This investment fund has a social agenda — and high-profile backers
September 18, 2015
Charity is laudable, Bobby Turner says, but if you really want to raise enough money to improve a thorny social problem you have to introduce the profit motive.
An associate of 1980s junk bond king Michael Milken who made a fortune in real estate, Turner is now turning that personal philosophy into action.
He set up a company last year called Turner Impact Capital that seeks investors to pay for blue-collar housing, promising returns more typical of conventional money-making businesses.
And already some big names are risking capital to invest with Turner, a deeply connected Los Angeles financier who already has a similar fund with former tennis star Andre Agassi to build inner-city charter schools.