Of capital markets and women’s health

The Nonprofiteer had remembered this as an announcement that the Calvert Foundation had given $10 million to Catholic Health Initiatives, and was preparing a protesting broadside having to do with the refusal of Catholic hospitals to provide reproductive health services.  But it turns out to be an announcement that Catholic Health Initiatives has invested $10 million in an investment product offered by the Calvert Foundation, which in turn "channels capital to underserved communities." 

An interesting effort to create a much-needed capital market.  The Nonprofiteer is torn: wanting the investment to turn out well so that other wealthy nonprofits (e.g. universities) are encouraged to put capital at the disposal of their poorer brethren, and wanting it to turn out badly to punish the Catholic health-care system on behalf of all the women whose health is regularly sacrificed on the altar of its concern for spermatazoa, embryos and fetuses.  Readers may take their pick.

CATHOLIC HEALTH INITIATIVES MAKES $10 MILLION INVESTMENT IN CALVERT FOUNDATION’S COMMUNITY INVESTMENT NOTES

Major Initiative Will Promote Healthy Communities in U.S. and Around the World; Investment is Single Largest from Faith-Based Group in Groundbreaking Program.

BETHESDA, MD. and  DENVER, CO.//March 13, 2008//Catholic Health Initiatives, the nation’s second-largest faith-based health care system, is making a $10 million investment in Calvert Social Investment Foundation (Calvert Foundation) Community Investment Notes….

“Our focus has always been on providing the best health care available – especially to underserved communities,” said Kevin Lofton, president and chief executive officer of Catholic Health Initiatives. “We have been promoting the social good since our formation more than a decade ago by investing in organizations, such as the Calvert Foundation,that are committed to building healthy communities. This investment is especially appropriate for us because it is a major step toward helping to provide sustainable solutions to fighting poverty and improving the health of disadvantaged populations.”

Shari Berenbach, executive director of the Calvert Foundation, said, “I would like to congratulate Catholic Health Initiatives on using their leadership role to make a real difference not only in the lives of people in the communities in which they work, but also in developing countries, where microfinance truly helps families pull themselves out of poverty. CHI is truly taking a localized approach to supporting the poor here in the U.S. and around the globe.”

Catholic Health Initiatives follows on the heels of previous Community Investment Note investments by other health care systems, including Trinity Health and Catholic Healthcare West….

The investment by Catholic Health Initiatives is a major boost for Calvert Foundation, which, in the wake of the investment, has over $175 million in assets.  To date, this is the largest investment by a faith-based organization in the Community Investment Note program….

Catholic Health Initiatives’ investment is in Calvert Foundation’s flagship product, the Community Investment Note, a high-impact, fixed income investment that channels affordable capital to underserved communities and markets, providing economic opportunities where they are needed most. Calvert Foundation offers custom targeted portfolios for larger investors that align with their mission and desire for maximum social impact….

CONTACT: Patrick Mitchell, for Calvert Foundation, (703) 276-3266, or pmitchell@hastingsgroup.com; or Michael Romano, for Catholic Health Initiatives, 303-383-2720, or michaelromano@catholichealth.net

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