ICM IN THE NEWS

Impact VC Shouldn’t Get Swept Into the ESG Brouhaha

Published February 23, 2024 In this Institutional Investor oped, Ethan Finkelstein and Dahna Goldstein share their research: “We found claims that impact funds must be concessionary — meaning investors give up some returns when they also pursue social goals — to be wrong. In fact, funds designed to solve some of society’s problems can produce returns comparable to non-impact funds and they can lower risks. Impact-aligned industries also can outperform others.” The authors point to their constructed benchmark of ICM and GIIN member funds which outperformed VC benchmarks in five of the seven vintage years for which they had enough data for analysis.

The Ranks of ‘Impact Alpha’ Fund Managers Expand, Along with Client Demand and the Talent Pipeline

Published February 1, 2024 Nancy Pfund of DBL Partners, along with Mark Berryman of Caprock Group and Adrianna Alterman of the Salesforce Ventures Impact Fund were featured in ImpactAlpha’s article celebrating their recognition as this year’s winners of ICM’s Impact Awards.

ICM Announces 2024 Impact Award Winners

Nancy Pfund, Mark Berryman, and Adrianna Alterman Recognized by Peers

Published December 19, 2023 This week, the Impact Capital Managers membership association announced the three winners of the second annual Impact Awards. The Awards were launched in 2022 as a way to recognize distinction and excellence in market-rate private capital impact investing, celebrating professional achievements that exemplify the network’s mission - the realization of superior investor returns and meaningful impact - in addition to significant field-building contributions promoting growth with integrity and authenticity in the industry. All three winners will be recognized at a formal dinner on February 1st, 2024 in New York City.

Aligned Climate Capital To Donate 3 Percent of Profit to Climate and Equity Organizations

Published September 25, 2023 Leading clean energy fund manager Aligned Climate Capital LLC announced today that it will donate 3% of the carried interest in its latest venture capital fund to three nonprofit organizations working to address the climate crisis: The Climate Equity Action Fund, (a sister organization to The Climate and Clean Energy Equity Fund), the Honnold Foundation, and Impact Capital Managers.

Are Impact Funds Hitting Dual Return Targets? Early Data Says Yes 

Published July 26, 2023 The first generation of large impact investing funds has yet to exit most deals, leaving only preliminary data on financial returns but more results on social benefits.

New LP Advisory Council Established to Advance Impact Investing in the Private Market 

Published July 6, 2023 Impact Capital Managers (ICM), an association of market-rate private capital funds seeking to advance members’ performance and to scale the marketplace with integrity and authenticity, today announced the launch of a new high level LP Advisory Council (“Council”) to accelerate progress toward shared objectives in private capital impact investing. The new body is intentionally non-transactional to encourage candid sharing of key challenges and opportunities between GP and limited partner stakeholder groups.

Impact Investments Meeting Financial Expectations, Exit Study Finds 

Published May 11, 2023 The majority of impact investments are meeting or exceeding financial performance expectations, according to a study released Wednesday by ICM Institute, a non-profit research arm of the Impact Capital Managers, an association of private capital funds, and global law firm Morrison Foerster. The report, "Alpha in Impact: Strengthening Outcomes: Impact and Financial Value at Exit," covers a sample of 230 exits from ICM members managing market-rate impact funds. It found that 65% of impact exits met or exceeded financial performance expectations, and 81% of those exits met or exceeded impact expectations.

Six Investor Networks Commit to Advancing Racial Equity Lens Investing

Published May 11, 2023 American Sustainable Business Network, Confluence Philanthropy, The ImPact, Impact Capital Managers, Intentional Endowments Network, and Toniic convened a group of 60 members and board leadership from across their networks to discuss racial equity in investing. The six networks together represent a global community of private, public, and community foundations, family offices, funds, high net-wealth individuals, investment advisors, companies, university endowments, and other investors. 

