For Investors

EFF is the Program Administrator for Equitable School Revolving Fund(ESRF). To learn more about ESRF’s “A” rated, long-term, scalable charter school bond investment opportunities, please visit ESRF’s website here.

ESRF Investor Website

Pooled. Diversified. Enhanced.

Equitable School Revolving Fund (ESRF) provides a pooled, transparent, enhanced credit structure for high-grade investors to access charter schools. ESRF has issued $283M bonds with a 9x oversubscription rate. ESRF plans to bring a third offering in summer 2021.

"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."

Over-Collateral Structure

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.

$283 Million Par

ESRF Series 2019 and 2020 Bonds

$409 Million Loans

All loans pledged to ESRF bondholders.

9x Oversubscribed

$2.4B total orders.

56 Investors

25 new entrants to charter bond market.