to finance the growth of impact enterprises throughout the Chicago region to:
in or for communities through economic development, growth of community assets, and support for community-based entrepreneurs.
that are accessible to community residents, particularly those for whom access to employment can be a challenge.
and skills for those seeking to find, maintain, and advance in employment.
Launched in 2016, Benefit Chicago is a collaboration between the MacArthur Foundation, The Chicago Community Trust, and Calvert Impact Capital that raised and deployed close to $100 million in catalytic capital for nonprofits and social enterprises in Chicago. The goal of this unprecedented and innovative impact investment effort is to create jobs, build wealth, and tackle other social and economic challenges, with a special focus on communities of color, low-income households, and historically marginalized communities.
To implement the Benefit Chicago initiative, MacArthur formed a sole member limited liability company, known as Arc Chicago, LLC (Arc). MacArthur made a $50 million equity commitment to Arc and Calvert Impact Capital is providing up to $50 million to Arc through a loan. Calvert raises capital for this loan from the sale of fixed-income notes to a range of investors, including more than $35 million from donor-advised funds sponsored by The Chicago Community Trust.
Arc is governed by a board of managers and staffed by experienced members of MacArthur’s Impact Investments team in accordance with a services agreement between MacArthur and Arc. Team members include:
Director, Impact InvestmentsRead more
John brings more than twenty years of diverse experience across the nonprofit sector, large corporations, early-stage ventures and public-private partnerships to this role. Prior to MacArthur, he was integral to Silicon Valley Bank establishing a strong Seattle presence, and he led the financial effort that closed on both $23 million in venture capital and the eventual acquisition for a Seattle-based software company. Balbach has served on a National Science Foundation commercialization review committee, managed and raised capital for an Impact Investing Fund focused on developing the Michigan life sciences sector, advised industry leading corporations on infusing cleantech solutions into their supply chains, provided consulting services to leading nonprofit organizations with the Nonprofit Finance Fund, and served as a strategic advisor to hundreds of founders of technology-based startup ventures through a Michigan economic development program.
He holds a B.S in Finance from Miami (Ohio) University, an M.A. from St. John’s College, and an M.P.A. from the University of Minnesota’s Humphrey School of Public Affairs.
Impact Investments AssociateRead more
Emmalyn supports several functions of the Impact Investments team, including portfolio management, financial administration, and compliance.
Before joining the Foundation, she worked at Chicago Marketing, Inc. as the Administrative/Operations Manager, where she oversaw administrative training, office management, and corporate philanthropy while assisting its CEO and Executive Management with campaign management, payroll, and the recruiting and hiring process.
Emmalyn received her undergraduate degree from the University of Illinois Urbana-Champaign and holds a Master of Business Administration degree with distinction from the Kellstadt Graduate School of Business at DePaul University.
Associate Director, Impact InvestmentsRead more
Allison joined the Foundation in 2006 to oversee investments made through Window of Opportunity, the Foundation’s $150-million affordable rental housing preservation initiative. Since then, her responsibilities have expanded to include overall portfolio management for the Impact Investing program.
Allison has worked in affordable housing, economic development and commercial real estate for over 20 years. Prior to joining the Foundation, she worked as a senior underwriting manager in the Community Lending Group (formerly the American Communities Fund) at Fannie Mae, where she underwrote and closed more than $150 million in debt and equity transactions for affordable housing developments. She also worked for eight years at Bank One in a variety of departments, including Commercial Real Estate and Community Development Real Estate. Before moving to Chicago, she participated in the Urban Fellows Program in New York City, where she worked as a project manager at the New York City Economic Development Corporation.
Recently, Allison served on Attorney General Lisa Madigan’s task force charged with creating and implementing a program to deploy $100 million in grant funds from a national mortgage settlement aimed at addressing the foreclosure crisis. She also serves on the board of directors of the Chicago Foundation for Women and the Chicago Chess Foundation.
Allison graduated from Harvard-Radcliffe College with a Bachelor’s degree in Government, and earned a Master of Management degree from the Kellogg Graduate School of Management at Northwestern University with a concentration in Nonprofit Management and Real Estate.
Portfolio Manager, Impact InvestmentsRead more
Charles is responsible for managing the portfolio of impact investments including loans, equity investments, deposits and guarantees in the Foundation’s impact investment portfolio.
Charles most recently served as Executive Director at World Bicycle Relief, an international non-profit that designs, manufactures, and distributes rugged bikes in the developing world to improve access to education, healthcare, and economic opportunity. Prior to WBR, Charles spent 10 years in equity research, the last six of which were at William Blair. Earlier in his career, he was the Director of Housing Development at Tenderloin Neighborhood Development Corporation where his team acquired and/or substantially renovated over 700 units of low-income housing in San Francisco.
He holds a B.A. in Economics from the University of Michigan, Ann Arbor, and a M.B.A. from the Haas School of Business at the University of California at Berkeley.
Associate General CounselRead more
Prior to joining the MacArthur Foundation, Chelsey was in private practice with the law firm of Horwood Marcus and Berk, specializing in private equity, venture capital, and other corporate matters. Chelsey was also a part of the firm’s Philanthropy, Social Impact and Investment subgroup, where she assisted foundations, family offices and philanthropic individuals on a variety of impact investment transactions.
Chelsey is currently on the advisory board for the Family Foundation Advisor periodical and the auxiliary board for the Juvenile Protective Association.
Chelsey received her J.D. From the University of Miami School of Law and has a bachelor degree in Finance from Michigan State University.
Arc is governed by a board of managers that includes Foundation senior officers and outside community leaders, including a representative of the Chicago Community Trust and other outside experts with deep experience investing in Chicago communities:
Vice President, General Counsel, and Secretary, MacArthur Foundation (Arc Chair)
Managing Director, Impact Investments, MacArthur Foundation
Senior Director of Community Impact, The Chicago Community Trust
Founder of IFF
Chief Investment Officer at 4S Bay Partners, LLC
Affiliations for information only.
Powered by deep philanthropic commitment, knowledge of the social sector in Chicago, and long-standing impact investing experience, Benefit Chicago provides a new way for individuals, organizations, and institutions that care about Chicago to invest for impact and make this region a better place for all.
supports creative people, effective institutions, and influential networks building a more just, verdant, and peaceful world. The Foundation has a 35-year track record in impact investing and has dedicated $500 million of its investment assets solely to this purpose. The Foundation is deeply committed to its hometown, where it has invested $1.3 billion in Chicago-area organizations and individuals since 1978. MacFound.org
is a global impact investing intermediary that connects investors with the causes and places they care about through its Community Investment Note®. Since 1995, Calvert Impact Capital has helped investors create measurable social impact in communities, with a 100 percent repayment rate of principal and interest to its investors. CalvertImpactCapital.org
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