New Markets Support Company (NMSC) is now Broadstreet Impact Services. The national financial services company has changed its name to better illustrate the breadth of its work to facilitate community impact investing.

Broadstreet was founded as NMSC in 2004 by the nonprofit Local Initiatives Support Corporation (LISC), which created the firm to manage its federal New Markets Tax Credit (NMTC) allocation—now the largest in the country at $1.2 billion. Over the years, Broadstreet has expanded and diversified its work—providing fund management services to structure, deploy and oversee the performance of social impact funds, while also offering a range of administration and advisory services to other fund managers, helping them advance their community investment and impact management strategies.

“The new name is really just bringing our brand up to date with our business,” commented Kevin Boes, who has led the firm since 2006. He noted that at year-end 2022, Broadstreet had 32 multi-asset funds and 91 single-asset entities, totaling over $500 million in assets under management (AUM) and $1.3 billion in assets under administration (AUA). Broadstreet also continues to support for LISC’s NMTC activity, including LISC’s most recent $40 million federal NMTC award.

“We believe that everyone deserves the chance to build a strong, healthy future—no matter what their background or where they live,” Boes explained. “That’s why we invest and help others invest in ways that break down barriers related to race, class, gender and geography. It allows us to support vibrant local economies in communities that have been scarred by discrimination and disinvestment, while also making sure our partners and investors meet their objectives,” he said.

The change in name does not indicate a change Broadstreet’s outlook or priorities, Boes added, noting the ongoing connection to LISC. Rather, it conveys how the firm’s 20 years of impact investing experience have built a level of expertise that goes well beyond its original mission.

For example, it reflects the innovative models that the organization has developed and tested over the years, like the $200 million Healthy Futures Fund, which demonstrated strategies to connect health and wellness services to affordable housing development, and the Ownership for Change Fund, helping entrepreneurs in distressed communities generate wealth through real estate ownership.

It also illustrates a range of more recent collaborations to address key priorities, like the Black Vision Fund, which is supporting community development financial institutions (CDFIs) as they expand access to capital for underserved communities, including Black-owned businesses, and the Propel Fund, a vehicle for investments to advance racial equity. And it speaks to new offerings, like Broadstreet’s unique fund administration service that boosts the capacity of new and emerging impact fund managers. This service goes beyond the scope of traditional fund administrators to meet the distinctive needs of impact fund managers.

“We need every tool at our disposal to achieve the kind of transformative impact that creates opportunity for families and lifts up whole communities,” noted Lisa Glover, LISC CEO. “Broadstreet is critical to those large-scale goals, because it creates vehicles for impact investors to put their capital to positive use in support of small businesses, health, education, and jobs.”

NMSC staff members can now be reached at new email addresses formatted as name@broadstreetimpact.com in addition to their existing newmarkets.org emails.