The Louvre Museum Endowment Fund has agreed to help restore popular tourist sites in France.
This is the endowment’s third fund used to invest in preserving art, jewelry, and heritage, in regards to tourism and being the world’s most visited museum.
$289 million will help to preserve France’s historical buildings, parks, churches, and castles. Money from the fund has already been invested in an”impact fund,” dedicated to preserving historic buildings and parks around the country, according to Bloomberg. The Originally created in 2009, the fund is run by a private-equity firm in Paris called Alter Equity.
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The fund’s mission is to finance the museum’s long-term investments through donations, corporate funding, and foundations, according to their site. The purpose of this project is to attract a new audience and maintain the international outreach of the Louvre.
This renovation calls for replacing original sculptures in the Tuileries garden for a more “environmental approach” in the heart of Paris and the popular Cour du Sphinx. To better accommodate the museum’s 8.3 million visitors, interactive kiosks and multimedia resources will be installed to help guide visitors.
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Impact funding is a way to merge social or environmental goals with making a profit.
“The missions of the Louvre are education, art, and heritage, as well as artistic professions and tourism, which is why we invested in the impact fund,” according to Chief Executive Officer Philippe Gaboriau. He also added the endowment’s returns have averaged almost 6 percent annually.