Vice President, Asset Management

State of Missouri investment catalyzes launch of $75M Charter School Facilities Fund. Published on: June 3, 2026 MCPSA announces partnership with the Equitable Facilities Fund (EFF), made possible by the State of Missouri, to deliver affordable facilities financing for high-impact charter schools, projected to save schools $150,000 per year. JEFFERSON CITY, Mo., June 3, 2026 - The Missouri Charter Public School Association (MCPSA) is proud to announce the launch of the Heartland Facilities Fund, Missouri, a $75 million revolving loan fund providing low-cost, long-term facility financing for high-impact public charter schools across the Show-Me State. Administered by the Equitable Facilities Fund (EFF), the initiative was catalyzed by an $8 million investment from the State of Missouri in the FY26 budget and $4 million in privately raised capital. This commitment reflects Missouri's continued investment in high-quality public education for all students. "The State of Missouri is proud to do its part to support high-quality public education opportunities for students and families across our state," said Governor Mike Kehoe. "This investment will help ensure more Missouri students have access to safe, modern, high-quality learning environments while allowing schools to direct more resources back into the classroom. We are committed to supporting strong educational options and expanding opportunity for families in every corner of Missouri." The Heartland Facilities Fund, Missouri, will offer public charter schools access to affordable, fixed-rate loans to purchase, construct, and renovate facilities or refinance existing debt. Each loan is projected to save partner schools more than $150,000 per year compared to conventional financing alternatives, dollars that flow directly back into classrooms, teachers, and students. "As Chairman of the House Budget Committee, I'm proud Missouri continues to prioritize investments that support strong learning environments for students and families across our state," said State Representative Dirk Deaton. "This funding will help schools dedicate more resources directly to classrooms and student success." "Running a charter school is an extraordinary undertaking; facilities should support that work, not hinder it. This fund will help school leaders stay focused on what matters most: delivering strong outcomes for students," said Anand Kesavan, Founder and CEO of Equitable Facilities Fund. "When schools stop overpaying for facilities, those savings belong to students. That is the promise of this fund, and we are grateful to the State of Missouri for making it a reality." A Proven Model Arriving in Missouri at the Right Moment EFF's philanthropy-backed revolving loan model was purpose-built to level the playing field for public charter schools, which finance their own facilities from operating budgets. By pooling school loans and pairing philanthropic capital with proceeds from low-cost municipal bonds, EFF delivers interest rates and terms that charter schools could not otherwise access on their own. EFF has established a track record of lending in Missouri, with outstanding loans to Scuola Vita Nuova and Brookside Charter School in Kansas City, generating nearly $6 million in combined savings. In 2025, EFF partnered with Atlas Public Schools, a rapidly growing, year-round charter school located in the heart of St. Louis, providing funds to renovate an office building and provide students with a permanent home. The Heartland Facilities Fund, Missouri, builds directly on this foundation, expanding EFF's reach to charter schools statewide and making its most favorable financing terms available to more schools than ever before. Missouri Joins a Growing National Movement The launch of the Heartland Facilities Fund, Missouri, represents the next chapter in EFF's expanding network of state-based funds, following the landmark success of the Texas Facilities Fund, the Nevada Facilities Fund, and the Heartland Facilities Fund, Arkansas. "This fund would not have been possible without the incredible efforts of Noah Devine, Executive Director of the Missouri Charter Public Schools Association," said Kesavan. He went on to note, "Noah's on-the-ground leadership, relentless partnership, and strong relationship with policymakers were essential to bringing this fund to fruition." When asked about his role and inspiration for the fund, Devine remarked, "I think we have a responsibility to remove barriers for our brilliant educators and charter schools so they can do what they do so well: educate and serve students and families. The opportunity to make facilities more accessible, high-quality, and cost-effective - in partnership with the State of Missouri and its leadership - became a no-brainer to continue to offer to Missouri's children the very best in educational experiences." About Equitable Facilities Fund Equitable Facilities Fund (EFF) is a 501(c)(3) nonprofit social impact fund created to provide low-cost facility loans that allow high-performing public charter schools to maximize the resources they dedicate to students. High-quality public charter schools promote bright futures for children across America, and EFF believes these schools should borrow under terms comparable to traditional public school districts. EFF administers an 'A'-rated revolving loan fund, which recapitalizes using funds from Equitable School Revolving Fund's bond issuances, to offer high-credit, long-term, scalable bond investment opportunities. Since its founding in 2017, EFF has provided more than $2 billion in financing to support 200 school campuses across 23 states and the District of Columbia. About the Missouri Charter Public School Association Missouri Charter Public School Association's (MCPSA) is recognized and respected as the primary resource and representative voice of Missouri's public charter school sector. MCPSA's mission is to improve student achievement by increasing access to high quality charter public education options throughout Missouri. To make this happen, MCPSA continuously develops and implements strategic services, resources, and partnerships intended to assist charter schools in providing the best possible public school opportunity to students and families.

LFFF launches DC Fund to support early-stage facilities financing for Washington, D.C. Charter schools. May 11, 2026 Level Field Facilities Fund (LFFF) has announced the launch of the LFFF DC Fund, part of the newly launched DC Charter Facilities Fund (DCCFF), a $250MM revolving loan fund designed to ensure that DC public charter schools have access to the financing they need to create exceptional learning environments. The LFFF DC fund, one of two funds launched under DCCFF, is currently capitalized at $22.5MM and is projected to reach a total size of $50MM. It will provide flexible, early-stage loans for acquisition, predevelopment, leasehold improvements, and starter construction capital, areas where charter schools often face the greatest barriers to accessing capital, particularly in Washington, D.C. "We've wanted to launch a DC fund for a long time because we've seen how difficult the early stages of facilities projects can be for DC schools," said LFFF Co-Founder David Endom. "A lot of projects struggle to move forward simply because the right capital isn't available early enough. This fund is designed to help address that." Building on its national experience, including a recently launched $50MM National Fund, LFFF is bringing this approach to Washington, D.C. with a focus on structuring solutions that reflect the needs and realities of different schools. "By providing access to LFFF's early-stage capital, we can help operators approach their real estate objectives from positions of strength," said Alex Shawe, LFFF Co-Founder. "This LFFF fund will enable schools to secure project financing when they need it most, allowing them to get past early hurdles that can threaten project viability." As part of the broader DCCFF initiative, Equitable Facilities Fund (EFF) is launching a complementary fund alongside LFFF's targeted early-stage lending to provide larger-scale, long-term financing for charter school facilities projects. Together, the two funds are designed to create a more coordinated pipeline of capital from early development through permanent financing, reducing fragmentation in the market and broadening access for schools. DCCFF is governed by Education Forward DC, Federal City Council, and representatives from the Clark Foundation, with advisory support from the DC Charter School Alliance. DCCFF is seeded with $28MM in philanthropic commitments, including a landmark $20 million investment from the A. James & Alice B. Clark Foundation. By incentivizing new investment, the Clark Foundation commitment will strengthen the overall facilities financing ecosystem in DC, enabling innovative debt capital to support schools navigating the District's highly competitive real estate market. "Every school project looks a little different, especially in a market like DC," said Shelly Cleary, LFFF President. "Our job is to help schools - from single-site operators to growing CMOs - think through those early stages and structure financing that actually works for where they are." "We're excited to partner in this effort to strengthen facilities financing in Washington, D.C.," said Michelle Getz, Partner & Chief Investment Officer at Equitable Facilities Fund. "By working alongside LFFF, we're able to support schools at different stages and create a more connected path from early development through long-term financing."