New Study by Impact Capital Managers and Morrison Foerster Shows Almost Two-Thirds of Impact Exits Meet or Exceed Financial Performance Expectations

Published May 8, 2023 ICM Institute, a nonprofit research arm of the Impact Capital Managers (ICM), a membership association of leading private capital funds, together with leading global law firm Morrison Foerster, today published a new report, “Strengthening Outcomes: Impact and Financial Value at Exit,” that shows almost two-thirds (65%) of impact exits meet or exceed financial performance expectations. The first-of-its-kind study draws on a sample size of 230 exits from ICM members, each of which manages a market-rate impact fund and is therefore uniquely positioned to provide data and insights into the success of impact exits and the key drivers of that success.

Impact Capital Managers Announces 2023 Mosaic Fellows; Largest Cohort To Date

Published April 19, 2023 Impact Capital Managers (ICM) is proud to announce the twenty winners of its annual Mosaic Fellowship, a highly competitive summer internship program placing first-year graduate students from traditionally underrepresented backgrounds in finance at ICM member funds to immerse themselves in the world of private capital impact investing. The program started in 2020 as the flagship initiative of ICM’s commitment to talent and diversity and now includes 46 alumni. This year’s cohort is the largest group of winners to date.

Impact Frontiers and Impact Capital Managers launch "Impact for Decision-Making: An Online Curriculum on Impact-Financial Integration"

Published March 28, 2023  Impact Frontiers and Impact Capital Managers (ICM), two organizations with a shared commitment to responsibly scaling the impact investing field, today announced the launch of a new online curriculum designed to improve investor decision-making through the integration of impact and financial considerations. The free, open-access curriculum was made possible by a grant from the Tipping Point Fund on Impact Investing and is available at https://impactfrontiers.org/online-curriculum.

Impact Capital Managers Announces 3rd Cohort of 2022 Mosaic Fellows, Growing the Impact of Signature Talent & Diversity Program

Published April 19, 2022 Impact Capital Managers (ICM) is thrilled to share the nineteen winners of its annual Mosaic Fellowship, a highly competitive summer internship program, which places talented first-year graduate students at ICM funds to immerse themselves in the world of private capital impact investing.

Impact Frontiers launches new cohort in partnership with Impact Capital Managers

Published December 31, 2021 Impact Frontiers has launched its sixth investor cohort this year in partnership with Impact Capital Managers (ICM) – our largest cohort to-date with 30 leading venture capital, private equity, debt and real estate fund managers.

Impact Capital Managers Announces New LP Leaders Circle and Inaugural Circle Member, New Summit Investments

Published June 2, 2021 Impact Capital Managers announced today a new LP Leaders Circle as part of its growing impact-focused private capital community, and recognized New Summit Investments as its inaugural LP Leaders Circle member.

Hope Tarirai Mago, HCAP Partners Elected to Board Chair at Impact Capital Managers, Inc.

Published June 1, 2021 Mago joins Brian Trelstad, partner at Bridges Fund Management and Chair of the affiliated ICM Institute, in leading the governance of ICM.

New Study By Morrison & Foerster And Impact Capital Managers Details Variety Of Legal Tools And Processes Used By Private Capital Investors To Protect And Enhance Impact Investments

Published 26 April 2021 Report highlights diverse strategies pursued by impact investors to substantiate their goals; identifies new set of innovative legal tools; and examines how investors have responded to the COVID-19 pandemic and renewed urgency to advance racial equity.

Impact Capital Managers | Legal Innovation in Impact Investing

Published April 23, 2021 Although the increasing interest in impact investing is encouraging, concerns regarding “greenwashing” remain. For this reason, it is important that general partners and limited partners alike give careful thought as to which tools will best support their impact objectives and align incentives.

New "Better Money, Better World" Podcast Examines the People and Ideas Behind Impact Investing

Published April 21, 2021 Impact Capital Managers' new podcast talks with the investors, companies, and thinkers who are shaping the future of mission-driven investment

Impact Capital Managers Announces 19 Winners of 2021 Mosaic Fellowship

Published April 20, 2021 Impact Capital Managers (ICM) is excited to announce the nineteen winners of its inaugural Mosaic Fellowship, a competitive program that gives talented first-year graduate students firsthand experience in private equity or venture capital impact investing through placement with an ICM member fund over the summer.

