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MySocialGoodNews is dedicated to sharing news about
social entrepreneurship, impact investing, philanthropy
and corporate social responsibility.

Crowdfunding for Social Good

Devin D. Thorpe

Devin Thorpe

Impact Investing

This category includes articles about people, firms and foundations that invest in social good by investing in social entrepreneurs, social impact or pay-for-success bonds, etc.

Climate-Focused Carbon Fund Invests in Clean Energy and Improved Performance for California Dairy

Climate Trust Capital marks investment in over half of $5.5M Fund I with announcement of second California-based digester project

Press Release – PORTLAND, Ore. – U.S.-based private investment fund Climate Trust Capital, an independent entity of the long-standing mission-driven nonprofit The Climate Trust, has closed on a carbon investment in the biogas sector—the Carlos Echeverria and Sons Dairy (CE&S) Dairy Biogas Project. Approximately $1.12 million of Climate Trust Capital’s Fund I was invested in a covered lagoon digester that will destroy methane and produce carbon offsets under California’s cap and trade system. Fund I was Iaunched in October 2016, seeded by a $5.5 million Program-Related Investment from the David and Lucile Packard Foundation, and supported by a Conservation Innovation Grant from the USDA’s Natural Resources Conservation Service.

“Climate Trust Capital has made significant progress investing our fund this year, with fifty one percent invested and the remaining funds committed to quality carbon offset projects that conserve critical grasslands, protect forest habitat, and provide clean energy,” said Sean Penrith, executive director for The Climate Trust. “The Trust has officially made investments in our targeted trilogy of sectors, with this being the Fund’s second livestock digester investment. We anticipate that Fund I will be fully allocated early this year based on the status of projects in our pipeline. Our first cash flows are also expected in 2018.”

The investment is based on the anticipated ten-year value of carbon credits from a livestock digester project located at the Carlos Echeverria and Sons Dairy, a large farm in California’s Central Valley. Project partner, California Bioenergy LLC (CalBio), is one of California’s leading dairy digester development companies. CalBio has built three other dairy digester projects, including the State’s largest, with three additional projects currently coming on line and many more scheduled for development. This project investment is expected to begin generating carbon offsets in January 2018 with initial cash flow from the sale of these offsets in 2019.

“Generating revenue from the sale of offsets through California’s cap and trade program is a complex process requiring a great deal of regulatory oversight to ensure the credits are real, additional, and permanent,” said Andrew Craig, director of greenhouse gas reduction initiatives for California Bioenergy. “We’re thankful to have partnered with some of the leading experts in the dairy digester industry, including The Climate Trust, who has been an invaluable asset to us and our dairy farmer partners. Climate Trust Capital’s sophistication as a carbon investor further enables the development of the low-carbon economy. We are grateful for their support and together with the California Energy Commission and the California Department of Food and Agriculture, we can continue to bring clean energy, jobs, and environmental benefits to California for years to come.”

“The need for capital when building a livestock digester project is in strong alignment with Climate Trust Capital’s investment thesis of providing an early-stage investment to catalyze projects,” said Kristen Kleiman, director of investments for The Climate Trust. “Digesters improve the economic and environmental performance of dairies, provide clean energy, improve soil nutrient management, improve local air quality, and so much more. Quality digester projects will make up a sizeable portion of our investment portfolio, enabling The Trust to keep an eye toward ensuring the best possible premiums from the sale of generated credits.”

Farms have historically flushed their manure into uncovered lagoons, which generate the greenhouse gas methane, and release it to the atmosphere. The CE&S digester will treat the manure by covering manure lagoons with a flexible, high-density polyethylene cover. Captured methane will be stored and then combusted in a high-efficiency generator that delivers renewable electricity to Pacific Gas and Electric. In addition, the digester will be double lined and enhance ground-water protection. Effluent from the digester will be used to irrigate fields.

