Investing in a

Brighter Los Angeles

A strategic investment delivering competitive financial returns and profound community impact by solving LA's critical affordable housing shortage.

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Key Investment Metrics

$75M+
Target Capital Raise
18%
Target Gross IRR
123
Units In Development
1000+
Units In Pipeline

The Triple Bottom Line:

Finance, Impact, Innovation

Competitive Financial Returns
Rigorous investment strategy targeting a competitive gross IRR of 18%.
Profound Community Impact
Directly addressing LA's housing gap, fostering stability for working families, seniors, and veterans.
Unprecedented Efficiency
Utilizing modular construction and streamlined approvals to achieve truly low cost per unit, maximizing units per dollar invested.

The Crisis

The Affordable Housing Shortage in LA

It isn't just a statistic; it's a daily reality for working families, seniors, and vulnerable populations. This crisis impacts economic growth, workforce stability, and overall community well-being, creating a strong, unmet market demand for the solutions our fund provides.

The scarcity of affordable housing is an economic inhibitor. Businesses struggle to attract and retain a stable workforce when employees cannot afford to live near their jobs. Our fund provides a crucial avenue for investors to deploy capital at scale, developing the solutions essential to close the housing gap and foster a more equitable and prosperous Los Angeles.

Our Solution

An Affordable Housing Solution for LA

Our fund is built on a direct, three-stage strategy that maximizes efficiency and impact.
We meticulously acquire lots, develop them using our unique cost-saving model, and provide long-term management.

1
Acquistion
Meticulously identifying high-potential properties.
2
Efficient Development
Our unique, low-cost model.
3
Management
Long-term asset management & resident success.

The Fund

The Fund Portfolio

The Better Angels Fund strategically diversifies capital across three complementary focus areas: Traditional Affordable Housing Development, Transitional Aged Youth Projects, and the Good Neighbor Fund. This diversification mitigates risk and maximizes both financial and social impact across different segments of the Los Angeles affordable housing market.

Investment Structure

Investors have the flexibility to participate in the diversified fund portfolio or invest directly into specific projects that align with their interests.

Traditional Affordable Housing DevelopmentTransition Age Foster Youth ProjectsGood Neighbor Fund
Traditional Affordable Housing Development 01

This core area funds new-construction, for-profit affordable multifamily projects. The capital provides a turnkey solution covering site control, entitlements, financing, and construction management. The goal is to set a new standard for returns in affordable housing.

For-Profit Blind Pool: Invests in multiple future, unidentified projects for speed and flexibility.
For-Profit Designated Assets: Invests only in pre-identified projects for greater investor visibility and control.
Transition Age Foster Youth Projects

This fund directly targets vulnerable populations, such as foster youth in LA County, to deliver stable, supportive housing and disrupt the foster care to homelessness pipeline. The goal is to deliver affordable housing matched with existing support services for Transition-Aged Foster Youth in Los Angeles County.

Strategy: In collaboration with Daniel Heimpel and Good River Partners, projects feature flexible unit types, including suites, studios, and one-bedrooms, and can function as standalone developments or be integrated into larger new-build communities.
Structure: The Fund will leverage the robust and durable rental subsidies and service dollars afforded to foster youth to support project-level economics.
Good Neighbor Fund

Turn Your Home Into a Lasting Asset:This pioneering initiative enables homeowners to play an active role in shaping their communities by developing affordable multi-family units on their properties, creating intergenerational wealth and fostering neighborhood stability. A Joint Venture with SoLa Impact to support single-family homeowners in South Los Angeles and Altadena in building high-density housing on their existing lots.

Generate generational wealth for local families: Promote long-term community stability and resident retention by increasing density without displacement, creating net new affordable housing in Los Angeles
Provide a turnkey solution for homeowners: Including entitlements, modular construction, financing, and property management, homeowners retain ownership of their land while sharing in cash flow and equity upside.

Key Fund Stats

18%
Target Gross IRR
8-10
Year Fund Life
Equity
Participation Structure
Master Lease
Risk Mitigation Strategy

Built on a Foundation of Scale and Social Impact

Adam Miller - CEO, Better Angels (Founder of Cornerstone OnDemand)

Adam Miller

CEO, Better Angels

The current approach to affordable housing in LA has not worked. We are blazing a path to a better way, leveraging expertise in finance, real estate and law, and our entrepreneurial experience building and scaling organizations with real social impact.

Real Estate Expertise for Housing Solutions

Andrè Bueno

CIO and Director of Housing

As the CIO at Better Angels, I'm leveraging two decades of real estate expertise to combat homelessness. I have advised Los Angeles leaders on over 8,500 housing units valued at $2 billion.

FAQs

Got Questions? We’ve Got Answers.

What is the mission of the Better Angels Affordable Housing Fund?

The fund's mission is to significantly increase the supply of high-quality, affordable housing in Los Angeles for those who need it most, including working families, seniors, and veterans. The goal is to create a Los Angeles where everyone has access to safe and stable housing, fostering healthier and more vibrant communities.

How much capital is the fund seeking to raise?

The fund is actively seeking to raise $75 million in capital. 

What are the primary investment focus areas?

The fund diversifies capital across three complementary areas:

  1. Traditional Affordable Housing Development: Funding new-construction, for-profit multifamily projects.
  2. Transitional Aged Foster Youth Projects: Creating supportive housing for foster youth, veterans, and community college students.
  3. Good Neighbor Fund: A program that helps existing homeowners in South Los Angeles build high-density housing on their lots.
How does the fund achieve "unprecedented" low costs per unit?

The fund utilizes several strategies for cost efficiency, including streamlined financing, innovative construction methods like prefabrication and modular building, streamlined approval processes through strong relationships with planning departments, and design efficiencies that optimize space and reduce waste.

What are the available investment structures for participants?

Investors can choose to participate in two ways:

  • Directly into the Fund: Providing broad exposure to a diversified portfolio of all projects under management.
  • Specific & Select Projects: Investing directly in an individual development that aligns with specific interests. Both options are available through equity participation.
What is the target return for investors?

The fund targets a competitive gross Internal Rate of Return (IRR) of 18%. Investors receive a preferred return on their capital before any profit sharing begins.

What is the expected duration of the investment?

The expected duration of the fund and investment horizon typically ranges from 8 to 10 years. However, there may be opportunities for early exits on specific projects.

What happens to the properties once construction is complete?

Once completed, properties are professionally managed with a focus on preserving long-term affordability and ensuring resident success through supportive programs and community engagement. The fund may also utilize strategies such as refinancing, strategic sales, or long-term holds to maximize value.

About Us

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Connect with our team to explore targeted equity participation options, review our deal terms, and begin building a more equitable Los Angeles.

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