Dealflow | June 10, 2021

Harvard Business School students’ impact fund secures $200,000 to back BIPOC-led small businesses

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, June 10 — Nearly $70 million, or 10% of assets in 40 student-managed investment funds have a sustainable investing strategy, according to the Intentional Endowments Network (see, “Next-gen talent is the winner at MIINT competition and Sustainable Investing Challenge”).

Harvard Business School’s student vehicle, structured as a donor-advised fund with ImpactAssets, is looking to back Black, Indigenous and people of color, or BIPOC, owners of  small businesses in Massachusetts to recover from the financial impact of COVID-19.

The fund’s first deal is a $25,000 investment in Casabe Fruit Store & Delicatessen, a corner store in Lawrence, Mass., owned by a Latina immigrant. 

Talent pipeline

The Harvard MBA students launched the fund earlier this year and split into deal teams that scout investments, perform due diligence and report to an investment committee that include faculty members and alumni, including Boston Foundation’s Stephen Chan and Greg Shell of Bain Capital Double Impact.