“California legislation AB398 provides significant advantage for in-state projects with an assured market through 2030,” said Peter Weisberg, senior portfolio manager for The Climate Trust. “This desirable political landscape, in combination with creditable counterparties, and the host of beneficial revenue streams tied to operating digester projects, made the decision to invest in the CE&S livestock digester project a no-brainer. Digesters will make up a significant portion of Fund I’s portfolio, and we are pleased that our investment can play a critical role in getting quality projects off the ground.”

Climate Trust Capital’s Fund I is focused on investing in high-quality, U.S.-based carbon offset projects. Fund I will be the first in a series of Climate Trust Capital-led investment funds built to appeal to institutional and impact investors. The CE&S project will be developed in accordance to the California Air Resources Board (ARB) Compliance Offset Protocol for Livestock Projects.

“We feel fortunate to be afforded another opportunity to work with high-caliber partner, California Bioenergy, as we close in on fully deploying Fund I,” continued Kleiman. “Climate Trust Capital will continue pursuing quality carbon investments that provide our investors with long-term, risk-adjusted returns—ensuring the reputation of environmental credits as a financeable asset class and ultimately protecting our planet.”

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FUND Conference, A Prominent National Network For Entrepreneurs And Investors, Expands Into Austin, TX This Spring

With a focus on curated deal flow, captivating content, and same day connections, FUND Conference features a full day of keynotes and panel presentations from influential business leaders.

Press Release – CHICAGO, January 22, 2018: FUND Conference, a prominent national network for entrepreneurs and investors, will host the fourth annual FUND Conference in Austin, TX this spring.

With a focus on curated deal flow, captivating content, and same day connections, FUND Conference features a full day of keynotes and panel presentations from influential business leaders.

100 innovative, highly scalable early-stage companies will exhibit at FUND Conference’s entrepreneur expo. Participants span across all industries and actively seek outside investment to propel their growth and profitability. Entrepreneurs may apply for consideration through February 15th.

The event kicks off April 25th at Capital Factory in Austin, followed by a full-day conference on April 26th at the new Fairmont in the Central Business District.

RJ Pahura, founder & CEO of Venture Connects and FUND Conference commented, “FUND has become a staple in bringing together excellent companies and investors from across the United States. We are excited to expand this event to Austin in support of their thriving entrepreneurial community.”

Venture Connects is currently in talks with several partners to further expand FUND Conference to Detroit, Kansas City, or Denver in early 2019.

About FUND Conference

FUND Conference is a national connector of entrepreneurs, VCs, angel investors, and industry experts with a focus on curated deal flow, captivating content, and same day connections. To date, the company has introduced over 300 startups to nearly 1,250 investors and has featured more than 150 distinguished speakers.

See the recap video here: FUND Conference 2017 Recap

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IIX Supports India-based ERC Eye Care in Securing US$1 Million Investment

Press Release – SINGAPORE – January 17, 2018 – ERC Eye Care (ERC), an impact enterprise that delivers accessible, affordable and inclusive eye care to low-income persons in Northeast India, has raised a US$1 million pre-Series A round. A consortium of five investors was brought together by Impact Investment Exchange (IIX), led by existing investors Ankur Capital and Ennovent. Amongst the round’s investors was a strategic investment from the North East Development Finance Initiative (NEDFi), a Government of India initiative making its first impact-focused investment. Two international investors from Japan and Europe also participated in the consortium. IIX worked with ERC this year through its award-winning IIX ACTS accelerator program that provided investment-readiness, impact assessment and capital raise services to the company.

ERC has already established two specialist eye care hospitals in Assam, offering glasses for under a dollar and cataract surgeries for under 20 dollars. The funding from this round will support the development of two new hospitals, each supported by mobile vans to reach rural populations for diagnosis. The investment will allow ERC to provide improved healthcare services and impact the lives of over 1.5 million people over the next five years.

