Parnassus Investments, a Leading U.S. Equity Fund Supports Community Investing in Maine with CEI
Coastal Enterprises, Inc. (CEI) recently announced that Parnassus Investments, an investment management company and a leader in the field of responsible investing, has made a $1 million investment in CEI Investment Notes, Inc. (CEI Notes) via its Parnassus Core Equity Fund.
CEI Notes is a 501(c)(3) non-profit affiliate of CEI, a Community Development Financial Institution (CDFI) based in Wiscasset, Maine. CEI Notes supports CEI’s community financing activity by financing micro, small and medium enterprises, affordable housing and community facilities that bring economic, social and environmental benefits to rural communities throughout Maine.
“The investment from Parnassus means significant capital to support projects that create jobs, build safe affordable housing, and deliver important services for people outside of the economic mainstream,” said Ellen Golden, Managing Director of CEI Notes.
“Mutual fund investment in CDFIs is a cutting-edge, yet practical, practice in which responsible investments firms have been setting a healthy trend,” said Ron Phillips, CEI President and CEO, and CEI Notes Board Chair. “CDFIs offer stability and the triple bottom line of economic returns coupled with social and environmental impact. In these challenging times, Parnassus recognizes the importance of investing in people and communities, particularly in rural areas.”
“Parnassus is honored to make this investment in CEI Notes. CEI is an established leader in the CDFI industry, and CEI Notes creates the opportunity for its supporters to engage in community investing,” said Marc Mahon, CFO of Parnassus Investments. “We are particularly pleased that our investment will leverage the support of other community members to CEI Notes.”
About Coastal Enterprises, Inc. and CEI Investment Notes, Inc.
Founded in 1977, Coastal Enterprises, Inc. has provided $980 million in financing to 2,340 enterprises with 28,246 jobs at the time of loan closing. In addition, CEI has created/preserved 1,587 units of affordable housing, provided training and technical assistance to 46,040 individuals and small businesses and provided leadership to a broad range of policy initiatives. CEI Investment Notes, Inc. was launched in 2009 to support CEI’s community economic development efforts. More information at www.ceimaine.org
About Parnassus Investments
Parnassus Investments is an independent and employee-owned investment management company based in San Francisco, California. The firm seeks to invest in good businesses that have increasingly relevant products or services, sustainable competitive advantages, quality management teams and ethical business practices. We believe the most attractive opportunities for investments arise when companies with good business fundamentals become temporarily undervalued. Our goal is to provide value to our shareholders by generating attractive risk-adjusted returns over the long-term. The firm was founded in 1984, and currently manages five fundamental, U.S., core equity strategies across multiple market capitalizations, one Asia Pacific equity strategy and one U.S., fixed income strategy. More information at www.parnassus.com
This notice is not an offer to sell securities.