Managed by JPMorgan H&Q, the Bay Area Equity Fund is a $75 million venture capital fund. As a DBL private equity fund, it seeks to deliver market-rate venture capital returns while enabling social and environmental improvement in the Bay Area’s LMI neighborhoods. The fund invests in rapidly growing companies that are located (or are planning to locate) in target neighborhoods and can generate high quality jobs and wealth for residents in these communities. Investments focus on rapidly growing technology, consumer products and services, and health care companies that provide benefits to residents of target neighborhoods. Since its close in June 2004, the fund has been helping its portfolio companies implement tailored DBL programs to encourage connections to the communities from their early stages.
Significant Accomplishments: $37.8 million invested in 18 companies to date, producing 746 new jobs since inception. An additional 257 jobs are projected in the Bay Area from these investments. Liquidity events for investments in the health-services and cleantech industries. Launched a state, regional, and local effort to keep potential investment Solaicx, a solar company, in California to create over 350 jobs. Joined with portfolio company, Five Prime Therapeutics, to help in developing the Mission Bay Community Outreach program. Joined with portfolio company, Efficas, to highlight successful launch of a new high-value agricultural crop in Contra Costa County.
Investment Manager: JPMorgan H&Q Fund Sponsors: Bay Area Council
Alliance for Community Development