Our goal was to put our own fingers on the state’s PRI pulse and then report back the results, providing Minnesota’s philanthropic and impact investing communities with high-quality baseline statistics on how PRIs have been used in the past, right at a time when many are discussing how best to utilize them in the future.
Here are the headlines from our research:
- PRI activity was higher than many expected, but overall PRIs clearly remain underutilized.
- From 1998 to 2016, 39 Minnesota private foundations invested over $164 million in 554 PRIs.
- Each year, on average, 11 Minnesota private foundations invested $8.7 million in 29 PRIs.
- Most PRI activity was conducted by a very small group of Minnesota private foundations.
- PRIs comprise a tiny fraction of all private foundation charitable distributions in Minnesota and of overall charitable giving in the state.
- Private foundations in Greater Minnesota conducted a disproportionate share of PRI activity.
- The top three issue areas for PRIs were economic development, human services, and education.