North Sky Capital Awarded $30 million in New Markets Tax Credits by the U.S. Department of the Treasury
Minneapolis, MN – North Sky Capital (“North Sky”), a pioneer in impact private equity and sustainable infrastructure investing, today announced it has been awarded $30 million of tax credits by the U.S. Department of the Treasury as part of the New Markets Tax Credit Program (NMTC). North Sky, DBA National Impact Fund, has begun the process of reviewing investment opportunities and expects to begin allocating these tax credits over the next several months.
Celebrating its 20th anniversary as a leader in impact investing, North Sky takes a collaborative approach to identifying impact investments across private equity and sustainable infrastructure that are focused on making the world a better place. Since 2000, North Sky has made approximately $1.0 billion of impact investments.
“We’re excited about the opportunities the NMTC award provides us to invest in businesses that can directly reinvigorate struggling local economies,” said Scott Barrington, CEO of North Sky. “For 20 years North Sky’s mission has been focused on bringing about positive social and environmental change, and the ability to allocate these tax credits to companies focused on making an impact in their communities is a clear win for all involved.”
The NMTC Program attracts private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments in distressed areas. More than $3.5 billion in total NMTC allocations were made to 76 Community Development Entities as part of the 2019 Program.
According to the U.S. Department of the Treasury, NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government, with recipients deploying nearly $52.5 billion in investments in low-income communities and businesses. The impact of these investments includes the creation or retention of more than 836,000 jobs, and the construction or rehabilitation of more than 218.3 million square feet of commercial real estate, according to the U.S. Treasury Department.
To learn more about North Sky and its commitment to impact investing, download North Sky Capital’s 2020 Impact Report.
About North Sky
North Sky Capital is a thought leader and a pioneer in impact investing, seeking to make the world a better place by bringing about positive social and environmental change while targeting top-quartile investment returns. Now in its 20th year, North Sky has raised more than $1.5 billion in investor commitments, focused on impact private equity secondary and sustainable infrastructure investments on behalf of a diversified group of institutional and individual investors. Based in Minneapolis, with offices in Boston and New York, North Sky and its clients have created one of the largest impact private market platforms in North America. For more information, visit northskycapital.com.