“The active engagement of the IIX team throughout the entire year has not only helped us in better impact creation and assessment but also facilitated fine tuning of the business model to make it more investable,” expressed Founder of ERC Eye Care, Dr Parveez Ubed. He added, “The successful closing of this round highlights the potential for companies serving the bottom of the pyramid, even in relatively isolated markets such as the Northeast of India.”

Robert Kraybill, Managing Director of IIX, further explains, “ERC Eye Care is a prime example of how impact enterprises can fill huge market gaps providing significant value to poor clients while simultaneously offering attractive opportunities to investors. IIX is proud to have been able to assemble an international consortium to fund ERC’s expansion. The support of these investors validates ERC’s strong business and impact case.”

Dr. Parveez Ubed will be featured in IIX’s new podcast series with Knowledge@Wharton “From Back Street to Wall Street” in January 2018 where he will share his insights from creating ERC Eye Care and thoughts on how impact investing can help deliver healthcare to the last mile.

About IIX:

Impact Investment Exchange (IIX) is a Singapore-based impact enterprise that builds pathways to connect backstreets of underserved communities to the Wall Streets of the world through impact investing. IIX investment platforms and innovative financial products enable impact enterprises to accelerate their business and scale their positive impact, while pushing the impact investing space from the margins to the mainstream. To date, the work of IIX has spanned 40 countries and continues to expand with the mission of unlocking US$1 billion of impact investment capital, impacting 65 million lives by 2022.

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Twitter And Facebook Face First-Ever Shareholder Resolutions Targeting Online Sexual Harassment, Hate Speech And Fake News

New York State Comptroller and Arjuna Capital File Shareholder Proposals Over Concerns That Weak Policies and Enforcement Threaten Long-Term Shareholder Value

Press Release – BOSTON & NEW YORK (January 11, 2018) – Arjuna Capital and the New York State Comptroller Thomas P. DiNapoli announced today two groundbreaking shareholder resolutions at Facebook and Twitter that mark the first time that sexual harassment, hate speech and fake news have been included in a request for a detailed report examining the scope of platform abuses, and full disclosure of what the social media giants are doing to remedy the problem. The rapid growth of the #MeToo movement, the 2016 U.S. election interference, the racist targeting of ads and the unfortunate role that both Facebook and Twitter may have played in escalating sexual harassment, hate speech and fake news online were key factors in the introduction of these first-of-a-kind proxy resolutions.

Natasha Lamb, managing partner at Arjuna Capital and lead-filer of the proposals, said: “Sexual harassment online is a threat to women and a danger to long-term shareholder value. If users feel unsafe on the platform, they simply won’t use it. In the wake of the #MeToo movement, women are no longer putting up with what has been the status quo for far too long. Now is the time to take social media companies to task for failing to effectively govern content policy. In May 2017, Elle magazine published an exposé describing the sexual harassment perpetuated over Facebook’s online platform, and in October women went so far as to boycott Twitter. Both Facebook and Twitter need to demonstrate how they plan to prevent violations of their terms of service agreements and hold users accountable. To date, actions have been inadequate.”

New York State Comptroller Thomas P. DiNapoli said: “Social media companies need to protect their customers, themselves and their investors from hate speech and harassment. Investors have a right to know what steps these companies are taking to enforce their terms of service and keep abusive content from fake news to sexual harassment off their platforms.”

Michael Connor, executive director of Open MIC, a non-profit organization that works with investors on media and technology issues, said: “If CEOs like Mark Zuckerberg and Jack Dorsey are serious about addressing online sexual harassment, hate speech and fake news, they should stop playing whack-a-mole and develop a comprehensive approach to addressing the problems on their platforms. Investors and other stakeholders want to see evidence that companies like Facebook and Twitter are going to turn vague promises into concrete plans to protect the people who use their products.”

