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.

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 $720M in bonds with a 7x oversubscription rate. ESRF plans to bring a fifth offering in the fall of 2023.

"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 allows us to pledge over $5 in charter school loans for every $4 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.

$720 Million Par

ESRF Series 2019, 2020, 2021 and 2022 Bonds

$990 Million Loans

All loans pledged to ESRF bondholders.

7x Oversubscribed

$4B+ total orders.

60+ Investors

25 new entrants to charter bond market.