Baar-Zug, Switzerland, February 2, 2022
Blue Earth Capital has committed USD 8 million to Pursuit Transformation Company, Inc. (“Pursuit” or “the Company”). Pursuit, a non-profit organization based in Queens, New York, provides technical education programs to low-income individuals from diverse backgrounds in the New York metropolitan area with the goal to enhance upward career mobility. Pursuit offers comprehensive courses and long-term mentorship to provide enrolled fellows a pathway out of poverty, with program training for both technical skills and job readiness preparation. Pursuit works with its corporate partners to ensure full-time jobs are available to its fellows after graduation from the program. Blue Earth Capital is funding delivery of the educational programs through a cornerstone Income Share Agreement financing structure (“Pursuit Bond 2.0”, or the “Bond”) which will securitize Income Share Agreements of graduates with salaries of USD 50’000 and above.
According to United States Census Bureau figures, approximately 16 percent of New York City’s population lived under the federal poverty line of USD 26’500 for a household of four in 2019. With an average incoming fellow earning approximately USD 16’000 before entering the program and an average outgoing salary of USD 86’000 for employed graduates, Pursuit has created a life-changing opportunity for fellows to dramatically improve their financial and social wellbeing.
Amy Wang, Head of Private Debt of Blue Earth Capital, comments: “We are extremely pleased to anchor the innovative and transformative Pursuit Bond 2.0. With over 16% of New York City’s population living below the federal poverty line, Pursuit’s comprehensive courses will provide a true pathway out of poverty. Our investment will support Pursuit to expand its cumulative reach to over 1’000 students by 2026 as well as foster increased access to education and improved employment outcomes across New York.”
Jukay Hsu, CEO of Pursuit, comments: “We are delighted to welcome Blue Earth Capital as a key investor in our Pursuit Bond 2.0. We hope this is the beginning of a long-term relationship with Blue Earth Capital, and that together we can support low-income New Yorkers and underserved communities to participate fully in the tech economy and create new wealth for the future.”
Pursuit is a social impact organization that creates transformation where it’s needed most. Through their four-year intensive program, Pursuit trains adults with the most need and potential to gain their first tech job, advance in their career, and become the next generation of leaders in tech. Their graduates are hired by leading companies like LinkedIn, Spotify, and Microsoft. In addition to training and career support, Pursuit’s innovative operating model combines partnerships with tech companies to retrain their blue-collar workers and social impact investments to re-envision funding for outcomes-based organizations. www.pursuit.org.
About Blue Earth Capital
Blue Earth Capital is an independent global impact investment firm, headquartered in Baar-Zug, Switzerland with operations in New York, London and Singapore. It manages investment strategies for an international clientele of professional investors who are seeking investment solutions that offer market-rate returns, while also helping to address pressing social or environmental challenges. Initiated in 2015 by Urs Wietlisbach and backed by the Ursimone Wietlisbach Foundation, Blue Earth Capital has been incubated and built-up with the support of Partners Group, leveraging its experience as a leading global private markets firm. Blue Earth Capital is fully owned by Blue Earth Foundation, a Swiss not-for-profit organization.
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