ImpactAlpha, October 26 – San Francisco-based Builders Fund reached an intermediate, $50 million close on its targeted $100 million second fund, bringing its total assets under management to nearly $150 million.
The private equity firm invests in growth-stage impact companies. Its 2021 Impact Report, for example, calls out portfolio company MIXT’s partnerships with hospitals to feed frontline workers through the pandemic and off-grid solar product developer MPOWERD’s response to Hurricanes Etna and Iota last year.
Builders Fund led last year’s $60 million Series D financing of residential solar company PosiGen, investing $25 million to make solar power more accessible. Posigen says it helps low- and moderate-income households save at least $12 million a year on their electricity bills.
“PosiGen has been a huge win for our investors and really hits on some key impact themes for us,” Builders Fund’s Tripp Baird told ImpactAlpha.
The performance of PosiGen’s portfolio has enabled the company to reduce the cost of its project-level debt.