The full text of shareholder proposal submitted to Facebook is available online at: ( The full text of the Twitter measure is available at: (

The resolutions call for more transparency on actions taken to address fake news, election interference, sexual harassment, hate speech and, in the case of Facebook, violence.the dissemination of violent acts such murders, suicides and beatings, and weak content management rules that make no distinction between hate speech and legitimate political expression. A similar proposal at Twitter is further focused on interference in the 2016 United States presidential election, and the distribution of “fake news,” with a strong focus on managing and prohibiting hate speech.

In particular, hate speech is a growing problem. Twitter claims that it “prohibits the promotion of hate speech globally.” Yet, in September 2017, advertisers used Twitter Ads to target 26.3 million users who may respond to the term “wetback,” 18.6 million to “Nazi” and 14.5 million to “N**ger.” Following a women’s boycott in October 2017, the company made changes to Twitter’s policy regarding hateful content, including sexual harassment on the platform. However, CEO Jack Dorsey noted, “we’re still not doing enough.”

Other co-filers of the Facebook proposal include the Illinois State Treasurer, Michael W. Frerichs (FB); Baldwin Brothers, Inc., and Harrington Investments.

Arjuna Capital is an investment firm focusing on sustainable and impact investing. In recent years, Lamb and Arjuna Capital have been recognized for an ongoing campaign using shareholder resolutions to promote gender pay equity in the tech, banking, and retail sectors. In December she was named to the “Bloomberg 50” list of influencers who defined global business in 2017. For more information, visit

The New York State Common Retirement Fund is the third largest public pension fund in the United States with estimated assets of $201.3 billion as of Sept. 30, 2017. The Fund holds and invests the assets of the New York State and Local Retirement System on behalf of more than one million state and local government employees and retirees and their beneficiaries. The Fund has consistently been ranked as one of the best managed and best funded plans in the nation. The Fund’s fiscal year ends March 31, 2018.

Open MIC is a non-profit organization that works with investors to protect individual privacy rights and improve corporate governance standards for online privacy, equity, and diversity.

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New Report Provides Insight Into Replicable Practices For A Critical Phase Of Impact Investments: Exit

Press Release – NEW YORK, JANUARY 11, 2018 – A report published today by the Global Impact Investing Network (GIIN) reveals a range of available strategies used by investors to strengthen their ability to exit in a way that meets liquidity objectives while also ensuring sustainable impact.

More than 80 percent of impact investors believe that they have a responsibility to try to ensure continuity of impact after exit, according to the 2016 Annual Impact Investor Survey. The new report, Lasting Impact: The Need for Responsible Exits, helps investors fulfill that responsibility by detailing various practical strategies for ensuring long-term impact.

Through over 30 interviews with investors and entrepreneurs, the report reveals that investors employ strategies throughout the life of their investments—pre-investment, at the time of investment, during the investment, and at the time of exit—to ensure the sustainability of the impact that they seek to create.

Practices include:

  • Prior to investing: Impact investors seek to understand whether impact is deeply embedded in company business models or operational practices and the likely growth trajectory of the business that is consistent with maintaining these practices.
  • At the time of investment: Impact investors seek alignment with co-investors and factor lasting impact into the structure of their deals; aspects such as time horizons and repayment conditions often influence investee strategy and growth expectations in ways that may affect sustainability.
  • During investment: Impact investors work with investee company management to instill policies and practices that ensure positive impact continues over the long-term.
  • At the time of exit: Many decisions affect impact, including timing of exit, retaining investee management, and selecting buyers aligned with the investee’s mission.

The report includes case studies that provide in-depth examples of responsible exits from impact investments. Case studies profile Adobe Capital’s exit from a natural gas conversion company, Lok Capital’s exit from a microfinance institution, Beartooth Capital’s sale of ranchland, and LeapFrog’s exit from an insurance provider.

