LISC’s NMSC, Edwards Lifesciences Close $25 Million Fund to Support Economic Development in Racially Diverse and Underserved Communities
Chicago, IL (October 14, 2021) – Today, the New Markets Support Company (NMSC) and Edwards Lifesciences announced the close of $25 million for the Providing Real Opportunities for Progress by Edwards Lifesciences (PROPEL) Fund.
The PROPEL Fund is a New Markets Tax Credit (NMTC) equity fund focused on advancing progress towards racial equity by closing the health, wealth, and opportunity gaps in communities of color. PROPEL, one component of an $100 Million commitment by Edwards Lifesciences, will finance projects seeking NMTC equity that provide opportunities for Black people, Indigenous people, and People of Color. NMSC will manage the fund, including originating, underwriting, and monitoring each project investment and all fund operations.
“We’re proud to have NMSC as one of our partners on Edwards’ Social Impact Investment Fund to make progress on expanding access to capital in underserved communities,” said Scott Ullem, Edwards Lifesciences’ CFO. “We are inspired by the elements of Edwards’ Credo focused on creating a community unified in its mission to improve quality of life. We hope that these longer-term investments create a multiplier effect of available capital, ensuring sustainable investments for these communities into the future.”
“We hope the PROPEL Fund will encourage more corporations to launch impact investment funds that harness the power of New Markets Tax Credits to advance racial equity and justice.”
“NMSC is thrilled to partner with Edwards on their portfolio of social impact investments,” said Kevin Boes, President and CEO of NMSC. “We hope the PROPEL Fund will encourage more corporations to launch impact investment funds that harness the power of New Markets Tax Credits to advance racial equity and justice.”
For every $1 invested by the federal government, the New Market Tax Credits Program generates over $8 of private investment. NMSC has deep NMTC experience, managing 12 other multi-asset NMTC funds and the largest cumulative federal award in the industry. NMSC also provides capacity-boosting fund administration and compliance services to industry participants.
About Edwards Lifesciences
Edwards Lifesciences is the global leader of patient-focused innovations for structural heart disease and critical care monitoring. We are driven by a passion for patients, dedicated to improving and enhancing lives through partnerships with clinicians and stakeholders across the global healthcare landscape. For more information, visit Edwards.com and follow us on Facebook, Instagram, LinkedIn, Twitter and YouTube.