Social Outcomes of Bank of America Capital Access Funds

Research funded by Ewing Marion Kauffman Foundation

Center researchers document the social outcomes of Banc of America’s Capital Access Funds, which channel private equity to under-served markets.

Project Overview

Banc of America Capital Access Funds (BACAF) is a fund of funds channeling private equity capital to underserved markets. BACAF and its investors, Bank of America, CalSTRS and CalPERS, have deployed capital in private equity funds that have the capacity to deliver financial returns while providing capital to people and communities that have traditionally lacked access to such capital. In return, these funds have brought their professionals’ skills to bear in exciting companies that exhibit promising prospects while also building capital links that in many instances had not previously existed.

The UNC Center for Community Capital with funding from the Ewing Marion Kauffman Foundation, examined and documented the social outcomes of these investments.

Their findings, published in Bank of America annual reports in 2006 and 2007, illustrate the economic opportunities created by investments in minority-run ventures, inner-city companies, rural enterprises and ventures that hire lower-wage workers or supply underserved customer groups.


Published Article | 2007
Banc of America Capital Access Funds 2007 Social Impact Report

Published Article | June 2007
Community Development Investment Review

Published Article | 2006
Banc of America Capital Access Funds 2006 Social Impact Report

The UNC Center for Community Capital conducts research and policy analysis on ways to make financial services work better for more people and communities.


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