GATE Technologies launches impact investment infrastructure with $2.5 million investment from Prudential
NEWARK, N.J. & NEW YORK--(BUSINESS WIRE)--GATE Technologies announced today its entrance into the impact investment market with the pilot launch of GATE Global Impact LLC (GATE Impact), which was made possible with a $2.5 million lead investment by Prudential Financial, Inc. (NYSE: PRU) through its Social Investment Program.
“To meet the dual goal of positive social impact and satisfactory market return requires an infrastructure that can measure the performance of these types of investments. GATE Global Impact provides that missing element.”
GATE Global Impact utilizes an innovative, new technology platform to create an automated infrastructure to monitor impact investments – public and private investments designed to generate a financial return and address social and environmental needs. The platform – called GATEWAY – provides research, analytics, trading, settlement, and clearing and reporting functions for socially and environmentally responsible investments.
“We’re delighted to partner with Prudential in paving the way for this new investment practice,” said Vincent Molinari, co-founder and chief executive officer of GATE Technologies. “Prudential is one of the first companies to have a devoted impact investment portfolio. Its long history in this market will help us define this growing area.”
The Prudential Social Investment Program manages more than $500 million in portfolios comprised of private placement debt, equity and various tax credits, including those for low-income housing and new markets.
“Prudential is deeply committed to supporting local communities throughout the United States and around the world by investing in activities that provide positive sustainable impact,” said Preston Pinkett, vice president, Social Investments, at Prudential. “To meet the dual goal of positive social impact and satisfactory market return requires an infrastructure that can measure the performance of these types of investments. GATE Global Impact provides that missing element.” Pinkett will serve as a member of the GATE Global Impact board.
The GATEWAY pilot phase involves Prudential’s social impact portfolio. The platform will be expanded broadly for institutional investment managers later this quarter. GATE Global Impact and Prudential will partner to define what investments can be traded on the platform.
GATEWAY is a flexible, multiple-window system that lets users monitor current and former trading activity any time. It uses a secure, encrypted connection to give the account full access to all functionality and it meets or exceeds regulatory standards.
Molinari said GATE Technologies structured GATE Global Impact along the lines of other GATE Developing Markets, which provide new market infrastructure for emerging alternative asset classes.
Jeanne Murtaugh, head of strategies at GATE Technologies, has been named vice chairman of GATE Global Impact. In addition, William J. Davis III has joined GATE Global Impact as president with responsibility for U.S. operations. Davis, Murtaugh and Molinari serve on the GATE Global Impact board. In addition, Lori Livingston, co-founder of GATE Technologies and founder of Transfer Online, a stock transfer and registrar agency, has joined the GATE Global Impact board.
About GATE Technologies LLC
GATE Technologies is an innovative financial technology company creating new market infrastructure for bringing efficiency and transparency to the unstructured global alternative asset markets. The company offers fully automated, customizable solutions for qualified investors with value-added content and analytics, transparent execution, and dematerialized settlement, clearing, and depository functions. GATE Developing Markets will work together to create the first global common infrastructure for liquid securities, with a goal of enabling all market participants. www.gatetechnologies.com
About Gate Global Impact LLC
GATE Global Impact LLC is the impact investing-focused subsidiary of GATE Technologies, LLC. Launched in late 2010, GATE Impact provides market infrastructure and related services for the emerging impact investment industry – public and private investments with a sustainable social and/or environmental component that also generate a healthy rate of financial return. www.gateimpact.com
About Prudential Social Investments
Social Investments is a unit of the Community Resources Department at Prudential. It has a long tradition of making investments that support and improve communities. The company established a formal program in 1976 and has invested more than $1 billion dollars since then. Social Investments collaborates with partners who share the dedication to create healthy, sustainable communities. These investments support projects that develop and preserve affordable housing, improve access to quality education, and connect neighborhoods and residents to mainstream economic opportunities. For more information, visit news.prudential.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $784 billion of assets under management as of December 31, 2010, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.