The Louvre Endowment Fund to invest in impact funds for restoration of France’s castles, churches and the environmental parks.
Impact funding is finding popularity with large institutions as they want to weave profits with social, values-based or environmental goals.
According to Chief Executive Officer Philippe Gaboriau, the Louvre Endowment Fund has investment in impact funds, hedge funds, emerging-market debt and energy-related stocks to boost returns. The Louvre Endowment Fund manages one of the world’s oldest art collections.
As per Philippe Gaboriau, about three per cent of the Louvre’s overall portfolio is invested in private-equity funds that have impact strategy, a level that won’t change for now. He said that the mission of Louvre includes education, art and heritage, artistic professions, and tourism. It is for this reason that they have invested in the impact fund giving an average return of 6 per cent.
Louvre museum has invested $289 million in impact fund for preservation of historical buildings and environmental parks. The fund is backed by Paris-based private-equity firm called Alter Equity.
The Louvre fund has steadily increased its hedge-fund exposure to 20 percent over the past two years. It will maintain this level. The fund has 30 per cent share in equities.
Tags: Louvre Endowment Fund
