Le Lézard
Classified in: Science and technology

Fund manager RFP opens for Mission-Driven Bank Fund

CHARLOTTE, N.C., and REDMOND, Wash., Dec. 2, 2021 /PRNewswire/ -- Microsoft Corp. (Nasdaq: MSFT) and Truist Financial Corporation (NYSE: TFC), as anchor investors in the Mission-Driven Bank Fund, on Thursday announced the issuance of a request for proposal (RFP) to identify qualified candidates to manage the fund on behalf of investors. The RFP submission period will be open Dec. 2, 2021 through Feb. 4, 2022.

The Mission-Driven Bank Fund is a capital investment vehicle designed by the Federal Deposit Insurance Corporation (FDIC) to channel private capital and other resources to FDIC-insured Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs), which collectively are mission-driven banks. These institutions play a crucial role in serving the needs of minority and rural neighborhoods through affordable financial products that support small-business development, community development, affordable housing, and other initiatives that foster growth and create opportunity and prosperity.

The fund will provide "patient capital" to mission-driven banks serving historically excluded communities across the country, prioritizing social impact objectives over the fund rate of return. In addition to investment capital, the fund will be focused on providing access to support resources such as technical training, assistance in developing lending and investment products, banking operations, and more.

As anchor investors, Microsoft and Truist are seeking fund manager candidates that represent a diverse and inclusive pool of investment management talent including minority- and women-owned fund management firms. The RFP period is intended to ensure that the selected fund manager is well suited to meet the diversity- and mission-driven intentions of the fund. To achieve this objective, a partnership of fund managers or more than one fund manager may be selected. Microsoft and Truist will not be involved in the investment decisions of the fund.

More information and a download of the RFP can be found at RFP website. Questions about the Mission-Driven Bank Fund or the RFP process can be directed to mdbf@sullcrom.com. Interested candidates are encouraged to send an email to be added to the distribution list for news and updates affecting RFP submissions.

About the Fund

The Mission-Driven Bank Fund is a collaborative investment framework to drive capital investment and other funding to FDIC-insured MDIs and CDFIs that support low- and moderate-income, minority, and rural communities, enabling them to build size, scale, and capacity to in turn allow them:

In designing the framework of the fund, the FDIC engaged approximately 70 Chief Executive Officers of MDIs and CDFIs and their trade groups as well as potential investors, investment consultants, and philanthropic organizations. The creation of the fund supports the FDIC's commitment to preserving and promoting mission-driven banks. The FDIC will retain an advisory role to support the fund's mission focus, but will not contribute capital to, manage, or be involved in the fund manager selection process or investment decisions of the fund. 

About Microsoft

Microsoft (Nasdaq "MSFT" @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.

About Truist

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Formed by the historic merger of equals of BB&T and SunTrust, Truist has leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $530 billion as of September 30, 2021. Truist Bank, Member FDIC. Learn more at Truist.com.



SOURCE Microsoft Corp.

These press releases may also interest you

at 06:55
Merck , known as MSD outside the United States and Canada, and Eisai today announced the publication of results from the Phase 3 KEYNOTE-775/Study 309 trial in the January 19, 2022 edition of the New England Journal of Medicine. The pivotal study...

at 06:55
NovaBay® Pharmaceuticals, Inc. , a pharmaceutical company focused on developing and commercializing high-quality, scientifically formulated products for the eyecare and skincare markets, announces its commitment to donate 2.5 million KN95 protective...

at 06:55
The "Technology Enablers Facilitating Microbiome Adoption in Research and Development" report has been added to ResearchAndMarkets.com's offering. This research service provides an overview of technologies enabling microbiome research. Technology...

at 06:50
Merck , known as MSD outside the United States and Canada, announced today that Frank Clyburn, executive vice president and president, Human Health, will leave Merck on Feb. 1, 2022, to assume a leadership opportunity with another company. Leadership...

at 06:45
International Game Technology PLC ("IGT" or the "Company") today announced that on January 14, 2022 its board of directors implemented a number of changes to the Company's executive team and board....

at 06:45
East-West Seed Knowledge Transfer (EWS-KT) has launched a new website that showcases its unique strategy and allows partners and donors to see the impact their contribution has on the lives of farmers and the communities they support. EWS-KT is a...

News published on 2 december 2021 at 13:17 and distributed by: