The Community Development Venture Capital Alliance
- New York
The Community Development Venture Capital Alliance (CDVCA) is a 501 (c)(3) network of community development venture capital (CDVC) funds. These venture capital funds make equity investments in businesses to create jobs, wealth and entrepreneurial capacity that advance the livelihoods of low-income people and the economies of distressed communities. They achieve a “double bottom line” of both market financial and important social returns. CDVCA works on many fronts to build, strengthen, and support the CDVC industry by combining advocacy, education, communications, and best-practices dissemination through conferences and workshops.
CDVCA furthers its mission by making investments in low-income communities. CDVCA has been making both fund-of-funds and direct investments in disadvantaged community businesses through its Central Fund since 2003. CDVCA currently manages investments totaling $168 million, including its Central Fund, federal and state NMTC programs, Innovate NY Fund, and the Puerto Rico Fund for Growth. CDVCA is the Managing General Partner of Innovate NY Fund, L.P., a $45 million New York State economic development fund-of-funds, which investments in early stage venture capital funds throughout the state, and the Puerto Rico Fund for Growth, L.P., a $47 million fund-of-funds dedicated to making investments to stimulate economic revitalization and employment on the island of Puerto Rico.