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."
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.
$2.4B total orders.
25 new entrants to charter bond market.