Insights and resources by and for the next generation of active and aspiring impact and inclusive investors.
📰 Industry News
A massive heatwave set the scene for The World Economic Forum’s (WEF) annual meeting in Davos, providing the perfect backdrop for the some 2,500 global leaders there to discuss the bold collective action needed to address global warming and other other urgent challenges. Key takeaways from Reuters here.
The New York Times reported on the resiliency of climate tech amidst the recessionary macro-environment.
Norway’s sovereign wealth fund, Norges Bank Investment Management, the world’s largest single investor, has issued a warning to company directors that it will vote against their re-election for failing to set or hit environmental or social targets.
Global investment manager Northern Trust Asset Management (NTAM) launches the World Natural Capital Paris-Aligned Index strategy, aimed at providing institutional clients with an enhanced net zero solution integrating climate and natural capital considerations.
📃Regulatory
Texas and 23 additional states sued the Biden Administration to stop a new US Department of Labor rule that they claim prioritizes “ill-defined” environmental, social, and governance concepts into ERISA regulations.
Joel Mitnick on the growing likelihood of antitrust challenges to ESG policies.
The Science Based Targets Initiative (SBTi) published its new SBTi Financial Sector and TCFD Reporting Guidance to support investors in dealing with the overlaps between its SBTi Financial Institutions framework and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.
California lawmakers including Senator Scott Weiner and Senator Lena Gonzalez propose the Climate Accountability Package, a suite of bills that would include a new law requiring companies with revenues over $1B to disclose their full value chain greenhouse gas emissions.
📏Measurement & Management
The Tipping Point Fund on Impact Investing (TPF), a donor collaborative committed to creating and supporting public goods that are critical to the continued growth and fidelity of the impact investing market, announced $3.2M in grants to a diverse cohort of 16 organizations working on projects related to improving best practices for impact metrics and measurement and advancing the data infrastructure to scale impact investing.
Data from BDO’s 2023 CFO Outlook Survey, which surveyed 625 CFOs with revenues between $50M-$3B, found 41% of CFOs will continue to increase efforts toward ESG. 80% of those CFOs will pursue ESG efforts regardless of any global economic factors.
BDC Capital Canada launches ESG reporting template. The template serves as a reporting tool for Canadian VC and mid-market private equity funds to track and report on key ESG metrics at the firm, fund, and portfolio company level.
📚Resources
Cambridge Associates released the latest edition of its biannual client survey that explores the evolution of how investors are approaching sustainable and impact investing. The survey shows 80% growth in related investment activity over the past four years.
The McKinsey Institute for Black Economic Mobility released “A Guide to Impact Investing in Black Economic Mobility” focused on eight socioeconomic pillars to support the growth and opportunities for Black-owned businesses and communities.
A Global Impact Investing Network (GIIN) report shows resilience of financial inclusion investments during COVID-19.
ImpactVC, a community of VCs accelerating impact within venture capital, launched its VC Playbook providing advice on sourcing, selecting, and supporting impact start ups.
Nuveen's 7th Annual Responsible Investing Survey shows that more than 80% of US investors say that companies need to more openly communicate the risks and opportunities that shape their standing as "responsible investments.
🌟 New and Emerging Funds
🌱Climate:
Buoyant Ventures closed a $76M debut fund, targeting digital solutions to combat climate change. According to Pitchbook, this is the largest first-time female-owned venture fund outside of the coasts.
➕ Inclusive:
Amplifica Capital closed an $11M fund to invest in teams where there are female founders / co-founders or goods and services focused on women across Latin America.
Cake Ventures closed a $17M pre-seed and seed fund to invest in founders building companies for the inevitable demographic change happening today.
Black-led investment fund, Apis & Heritage Capital Partners, closed $58.1M to help companies with substantial Black and Brown workforces convert to being employee-owned.
Invest Appalachia Fund, closed $19M to provide capital to community economic development projects across Central Appalachia.
GCM Grosvenor announces Elevate strategy focused on making catalytic seed investments in small, emerging, and diverse private equity firm founders. The strategy was launched in partnership with CalPERs, who has announced a $500M commitment.
