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Greetings Agents of Impact! In today’s Brief: Featured: Climate Adaptation Cool tech fund looks to India for sustainable solutions to beat the heat. …
Cool tech fund looks to India for sustainable solutions to beat the heat. Fund manager JP Moscarella couldn't have asked for a better way to make his investment case, unfortunately. A sweltering heat wave greeted the co-founder of CoolPact Capital, a new fund identifying emerging cooling technologies, when he landed in London for last month’s Climate Action Week. CoolPact is focused on India, where some cities regularly see temperatures above 40 degrees Celsius (104 degrees Fahrenheit) and sometimes 50 degrees (122 degrees F). But London was the right place at the right time to pitch what may be the only dedicated fund for cooling tech as a climate adaptation opportunity (see, “Extreme heat at London Climate Action Week kicks off a scramble to adapt”). London announced its own heat action plan, Heat Ready London, during the heat wave, which led to at least 10,000 excess deaths across Europe. In the US this week, temperatures in some areas were 20-30 degrees F higher than normal, with extreme heat warnings declared from the Midwest to the Northeast. “What is the first thing anyone does when it's hot?” Moscarella says. “It's ‘Let's find a cool place.’”
Global Innovation Fund secures $50 million to back growth-stage businesses in Africa and Asia. London-based nonprofit Global Innovation Fund launched its GIF Growth fund in Washington, DC, to much fanfare in November 2024. Then, the evergreen debt fund lost its $10 million commitment from the US International Development Finance Corp. after the election of President Donald Trump. Nearly two years later, the fund, which aims to mobilize $130 million for high-impact enterprises in emerging markets, has announced a first close of $50 million. The remaining anchor investors, UK’s Foreign, Commonwealth and Development Office and the Korea International Cooperation Agency, were joined by the Swedish International Development Cooperation Agency, which provided a portfolio guarantee, and Global Affairs Canada, which added a layer of patient debt. UK-based foundation This Day and Banca Etica, a cooperative bank focused on sustainable finance, also participated. The fund aims to crowd in at least $400 million over a decade.
Trump accounts have a values gap that could cost American children over the long run. Trump accounts – the tax-advantaged investment accounts seeded with $1,000 each from the US Treasury – made their official debut this month. The “530A accounts” are meant to give children a head start on building wealth and saving for retirement. More than six million such accounts have been requested or opened, according to the Treasury Department. Despite the heavy-handed branding, the accounts are similar to the baby bonds that asset-building advocates have pushed for years. If families max out annual contributions of $5,000 until the child turns 18, balances could exceed $200,000, the administration projects. But the investment options available within these accounts ignore the demand for values-aligned investments, and the risks and externalities associated with standard-issue index funds, writes ImpactAlpha’s Anita Foster Washington.
Community Preservation Corp. welcomes Kristen Fontana as head of capital strategies, Rachel Grossman as head of permanent mortgage lending and capital solutions, Doug Stevinson as deputy general counsel, and Serge Suponitskiy as chief information officer… Norfund promotes Naana Winful Fynn as executive vice president of financial inclusion.
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