Featured: The Reconstruction
Rey Ramsey on deploying 100% of foundation assets toward positive impact and racial equity (podcast). The case for breaking down philanthropy’s historical divide between the investment side of the house and a foundation’s mission or programs gets stronger with each new foundation that bridges the chasm. The Nathan Cummings Foundation says it has nearly fulfilled its commitment made three three years ago to align 100% of its $450 million endowment with its mission goals (see, “With new pledge, another foundation moves to align endowment with mission”) and has found that aligning its endowment with positive impact turns out to drive decent returns as well. “People hide behind the issue of financial returns. And that is a ruse and it is an excuse,” Nathan Cummings’ Rey Ramsey tells host Monique Aiken in the latest edition of The Reconstruction podcast on ImpactAlpha. “We believe that our new mission-aligned strategy produced stronger returns than our traditional approach would have despite all of the challenges in 2020,” Ramsey and board chair Jaimie Mayer write in “Values Proposition,” a report on the foundation’s journey to date.
Dealflow: Follow the Money
FINCA Ventures makes three investments in financial and economic inclusion. The impact investing arm of microfinance organization FINCA International added three companies to its portfolio of early-stage tech companies targeting services for informal and low-income emerging markets’ workers. South Africa-based Kuunda Digital offers overdraft coverage for mobile money agents. Amsterdam-based Meridia uses mapping to help smallholder farmers secure title to their land. And Nairobi-based ImaliPay provides financial services for emerging market gig workers.
Signals: Ahead of the Curve
Overheard at the Island Finance Forum: Caribbean’s inclusive recovery. Volcanic eruptions in the Caribbean that have caused residents of Saint Vincent and the Grenadines to flee their homes lent urgency to last week’s Island Finance Forum hosted by Island Innovation. “Crises are unfortunately not a surprise to most islanders,” said European Investment Bank’s Alexandra Almeida. Financial experts, island policymakers and investors at the forum said the road to economic recovery and inclusive growth leads through the clean energy transition and financial inclusion for islanders. The EIB has committed to delivering at least half of its annual financing to climate action and environmental sustainability by 2025, and to divest from the fossil fuel industry by the end of 2021.
Agents of Impact: Follow the Talent
Intel Corp. names Dawn Jones as chief diversity and inclusion officer and vice president of social impact… KKR is recruiting a vice president of strategic ESG and impact reporting in New York… The Visa Foundation seeks an investment officer in Washington, D.C… Kapor Capital is hiring a portfolio services director in Oakland… Village Capital is looking for a program manager for Europe based in London.
Editor's Picks
Rey Ramsey of The Nathan Cummings Foundation | Photo credit: The Org
Podcasts | April 19, 2021
The Reconstruction: Rey Ramsey on deploying 100% of foundation assets toward positive impact and racial equity
ImpactAlpha, April 19 — The case for breaking down philanthropy’s historical divide between the investment side of the house and a foundation’s mission …
Sustainable Investing Challenge winners from Oxford University (bee left: Noah Law, bee right: Emile Radyte, human left: Annabella Wainer, human right: Dawn Musil)
Agents of Impact | April 16, 2021
Students of impact
ImpactAlpha, Apr. 16 – Women make up eight of nine graduate students on the winning teams at last week’s Turner MIINT competition and Kellogg-Morgan …
Figs on the tree
Clean Energy | April 16, 2021
Banks up their green finance ambitions
ImpactAlpha, April 16 – JPMorgan Chase and Citi – the biggest bankrollers of fossil fuels – unveiled new trillion-plus targets for sustainable financing …
Top Stories
Carbo Culture raised $6.2 million to lock up carbon in biochar
Climate and Clean Tech | April 19, 2021
FINCA Ventures makes three investments in financial and economic inclusion
Africa | April 19, 2021
Overheard at the Island Finance Forum: Caribbean’s inclusive recovery
Clean Energy | April 19, 2021
Banks up their green finance ambitions
Clean Energy | April 16, 2021
Grounding investors in history to ensure this Reconstruction delivers on its promise
Impact Voices | April 15, 2021
Ivy Jack: This moment demands more than investing money
Personal Finance | April 15, 2021
Universe of sustainable money market fund options continues to expand
Sustainable Snapshot | April 15, 2021
Hazel Technologies raises $70 million for packaging that curbs food spoilage
Agrifood Tech | April 15, 2021
Uganda’s Numida secures $2.3 million to fill gaps in microfinance lending
Africa | April 15, 2021
Cascade of climate-tech funds take aim at $10 trillion energy transition opportunity
Clean Energy | April 14, 2021
South Africa’s Quro Medical raises $1.1 million for tech-enabled home healthcare
Africa | April 14, 2021
IFC backs FHipo to help Mexican families secure financing for affordable housing
affordable-housing | April 13, 2021
The Reconstruction
Rey Ramsey of The Nathan Cummings Foundation | Photo credit: The Org
Podcasts | April 19, 2021
The Reconstruction: Rey Ramsey on deploying 100% of foundation assets toward positive impact and racial equity