“Impact investing has huge potential to generate positive long-term outcomes for society and the environment,” said GIIN Research Director Abhilash Mudaliar. “But investors need to have the confidence that they will be able to exit responsibly. There are many more exit approaches to meet financial objectives and ensure sustained impact post-exit than investors may be aware of. This report should provide impact investors with proven strategies that they can use to exit their investments in ways that won’t jeopardize the impact they seek to create.”

This report is made possible by the generous support of the American people through the United States Agency for International Development (USAID). The contents are the responsibility of the Global Impact Investing Network and do not necessarily reflect the views of USAID or the United States Government.

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$1.25M Kresge Investment In Chicago Startup Drives New Model For Midwest Climate Change Resilience

Press Release – CHICAGO, ILLINOIS – Fresh Coast Capital, a Midwest-based social enterprise, is filling a market gap by delivering investible green infrastructure projects to municipal governments with the help of new program related investment support from The Kresge Foundation. Rain gardens, bioswales, green roofs, and other green infrastructure projects managed by Fresh Coast’s diverse team of community organizers, engineers, environmental scientists, and finance professionals could help stem the tide of urban flooding and water damage that plagued U.S. cities in 2017.

Weather events like Hurricane Harvey, which caused an estimated $70-90 billion in damage, are a stark reminder of the need for cities to increase investment in water management infrastructure to mitigate the impacts of flooding on water quality, home and property destruction, and public health. And yet, the American Society of Civil Engineers (whose latest Infrastructure Report Card gave American wastewater infrastructure an overall grade of D+) identified a $105 billion funding gap between committed public funds and those needed to make critical water and wastewater infrastructure upgrades by 2025. To attract private dollars to this crippling problem, conservation investors like Kresge have sought new market-based models to test and scale on their Midwest home-turf.

Kresge’s investment signals confidence that Fresh Coast’s model—currently scaling up to serve cities and private landowners in St. Louis, MO, Peoria, IL, and Youngstown, OH—can offer investors the opportunity to earn returns on projects that drive public benefit. Following Kresge’s decision, Matthew Weatherly-White, an early investor said “I quickly recognized that the Fresh Coast team offers the markets a solid blend of innovation and execution, which are critical for tri-sector challenges; it’s exciting to see a foundation like Kresge recognize and invest in their scalable execution model.” Sam Yagan, co-founder of OkCupid and a prominent Chicago-based investor, said “It was Kresge’s investment that prompted us to target one of the Yagan Family Foundation’s first program-related investments to Fresh Coast…their innovative business model initially caught our attention and we’ve watched Fresh Coast rapidly gain momentum. We see the chance for scalable, lasting impact.”

Kresge’s $500,000 grant and $750,000 program related investment in Fresh Coast come on the heels of the publication of Kresge’s Capital Scan: Climate Resilient and Equitable Water Systems that identified key strategies to drive much-needed investment into the water sector. Their highest-ranking strategy—deploying green infrastructure—is a “concrete step that municipalities, utilities, and developers can take right now to better protect low-income residents from the storms and flooding we increasingly see in the era of climate change,” said Dr. Jalonne L. White-Newsome, Senior Program Officer of the foundation’s Environment Program.

Fresh Coast has eschewed coastal markets, strategically targeting operations in economically-challenged, climate-vulnerable Midwest communities because of opportunities for scale and impact. CEO Nicole Chavas stated “we are targeting our creative investment solutions toward cities in the so-called ‘rust belt’ like Peoria and St. Louis that have the most to gain from the many benefits that grow alongside green infrastructure.” Discussing their ongoing partnership with Fresh Coast, Peoria Chief Innovation Officer Anthony Corso lauded the fact that their green infrastructure projects “reflect community needs and address local priorities. This community-based approach does more than bring multiple solutions together, it brings people together.” Fresh Coast’s target market was a major driver of Kresge’s investment; in a recent blog post, Kresge’s Deputy Director Kim Dempsey stated that Fresh Coast’s “deep community engagement, commitment to achieving and measuring project co-benefits, and an exclusive focus on low-income and climate-vulnerable communities” made it her favorite deal of 2017.

