ImpactAlpha, Apr. 21 – Black and Brown communities disproportionately impacted by climate change are an important source of talent, ideas and solutions. Unlocking those resources requires a more diverse group of climate fund managers able to spot the opportunity.
“If other people are not looking at that opportunity, I know somebody who will,” Taj Eldridge of Include Ventures, the fund-of-funds arm of VC Include, said on an Agents of Impact Call last year.
Through VC Include’s Climate Justice Initiative, Eldridge and Bahiyah Robinson are putting $100,000 operational grants into 10 emerging climate managers in the U.S. and Europe. Each manager is raising between $10 to $150 million for a climate-related fund.
At least half of the general partners at each fund in the portfolio identify as immigrants or members of a minority group. Among the recipients are L.A. and Chicago-based Supply Change Capital, L.A.-based 22 Fund, Hometeam Ventures in San Francisco and Miami, Frankfort-based Melanin Kapital and SDS VC in London.
The initiative “will create a paradigm shift in the industry and provide non-dilutive capital to funds that are uniquely positioned to invest in climate solutions companies,” said Marilyn Waite of Hewlett Foundation, which provided the funding.