{"id":42648,"date":"2025-01-31T18:09:40","date_gmt":"2025-01-31T23:09:40","guid":{"rendered":"https:\/\/test.greenmoney.com\/2025\/supporting-indigenous-self-determination-through-a-spectrum-of-capital\/"},"modified":"2025-05-03T19:00:40","modified_gmt":"2025-05-03T23:00:40","slug":"supporting-indigenous-self-determination-through-a-spectrum-of-capital-2","status":"publish","type":"post","link":"https:\/\/test.greenmoney.com\/2025\/supporting-indigenous-self-determination-through-a-spectrum-of-capital-2\/","title":{"rendered":"Supporting Indigenous Self-Determination Through a Spectrum of Capital"},"content":{"rendered":"<p>&nbsp;<\/p>\n<div class=\"landing-links\"><a href=\"\/\">&gt; Back to February 2025 Issue<\/a><\/div>\n<h5>Above image courtesy of:\u00a0 The Christensen Fund works to support Indigenous Peoples in advancing their inherent rights, dignity and self-determination.<\/h5>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-42801\" src=\"https:\/\/test.greenmoney.com\/2025\/wp-content\/uploads\/2025\/01\/Carla-Fredericks-and-Matt-Aguiar-of-The-Christensen-Fund.png\" alt=\"Carla Fredericks and Matt Aguiar of The Christensen Fund\" width=\"500\" height=\"480\" srcset=\"https:\/\/test.greenmoney.com\/2025\/wp-content\/uploads\/2025\/01\/Carla-Fredericks-and-Matt-Aguiar-of-The-Christensen-Fund.png 600w, https:\/\/test.greenmoney.com\/2025\/wp-content\/uploads\/2025\/01\/Carla-Fredericks-and-Matt-Aguiar-of-The-Christensen-Fund-300x288.png 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/>For centuries, Indigenous Peoples and communities have been colonized, stolen from, discriminated against, marginalized, and neglected. To restore economic justice, investors and capital-holders must consider this history and reality, and then determine if, how, and when they will take action to facilitate a reimagined, inclusive economic future. Investment opportunities exist to support this transition and promote Indigenous economic livelihoods.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Christensen Fund, a private grantmaking foundation created in 1957 by Allen D. and Carmen M. Christensen, supported the arts and cultural preservation around the world through the late 1990s. Beginning in the early 2000s, the organization shifted its focus to biocultural diversity, supporting local initiatives in select priority regions around the world with unique heritage in an effort to sustain planetary diversity. Following a series of collaborative and consultative discussions with partners, in 2021 The Christensen Fund narrowed its focus explicitly on supporting Indigenous Peoples in advancing their inherent rights, dignity, and self-determination. We coined this as our organizational \u201cPurpose\u201d, rather than our \u201cMission\u201d, because of the traumatic, colonial history of the Catholic missions in California, where we are based.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Indigenous Peoples have been purposefully excluded from participation in economic activities around the world. Discriminatory and predatory lending practices have kept Indigenous communities from being able to access capital that is critical to building wealth. For this reason, we determined that for our foundation to achieve the desired impact, we had to go beyond our grantmaking and assess how our foundation\u2019s endowment could be more effectively activated in pursuit of our Purpose.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Our Journey<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Christensen Fund has long considered how its assets could create positive impact beyond our grantmaking. In the mid-2010s, our Board and Investment Committee piloted multiple small-scale initiatives, including one Program Related Investment, several Mission-Related Investments, and a shareholder activism program. We also began a fossil-fuel divestment initiative.\u00a0<\/span><\/p>\n<div class=\"visibility-wrapper-970-to-300\">\n<div id=\"div-gpt-ad-1652553476095-0\"><script>\n    googletag.cmd.push(function() { googletag.display('div-gpt-ad-1652553476095-0'); });\n<\/script><\/div>\n<div id=\"div-gpt-ad-1622053269469-0\" class=\"ad-float-left\"><script>\n    googletag.cmd.push(function() { googletag.display('div-gpt-ad-1622053269469-0'); });\n<\/script><\/div>\n<\/div>\n<p><span style=\"font-weight: 400;\">In 2021, after developing a new program strategy and articulating our organizational Purpose focused on the rights of Indigenous Peoples, we delved deeper into a conversation about the impact of our investments. After updating our Investment Policy Statement (IPS) to \u201calign our investments and our values\u201d, we spent over a year developing what we called our \u201cPurpose Aligned Capital\u201d plan.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This collaborative process, which included members of our staff, Board, Investment Committee, OCIO, and external consultants and peers, was approved by our Board at the end of 2022 and created three distinct sleeves for our assets:<\/span><\/p>\n<ul>\n<li><b>Program Related Investments <\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">(PRIs) would have absolute alignment with our program strategy and Purpose, and may underperform, have wider range of outcomes, or be less liquid relative to other strategies in the same asset class;<\/span><\/span><\/li>\n<li><b>Purpose Aligned Investments<\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> (PAIs) would be expected to generate market-rate returns and actively support our Purpose; and<\/span><\/span><\/li>\n<li><b>Values Aligned Investments <\/b><span style=\"font-weight: 400;\">(VAI) would be expected to generate market-rate returns and not be opposed to the principles that The Christensen Fund stands for.