Avivar Capital Team

Tina Castro

Tina N. Castro, CFA

Managing Partner tcastro@avivarcapital.com

Tina is a principal and co-founder of Avivar Capital, bringing over 15 years of experience in the fields of finance and investment management including most recently more than five years as the Director of Impact Investing for The California Endowment (TCE) and prior to that, six years in the Investment Management Division at Goldman, Sachs & Co. At TCE, a health-focused private foundation with over $3 billion in assets, Tina developed financing vehicles and strategies that delivered solid financial returns, leveraged significant additional investment capital and supported TCE’s Building Healthy Communities goals. This included the California FreshWorks Fund, a $272 million public-private partnership loan fund to finance supermarkets and other forms of healthy food retail in underserved communities throughout the state as well as TCE’s $101 million Program-Related Investment portfolio focused on healthy food retail, community health centers, affordable housing and community lending. Tina is experienced in developing and implementing an impact investing portfolio including developing policies and procedures, executing on those policies and procedures, developing, implementing, tracking and reporting on social impact metrics as well as tracking and analyzing the costs associated with managing an impact portfolio including customized investment instruments and vehicles. Tina designed and built TCE’s impact investing portfolio including authoring TCE’s Impact Investing Policy Statement, TCE’s Impact Investing Procedures Manual as well as designed and implemented TCE’s social and financial tracking systems which included a series of customized dashboards and made use of conventional systems like BNY Mellon Workbench and Private I.  Tina is a CFA Charterholder, has two Master’s Degrees — an MBA from the UCLA Anderson School of Management with a focus in Finance and an MA from the University of Miami in International Affairs with a focus in International Business – and earned a BA Cum Laude in International Relations with a focus in Latin America from the University of Colorado at Boulder.

Lisa-Richter

Lisa Richter

Managing Partner lrichter@avivarcapital.com

Lisa is a Principal of  Avivar Capital and was formerly the co-founder and principal of GPS Capital Partners, a national consultancy that assists foundations and other institutions to design and execute impact investing strategy. Lisa brings over two decades of fund management and investing experience spanning asset classes, return expectations, geographies and issue areas, and frequently incorporating place-based or sector focus to increase equitable access to opportunity. GPS network consultants have managed impact investment portfolios within foundations, community development financial institutions, equity funds, and banks. Clients range from small foundations to the nation’s largest independent and community foundations, banks and institutional investors with interests ranging from driving particular place-based impact investing outcomes to strategies that apply traditional asset allocations to earn market-rate expected returns.  Lisa authored the Grantmakers In Health Guide to Impact Investing, co-authored Equity Advancing Equity, a guide to community foundation impact investing, and a guide to rural community foundation impact investing; and co-designed the Mission Investors Exchange’s Mission Investing Institute, where she continues as a lead trainer. Through early 2006, Lisa led the National Community Investment Fund, a national Community Development Financial Institution (CDFI) that places equity and debt in development banking institutions and built its national network of development banks and credit unions that increase asset building credit and financial services. Prior to that, Lisa assisted foundation, bank, government and community-based clients to create or expand development financing initiatives in urban, rural and reservation communities throughout the U.S.  Lisa is a Senior Fellow with The Philanthropic Initiative, and serves or has served as a director or advisor to the Center for Community Development Investments of the Federal Reserve Bank of San Francisco, Bank of America National Community Advisory Council, Dignity Health’s Community Investment Program, American Journal of Preventative Medicine, CDFI Coalition, US Social Investment Forum, and New Markets Tax Credit Coalition.  She holds a BA and a MBA from the University of Chicago.

