ICM Member Resource
Impact Secondaries List
This is a working list of firms operating where impact investing and secondaries overlap. The list is tiered based on how central impact investing and secondaries are to each firm's strategy, and was developed following ICM's summer 2026 webinar, "The Secondaries Market: What Buyers Look for in Impact Assets."
If you have questions about this list, or corrections and additions to its contents, please contact Adam Cissé, Analyst, Programs & Operations (acisse@impactcapitalmanagers.com). To schedule a meeting with Adam, click here.
Impact Secondaries Tiers
01Dedicated impact secondaries
Impact is the investment thesis for the following firms, not a separate filter applied to the general secondaries work of the organization.
Accelerate Investment GroupTier 1
- Website
- acceleratellc.com
- Impact lens
- Self-describes as a "dedicated sustainable investment manager" with a stated focus on impact investing; founded 2022, Palo Alto/London.
- Secondaries role
- Identified by ICM as a secondaries provider. Public materials describe helping partners "access liquidity" and "unlock value... across private markets."
Blue Earth CapitalTier 1
- Website
- blueearth.capital
- Impact lens
- Global specialist impact investor, owned by a dedicated impact foundation; impact and returns weighted in parallel.
- Secondaries role
- Launched a dedicated impact secondaries strategy (Jan 2026, $100M+ first close) after running secondaries within its multi-asset impact fund since 2021.
BlueOrchardTier 1
- Website
- blueorchard.com
- Impact lens
- Impact specialist since 2001; acquired by Schroders in 2019, now anchors Schroders Capital's "Impact Driven" range.
- Secondaries role
- Impact-labeled secondary transactions executed within Schroders' broader platform.
Contact
General/Investor Inquiries
California WellnessTier 1
- Website
- calwellness.org
- Impact lens
- Private foundation, not a fund manager. Included because its secondaries activity is mission-driven, not opportunistic yield-chasing.
- Secondaries role
- Per Javier Hernandez on the record (ImpactAlpha): actively buying "seasoned impact assets at compelling valuations" as secondaries, framing the thesis around strengthening the impact ecosystem's liquidity.
Gratitude RailroadTier 1
- Website
- gratituderailroad.com
- Impact lens
- Asset manager and impact network; secondaries activity is explicitly part of its "inclusive capital strategy," per Managing Partner Rebekah Saul Butler on the record (ImpactAlpha). Former ICM member.
- Secondaries role
- Bought two LP stakes in Unshackled VC (an impact VC backing immigrant founders) in 2025 — one from a high-net-worth LP, one from a VC firm.
North Sky CapitalTier 1
- Website
- northskycapital.com
- Impact lens
- Founded 2000; began impact investing research in 2003; launched the first impact PE fund-of-funds in 2005.
- Secondaries role
- Launched the first dedicated impact secondaries fund in 2013. Predecessor fund Clean Growth VI closed at $252M. Fifth secondary fund had an initial close of $235M, per Tom Jorgensen on-the-record (ImpactAlpha).
W Capital PartnersTier 1
- Website
- wcapgroup.com
- Impact lens
- Confirmed via direct communication with the firm; not yet reflected in public strategy materials as of this writing.
- Secondaries role
- GP-led/direct secondaries specialist since 2001, now part of AXA IM Prime; minority recaps, continuation funds, direct secondaries.
Contact
Constance Montgomery, Principal
02Impact-adjacent and ESG generalists
Large, credible secondaries platforms with ESG integrated into diligence. Impact is not the reason these firms exist. Most have not done a specifically impact-labeled secondaries transaction; they've done secondaries and, separately, they've done ESG.
Adams StreetTier 2
- Website
- adamsstreetpartners.com
- Impact lens
- ESG-integrated, not impact-mandated.
- Secondaries role
- LP/GP-led secondaries within a diversified private markets platform.
AlpInvest (Carlyle)Tier 2
- Website
- alpinvest.com
- Impact lens
- ESG-integrated, not impact-mandated.
- Secondaries role
- One of the largest secondaries platforms globally — Fund VIII closed at $20B.
ArdianTier 2
- Website
- ardian.com
- Impact lens
- ESG-integrated, not impact-mandated.
- Secondaries role
- Global secondaries market leader, large-scale LP and GP-led deals.
Coller CapitalTier 2
- Website
- collercapital.com
- Impact lens
- ESG-integrated across Responsible Investment pillars; not impact-mandated.
- Secondaries role
- One of the largest dedicated secondaries funds globally, 35+ year track record (founded 1990).
Status: Under agreement to be acquired by EQT (expected to close Q3 2026), forming "Coller EQT." EQT is an active ICM member fund — once this closes, Coller Capital may need to come off this list, consistent with how we've handled other ICM-member firms.
Hamilton LaneTier 2
- Website
- hamiltonlane.com
- Impact lens
- ESG-integrated, not impact-mandated.
- Secondaries role
- LP/GP-led secondaries within a diversified private markets platform.
HarbourVestTier 2
- Website
- harbourvest.com
- Impact lens
- ESG-integrated, not impact-mandated.
- Secondaries role
- LP/GP-led secondaries plus co-investment and primaries.
Lexington PartnersTier 2
- Website
- lexingtonpartners.com
- Impact lens
- ESG-integrated, not impact-mandated.
- Secondaries role
- Major LP-led and GP-led secondaries investor.
LGT Capital PartnersTier 2
- Website
- lgtcp.com
- Impact lens
- ESG-integrated; LGT runs a separate dedicated impact arm (LGT Impact).
- Secondaries role
- LP/GP-led secondaries within a diversified private markets platform.
Neuberger BermanTier 2
- Website
- nb.com
- Impact lens
- ESG-integrated, not impact-mandated.
- Secondaries role
- LP/GP-led secondaries within a broader private markets platform.
PantheonTier 2
- Website
- pantheon.com
- Impact lens
- ESG-integrated, not impact-mandated.
- Secondaries role
- Made its first private markets secondaries investments in 1988, among the earliest in the industry.
Partners GroupTier 2
- Website
- partnersgroup.com
- Impact lens
- ESG-integrated, not impact-mandated.
- Secondaries role
- LP/GP-led secondaries within a diversified private markets platform.
Pomona CapitalTier 2
- Website
- pomonacapital.com
- Impact lens
- ESG-integrated, not impact-mandated.
- Secondaries role
- Mix of LP- and GP-led secondaries transactions.
Schroders CapitalTier 2
- Website
- schroderscapital.com
- Impact lens
- ESG integrated firm-wide; impact is one strategy line among many.
- Secondaries role
- Active GP-led secondaries platform, leading the lower middle market since 2012.
StepStone GroupTier 2
- Website
- stepstonegroup.com
- Impact lens
- ESG-integrated firm-wide; also runs a separate dedicated impact fund vehicle.
- Secondaries role
- Very active across LP interests, strip sales, tenders, continuation funds, direct secondaries.
Compiled from public and member sources. Firm-level only.