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CA Department of Insurance
CA Department of Insurance
CA Department of Insurance

COIN Insurer Investment Programs

COIN-Qualified Investments

Insurer Investments verified by COIN to provide a positive environmental or social impact to low to moderate income (LMI) households or areas, as well as rural and reservation based communities in California.

Active COIN-Qualified Investments by Asset Class:


  • Brookfield Global Renewables and Sustainable Infrastructure Strategy – The Global Renewables & Sustainable Infrastructure Strategy offers a diversified portfolio that seeks to invest in companies that may capitalize on or benefit as the world transitions towards cleaner, cheaper, and more efficient sources of energy. The strategy’s investable universe spans across the value chain of power consumption. The team believes this global transformation away from fossil-fuel based power assets impacts not only the way power is produced, but also how it is distributed and consumed. The Public Securities Group leverages Brookfield’s core real asset expertise via global listed strategies, including real estate, infrastructure, energy infrastructure, real asset debt, real asset solutions and opportunistic strategies through a variety of flexible and scalable investment mandates, including separate accounts, registered funds and private funds. The Public Securities Group has been investing in public securities for 30 years and has over $15 billion of assets under management.

  • JPMorgan Carbon Transition U.S. Equity ETF - The JPMorgan Carbon Transition U.S. Equity ETF (“JCTR” or the “Fund”) is designed to provide broader U.S. market exposure with equity securities better positioned to benefit from a transition to a lower carbon economy. It invests  primarily in U.S. large- and mid-cap equity securities and seeks investment results that closely correspond to the JPMAM Carbon Transition US Equity Index, which employs a rules-based process to determine how companies effectively manage emissions, resources and carbon-related risk.

Fixed Income

  • Academy Securities California Municipal Bonds - Academy Securities underwrites California municipal bond securities. They are our nation’s first post 9/11 military veteran and disabled veteran owned and operated investment bank and broker-dealer. Academy Securities is a FINRA registered US Broker-Dealer, California-certified Disabled Veteran Business Enterprise (DVBE) and verified Federal Service Disabled Veteran Owned Small Business (SDVOSB) as well as a certified Minority Business Enterprise (MBE). The majority of their firm’s leadership served in the military. The firm’s goal is to achieve a minimum of 50% military veterans employed throughout the organization. Today, Academy Securities is proud that over 44% of their employees are military veterans and they are dedicated to consistently increasing the ratio. As of 2020, over 63% of their firm’s equity is owned by military veterans. This also qualifies the company as a COIN-qualified diverse investment manager.

  • Artesian High Impact Green Bond Fund  - The Artesian High Impact Green Bond Fund’s mission is to displace the maximum amount of greenhouse gas emissions (current and future), while delivering a superior risk adjusted rate of return. The Fund melds the ch aracteristics of “dark” green bonds (with its large scale, lower but immediate environmental impact) and clean energy venture debt (with its smaller scale but innovative and high potential future impact). This will deliver a risk, return, and impact profile that is difficult to achieve through conventional, single asset class solutions in a highly liquid format. The Fund is designed to utilize the Manager’s strengths in both fixed income and venture capital in order to narrow the large clean energy infrastructure spending gap the world faces.  The Fund may also invest in other green fixed income securities such as asset backed securities related to clean energy infrastructure projects. Finally, the Fund is consistent with the California Department of Insurance Climate Risk Carbon Initiative, which believes that, due to climate change, the world is shifting toward the use of renewable energy and away from fossil fuels.

  • Blue Forest Conservation Forest Resilience Bond - The Forest Resilience Bond (FRB) is an investment vehicle designed to finance forest restoration projects across the western United States to decrease the risk of severe wildfire and protect water resources. The FRB pilot project launched in November 2018 in the Yuba Watershed of Tahoe National Forest.  Blue Forest believes that their projects will deliver measurable results to public and private beneficiaries, certain of which will agree to make contracted payments based on completed restoration activities and agreed to performance thresholds. The contracted payments are made to the FRB, which then passes through payments to the lenders.

