By Daily Press staff
BURBANK — Shamrock Capital Advisors, manager of the pioneering Genesis LA Real Estate Fund, has completed the closing of the $104 million Genesis Real Estate Fund II, the largest regional “double bottom line” investment fund in the United States.
Genesis Real Estate Fund II follows the success of the initial Genesis Fund, launched in 2000 to stimulate economic development in low-and moderate-income communities throughout Los Angeles County. Since its inception, the first Genesis Fund facilitated more than $250 million in retail, industrial, mixed use and creative office development and was responsible for the creation and/or retention of an estimated 5,000 jobs.
Prior to Shamrock’s initiation of the initial Genesis Fund, believed to be the first fund of its kind in the United States, it was widely accepted that community investment and generation of appropriate risk adjusted returns were mutually exclusive.
“The success of Genesis has shattered those myths,” said Mark Schaffer, Shamrock managing director. “We’ve been able to achieve our community investment goals on one hand, notably job creation and retention, and profitable real estate investment on the other.
Originally published in the Santa Monica Daily Press print edition on October 26, 2005. Read the original PDF.