Economically Targeted

The Church Pension Fund's (CPF) economically targeted investments have traditionally focused on microfinance-related initiatives, affordable housing, sustainable farming, and urban redevelopment.


We served as an anchor investor through our investment in the Essential Capital Consortium, a social enterprise fund managed by Deutsche Bank’s Global Social Finance Group. This investment will finance approximately 20 enterprises that are focused on providing debt financing to companies in the energy, health, and microfinance sectors in developing countries.

Affordable Housing

Our investments have enabled the construction or preservation of nearly 54,000 affordable housing units throughout the United States. The demand for affordable housing units is only expected to increase in the coming years as the Urban Institute has reported that for every 100 extremely low-income renter households in the United States, only 29 affordable rental units are available.

Sustainable Farming

Our investment in Silverlands, a private equity fund managed by SilverStreet Capital, supports indigenous farmers in sub-Saharan Africa. Its efforts have been instrumental to improving the lives of thousands of people in the region.


CPF served as an anchor investor and invested $30 million in the Developing World Market’s $62 million Off-Grid, Renewable and Climate Action Impact Note (ORCA Note). The ORCA Note will provide renewable energy finance loans to socially responsible businesses in the developing world and is composed of 11 underlying loans made to inclusive financial institutions and operating companies.

Urban Redevelopment

We have funded more than 320 urban redevelopment projects in cities around the world. These projects, which have had a positive impact on local communities in reducing crime, improving housing stock, and increasing economic vibrancy, have included retrofitting buildings and constructing new housing.