Private equity giant Apollo Global invites agents of impact inside. The experiment inside Apollo and other major private equity firms dipping their toes into impact investing: Will the logic, values and practices of their billion-dollar (or so) impact funds take over the larger firms, or vice versa? At Apollo, impact investing veteran Lisa Hall is bringing in nearly a dozen impact practitioners to help her drive impact investing deeper into the portfolio of the $455 billion asset manager. Hall chairs Apollo’s impact platform, which is raising a $1 billion private equity fund.
Dealflow: Follow the Money
Newsela raises $100 million to bring daily news to K-12 classrooms. The edtech firm offers 14,000 classroom-ready texts in partnership with over 175 publishing companies, including the Associated Press, National Geographic, The New York Times and USA Today. The company says 37 million students and 2.5 million teachers in 90% of all U.S. schools have registered on its digital platform. The Series D round was led by Franklin Templeton and TCV. Owl Ventures, Tao Capital Partners, Chan Zuckerberg Initiative and Waycross Ventures participated.
Agents of Impact: Follow the Talent
Inclusive Capital Partners’ Jeffrey Ubben and Michael Angelakis of Atairos join the board of ExxonMobil, which is under pressure from investors to improve its climate and financial performance… New Citigroup CEO Jane Fraser pledged to zero out the bank’s greenhouse gas emissions across its portfolio by 2050… Katharine Haydoe is named chief scientist at The Nature Conservancy… Olivia Rebanal, ex- of Capital Impact Partners, joins Ecotrust as chief impact officer… The Marguerite Casey Foundation is hiring an investment officer in Seattle… Refugee Investment Network is recruiting a senior researcher in Amman, Jordan… 60 Decibels is hiring a marketing intern.
“It’s a great time for new entrants, but for those of us who’ve been doing this for a while it is equally urgent to raise our game right and to not get complacent,” said Margot Brandenburg of the Ford Foundation.