  • Berkadia Affordable Housing West Coast Partners – Low Income Housing Tax Credit (LIHTC) Investment Equity fund. A regional institutional multi-investor fund formed to acquire a diversified portfolio of LIHTC financed properties in California, which provides for the creation and preservation of affordable housing properties that have received an award of low income housing tax credits.  Building and preserving affordable housing in California for individuals earning less than 60% Area Median Income (AMI). The housing tax credit provides a dollar for dollar reduction of corporate tax liability. Berkadia is a Berkshire Hathaway and Jefferies Financial Group company. Berkadia Affordable Housing is a national specialty platform within Berkadia, an industry leader in commercial real estate investment solutions. The group provides mortgage banking, investment sales, tax credit syndication advisory, and equity sourcing to owners of income-restricted or subsidized multifamily properties, primarily through LIHTC and HUD programs. Additionally, clients have access to municipal banking and LIHTC syndication services through Berkadia affiliates.

  • California Housing & Affordable Mortgage Program (CHAMP) - BMO Capital Markets facilitates COIN eligible investments in Collateralized Mortgage Obligations (CMOs), pass through of Agency eligible residential mortgages, and multifamily affordable housing bonds. The full and timely payment of principal and interest are guaranteed by the full faith and credit of the U.S. government, Fannie Mae and Freddie Mac. The investments exclusively support affordable housing financing in California.

  • California Housing Finance Agency’s first time homebuyer mortgage backed securities - California Housing Finance Agency (CalHFA) is a California state agency and has been supporting the financing needs of first time homebuyers since 1975. Investment opportunities from CalHFA's ongoing loan production includes Ginnie Mae or Fannie Mae securities backed by loans made to first time homebuyers with certain social impact characteristics such as low to moderate income, defined census tract areas and ethnic diversity.

  • Calvert California Rebuilding Fund - Launched by California Governor Gavin Newsom in November 2020, the California Rebuilding Fund (the “Fund”) is a public private partnership that aggregates funding from private, philanthropic, and public sector resources – including an anchor commitment from California's Infrastructure and Economic Development Bank ("IBank") – to address the capital and advisory needs of California small businesses as they reopen and recover from the COVID-19 health and economic crisis. This effort targets the smallest of small businesses – those with fewer than 50 employees – and has a goal of reaching historically under-resourced communities. The Fund equips community-based lenders with the liquidity, risk mitigation, and support required to meet the unique capital needs of the small businesses in their communities. The Fund is structured in two phases with two different Special Purpose Vehicles (SPV) that hold Rebuilding Loans originated by participating community lenders. The first SPV has been subscribed. The second SPV will scale the program and allow the community lenders to continue offering low-cost credit to their markets.

  • College Access Tax Credit Fund (CATCF) - The CATCF allows individual taxpayers, businesses and insurance companies to claim a tax credit equal to 50% of their cash contribution to the CATCF. These contributions bolster financial aid for California's low income college students. This $500 million dollar aggregate tax credit is only available through taxable year 2022. The Fund is designed to support the Cal Grant Program, which is the State of California's largest source of educational financial aid. Cal Grants are for students pursuing an undergraduate degree or vocational or career training at a qualifying California college. Awards are made to students with a financial need to attend the college of their choice who have family income and assets below set minimum levels. 

  • Community Capital Management (CCM) Impact Shares Affordable Housing ETF – The Impact Shares Affordable Housing ETF (ticker symbol: OWNS) will be a publicly traded fund with an investment objective to provide current income. Under normal circumstances, the Fund will invest at least 80% of its net assets in mortgage-backed securities backed by pools of mortgage loans that the Fund’s Sub-Adviser believes were made to low-income families, minority families or families in majority-minority census tracts (as defined below), and/or families that live in persistent poverty areas. These loans include home loans in census tracts where more than 50% of the population is non-white and at least 40% of the population is living at or below the poverty line (defined as a racially or ethnically concentrated areas of poverty or “R/ECAP”); loans in counties where for more than 20 years 20% or more of the population has lived in poverty (defined as a persistent poverty county or “PPC”); and loans to minority borrowers or loans originated in a census tract where more than 50% of the population is a minority (also referred to as a majority-minority census tract).At least 51% of the loans underlying the mortgage-backed securities in which the Fund invests will have been made to low- and moderate-income borrowers.

