IMPACTASSETS 50™
An Annual Showcase of Impact Investment Fund Managers
ImpactAssets 50
An Annual Showcase of Impact Investment Fund Managers
Blueprint Local LLC
Community Development
Demographic-based Impact
Financial and Economic InclusionFirm Overview
Blueprint Local was founded by Ross Baird, known in the impact space for co-founding Village Capital. In his book, The Innovation Blind Spot, Baird outlines the position that investments that integrate impact and financial goals can outperform over the long run. As a continuation of that doctrine, Blueprint Local sources and invests in thoughtful redevelopment of economically distressed communities. The firm was founded at the same time the federal Opportunity Zone incentive was launched to provide a “Blueprint” for investing in and revitalizing American communities in a thoughtful way. Since it's launch, Blueprint has nearly $200M AUM and has capitalized projects of approximately $1.5B in value.
Years of Operation: Less than 3 years
% of Capital from Top 3 Investors: Less than 25%
Blueprint Local, through Qualified Opportunity Zone Funds, invests in the re-invigoration of distressed U.S. communities for attractive returns for investors and meaningful community impact and wealth.
In order to foster impact and economic growth, Blueprint Local projects are developed with both existing community stakeholders and investors in mind. Whether the investment is for the redevelopment of historic civic landmarks (e.g. Baltimore’s Penn Station); construction of vital workforce-affordable housing in growing cities (e.g. Austin, Atlanta, Charlotte) or supporting local and small business through community retail infrastructure Blueprint ensures each investment follows the following key themes: (1) “Zoomtowns”, secondary and tertiary U.S. cities that are seeing significant population growth post-COVID, with a specific focus on the Southeast and Texas; (2) “Building Community Wealth,” rather than focus on a specific deal, the thesis focuses on all aspects that promote a community, and (3) “The Missing Middle,” projects that are too large for individual investors but too small for historic institutions.
1. Geographic focus: Blueprint focuses on secondary and tertiary cities across the Southeast U.S. and Texas. Historically these areas suffer from drastic socioeconomic and racial disparities, fortunately, they are now experiencing significant economic growth and need capital to develop housing where there is limited supply. 2. Size focus: Blueprint takes risks on projects that are “sub-institutional” but can be extremely catalytic in focus neighborhoods. For example, Blueprint’s lead investment in the redevelopment of Penn Station in Baltimore is set to create a “front door” for a national historic landmark in a city that has not attracted mainstream investment. 3. Impact focus: Most real estate private equity firms do not have an intentional impact focus. Blueprint focuses on social (building affordable housing without displacement),environmental (support for environmentally sustainable buildings), and economic (job creation and entrepreneurial activity) impact while intentionally collaborating with local stakeholders.
Investment Example
The Current, a mixed-use project located in Richmond exemplifies the Blueprint thesis in three ways: 1. “Zoomtowns”: According to the 2021 census, Richmond is the country's fastest-growing mid-sized city; unfortunately, the city lacks workforce affordable housing. Through partnership with the Commonwealth of Virginia, 100% of the 210 units are workforce-affordable and 20% are extremely affordable. 2.“Building Community Wealth”: Hatch Local, located on the ground floor, provides retail space for local food entrepreneurs (8/9 owned by women or POC) to grow their business and learn alongside an established chef-in-residence. In other news, the city's fastest-growing startup, Koalafi, recently moved their headquarters to The Current. 3. “The Missing Middle”: The project required $11M of capital from Blueprint, an investment typically too big for individuals or family offices and too small for institutions. By identifying this gap, Blueprint addresses the shortage of necessary capital to build living, work and retail spaces.
Leadership and Team
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Ross Baird – Chief Executive Officer More Info
Blueprint focuses on investments in the Southeast and Texas, and have been very active investors in the Opportunity Zone program, which is a bipartisan initiative focused on redeveloping distressed areas of the US. We are always looking for new developers in our focus region with exciting projects and new investors to work with. Before launching Blueprint Local, I have spent the majority of my career building and investing in businesses. I co-founded Village Capital in 2009, which has invested in over 100 entrepreneurs and operated business acceleration programs for over 1,000 graduates. I had a fellowship with the Ewing Marion Kauffman Foundation to focus on innovative and successful ways to bring capital to entrepreneurs and communities that have lacked it. I have participated in the founding and development of start-up ventures since I was in college (and before). |
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Justin Ferira – Chief Investment Officer More Info
Justin Ferira, Blueprint's Chief Investment Officer, has institutional investment and real estate development experience exceeding $1.5B at Blueprint Local and $3B in deal and project costs as a GP/developer (while managing the Seine Group) and LP/investor (while employed at The Baupost Group). Prior to that, he was a consultant at McKinsey, focused on real estate and private equity. He has an MBA from Harvard Business School and a BA from the University of Virginia. |
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David Robinson, Sr. – Advisory Board Chair More Info
David Robinson, a graduate of the U.S. Naval Academy with a degree in mathematics, spent 14 years in the NBA with the San Antonio Spurs. Hew was inducted into the basketball Hall of Fame in September 2009 among other honors, won the league MVP, two NBA championships, two Olympic Gold Medals and is among the preeminent philanthropists in professional sports leading to the NBA’s creation of the David Robinson Plaque given to current players in recognition of their outstanding community service. |
Financial Performance
Impact Performance
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Percentage of Total Assets Under
Management that are Impact Investments: |
100%
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While sourcing and in the due diligence phase, Blueprint Local reviews how each investment might impact the target area and its demographic. Through intentional partnerships with key stakeholders in the impact investing space and local governments, Blueprint strives to to support alternative finance models for local and small businesses. Beyond hiring diverse teams and promoting diverse team members to decision-making roles within the firm, Blueprint engages with investees on DEI best practices, the importance of investing in diverse beneficiaries & addressing unjust, discriminatory systems within the capital markets.
Impact Tracking and Monitoring
Learn More
410 W Main Street, Purcellville, VA 20132 USA
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