University of Maryland Medical System

About the fund

The Ascend Fund is a blended capital initiative managed by Innovation Works that focuses on accelerating social enterprises and addressing the racial wealth divide in Baltimore. Currently in fundraising status, the $15 million fund employs a mix of low-interest investment notes and grants, having secured $2.5 million toward its target of $10 million in notes and $5 million in grant capital. The fund features a 20% default limit backed by loan guarantees from the state of Maryland and the Abell Foundation, providing risk mitigation for investors. It targets North American investments with specific focus on community ownership, diversity and inclusion, and expanding the ownership economy, accepting capital from foundations, government grant-making agencies, and institutional investors. The fund represents an investment vehicle designed to deliver both financial returns and measurable social impact in underserved communities.