Philadelphia, PA. – In response to the growing national need for high-quality, affordable housing, Lafayette Square, SHIFT Capital, and Aedera Companies announce a strategic tri-party joint venture to launch a new real estate fund – the L|S|A Affordable Housing Fund – focused on the preservation of affordable housing across the Northeast, Mid-Atlantic, and Midwest.
The joint venture will acquire and preserve existing multifamily properties with project-based rental subsidy. The execution plan includes investing in physical improvements that enhance livability and ensure housing quality for the long term, as well as programming and amenities that support economic opportunity for residents. The team has committed to reinvesting a portion of sponsor profits through donations to local non-profit organizations focused on economic opportunity in communities where the fund invests.
The partnership combines the complementary strengths of the three firms: expertise in affordable housing, institutional scale, commitment to purpose-driven investing, and leadership in impact measurement.
Aedera Companies, a new woman-owned impact real estate firm, brings expertise in affordable housing finance, subsidy, and operations. Aedera will manage fund operations, source deals, deploy capital, and oversee transactions and property operations, in collaboration with national leader in impact real estate investing and established fund manager, SHIFT Capital.
SHIFT Capital brings experience leading transformative real estate projects, mobilizing institutional capital, investing alongside emerging managers, and developing innovative organizational and investment strategies to drive impact.
Lafayette Square offers strength in capital markets and asset management, providing strategic capital and insightful data capabilities to measure and track impact.
“Aedera Companies is proud to partner with SHIFT Capital and Lafayette Square to preserve high-quality affordable housing while expanding resources for residents,” said Alison Carey, founder of Aedera Companies. “This partnership reflects a shared commitment to invest thoughtfully to support resident well-being and opportunity, as well as thriving communities.”
“SHIFT Capital has long believed in the power of collaboration to drive social change,” said Brian Murray, CEO of SHIFT Capital. “This partnership represents an opportunity to back an emerging, high-potential firm like Aedera Companies while advancing our mission of creating just, equitable communities through investing in long-term housing affordability.“
“This joint venture is about investing in housing and services that support residents and strengthening the neighborhoods where they live,” said Joseph Johnson, Managing Director, Lafayette Square. “By joining forces with SHIFT Capital and Aedera Companies, we are combining institutional strength with a differentiated values-aligned investment thesis to create a fund that seeks to deliver both benefit to residents and community and financial performance.”
Since its 2025 launch, the fund has acquired three properties in Massachusetts and Pennsylvania. These assets provide critical housing for seniors, people with disabilities, and families, and will benefit from accessibility improvements, complimentary Wi-Fi, solar panel installations, and expanded resident services and on-site programming. Rental subsidy contracts at each property have been extended to ensure affordability for decades to come.
The tri-party structure reflects a shared commitment to collaborative leadership and purpose-driven investing, combining the expertise and experience of established institutional players and next-generation leaders. This initiative comes at a time of growing national concern over the shrinking supply of affordable housing, the aging condition of the country’s affordable housing stock, and increasing rent pressure in communities across the country.
About SHIFT Capital
Founded in 2012, SHIFT is a nationally-recognized neighborhood investment group that executes real estate projects and financing strategies that create equitable and mixed-income communities for the long-term. SHIFT believes community-centered investments create shared and sustainable economic opportunity and growth, and impact that unites people, businesses, neighborhoods, and cities. To date, SHIFT has invested over $400 million in the neighborhoods we serve to create ecosystems that strengthen entrepreneurship, creativity, and value for tenants, and health and safety for communities. SHIFT owns and manages a mix of 4 million square feet of new and refactored industrial, commercial, and residential spaces for small businesses, entrepreneurs, and residents. For more information, visit shiftcapital.us.
About Aedera Companies
Aedera Companies is a real estate firm dedicated to the execution of neighborhood-scale projects that enhance community vitality and advance social equity, specializing in the preservation and improvement of affordable housing. Founded in 2025 by Alison Carey, Aedera combines a passion for operational excellence with a mission to contribute to thriving, equitable communities.
About Lafayette Square
Lafayette Square USA, Inc. (“Lafayette Square”) is a business development company with $944.4 million in assets under management, as of September 30, 2025, focused on investing in historically overlooked areas. Lafayette Square seeks to provide competitive risk-adjusted returns to investors while supporting Working-Class people and communities.
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Brian Murray
CEO