TPG launches inaugural TPG NEXT fund, investing in under-represented alternative asset managers. CalPERS will also anchor the fund with a $500M commitment.
Ariel Investments has closed its first private-equity fund, a $1.45B initiative focused on bolstering minority-owned vendors to some of the nation's largest corporations. Project Black, as the fund is called, seeks to invest in six to 10 middle-market companies with $100M-$1B in revenue that can serve as platforms for tack-on buyouts later on.
🔀 Cross-Sector:
Japanese chemical and life science company, Denka, launches $100M fund to be managed by Pegasus Tech Ventures, and invest in climate and health tech.
USAID has launched the $50M EDGE (Enterprises for Development, Growth, and Empowerment) Fund to support partnerships with private sector entities to achieve development objectives.
🔁 Fund Re-Ups
🌱Climate:
Sustainable real assets investor, Vision Ridge Partners, announced the closing of SAF Annex Fund with $700 million of capital commitments.
Goldman Sachs Asset Management raised $1.6B for its inaugural private equity fund focused on investing in companies providing climate and environmental solutions.
responsAbility Investments AG, announced a first close of $274M for its second private equity growth strategy in Asia and its first mezzanine financing strategy in LatAm focused on globally transforming food and ag value chains.
The 22 Fund (The 22), a Los Angeles-based impact, early-growth venture fund, announced multi-million dollar investments from Ally Financial Inc. (Ally) and family office 4S Bay to support The 22's investments in diverse entrepreneurs creating clean tech manufacturing companies.
Planet First Partners has raised €450M for its second fund, backed by Ingka Investments, the investment arm of IKEA parent Ingka Group. Founded in 2020, Planet First Partners invests in growth-stage companies in the sustainable economy.
➕ Inclusive:
Raven Indigenous Capital Partners closed an over-subscribed $100M second fund investing in Native American entrepreneurs.
Adenia Partners announced a first close of $300M for its fifth fund investing in medium-sized companies across Africa with room for operational and ESG improvements.
Kapor Capital is raising a $50M opportunity fund, doubling down on successful portfolio companies focused on closing a significant gap of access, opportunity or outcome for low income communities and/or communities of color in the U.S.
Jonathan Rose Companies is targeting $500M - $750M for its sixth affordable housing fund.
🗓️ Events
GreenBiz 23
The premier gathering of more than 1,600 sustainable business leaders, will deliver the insight and inspiration you need to accelerate change — and your career.
📅When: Feb 14-16
📍Where: Scottsdale, AZ
2023 Wall Street Green Summit
Covering mega theme of decarbonization from the lens of ESG Investing, Carbon Markets and Offsets, Carbon Capture, Clean Energy Technology, and Exchanges.
📅When: March 13-14
📍Where: New York City, NY
Future Food Tech: Innovation & Investment from Farm to Fork
Connecting 1600 international food brands, ingredient providers, investors, start-ups and technology leaders.
📅When: Mar 16-17
📍Where: San Fransisco, CA
The ARPA-E Energy Innovation Summit
13th annual conference and technology showcase that brings together experts from different technical disciplines and professional communities to think about America's energy challenges in new and innovative ways.
📅When: March 22-24
📍Where: Washington, DC
Cumulus
The premiere gathering of industry leaders, innovators, and investors in a showcase of the cutting edge of foodtech, agtech and intersecting climatetech companies.
📅When: April 17-19
📍Where: Las Vegas, NV
Blue Food Innovation Summit
13th annual conference and technology showcase that brings together experts from different technical disciplines and professional communities to think about America's energy challenges in new and innovative ways.
📅When: May 23-24
📍Where: London, UK
💼 Jobs
Part Time Roles -
Summer Associate @ Urban Innovation Fund
MBA Intern @ G2 Venture Partners
Climate VC Fellow @ At One Ventures
Full Time Roles -
Technical Associate (Carbon Removal) @ Lowercarbon Capital
Investor @ G2 Venture Partners
Investment Associate (Healthcare) @ Sandbox Industries
Investment Analyst @ Impact Engine
Director of Investor Relations @ Impact Engine
Associate @ Princeville Capital
👩🏾💻 Engage with Spriing
Written by: Alita Carbone, Ian Heinrich
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