  • Enhanced Capital Solar Tax Credit Investments - Enhanced Capital works with insurance companies to repurpose their state and federal income tax liabilities into income yielding assets through customized tax credit investment opportunities in qualifying solar energy projects. Enhanced Capital acts on behalf of the investor to source solar projects, conduct due diligence and manage the investment from negotiating terms, deal closing, deal management and reporting through investor exit. Enhanced works with corporate clients to customize portfolios of federal tax credits with a focus on Solar Investment Tax Credits (ITCs). Solar ITCs provide an attractive return profile in addition to fulfilling ESG and sustainability goals. The targeted net return is comprised of the tax credit, depreciation benefits, project cash returns and an exit payment over a five-year period.   

  • Fannie Mae MBS Program - Fannie Mae mortgage pools for COIN targeted mortgage backed securities (“MBS”). Fannie Mae supports the liquidity and stability of the U.S. mortgage market primarily through purchasing and securitizing mortgage loans originated by lenders into MBS, which they then guarantee. The MBS will be backed by mortgage loans to low and moderate income borrowers for properties located within the United States, with a geographic concentration of properties in California. 

  • Memphis Capital’s Socially Responsible Investment (SRI) Program - Memphis Capital is an SBA-approved Pool Assembler with the authority to form SBA Pool Securities, enabling the creation of diversified government-guaranteed, short-duration loan pools. This unique positioning allows the firm to cater to U.S. small businesses that face difficulties accessing capital through conventional commercial lending channels.  With a team boasting extensive expertise in SBA loan products, Memphis Capital excels in structuring portfolios encompassing a range of small business loans and community development resources. By doing so, they actively foster economic opportunity for all local community members.

  • Multi-Bank Securities, Inc. (MBS) Community Impact Mortgage-Backed Securities Programs - MBS sources, structures and offers investor directed investments via Ginnie Mae, Fannie Mae and Freddie Mac mortgage backed securities. Social mandates and Community Reinvestment Act requirements accepted. MBS is a certified Veteran Owned Business Enterprise (VBE) and a member of the National Veteran Owned Business Association (NaVOBA). MBS is one of a select group of broker dealers approved to work directly with the U.S. agencies to underwrite and distribute their debt. The Firm is a member of Fannie Mae's ACCESS Diversity Program, Freddie Mac's Supplier Diversity Program and the Federal Home Loan Banks' Diversity and Inclusion program. 

  • Payden California Municipal Social Impact Fund - The Payden California Municipal Social Impact Fund generally invests in intermediate-maturity municipal bonds that are exempt from Federal, state, and local taxes for California residents. Under normal market circumstances, The Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in “California Municipal Securities,” which are defined as debt obligations issued by the State of California, local governments and other authorities in California, and their agencies and instrumentalities, or by other issuers, all of which pay interest income exempt from Federal and California personal income tax. Securities may be general obligation bonds, revenue bonds, or short-term variable rate demand notes, among others, each of which, in the opinion of Payden & Rygel, the proceeds raised are used consistent with positive social impact practices and outcomes. While the fundamental credit research process already includes consideration of material environmental, social, and governance (ESG) risks, Payden will apply additional screening metrics when selecting suitable investments for the Fund. To that end, Payden will focus on what it believes to be the principal impact sectors, such as essential services and utilities, primary and community college education, healthcare and social services, affordable housing, renewable energy and resource recovery and economic development and connectivity.

  • RBC Global Asset Management Access Capital Community Investment Strategy - Invests primarily in high quality debt securities and other debt instruments supporting the community development industry in areas of the United States designated by strategy shareholders. The strategy can be invested in through mutual fund I shares (ACCSX), or separately managed account. The affordable housing related investments are made through securities issued by Ginnie Mae and government sponsored enterprises, such as Fannie Mae and Freddie Mac. The investment is especially well structured for investors seeking highly rated, highly liquid asset liability matching, such as property and health insurers.

  • SDS Supportive Housing Fund, LP - Finances the development of cost effective, high-quality permanent supportive housing (“PSH”) to help alleviate homelessness in California while seeking a targeted risk-adjusted market rate-of-return. 100% of the units in these neighborhood-scaled apartment communities will be made available for people suffering from homelessness, with the rent payments coming from Section 8 tenant vouchers. The Fund will invest its capital in the ground-up development of an estimated 20 apartment communities, where tenants will receive intensive case management and a safe home. Additional impacts include: redeveloping blighted sites with properties that are expected to become catalysts in revitalizing their low/moderate-income communities; providing entrepreneurial retail space to local businesses on the ground floor; creating potential revenue streams for local African-American churches (seven of the initial projects have African-American churches as the land partners, ground leasing their land for development), as well as a range of environmentally sustainable features at each development, such as solar panels, aeroponic rooftop farming, and sustainable construction practices that are expected to be included in the developments.