<\/span><\/li>\n<\/ul>\n<h2 style=\"text-align: center;\"><span style=\"color: #808080;\"><em><span style=\"font-weight: 400;\">We spent the entirety of 2023 fleshing out parameters and qualifiers for each of these categories, and by the end of that year, we made our first commitments under this new Purpose Aligned Capital strategy.<\/span><\/em><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">During that time, we came across many PRI and PAI investment opportunities that excited us, and we confirmed what we expected to be true: that Indigenous Peoples have suffered economically for centuries because of economic injustice and discriminatory lending practices. As we began scratching the surface, we came across many promising and exciting, yet under-resourced opportunities. One such example is <\/span><a href=\"https:\/\/shoptocabe.com\/\"><span style=\"font-weight: 400;\">Tocabe Indigenous Marketplace<\/span><\/a><span style=\"font-weight: 400;\">, an Indigenous-owned, operated, and serving food company. Tocabe\u2019s business aligns directly with The Christensen Fund\u2019s Purpose of supporting Indigenous People via leadership, inherent rights, dignity and self-determination. By centering Native producers and consumers within its business model, Tocabe has created a social purpose business that is solving for multiple challenges: creating demand for Native producers and helping to solve for their distribution and marketing challenges while providing culturally relevant products for Tribes and Native consumers with limited or no access to healthy Native foods. The Christensen Fund is proud to partner with Tocabe by providing them with one of our first PRIs.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Tocabe is just one example of exciting indigenous-led and -serving enterprises that we have added to our PRI portfolio. <\/span><\/span><span style=\"font-weight: 400;\">We also committed a PRI to <\/span><a href=\"https:\/\/www.akiptan.org\/\"><span style=\"font-weight: 400;\">Akiptan<\/span><\/a><span style=\"font-weight: 400;\">, a community development financial institution (CDFI) which further supports Native American food systems by providing loans to Native American and tribal ranchers and farmers in order to build out Indigenous food chains. In an effort to facilitate access to clean energy, we have also committed a PRI to <\/span><a href=\"https:\/\/www.navajopowerhome.com\/\"><span style=\"font-weight: 400;\">Navajo Power Home<\/span><\/a><span style=\"font-weight: 400;\">. These opportunities promote economic independence for Native American tribes, communities, and individuals \u2014 a critical ingredient for self-determination.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Realizations to Date<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While we are still very early in our journey, we have embraced several key lessons already that will guide our path forward.<\/span><\/p>\n<p><b>Transformative change takes time.<\/b><span style=\"font-weight: 400;\"> It has been over three years since we revised our IPS, creating a mandate to align our values and\u00a0 investments, and we have only committed 30% of our allocated capital to PRIs and PAIs. This may seem like slow progress, but it has actually felt like anything but. It has been critical to move carefully, building these programs for the long-term. We took the time to converse with our peers and our partners. We consulted experts, including leaders from the <\/span><a href=\"https:\/\/www.macfound.org\/\"><span style=\"font-weight: 400;\">MacArthur Foundation<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/nathancummings.org\/\"><span style=\"font-weight: 400;\">The Nathan Cummings Foundation<\/span><\/a><span style=\"font-weight: 400;\">, who have been doing this work for years, to hear about their experiences and develop our own plan based on their learnings. We have spent countless hours with our staff, Investment Committee, and full Board, ensuring that everyone understands both the importance AND the mechanics of this work. We are moving toward this future together and taking our time to ensure everyone is on board has been very important.<\/span><\/p>\n<p><b>Partnership is critical.<\/b><span style=\"font-weight: 400;\"> We have benefited tremendously from talking with partners, working with consultants, and listening to capital-seekers. In order to truly address the challenges, we are trying to overcome, we cannot go it alone. We must have the humility to acknowledge that we need help, and that others have expertise and experience that we do not.