serve as a coach and mentor to Living Cities’ staff more broadly as a senior member of the team
- Work closely with Living Cities staff to maximize alignment of investments from Catalyst Family of Funds and other Living Cities efforts towards results
Partnership Development & Thought Leadership:
- Cultivate new partners and investors, as well as prospect for loan opportunities through Living Cities’ programmatic partners and networks
- Build and nurture strategic relationships with investors, Living Cities’ member institutions, and other stakeholders. Provide thought partnership to borrowers as their work evolves due to Living Cities’ investment
- Regularly reflect, through articles, blogs, meetings, speaking engagements and social media, on learnings gained from the portfolio including but not limited to lessons learned about what’s working, partnering, blending capital, barriers to success, and the iteration of capital and grant-making activities
- Participate in meetings, provide appropriate reports, and coordinate convenings, as needed, to ensure that the work of the Catalyst Family of Funds is fully integrated into the work, financial reporting, and overall narrative of Living Cities
- Bachelor’s degree required; graduate degree preferred
- 10-12+ years of professional work experience, with expertise in commercial lending, intermediary lending, CDFIs, a housing finance agency or analogous financial institutions. Competitive candidates will offer experience managing funds $25M+
- Robust understanding of lending principles that transcend sectors; fluency and experience in commercial, business and/or multi-family development lending
- Breadth of experience employing a range of innovative and/or alternative business lending models and strategies
- Experience in the community development sector – as a board member, staff, investor and/or volunteer – is highly desired
- Experience managing staff in both direct management and collaborative project-based settings
- Superior relationship building and management skills
- Demonstrated ability to synthesize and clearly communicate complex issues to a range of audiences
- Detail orientation, especially related to compliance issues
- Highly engaged, entrepreneurial and creative problem solver exhibiting sound judgment and deep commitment and passion for Living Cities’ mission
- Some travel (approximately 10-20% of time) required
Salary and benefits will be competitive and commensurate with experience.
Living Cities is an equal opportunity employer and welcomes candidates from diverse backgrounds.
How to Apply: