1. Agents of Impact infiltrate Apollo Global. Impact investing veteran Lisa Hall is bringing in nearly a dozen impact practitioners to help her drive impact investing deeper into the $455 billion asset manager. Maurice Jones, ex- of LISC and now head of the OneTen coalition, brings community development expertise, for example, while Robert Wood Johnson Foundation’s Kimberlee Cornett is a longtime practitioner of blended finance. “There is an expectation, more and more, that impact approaches will infiltrate the firm,” Hall tells ImpactAlpha. Dig in.
The Week’s Agent of Impact
Kim Folsom, Founders First. The seven-time entrepreneur-turned-investor is seeking to bridge a massive gap: financing for the millions of U.S. businesses that don’t meet banks’ collateral requirements or venture capitalists’ demands for exponential growth. Most such businesses are far from coastal tech hubs; many are led by women, military veterans and founders of color. Folsom’s financing is revenue-based, letting founders repay with a portion of revenues up to a predetermined cap. Revenue-based financing requires enterprises to have customers, rather than collateral, and lets founders retain ownership and build wealth. “The business owner and the investor of revenue-based investment are aligned,” Folsom told ImpactAlpha in an earlier interview. Folsom this week raised $9 million to expand from San Diego, Dallas, Austin and Chicago to other diverse cities. The equity capital will help Folsom deploy the $100 million credit facility she secured from Community Investment Management in 2019. “Revenue-based financing is here to stay, and growing,” says CIM’s Jacob Haar.
The Week’s Dealflow
Low-carbon transition. Therma secures $10.2 million to cut carbon in the cold chain… Dandelion Energy clinches $30 million for home-based geothermal energy systems… South Africa-based Metier takes a stake in Energy Vision… EDF takes equity stake in BBOXX’s Kenya operations… Chevron’s venture arm stands up a $300 million low-carbon tech fund.
The Week’s Talent
Michael Herskovich is named global head of stewardship at BNP Paribas Asset Management… Margaret Chinwe Anadu becomes global head of sustainability and impact and chair of the urban investment group at Goldman Sachs Asset Management… Greg Konieczny and Kunal Desai, both ex- of Mobius Capital Partners, join GIB Asset Management as head of global emerging markets equities and portfolio manager, respectively.
The Week’s Jobs
Carbon Removal Advocacy Europe is recruiting an executive director… J.P. Morgan is looking for a vice president of its impact venture equity fund in New York… Also in New York, Rockefeller Foundation is hiring an associate of innovative finance, and World Education Services is on the hunt for an associate director of impact investing… Hope is recruiting a credit officer and senior credit officer for its commercial lending team… Common Future seeks a digital content producer in Oakland… Open Road Alliance is looking for a data and Salesforce manager.
“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.