A California-based group focusing on reforming public finance to achieve specific outcomes has rolled out an impact investment operation.

Neighborly, a San Francisco-based fintech company that concentrates public finance, has launched an impact investing manager that holds municipal bonds.  

The operation will be led by Christine Todd, who has more than 28 years of industry experience. Previously, Todd was president of Standish Mellon, where she oversaw $30 billion in municipal bond assets. Prior to this, she was a vice president at Gannett, Welsh & Kotler.

Investors will get access to public projects such as schools, public parts and next-gen infrastructure.

Founded in 2012 Neighborly describes itself as being “on a mission to modernize public finance”. The organization says it cuts the cost and complexity associated with municipal bonds by directly connecting fiscally responsible issuers with investors who want to earn returns while effecting positive change in the world.

The launch of this entity is part of a wider global trend of interest in impact investing, an approach where non-financial returns are sought alongside financial gains. (See a feature about the topic here.)