Had a very interesting call with Blake Jones, the founder of , a successful and growing in , about the Kachuwa Impact Fund he's organizing that is organized as a and aims to invest in co-ops and "impact real estate" where the tenants are co-ops, b-corps, etc.

The most innovating piece of what he's doing is applying the logic of patronage to equity investment returns through the model of "dollar years." Bascially, the idea is that members get credit for... 1/

@mattcropp "Financializing" cooperatives with the same economic instruments as we're using now is somewhat counter-intuitive to the principles imo. I've seen arguments for a structure with a firewall between the voting rights of the member-owners and financiers - which has come up in the platform-cooperative world frequently. Maybe it's the idea of an "equity stake" that troubles me: how can you justify giving surplus back to equity holders versus using surplus for housing improvements.

@funwhilelost A key point is that investments in co-ops should not, imo, carry voting rights at all. :

"Capital is considered to be an instrument subordinate to labour, which is necessary for business development. Therefore it is understood to be worthy of fair and suitable remuneration, which is limited and not directly linked to the profits obtained, and availability subordinate to the continuity and development of the co-operative."

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@mattcropp I really like that language of "suitable remuneration and not directly linked to the profits". Thanks for sharing.

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