LORRIE MEYERCORD wants her portfolio to be made up entirely of investments that aim to do social good while earning a return. But in addition to established categories like the environment, clean energy and organizations benefiting women and girls, she invested in arts and creativity. And she hopes others will follow her lead.
This month, she invested $1 million in housing for artists in Dearborn, Mich., and Memphis. The two projects, developed by Artspace, offer subsidized apartments to people who work in creative fields, meet an income requirement and pass a screening process by a committee of artists and creative professionals.
“I’ve always loved the arts,” said Ms. Meyercord, 40, whose wealth comes from an investment in a technology start-up she declined to identify. “You don’t typically find ways to invest in arts.”