  • Solomon Hess SBA Loan Fund - Short duration bond fund investing in SBA 7(a) loans to promote job creation, retention, and improvement for LMI persons employed by small businesses.

  • Stifel, Nicolaus & Company California Municipal Bonds - Stifel acts as a broker dealer for new issues of California municipal bonds. Stifel is consistently the #1 or #2 underwriter of California municipal bonds ranked by a number of issuers. And #1 underwriter of National K-12 and Economic Development negotiated municipal transactions. Stifel is a top five underwriter of Negotiated Single Family and Multifamily Housing transactions including projects involved in providing low to moderate income, senior and supportive housing. Stifel regularly offers federally taxable and tax exempt fixed income securities (bonds) sold by issuers engaged in affordable housing, low income student education, PACE financings, mass transit, renewable energy and water conservation.

  • Wells Fargo Government Guaranteed Mortgage Program - WFGGMP assembles custom pools of LMI mortgages from Agency MBS sourced from the top ten U.S. lenders.

Private Debt

  • Align Affordable Housing Bond Fund, LP - Invest in tax exempt subordinate bonds secured by affordable housing properties. The bonds will be issued by state or local governmental entities. To finance the purchase and renovation or construction of affordable housing properties. The Fund will promote the development of new affordable housing properties by providing innovative financing to developers at an interest rate that is less expensive than equity. As a result, developers will be able to build more affordable housing and provide low income residents with a clean, safe and affordable place to live. 

  • Pharos Capital Partners IV, L.P.: The Fund’s objective is to generate attractive risk-adjusted returns by making control investments in healthcare-related companies, primarily through convertible debt investments in high-growth companies. The Fund’s strategy is to partner with talented management teams to take a controlling position in each portfolio company’s capital structure, and then use this position to assist each company in executing its growth strategy and maximizing the investment’s exit value. Pharos was founded in 1998 and the Firm’s five Partners have been working together for over 20 years. Pharos is focused on socially responsible, impact investing. Pharos’ strategy of investing in growing healthcare companies with a focus on lowering the total cost of care, improving patient outcomes, and expanding access to care, specifically within underserved communities in both rural and urban inner-city markets, is closely aligned with the goals of value-based care. They believe that companies that are best aligned with value-based care are those that take a comprehensive approach to healthcare outcomes and address the social determinants of health. Pharos’ longstanding experience with value-based care models in current and previous investments has positioned the firm for success as the healthcare marketplace, and payors in particular, continue to increase their emphasis on value-based care. As a certified Minority Business Enterprise, Pharos values diversity, equity, and inclusion in all aspects of its decision-making processes and operations, and is also committed to creating jobs and job opportunities for local employees in the healthcare sector, with a particular focus on minority employees and employees in low-income areas. This commitment is reflected in the employee composition of portfolio companies in their latest fund; of the 6,045 total employees, 78% are female, 52% are POC, and 33% are Black.

  • Small Business Community Capital II, LP - Invests in senior secured debt, subordinated debt and equity in small to mid sized companies that face a lack of capital availability. The industry focus is business services, consumer products, food & beverage, healthcare, manufacturing and telecommunication.  

Private Equity

  • DCA Capital Partners II, LP - Takes preferred stock and subordinated debt positions in growth oriented companies primarily located within the Central Valley of California.  

  • Diverse Communities Impact Fund I, LP - Invests in platforms that improve quality of life by increasing access to better education, health care, banking, financial services and credit, and improved environmental conditions. The Fund’s industry targets are technology, health care, education, food, the green economy and innovative engineering solutions, including investments in an electric vehicle (EV) infrastructure platform for low income diverse communities, an electric airplane manufacturer, and a water leakage detection technology for large water utilities. These examples underscore the value of keeping capital in the communities they serve, thus allowing for additional job creation and expanded economic mobility, all while generating above average risk adjusted rates of return.