ImpactAlpha, April 19 — The case for breaking down philanthropy’s historical divide between the investment side of the house and a foundation’s mission …
National Memorial for Peace and Justice, Montgomery, AL | Photo credit: DiAnna Paulk
Impact Voices | April 15, 2021
Grounding investors in history to ensure this Reconstruction delivers on its promise
For us at Illumen Capital, the echoes of history are never far from the work at hand. We know we can only begin …
Tiffany Manuel of TheCaseMade | Photo: Tiffany Manuel
Podcasts | April 12, 2021
The Reconstruction: Seeing the world of our children’s children to help make the case for justice
ImpactAlpha, April 12 – Tiffany Manuel’s handbooks for social change warn about messaging “backfires.” These days, she’s wielding such tools to overcome backlash. …
Kathryn Finney of Genius Guild | Photo credit: kathrynfinney.com
Agents of Impact | April 9, 2021
Kathryn Finney, Genius Guild
ImpactAlpha, Apr. 9 – The entrepreneur and investor’s answer to systemic economic exclusion of Black, Indigenous and other people of color: Build an ecosystem …
ChargerHelp's Evette Ellis and Kameale Terry
Agents of Impact | April 2, 2021
Evette Ellis and Kameale Terry, ChargerHelp
ImpactAlpha, Apr. 2 – The co-founders of South Los Angeles-based electric-vehicle charging repair startup ChargerHelp could be on a poster for the Biden administration’s …
Dealflow | April 1, 2021
Harlem Capital closes $134 million second fund to back diverse entrepreneurs
ImpactAlpha, April 1 — New York-based venture firm Harlem Capital aims to invest in 1,000 companies led by women and minority founders over …
Image by Claudio Schwarz / Pulled from Community Credit Lab website
Community Finance | April 1, 2021
Sacrificing returns? These community investors ask if they’re sacrificing impact.
The time is now for the impact investing sector to reflect on how it does business, how it frames success, and begin to …
ChargerHelp's Evette Ellis and Kameale Terry | Photo: ChargerHelp
Clean Energy | March 31, 2021
ChargerHelp raises $2.8 million to repair EV chargers with good green jobs
ImpactAlpha, Mar. 31 – The U.S. will need to add roughly 20 million electric-vehicle charging stations by 2030, per McKinsey. The South Central L.A.-based …
Past VC Include event | Photo: Oluwaseye Olusa
Return on Inclusion | March 30, 2021
How women and VCs of color are finding impact alpha with first-time funds
ImpactAlpha, Mar. 30 – Shayna Harris and Noramay Cadena of Chicago and L.A.-based Supply Change Capital are backing women and entrepreneurs of color who …
Community Finance | March 30, 2021
Five ways that lenders can interrupt racism and provide restorative-justice capital in our communities
Can community development financial institutions be anti-racist? Don’t answer too quickly. For those familiar with the history of CDFIs, specifically created to align …
Climate and Clean Tech | March 30, 2021
MaC Venture Capital raises $110 million for culture-change startups
ImpactAlpha, March 30 — LA-based early-stage venture firm MaC Venture Capital aims to see women and people of color represented in society, business …
Daryn Dodson, Illumen Capital
Podcasts | March 29, 2021
The Reconstruction: Overcoming racial bias to optimize asset management for returns – and impact
ImpactAlpha, Mar. 29 – Money managers at the world’s sovereign wealth and pension funds and university and foundation endowments seek to optimize portfolios to …
Climate Finance
Photo credit: Carbo Culture
Climate and Clean Tech | April 19, 2021
Carbo Culture raised $6.2 million to lock up carbon in biochar
ImpactAlpha, April 19 – Helsinki-based Carbo Culture converts wood chips and other biomass into stable biocarbon that the company says can lock carbon away …
Clean Energy | April 19, 2021
Overheard at the Island Finance Forum: Caribbean’s inclusive recovery
ImpactAlpha, April 19 — Volcanic eruptions in the Caribbean that have caused residents of Saint Vincent and the Grenadines to flee their homes …
Figs on the tree
Clean Energy | April 16, 2021
Banks up their green finance ambitions
ImpactAlpha, April 16 – JPMorgan Chase and Citi – the biggest bankrollers of fossil fuels – unveiled new trillion-plus targets for sustainable financing …
Photo credit: Tom Whitfield
Clean Energy | April 14, 2021
Cascade of climate-tech funds take aim at $10 trillion energy transition opportunity
ImpactAlpha. April 14 – Sign of the times: A clean energy venture firm launching in the heart of Texas’ oil patch. Houston-based Energy …
Clean Energy | April 13, 2021
Singapore’s Temasek and BlackRock team up as Decarbonization Partners
ImpactAlpha, April 13 – The two powerhouse asset managers are teaming up to invest in late-stage venture capital and early growth-stage private equity …
Solar panels against a blue sky with a picture of the flag of Brazil
Clean Energy | April 12, 2021
Changing the climate for climate investments in emerging markets
ImpactAlpha, April 12 – Energy-transition investment surged by 24% in developed nations last year. In emerging markets strained by the COVID pandemic, it …
Clean Energy | April 9, 2021
BlackRock Real Assets closes $4.8 billion green energy fund
ImpactAlpha, April 9 – With backing from 100 global institutional investors, Global Renewable Power Fund III will take advantage of what BlackRock sees …
PC: SciTechDaily.
