MassMutual seeks to boost economy in poorer parts of state

The MassMutual Tower in Springfield

From The New England Council (newenglandcouncil.com)

“Massachusetts Mutual Life Insurance Co. (MassMutual) (founded in 1851) recently launched the MM Catalyst Fund to invest $50 million in local businesses, targeting economic growth in underdeveloped areas of Massachusetts.

“The fund will be distributed evenly between two categories of capital: one half in community growth (“MMCF Growth”) through equity and debt investments in Black-owned businesses, and the other half in technology (“MMCF Tech”) through equity investments in technology companies based outside of Boston.

‘Rilwan Meeran, Impact Investment Portfolio Manager who oversees the MMCF commented, “Impact investing at MassMutual seeks to create a positive social and environmental impact that is measurable while also making market rate financial returns. Philanthropy alone cannot solve our society’s problems; institutional capital investment should also play a role.”