"Shift’s mission is to uplift neighborhoods and tackle intergenerational poverty through investing in real estate. As part of the summer fellowship, I performed market research to understand existing funds that mobilize capital to support minority real estate developers. I also created a financial model to assist Shift in structuring cash flow distributions to limited and general partners. Lastly, I developed investor materials that will enable the firm to speak with investors and raise LP capital for two different strategies. One strategy preserves creative spaces at risk of conversion. The second fund invests in the next-generation of real estate developers. The projects I worked on allow Shift to raise capital and execute on their mission to create change within its communities.

The Real Estate Finance and Foundations of Private Equity electives at CBS were integral in my success in completing these projects for Shift Capital. First, the Real Estate Finance class provided me a foundational understanding of real estate terminology. The class also gave me experience analyzing proformas and taught me how debt and equity are used to finance acquisitions. I was also exposed to real estate waterfalls in class, which helped me build out the financial model for Shift. Additionally, the Foundations of Private Equity class prepared me to understand who Shift’s LPs could be so that I could better craft a story and message for the firm’s pitch decks. The assignments in class also enhanced my understanding of key details of an investmetn strategy and fund structure to include when presenting to potential investors. I was able to hit the ground running at Shift because of the skillsets and knowledge gained from my classes

The biggest challenge I faced was working remotely with Shift Capital. I am grateful to have had the opportunity to work out of Shift’s office in Philadelphia the second week of my fellowship. I found the in-person time to be extremely rewarding. I was able to see and better understand the social and economic challenges facing Kensington’s neighborhood. The in-person experience allowed me to witness Shift’s impact uplifting the community through its real estate projects. Furthermore, working in person allowed me to get a taste of the culture, team dynamics, and mission of the firm. If I didn’t have this experience, I would have found the experience challenging to build relationships and understand the interconnection of the team, projects, and mission.

With the support from SESF, I was able to have an incredible experience working at Shift Capital. The experience opened my eyes to working at an impact fund raising capital to invest in projects addressing racial inequities. As I think about my future career path, my goal is to utilize my investment experience and skillset to work on an investment team sourcing and performing diligence on investment opportunities that address social and environmental issues. I am excited to build upon my experience at Shift as I continue my journey in impact investing."