|[June 25, 2014]
Prudential Financial Commits to Build $1 Billion Impact Investment Portfolio by 2020
NEWARK, N.J. --(Business Wire)--
Prudential Financial, Inc. (NYSE:PRU) announced today its commitment to
build a $1 billion impact investment portfolio by 2020 in its continuing
effort to direct investments to companies, projects and funds that
create positive social change and help individuals and communities
achieve economic success. Prudential made the announcement at the White
House during a meeting of the U.S. Advisory Board of the G7's Social
Impact Investing Taskforce, which presented its recommendations on how
policymakers can spur more impact investments.
"Impact investing enables us, as a company, to make a deeper and more
sustainable commitment in a way that has enduring impact," said Lata
Reddy, vice president of Corporate Social Responsibility at Prudential.
"These investments are part of our broader strategy to eliminate the
barriers that prevent individuals and communities from achieving
financial and social mobility."
Impact investing is the deployment of capital with the intention to
generate a positive, measurable social or environmental impact in
addition to a financial return.
"With this commitment, we are building on Prudential's long history of
using our resources to generate more than just a financial return," said
Ommeed Sathe, vice president of Impact Investments at Prudential. "For
decades, we have strived to find innovative approaches that reach
communities and individuals whose needs are underserved by traditional
Prudential formalized its impact investing program in 1976. Since then,
the group has invested nearly $2 billion, including $300 million
deployed in the company's hometown of Newark, New Jersey.
The group invests in three core areas: social purpose enterprises,
financial intermediaries that redeploy capital to individuals and
organizations, and real assets, like affordable housing, that improve
lives and communities.
"Prudential has been a leader in the impact investment arena for
decades," said Jean Case, CEO of the Case Foundation. "Today they
reaffirmed that leadership by committing to build a $1 billion impact
investment portfolio. We have witnessed how instrumental impact
investing can be, and it is encouraging that such a large private sector
corporation understands the importance of using its capital to address
complex social challenges."
Separately today, the U.S. National Advisory Board (NAB) on Impact
Investing released its report of policy recommendations to mainstream
impact investing within the United States. The initiative, focused on
promoting public and private innovation and entrepreneurship in solving
the United States' greatest social challenges, addresses the most
catalytic changes needed from a policy standpoint. NAB's report, Private
Capital, Public Good: How Smart Federal Policy Can Galvanize
Impact Investing - and Why It's Urgent, is available at: www.nabimpactinvesting.org/s/Private_Capital_Public_Good.pdf
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with
more than $1.1 trillion of assets under management as of March 31, 2014,
has operations in the United States, Asia, Europe, and Latin America.
Prudential Financial Inc.'s diverse and talented employees are committed
to helping individual and institutional customers grow and protect their
wealth through a variety of products and services, including life
insurance, annuities, retirement-related services, mutual funds and
investment management. In the U.S., Prudential Financial, Inc.'s iconic
Rock symbol has stood for strength, stability, expertise and innovation
for more than a century. For more information, please visit www.news.prudential.com.
This news release includes forward-looking statements. It is possible
that actual results will differ from the predictions made in this news
release. Factors that could cause such a difference are discussed under
the section titled "Forward Looking Statements" in the Company's 2013
Form 10-K, which can be found on our website at www.investor.prudential.com.
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