An update from our CEO
To: Friends and Colleagues
From: Kevin Boes, CEO
Date: August 17, 2023
I am writing to you with exciting news. New Markets Support Company (NMSC) will be changing its name to Broadstreet Impact Services in the coming weeks! We are changing our name to better reflect the scope of our business and our aspirations for the future.
We have come a long way from when NMSC was established in 2004 as an affiliate of the Local Initiatives Support Corporation (LISC) to manage its community development lending related to the New Markets Tax Credit (NMTC) program. We've been proud of our work to win and manage more than $1.2 billion in NMTC investment authority for LISC—the most in the country—and that strong collaboration with LISC continues.
However, our work has evolved and expanded significantly beyond its original mandate over the years. Today, we leverage our extensive experience to support a diverse range of impact investors and fund managers – all toward our goal of expanding the flow of capital to under-resourced communities. We oversee 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).
As an example of this evolution, our fund administration services business has achieved significant growth beyond the NMTC market, accounting for over 50% of our portfolio of multi-asset funds. This business line supports emerging impact fund managers across the country with fund mandates ranging from facilitating the development of affordable housing to advancing innovative education models to supporting small businesses. Additionally, we offer advisory services to like-minded companies and funds, offering expertise in impact measurement and management and our learnings as a longtime fund manager.
The NMSC name no longer speaks to who we are. Broadstreet, going forward, better illustrates the overarching principle that guides our business: no matter what street you live on, no matter who you are and no matter where you come from, everyone deserves a fair chance to thrive. Toward that end, we are continuing to expand our efforts to, either directly or by supporting other fund managers, invest in small businesses and quality jobs, tackle social determinants of health, and create wealth for families and communities that have not had a fair chance to do so in the past.
Rest assured, our commitment to advancing LISC's impact, our leadership in the NMTC program and our support for local partners, investors, and fund managers remains steadfast. The transition to Broadstreet allows us to convey this ongoing dedication more effectively.
We hope to make this change as seamless as possible for our stakeholders. Additional details and more information about timing on our shift to Broadstreet are to come. Please reach out to me at firstname.lastname@example.org if you have questions or concerns.
Kevin Boes, CEO