Turner Impact Capital seeks profits with a purpose, recognizing the interdependence between the two and the central role that improving property and the lives of people can play in achieving superior risk-adjusted returns relative to conventional value-add real estate investment strategies. We believe that impact investing can generate attractive financial and social returns by capitalizing on market inefficiencies characterized by: A significant demand for affordable, quality, community-serving real estate assets and related services (e.g., education, workforce housing, healthcare, childcare). A need for both equity and debt capital for best-in-class profitable purpose organizations and social impact investment opportunities because of the misperception of risk, return, and impact. An unrecognized understanding that social impact investing’s multi-dimensional, accretive, and balanced approach adds value from investment inception through realization.
Affordable Housing |
Equity syndication/Club Deal |
JV partnership |
Acquisition/Fee Simple |
Over the past two decades, Mr. Turner has established himself as a pioneer in the area of social impact investing. As former Chairman, CEO and Co-Founding Partner of Canyon Capital Realty Advisors LLC (CCRA), he oversaw a commercial real estate and mortgage asset portfolio totaling over $12 billion, and was responsible for launching several groundbreaking funds that have helped define the “triple bottom line” investment movement. Through the Canyon-Agassi Charter School Facilities Fund, the Canyon Multifamily Impact Fund, the Canyon-Johnson Urban Funds and Canyon Catalyst Fund, he has dedicated himself to providing sound financial returns for investors, fostering opportunities for residents of the communities in which his funds invest, all while embracing environmental responsibility. Mr. Turner is involved in many civic ventures, having served on the boards of the Virginia Avenue Project, the Pacific Charter School Development Corporation, and the Initiative for a Competitive Inner City. He holds a B.S. in Finance from the Wharton School at the University of Pennsylvania, where he and his wife have endowed a curriculum development fund and speaker series for social impact studies. He also serves on the school’s Undergraduate Executive Board of Advisors.
A real estate industry veteran, Mr. Millman has over 26 years of experience with a focus on both investment-level and portfolio management strategies. As former Principal & Head of Asset Management at Canyon Capital Realty Advisors LLC (CCRA), he oversaw all of the organization’s debt and equity investments and played a key role in the organization’s growth over the past decade. He provided leadership in the development and implementation of several ground-breaking real estate funds including the $200mm Canyon Catalyst Fund, the $200mm Canyon Multifamily Impact Fund; and the take-over, management and realization of CalSmart, a $570mm portfolio of urban real estate in partnership with CalPERS. He also served as a member of the CCRA investment and executive committees. Mr. Millman previously served as Vice President of Leasing and Asset Management at Center Trust, Inc., a publically traded REIT. Prior to joining Center Trust, Mr. Millman held various management positions with CenterMark Properties, Inc. a national shopping mall developer based in St. Louis, MO. Mr. Millman is a member of Pension Real Estate Association (PREA), the Urban Land Institute (ULI), and the International Council of Shopping Centers (ICSC). He is a graduate of the University of Maryland (B.A., Economics) and serves on the Board of Trustees of the University of Maryland College Park Foundation.
Ms. Sherman has been a practicing attorney for over 23 years. Ms. Sherman was formerly the General Counsel and Chief Compliance Officer for Canyon Capital Realty Advisors LLC (CCRA). As CCRA’s first General Counsel, Ms. Sherman built CCRA’s in-house legal department. She was responsible for overseeing the day-to-day legal aspects of CCRA’s business as well as all fund formations, separate accounts and investor partnerships - most recently for the Canyon-Agassi Charter School Facilities Fund, the Canyon Catalyst Fund and the Canyon Multifamily Impact Fund. Ms. Sherman was a member of the CCRA investment committee and the CCRA executive committee. She began her career as a real estate attorney at Ervin, Cohen & Jessup LLP in Los Angeles where she became a partner. She then went on to be the Associate General Counsel at a privately held import company and immediately prior to joining CCRA was a partner at a boutique real estate firm in Los Angeles. Ms. Sherman is a graduate of The George Washington University (BBA, Finance; JD).
Mr. Pierce has over thirty years of experience in corporate finance, food service and K-12 education management and has been a leader in the development of charter schools since 1997. Throughout his career, Mr. Pierce has developed over ninety charter schools in thirteen states and the District of Columbia, creating over 40,000 incremental student seats for best-in-class operators across the United States. Prior to joining Turner Impact Capital, Mr. Pierce was CEO and President of Canyon-Agassi Charter School Facilities Fund where he was responsible for the oversight and management of all Canyon-Agassi investment opportunities across the country. Mr. Pierce has served as President and CEO of Pacific Charter School Development (PCSD), which he co-founded with NewSchools Venture Fund in 2003. Mr. Pierce was also Chief Financial Officer for Advantage Schools and Chief Financial Officer and Chief Development Officer for Charter Schools USA. Mr. Pierce is a graduate of Lafayette College (B.A., Economics) and the Wharton School of the University of Pennsylvania (M.B.A.). He is a graduate of Citicorp's Institute for Global Finance and the Broad Center for Urban Superintendents (Class of 2003). Mr. Pierce serves as Chairman of the South Florida Autism Charter Schools and as a Board Member of the Andre Agassi Preparatory Charter Academy.