Landscape design by CBA Landscape Architects/Photograph ©Ed Wonsek
HNEF Fund Structure
- $22 million quadruple bottom line private equity fund
- Meets the need for patient, lower cost, long-term equity capital
- Target return: 6 - 8% net IRR over fund life (for Class A investors)
- 10-year investment term
- 2% management fee, no carried interest
Capital Structure
Blended capital stack reduces risk to Class A investors
Walkability = Asset Value

Source: Walk this way, brookings institution
The Quadruple Bottom Line
HNEF's Quadruple Bottom Line approach to evaluating projects considers community, environmental, and health impacts in addition to financial returns. HNEF invests in neighborhoods that are in the early to mid-stages of transformation, where investment can help catalyze and accelerate that change.