Pooled. Diversified. Enhanced.
Equitable School Revolving Fund (ESRF) provides a pooled, transparent, enhanced credit structure for high-grade investors to access charter schools. ESRF’s initial $111 million bond offering was 11x oversubscribed in August 2019. ESRF plans to bring a second offering to market in summer 2020.
"The depth and breadth of investor interest is both exciting and humbling. Tax-exempt investors spoke loud and clear that they believe in Equitable School Revolving Fund"Anand Kesavan CEO, Equitable School Revolving Fund
S&P 'A' Rated
S&P's financial analysis indicates ESRF maintains a "very strong financial risk profile."
Our $200 million in philanthropic equity serves allows us to pledge nearly $3 in charter school loans for every $2 in bonds.
High Default Tolerance
Our enhanced fund structure facilitates a ~26% default tolerance (assuming 0% recovery). Historically, less than 4% of charter school bonds have defaulted.
High-Credit Underlying Loans
We lend to some of the nation's most well-known, long-standing schools. A majority of our of our loans carry a "BBB-" or better rating.
$111 Million Par
Size of first ESRF bond issuance in August 2019.
$156 Million Loans
All loans pledged to ESRF bondholders.
$1.2B of orders for $111M par.
54% of investors were relatively new entrants to charter bond market.