  • Fairview Private Markets Fund VI, L.P. - Formed by Fairview Capital, the fund seeks investments primarily in offerings of a highly selective pool of best in class venture capital and growth equity partnerships that the Firm believes will deliver attractive relative and absolute performance to investors. The Fund may also selectively participate in direct co-investment opportunities alongside established venture capital managers. The Fund is expected to invest across the venture capital continuum with a bias towards the early stage, where companies operate in large and growing markets. Underlying companies have often demonstrated product market fit and are approaching scalability, a critical stage of a company’s growth. In these instances, the team is expanding, investments are made in sales and marketing, and in engineering, as products are refined and go-to-market strategies are formalized. These activities result in substantial job creation – in fact, venture capital investment has long been associated with job creation, higher wages, innovation, and economic growth. Further, the ecosystems of venture-backed companies are increasingly socially conscious and organically developing diversity and inclusion practices. Management teams and portfolio company boards are becoming more diverse, as consumers become more drawn to companies with a social purpose. Financial incentives are becoming more inclusive at the partnership level, with some leveraging carried interest profits for social good. From an environmental perspective, sustainability and climate change has become a major area of emphasis in the venture capital industry.

  • InterAtlantic Energy Capital Ventures (IA ECV) - IA ECV Fund I is a Venture Capital Fund focused on energy and water technology investments, and is part of the IA Capital investment platform, which has an 18-year track record managing fintech and insurtech Venture Capital funds. A key enabling factor of IA ECV Fund I investment strategy is the concept of the energy transition: moving away from a centralized system that depends on fossil fuels to a decentralized and decarbonized grid that powers a fully electrified economy. ECV aims to catalyze and accelerate this transition, reducing the dependency of the economy from fossil fuels and bringing wide ranging environmental and societal benefits, from new jobs to build the infrastructure of the energy transition, to health benefits driven by clean air, clean transportation and clean water and energy resources. In addition, ECV is affiliated with Ramirez & Associates, a minority owned firm and one of the largest fixed income and equity asset management funds in US.

  • Inter-Atlantic Stonybrook Insurtech Ventures II, LP – The Fund will make venture and growth capital investments in the insurance technology sector. In particular, the Fund will focus on technology-enabled distributors, technology and other service providers, and other participants in the insurtech ecosystem, including both personal and commercial lines. The Inter-Atlantic Funds will continue to invest in companies that utilize technology to democratize financial services and promote financial inclusion. Before financial empowerment became a buzzword, their portfolio companies were empowering millions. While each of their portfolio companies strives to be a great corporate citizen, the majority have focused on underserved individuals and small businesses. IA Capital is committed to supporting a diverse group of founders.

  • Nuveen Global Impact Fund – The Fund will seek to achieve long-term competitive financial returns alongside measurable social and environmental outcomes through exposure to a diversified portfolio targeting 10 to 15 direct private equity investments of between $20 and $60 million in size, across a range of investment stages, primarily focused on minority growth equity and recapitalization opportunities, but also occasionally considering control transactions. Through these investments, the Fund will seek to address two of the most critical sustainable development challenges of our day: (1) income inequality, driven by the lack of adequate goods and services meeting the essential needs of the emerging low-income consumer, and (2) climate change, exacerbated by the inefficient use of resources across global industrial supply chains. Championing responsible investing (RI) and building a better world has been a priority for Nuveen for more than five decades. RI seeks competitive returns while making a positive impact, with more than $45 billion of ESG-focused strategies. RI aims to drive better outcomes for investors, our communities and the planet and is an integral part of our history and our future. Nuveen embeds environmental, social, and governance (ESG) factors into their investment process with the objective of improving long-term performance and reducing risk.

  • Wavemaker Three-Sixty Health II, LP - Wavemaker Three-Sixty Health is a Los Angeles based, health technology focused, seed stage venture fund. The Firm invests across all sectors of the health technology industry (excluding biopharma). This includes digital health, life sciences, artificial intelligence, 5G, mobile health, value-based health, wearables, telehealth, next gen med devices, robotics, diagnostics, and data analytics and software. Deeply networked with executives from marquee healthcare organizations who are LPs, providing proprietary deal flow and commercialization advice. These LPs make their fund one of the most strategic health tech focused venture funds in the U.S., and give the fund a competitive advantage when it comes to sourcing high quality investment opportunities, evaluating early-stage companies and providing commercial support post-investment.

