GoATL Fund: A year in review

By Sydney Hulebak, impact investment manager, GoATL Fund

In 2018, the Community Foundation for Greater Atlanta created the GoATL Fund as Georgia’s first diversified impact debt fund designed to achieve both a social and financial return. Originally seeded with $10 million in capital from the Foundation, GoATL has since raised nearly $4 million in additional investments from 27 donor investors. Through the second quarter of 2022, GoATL has closed or committed $13 million across 12 individual investments that support outcomes in affordable housing, economic inclusion, education and health-related initiatives; and, issued one guarantee for $200k under the Community Guarantee Pool.

Investing in place-based solutions

Our investments are advancing the impacts of GoATL’s portfolio on the community. Since 2018, our capital has:

• Developed over 900 units of affordable housing
• Created or preserved almost 2,000 K-12 slots
• Built a wellness center and preserved over 250 acres of organic farmland
• Financed small business growth that created over 4,000 jobs

Additionally, as a result of our increased our commitment to racial equity, our investments are making a difference for underserved populations. For example:

• An estimated 69% of GoATL’s investments in affordable housing through Atlanta Neighborhood Development Partnership (ANDP) and Focused Community Strategies (FCS) support BIPOC-owned homes for an estimated 600 homes sold to BIPOC owners
• LiftFund’s microenterprise clients in Georgia are over 80% BIPOC-owned
• More than 70% of the clients served by Access to Capital for Entrepreneurs (ACE) are BIPOC-owned businesses and most are women

A call for capital to scale impact

The GoATL team is actively calling for new capital so we can increase our investments in racial equity, build on our work to close Atlanta’s wealth gap and scale sustainable solutions in education, housing, food access and healthcare. Going into the second half of 2022, we have a vibrant pipeline of nearly $8 million, representing a wide range of investment opportunities. Yet, with a total capital base of just under $14 million (as of July 2022) that is now 93% invested, a shortfall of capital could limit our momentum.

Furthermore, to build on the success of our pilot fund and to align with the Foundation’s new strategic plan, TogetherATL, the Foundation is launching GoATL Evolution, a $125 million initiative to scale impact investing through three impact focused funds:

1. GoATL Community Capacity Fund ($25 million) – addressing growing inequities by investing in the capacity of the best intermediaries and innovations
2. GoATL Affordable Housing Fund ($75 million) – investing directly in housing solutions focused on stemming losses in affordability
3. GoATL Economic Inclusion Fund ($25 million) – driving job growth and wealth creation for small businesses and underinvested entrepreneurs

If you have any questions or want to learn more about how GoATL invests for impact, please visit the GoATL website.

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The Community Foundation’s GoATL Fund made a $1 million investment in the Working Farms Fund – an initiative of The Conservation Fund that supports the acquisition of at-risk farmland located in the Atlanta region. This investment helps next-generation farmers like Asa Ysrael (pictured), owner of Local Lands, a farm that grows and provides healthy local food to Atlantans. Read his family’s story here.