Impact Capital Managers Joins White House Initiative on Inclusive Economic Growth

Published April 7, 2021 Impact Capital Managers and more than 50 impact-oriented organizations led by U.S. Impact Investing Alliance and B Lab are calling for the creation of a White House Initiative on Inclusive Economic Growth to reshape and rebuild our economy so that it works for all.

The New Wave of US ESG Investing: Impact Capital Managers, the US Association that is Codifying Impact Investing Principles

Published January 5, 2021 Part of the least year’s work of Impact Capital Managers (ICM), the membership association of some of the most prominent impact fund managers, has been to develop a set of four core impact management practices, the ICM fundamentals, to serve as a baseline expectation for all members. These were presented at the ICM Fall Members Convening last October, but are so new that they have not been posted on its website. 

Statement from Impact Capital Managers on Racial Justice

Published June 3, 2020 We stand with the peaceful demonstrators across the US, exercising their constitutional right to protest the senseless deaths of so many Black Americans. As we reflect on the heartbreaking loss of George Floyd, Ahmaud Arbery, and Breonna Taylor - to name just three high profile cases among so many others – I want to extend my personal support to the ICM network of leaders, colleagues, and family members who may be struggling to determine a path forward.

Impact Capital Managers’ inaugural Mosaic Fellowship boasts 8 winners

Published May 4, 2020 Impact Capital Managers, a non-profit network of private capital fund managers dedicated to impact investing, has announced its inaugural list of eight winners of its Mosaic Fellowship.

Impact Capital Managers Announces 2020 Mosaic Fellowship Winners

Published April 21, 2020 Impact Capital Managers (ICM) is excited to announce the eight winners of its inaugural Mosaic Fellowship, a competitive program that gives talented first-year graduate students an opportunity to “learn the ropes” of private equity or venture capital impact investing through placement with an ICM member fund over one summer.

Coronavirus proves government is important

Published April 18, 2020 The fund that I co-founded 21 years ago, SJF Ventures, has invested in 67 companies that have created more than 10,000 jobs while providing health, education, food, energy, mobility and logistics technologies and services. SJF is one of 47 positive-impact venture capital and private equity funds that are part of the Impact Capital Managers (ICM) network.

Impact Capital Managers Welcomes New Members to Growing Network

Published July 23, 2019 Impact Capital Managers (ICM) is a network that brings together the general partners of market-rate funds deeply committed to impact investing in the United States and Canada. As the network continues to grow, ICM is pleased to announce and introduce several new additions: Closed Loop Partners, Congruent Ventures, and Social Impact Capital.

Marieke Spence Joins Impact Capital Managers as Executive Director

Published May 8, 2019 Impact Capital Managers (ICM), a network of private capital funders investing for financial returns through impact-driven business models has hired Marieke Spence as its first Executive Director.

Tideline and Impact Capital Managers Publish New White Paper: THE ALPHA IN IMPACT

Published December 12, 2018 Research from Tideline and Impact Capital Managers shows that a social and environmental focus on investment management can boost financial returns. The white paper The Alpha in Impact, published in 2018, is based on Tideline’s analysis of nearly 30 financial transactions from ICM-member investment portfolios.

Impact Capital Managers Launches with 25 Leading Investors as Members

Published April 30, 2018 Renewal Funds is a proud founding member of the Impact Capital Managers, joining a distinguished group of leading impact investors in the US and Canada, representing over $5 billion. We will work together to answer essential questions, identify best practices, and set common goals.

Managers of over $5 billion aim for high-impact, high-returns investing

Published April 2, 2018 Now, more than two-dozen market-rate impact investment fund managers are staking a claim to a more ambitious category: high-impact, high-returns investing. Impact Capital Managers, representing more than $5 billion in capital, will kick off their new network at a two-day meeting in Chicago next month.

Impact Capital Managers Launches With 25 Leading Investors

Published April 2, 2018 Impact Capital Managers (ICM) announced its launch with 25 founding fund members and plans for an inaugural meeting May 30th and 31st in Chicago, IL.