\u00a0<\/span><\/p>\n<div id=\"div-gpt-ad-1622053479374-0\" class=\"ad-float-left\"><script>\ngoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1622053479374-0'); });\n<\/script><\/div>\n<p><span style=\"font-weight: 400;\">In addition to the recipients of our PRIs and PAIs, partners who have been critical to our implementation include <\/span><a href=\"https:\/\/impactcharitable.org\/\"><span style=\"font-weight: 400;\">Impact Charitable<\/span><\/a><span style=\"font-weight: 400;\"> (intermediary who advises and offers administrative support for PRI implementation), <\/span><a href=\"https:\/\/www.geminvestments.com\/\"><span style=\"font-weight: 400;\">Global Endowment Management<\/span><\/a><span style=\"font-weight: 400;\"> (Outsourced Chief Investment Officer who is administering our PAI and VAI portfolios), and <\/span><a href=\"https:\/\/iciaptos.com\/\"><span style=\"font-weight: 400;\">Integrated Capital Investing<\/span><\/a><span style=\"font-weight: 400;\"> (consultant that supported our plan design and facilitated PRI sourcing).<\/span><\/p>\n<p><b>The ecosystem is evolving.<\/b><span style=\"font-weight: 400;\"> Our world is changing at a rapid pace, and so are the opportunities and challenges facing Indigenous Peoples. In order to continue to build and sustain a values-oriented investment plan that supports Indigenous livelihood, we must remain nimble and in relationship with the communities that we intend to support. We must prioritize learning as these challenges evolve, be open to pivoting and rethinking our strategy as we deepen our own understanding and as new opportunities unfold.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Indigenous Peoples face more threats today than ever before. By building an investment portfolio with a commitment to supporting Indigenous economic livelihoods, The Christensen Fund has taken action to support Indigenous self-determination. Achieving economic justice will require others to join in this effort. We know that, just as they have for millennia before, Indigenous Peoples can and will emerge from these challenges. We are excited for this future.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b><i>Article by Carla Fredericks<\/i><\/b><i><span style=\"font-weight: 400;\"> and <\/span><\/i><b><i>Matt Aguiar<\/i><\/b><i><span style=\"font-weight: 400;\"> of <\/span><\/i><a href=\"https:\/\/www.christensenfund.org\/\"><i><span style=\"font-weight: 400;\">The Christensen Fund<\/span><\/i><\/a><\/p>\n<p><b><i>Carla Fredericks<\/i><\/b><i><span style=\"font-weight: 400;\"> serves as CEO of <a href=\"https:\/\/www.christensenfund.org\">The Christensen Fund<\/a>, a private foundation that backs the global Indigenous Peoples&#8217; movement in its efforts to advance Indigenous Peoples&#8217; rights, support Indigenous self-determination and biocultural diversity.<\/span><\/i><i><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/i><i><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/i><i><span style=\"font-weight: 400;\">As CEO of The Christensen Fund, Fredericks leads the organization&#8217;s work to support Indigenous Peoples&#8217; rights and leadership globally through grantmaking, advocacy, and strategic partnerships. Under her leadership, Christensen has deepened its commitment to Indigenous self-determination and sovereignty while building strong relationships with peer funders to increase philanthropic support for Indigenous causes.<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">Prior to joining Christensen in 2021, Fredericks was Director of First Peoples Worldwide and Clinical Professor at the University of Colorado Law School and a partner at Milberg LLP. An enrolled citizen of the Mandan, Hidatsa, and Arikara Nation, Fredericks has long worked to advance the rights of Native peoples and is a recognized expert in finance, law, business &amp; human rights, and Indigenous Peoples&#8217; rights.\u00a0<\/span><\/i><\/p>\n<p><b><i>Matt Aguiar<\/i><\/b><i><span style=\"font-weight: 400;\"> joined The Christensen Fund in 2019 and is the Chief Financial and Operating Officer. He leads financial and operational functions, including oversight of investments, risk management, compliance, information technology, and human resources. Matt also spearheads implementation of strategies to improve organizational effectiveness and purpose alignment.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p><span style=\"font-weight: 400;\">The Christensen Fund is reshaping its approach to capital allocation, aligning investments with Indigenous rights and self-determination. Through initiatives like <\/span><b>Purpose Aligned Capital<\/b><span style=\"font-weight: 400;\">, the fund supports enterprises like Tocabe Indigenous Marketplace, Akiptan Community Development Financial Institution and Navajo Power Home, driving economic independence for Native communities.<\/span><\/p>\n","protected":false},"author":7,"featured_media":42800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[418],"tags":[135,124,139,136,134],"class_list":["post-42648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-february-2025-indigenous-peoples-impact-investing","tag-energy-climate","tag-featured-articles","tag-food-farming","tag-impact-investing","tag-sustainable-business"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Supporting Indigenous Self-Determination Through a Spectrum of Capital - Green Money Old version<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Supporting Indigenous Self-Determination Through a Spectrum of Capital - Green Money Old version\" \/>\n<meta property=\"og:description\" content=\"The Christensen Fund is reshaping its approach to capital allocation, aligning investments with Indigenous rights and self-determination. 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