Marc Rand

Senior Partner mrand@avivarcapital.com

Senior Advisor with Avivar Capital, Marc Rand is also the Program Director for Loans and Affordable Housing at Marin Community Foundation. Marc has invested more than $35 million in Marin-based nonprofits. He has managed the  MCF Loan Fund for nearly ten years and has nearly tripled the amount of lending capital while making direct loans in regional nonprofit organizations and projects ranging from organizations focused on education (including schools), youth development, arts and culture, poverty alleviation and affordable housing to environmental preservation (including the Giacomini Wetland Restoration Project). During this time, he created a donor engagement product that connects the loan fund, donors, and local community impact. In the last two years  Marc’s  responsibility expanded to also include management of the affordable housing grant portfolio, which focuses on the creation of low cost housing in one of the highest cost counties in the country. His interest in nonprofit lending and economic development extends to regional intermediaries and initiatives. Marc is an active board member of Opportunity Fund, a micro- and small business lending-focused community development financial institution serving the San Jose and Los Angeles markets with assets over $45 million.  He has served on many advisory committees, including:  co-chair of Northern California Grantmaker’s Emergency Loan Fund, co-chair of the Marin Workforce Housing Trust Fund Program and Lending Committee, board member for the Marin Workforce Housing Trust Fund; steering committee member of Marin’s Housing Council; and a steering committee member of Marin’s 10-Year Homelessness Initiative. Recently, Marc developed a California statewide loan fund focusing on short-term loans for nonprofits that uses a risk assessment algorithm based on multiple factors. Marc has spoken at national conferences on nonprofit lending and served as a guest lecturer at the Haas School of Business and the Federal Reserve Bank of San Francisco. Prior to arriving at the Foundation, Marc worked in Romania with the Peace Corps. While serving two years in Timisoara, he was the project manager for a USAID funded program that developed five credit unions. Marc began working in finance with First Union in Philadelphia where he was a financial analyst for five years in the International Corporate Division concentrating on UK, Dutch, Japanese and Thai large corporations. He earned a Bachelor of Science in Finance and Marketing and a Bachelor of Arts in Spanish Language and Literature from the University of Delaware. As a Senior Advisor with Avivar Capital, Marc focuses on maximizing community foundation impact and leveraging community knowledge.

DanielT

Daniel Tellalian

Managing Partner dtellalian@emergingmarkets.us

Daniel is a Key Advisor to Avivar Capital and a current Principal at Emerging Markets, Inc. (EMI), an economic development consulting firm that assists the private sector to responsibly pursue business opportunities in low-income areas nationwide. Daniel leads client engagements in the firm’s regional banking and food retailing sectors, assisting a number of successful financial institutions and supermarket operators in California and nationally. His primary client services include market research and analysis, real estate siting and entitlements, customer segmentation, community marketing strategy and campaigns, strategic partnership design, deal sourcing and structuring, workforce development, management consulting, and community relations. Daniel also consults with clients on strategic grantmaking initiatives, market expansion strategies, and investment opportunities for traditional and impact investors. He currently serves as the firm’s lead for deployment of the $270+ million California FreshWorks Fund, the nation’s largest healthy food financing initiative endorsed by First Lady Michelle Obama. He has also been retained by economic development entities to attract new enterprises, such as banks and supermarkets, to underserved communities. A proponent of neighborhood-scale development, Daniel has more than a decade of working knowledge designing and executing place-based initiatives and was a founding board member of the Center for Place-Based Initiatives. Prior to his role at EMI, he enjoyed successful career stints as a real estate and land use attorney, commercial developer, certified public accountant, nonprofit executive and alternative lender. He is a licensed CPA and a member of the California bar. Daniel has an economics degree from the Wharton School of Business and graduate degrees in law and business from UC Berkeley. He is also an Echoing Green fellow.

Daniel remains active in civic efforts in Los Angeles. He is a founding board member and three-term board chair of the L.A. River Revitalization Corporation, tasked with responsibly developing the 51-mile corridor adjacent to the Los Angeles River; and a founding member of the Los Angeles Food Policy Council, tasked with reworking the region’s food system. Daniel also served four years on the Los Angeles Workforce Investment Board, the nation’s second largest, lending sector-specific counsel to the City. Daniel lives in Los Angeles with his wife Monica and two daughters. He speculates he is the City’s only Puerto-Rican/Armenian resident.