Kennedy Wilson hires MD for Louisiana ‘community development’ fund

The real estate investment firm has appointed a managing director for its $40 million “double-bottom line fund,” focusing on low- and moderate-income areas in Northwest Louisiana.

Beverly Hills, California-based Kennedy Wilson has appointed Zazell Dudley as managing director for its recently launched $40 million (€25 million) Northwest Louisiana Community Development Fund I, which will help regenerate underserved communities in Northwest Louisiana.

The vehicle is a “double-bottom line fund” targeting financial returns for investors and at the same time improving communities in low- and moderate-income areas in the US state. The fund will invest in mixed-use, mixed-income projects, including workforce housing and commercial joint ventures with community developers.

In her new role, Dudley will be responsible for investment evaluation and determining real estate trends in the local market. She will also be involved in asset management activities for the fund.

Dudley was previously president and chief executive officer of medical and scientific product distributor Dudley Enterprises, which she founded in 1998. Prior to that she worked for Corning Incorporated and began her career as an engineer with Dana Corporations and LTV Missiles and Electronics before joining Mobil Oil.

JPMorgan Chase has committed up to $10 million to the fund as the lead investor, according to a statement, with the FB Heron Foundation, a private institution which supports organizations investing in underserved communities, also committing to the fund.