Clean Energy | April 8, 2021
Two battery tech startups secure seed funding from Clean Energy Ventures
ImpactAlpha, April 8 — Boston-based Clean Energy Ventures invests in clean energy technologies that can eventually displace 100 million tons of CO2 emissions …
Pierre Etienne Franc. PC: FCH.
Clean Energy | April 6, 2021
FiveT’s Hydrogen Fund rakes in €260 million to finance green hydrogen infrastructure projects
ImpactAlpha, April 6 — Green hydrogen, produced with renewable energy through a chemical process called electrolysis, could provide a source of clean fuel …
Clean Energy | April 5, 2021
ZeroAvia aims to decarbonize air travel with hydrogen-powered engines
ImpactAlpha, April 5 — Before the COVID-related declines in air travel, aviation was on pace to be one of the biggest remaining carbon …
Climate Finance | April 1, 2021
Stewardship challenge: How to press fundamental change at ExxonMobil?
ImpactAlpha, April 1 – Some climate-focused investors say they have dumped shares of ExxonMobil as they purge fossil fuel companies from their portfolios. …
Africa | April 1, 2021
Root Capital secures $35 million from DFC to expand lending to rural agribusinesses
ImpactAlpha, April 1 — The U.S. International Development Corporation, formerly known as OPIC, is investing $35 million in the Cambridge, Mass.-based social lender …
Catalytic Capital
PC: Transport Topics.
Catalytic Capital | April 12, 2021
Social Finance raises $36 million for ‘career impact bonds’ and backs American Diesel Training
ImpactAlpha, April 12 — Career impact bonds are bringing income-share agreements, which dozens of universities are using to provide help to low-income students …
Catalytic Capital | April 6, 2021
How these wealthy families are driving outperformance on impact
ImpactAlpha, Apr. 6 – Investors willing and able to prioritize impact over financial returns were behind some of today’s highest-impact innovations. Catalytic investment strategies, …
Catalytic Capital | March 23, 2021
Rethinking economic development for an inclusive recovery
ImpactAlpha, March 23 – Policy makers are embracing bottom up strategies to address interlocking challenges if COVID-19, inequality and racial justice. The $1.9 …
Catalytic Capital | March 9, 2021
Impact investors turn to revenue-based financing to bridge capital gaps for founders of color
ImpactAlpha, Mar. 9 – As Kim Folsom likes to say, Founders First is majoring in the minors. Rather than produce a few tech unicorns …
Photo credit: SunFunder
Africa | March 8, 2021
SunFunder reaches $70 million close for Solar Energy Transformation Fund
ImpactAlpha, March 8 – SunFunder’s Solar Energy Transformation Fund backs solar companies improving energy access across Africa and Asia. The off-grid solar finance company’s …
Jigar Shah | Photo credit: Miljøstiftelsen ZERO/Flickr
Catalytic Capital | March 4, 2021
Generate’s Jigar Shah tapped to rev up the Department of Energy’s loan office
ImpactAlpha, March 4 – The lending program, mostly moribund for the past four years, “is back in business,” declared Energy Secretary Jennifer Granholm. …
Catalytic Capital | March 4, 2021
Greening sovereign debt to tackle converging crises
ImpactAlpha, Mar. 4 – A majority of low-income countries may need to restructure their loans or seek fresh ones in a brewing sovereign …
Catalytic Capital | March 1, 2021
Joint SDG Fund allocates $41 million to catalyze strategic financing for the SDGs
ImpactAlpha, March 1 — The United Nations’ Joint SDG Fund is aiming to bring together Wall Street and the growing focus on ESG, …
Surdna Foundation's Don Chen | Photo credit: Surdna Foundation
Catalytic Capital | February 25, 2021
Surdna Foundation’s Don Chen on mobilizing resources and redefining risk
ImpactAlpha, Feb. 25 – Philanthropic foundations tend to be cautious and slow-moving beasts. One signal of the urgency of the current moment: the billion-dollar …
Catalytic Capital | February 24, 2021
ImpactAssets 50 showcases an increasingly diverse impact ecosystem
ImpactAlpha, Feb. 24 – Worker ownership. Small business relief. Impact real estate. Climate solutions. This year’s Impact Assets 50 showcases a diversity of …
Catalytic Capital | February 17, 2021
‘Pay for success’ can help the Biden administration build back better
With Democrats now in control of both the House and Senate, the Biden Administration has a once in a generation opportunity to “build …
A farmer drying coffee beans in the sun. Antigua, Guatemala | Photo credit: Odessa25
Catalytic Capital | February 11, 2021
A little incentive goes a long way to change lending for small farmers in Latin America
ImpactAlpha, Feb. 11 – Change the incentives, change the results. Those results are dramatic for the $11.5 million in loans that agricultural lender Root …
Agents of Impact
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