TRF Core Loan Fund

United States of America

Last updated 13 May 2020, by Impactyield.

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Since 1986, TRF’s core loan fund has brought together investments (loans at a fixed rate) from a broad mix of investors ranging from socially-minded individuals, religious institutions, foundations, financial institutions and others. This fund finances homes, schools, food retail and other community amenities primarily for low-wealth people and places throughout the mid-Atlantic. One of the nation’s top rated CDFIs (CARS AAA+1), TRF is a leader among CDFIs and among the few that attracts investments of all sizes, building its civic network and financial base.

Asset class

Fund style

Not listed

Financial description

Each investor will receive a Promissory Note as evidence that the named investor has made a loan of a specific amount to the Fund. Interest on the loan shall be due and payable annually on the date specified on the Promissory Note. Unless an investor elects to receive payment in full of the principal amount of its Promissory Note at maturity, the principal amount of an investor’s Promissory Note will be reinvested in a new promissory note of the same duration having the terms and conditions, including interest rate, then in effect for the promissory notes that the Fund is then selling.
The Promissory Notes are unsecured obligations of the Fund and do not contain any restrictive covenants limiting the Fund’s ability to make payments on other indebtedness, incur additional indebtedness (including additional secured indebtedness), make loans to or investments in its affiliates or otherwise limit the Fund’s operations or financial condition.
The Fund intends to use the net proceeds from the offering for the purpose of making loans to and/or equity investments in organizations and businesses working to alleviate poverty, build wealth and create economic opportunity for low wealth communities and low-and moderate-income individuals primarily in Pennsylvania, New Jersey, Delaware, Maryland, and Washington DC.

38 years

of track record


the year funded

128,000,000 USD


Asset manager

SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Safe and affordable housing

Universal access to safe and nutritious food

Increase aid for trade support

Develop sustainable, resilient and inclusive infrastructures

Increase access to financial services and markets

Key performance indicators

Fund overview

Asset manager: Reinvestment Fund

Product track record: Fund has 38 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: 1985

Vintage year: 1986

Target region: , , ,

Target close date: 01/05/2012

Product term: 3 -30 years

Assets under management: 128,000,000 USD (US Dollar)

Investment size: Min: 1,000; Max: 5,000,000; Avg: 0

Co-investment policy:

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 2

Fund investments to date exited or repaid: 2

Management fee: n.a.

Carried interest: n.a.

Hurdle rate: n.a.

GIIN Investors' Council Investment: Yes

Limited Partners / Investors:

Limited Partner / Investor Type: Development Finance Institution (DFI), Endowments/Foundations, Family Office, Pension Funds, Other Institutional Investors, Retail Investors


E-mail: n.a.


Phone number: 215-574-5800

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

Michael Crist

Chief Financial Officer

Richard D’Amico

Associate, Investor Relations

Impact Performance


Impact thesis

For 26 years, The Reinvestment Fund has invested in low-income communities in the region, thanks to socially-minded investors who choose to invest from $1,000 to many millions in homes, schools, food access and the other services that create opportunities for low-wealth people and places. Hundreds of individuals, religious groups, foundations, financial institutions and others make up TRF’s more than 800 investors. In its 26 years, TRF has made over $1.1 billion in community investments, financing over 2,635 projects. These investments have resulted in the development of 19,600 housing units, 9.4 million square feet of retail space and community facilities, 51,700 jobs created or preserved, and 10,185 childcare and 34,165 charter school slots.

Impact Management


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