  • Westly Capital Partners Fund IV - A venture capital fund that will invest primarily in capital-efficient, high-growth, software-enabled sustainability and resource efficiency companies. Fund IV, based in Menlo Park, CA, will invest in A, B, & C stage financing rounds and focus on smart energy, smart transportation and smart buildings & cities. The Westly Group has invested in over 30 portfolio companies, 60% of which are headquartered in California, and currently employ over 80,000 people. The Westly Group has invested in companies that target numerous social and environmental benefits such as air pollution and global warming, water conservation, smart building efficiency, environmental project financing, healthy food for school children, and emergency response.

Real Assets

  • ACM Fund II, LLC - The mission at Agriculture Capital is to develop a regenerative food and agriculture system that produces better food at scale and delivers market asset competitive returns to investors while making a difference in local communities. They envision a world where more people have access to food that is better and healthier for their families, while improving the land and the communities in which they operate.

  • Arctaris Opportunity Zone Fund Program - Launched in 2019, the Arctaris Opportunity Zone Investments seeks to invest across the 8,700+ Opportunity Zones in all 50 states and US territories. Along with our strong track record in low-income communities, Arctaris utilizes OZ’s to serve the economic development needs of communities that need it most. Arctaris replicates the investment model of previous funds across the Arctaris Impact Investors family, utilizing first-loss guarantees and other forms of principal protection via grants and investments from leading philanthropic, government, and community partners to leverage private capital investment. With a multi-asset and multisector approach, the Arctaris Opportunity Zone Fund Series seeks to invest private equity in operating businesses with an eye towards job creation, real estate, and infrastructure.

  • Equilibrium Capital  - Sustainable institutional investor strategies include three real asset sectors: Agriculture & Food, Renewable Resources (which include Energy and Water), and Real Estate.  Common to all is the aim to generate current returns, long-term resilient sustainability rooted financial values, and scale. Equilibrium has developed its Controlled Environment Production Agriculture1 strategy backing, at scale, land, water and transportation efficient controlled environment production systems for delivering high quality produce to mass markets.  The firm also has strategies in water and waste management, advanced green real estate, and sustainably grown and managed permanent crops.

  • The Healthy Food Financing Initiative - Promotes access to healthy foods in the state of California by financing the distribution and retail of fresh food in communities that have been defined as food deserts or as Food Opportunity Areas. 

  • Oak Street California Added Alpha Fund II, LP - Invests best in class emerging private real estate funds with an emphasis on California based investments. These investments target retail in under served neighborhoods, commercial properties, medical real estate opportunities, workforce and under served housing, energy efficient assets, brownfield remediation and other strategies with rigorous Environmental, Social or Corporate Governance ("ESG") initiatives. CAAF II will target "added alpha" for investors through helping smaller, newer entities raise an initial institutional fund, including investing with early stage women and minority owned firms.

  • Prospect Opportunity Zone Fund, LP - The Fund will make tax-advantaged equity investments in real estate development and redevelopment projects located in Opportunity Zones, with a primary focus on multifamily real estate. Opportunity Zones are economically developing communities that have been designated by each U.S. state. Qualifying investments in Opportunity Zones are eligible for preferential tax treatment. To date, Prospect Capital has invested in over $3B of real estate, with a focus on multifamily properties. Of note, 49% of Prospect’s multifamily properties have been located in census tracts eligible for Opportunity Zone designation.

  • Watt Investment Partners – ETHOS Affordable Housing Preservation Strategy - Affordable Housing Preservation Strategy focuses on California residential properties, located in at-risk areas for current and future displacement pressure and gentrification. The strategy identifies market rate, for-rent properties and works with local public agencies to record a Regulatory Agreement on the property, legally converting the property to Affordable Housing. Improved housing security for at-risk tenant populations by legally requiring housing to remain affordable to low income tenants into the long term (55+ years). The strategy contemplates significant capital investment and renovations throughout the property, contracting with local contractors and trades to improve the property and extend the life of the asset. To date, the strategy has acquired 850 units in Los Angeles and Oakland, budgeting over $30,000 per unit to update legacy electrical, heating/cooling, and plumbing systems, upgrade appliances to energy and water efficient levels, and overall extend the useful life of the property.

For additional information please contact COIN at 916.492.3525 or

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