Public Radio Fund

United States of America

Last updated 13 May 2020, by Impactyield.

Edit this fund

The Public Radio Fund LLC (the “Fund”) is a unique mission-oriented investment opportunity created by Public Radio Capital (“PRC”) in 2007. PRC and the Fund are nonprofit, mission-oriented entities under the oversight of the PRC Board of Directors. The Fund has an Advisory Council composed of seasoned professionals to help build the Fund and to assess its effectiveness.

Through the Fund, investors participate in financing the expansion of public media assets, programming, and strategic initiatives to benefit communities nationwide. The goal of the Public Radio Fund is three-fold:

1. Expand Americans’ access to educational, informational and cultural programming.

2. Foster opportunities for new public media content that appeals to younger and more diverse audiences; and,

3. Increase opportunities for local programming and local ownership.

Using funds from the investor notes, PRF lends to public media organizations for use in a variety of ways including:

• Escrow deposits

• Equipment loans

• Short-term bridge loans

• Debt service reserve funds

Asset class


Fund style

Financial description

The Fund makes loans to public media entities at rates between 5% to 8%. Investor Note holders receive returns of 0% to 3% on their notes (investors may choose the interest rate based on their ability to support the mission). For foundations, these Notes may qualify as Program Related Investments. Notes are issued, and begin to accrue interest upon the deposit of funds made available to the Public Radio Fund by the investor. Simple interest is paid annually on August 31st of each year. The minimum investment is typically $100,000 from individuals or $25,000 aggregated with an investment group.
Using funds from the investor notes, PRF lends to public media organizations for use in a variety of ways including:
• Escrow deposits required as part of station acquisitions.
• Equipment loans to enable stations to purchase capital assets.
• Short-term bridge loans to close an acquisition or help assist with any delays in committed federal or state funding.
• Debt service reserve funds that guarantee loans from other public or private sources and leverage the Fund with other tax-exempt or conventional financing.
• Short-term financing while stations complete capital campaigns.
• Working capital loans to support cash flow needs of public media outlets and producers.
• Loans to fund the acquisition of a station.

16 years

of track record


the year funded

15,000,000 USD


Asset manager

SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Ensure public access to information and protect fundamental freedoms

Double the improvement in energy efficiency

Universal access to information and communications technology

Key performance indicators

Fund overview

Asset manager: Public Radio Capital

Product track record: Fund has 16 years of track record

Target IRR: n.a.

Committed Capital: n.a.

Target return category: Below risk-adjusted market-rate of return

Fund domicile:

Product status:


Inception year: 2007

Vintage year: 2008

Target region: , , ,

Target close date: n.a.

Product term: Typically 3 to 5 years

Assets under management: 15,000,000 USD (US Dollar)

Investment size: Min: 100,000; Max: 500,000; Avg: 300,000

Co-investment policy:

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 13

Fund investments to date exited or repaid: 8

Management fee: n.a.

Carried interest: n.a.

Hurdle rate: n.a.

GIIN Investors' Council Investment: No

Limited Partners / Investors: Ford Foundation, Calvert Foundation, NPR Foundation, Nonprofit Finance Fund, Hull Family Foundation, and individual investors

Limited Partner / Investor Type: n.a.




Phone number: 720-304-7274

If you wish to have your details removed from this database please email

Erin Moran


Evran Kavlak

Credit Manager

Impact Performance


Impact thesis

As the only lending source specializing in public media, the Fund offers financial products that could assist public broadcasters and program producers in facing their challenges and increasing their competitiveness.
Investments in the Fund have a critical and sizable social benefit. The Fund is the only lending source in the country dedicated to financing the activity of public media organizations. Total investor notes to the Fund currently stand at $5.7 million.
Since its founding in 2007, including loans paid back, the Fund has lent $7,428,000 (or 84%) of the $8,730,000 that has been raised in investor notes. Additionally, through its $7.42 million in loans and commitments, the Fund has been able to leverage $22.6 million in additional lending to public media entities.

Impact Management


Request information about this fund