Pax World Invests $3 Million in Calvert Foundation
$1.5 million will be directed to New Hampshire Community Loan Fund
PORTSMOUTH, N.H. – February 5, 2009 – Pax World Management Corp., investment adviser to Pax World Funds (Pax World) and a leader in the field of sustainable investing, today announced that the Pax World Balanced Fund has made a $3 million investment in Calvert Foundation.
$1.5 million of the new investment will be directed to the New Hampshire Community Loan Fund (Community Loan Fund) through a Calvert Foundation loan, with the remaining funds to be directed to micro-finance and other community development financial institutions (CDFIs). The Community Loan Fund, a statewide nonprofit organization based in Concord, NH, connects people and families with the loans, training and education that allow them to buy and keep homes, have secure jobs and become economically stable.
Community Loan Fund President Juliana Eades said the investment from Pax World will encourage and enable low- and moderate-income borrowers to take advantage of opportunities that arise in times of economic uncertainty. It will also strengthen the organization's ongoing efforts, such as improving energy efficiency in child care centers, encouraging job creation and moving owners of manufactured homes from near-predatory loans to fair, fixed-rate mortgages.
"Mutual fund investment in CDFIs is a cutting-edge, yet practical, concept in which Calvert Foundation and Pax World are trendsetters," said Eades. "I think this is recognition of what CDFIs offer to investors large and small – stability and the double bottom line of profits and social impact."
"Pax World is pleased to make this investment through Calvert Foundation, a true leader and innovator in the field of community investing," said Pax World President and CEO Joe Keefe. "We are particularly pleased that the investment will support the New Hampshire Community Loan Fund, a nationally respected organization that helps direct capital to low-income communities, a vital institution at the forefront of economic justice initiatives in our home state."
Calvert Foundation President and CEO Shari Berenbach said, "We have worked tirelessly on behalf of groups like the Community Loan Fund to help mutual funds invest in their own communities and the developing world. I am so excited to see Pax World expand its community investing offerings, which support affordable housing, job creation, small business development, microfinance and more."
About Calvert Foundation
The Calvert Social Investment Foundation (Calvert Foundation), a nonprofit started in 1995 by Calvert Group, works with thousands of individuals, financial advisors and brokerage firms to raise investment capital for nonprofit organizations, microfinance institutions and social enterprises that help communities in all 50 states and over 100 countries.
The Pax World Funds' sustainable investing policies may inhibit the Funds' ability to participate in certain attractive investment opportunities that otherwise would be consistent with its investment objectives and other principal investment strategies.