Fresh Coast Capital is a mission-driven project developer that transforms underserved communities by investing in the power of nature, combating environmental injustice, and revitalizing neighborhoods with scalable green infrastructure. Additional information available at:

The Kresge Foundation is a $3.5 billion private, national foundation that works to expand opportunities in America’s cities through grantmaking and social investing in arts and culture, education, environment, health, human services, and community development in Detroit. In 2016, the Board of Trustees approved 474 grants totaling $141.5 million, and made 14 social investment commitments totaling $50.8 million. For more information, visit

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Capital Impact Partners Launches ‘AA’* Rated Investment Opportunity To Support Underserved U.S. Communities

Investors can earn a financial, as well as a social, return on their investments

Press Release – Arlington, VA (October 11, 2017)Capital Impact Partners, a non-profit corporation, certified by the U.S. Department of Treasury’s Community Development Financial Institutions Fund as a Community Development Financial Institution (CDFI), today announced the launch of an offering of up to $100 million of ‘AA’* rated fixed-income Capital Impact Investment Notes (Notes) that allows retail and institutional investors the opportunity to invest in the mission-driven organization’s nationwide efforts to create social impact for underserved communities. Available for as low as $1,000, individual and institutional investors can purchase the Notes through their brokerage accounts and earn a financial, as well as a social, return on their investments.

The Notes are available at fixed interest rates with maturities that range from 1-10 years through Incapital LLC, a leading underwriter and distributor of securities. The Prospectus, Pricing Supplements and information about how to invest are available to the public online through Capital Impact’s website and to financial professionals through Incapital’s Legacy™ platform, which offers products to investors that align financial goals with personal principles through values-based investing.

S&P Global, the world’s leading provider of independent credit ratings, assigned the Notes an ‘AA’ rating on September 7th, 2017*. This marks the first time that a Notes offering being made available by a CDFI is S&P rated, DTC-settled and offered on a continuous basis through brokerage accounts in most U.S. states.

“Through Capital Impact Investment Notes, we are creating the opportunity to drive financial activism by creating a product that helps investors create positive social change for people in communities across this country while also earning a return on that investment,” said Ellis Carr, President and CEO of Capital Impact Partners. “We are proud and excited to be with Incapital at the forefront of developing capital markets solutions for CDFI funding needs. That’s a win for investors, a win for our work, and most importantly, a win for those most in need of critical social services.”

Capital Impact will use proceeds from the issuance primarily to support projects focused in the healthcare, education, affordable housing and community development sectors in underserved communities nationwide. These efforts are part of Capital Impact’s work to foster good health, job creation and economic development. Examples of Capital Impact’s work can be seen in this video.

Over the past three decades, Capital Impact has closed more than $2 billion in loans that have achieved positive social change in underserved communities through a multi-pronged effort that includes delivering strategic financing to projects that increase access to social services, incubating new programs, and providing capacity-building to help grow organizations serving their communities. These types of investments are often hard to secure from traditional financial institutions, making the efforts of CDFIs like Capital Impact integral to the success of organizations supporting underserved communities.

Capital Impact’s work as a social change organization is reinforced by its strong financial performance. In January 2017, the organization was one of the first CDFIs to earn an issuer credit rating from S&P Global. That “AA issuer credit rating with stable outlook” recognized Capital Impact’s strong asset quality and liquidity, minimal risk profile, and consistent growth in loans and assets. Further details of Capital Impact’s financial highlights can be found online at

“The S&P AA ratings for both Capital Impact at the issuer level and for our Notes demonstrates to investors that a mission-driven enterprise can deliver a strong financial performance while simultaneously creating impact through our multi-pronged efforts in communities,” said Natalie Gunn, Chief Financial and Administrative Officer for Capital Impact. “We’ve consistently demonstrated this through a track record that extends back more than three decades.”

Examples of the type of work that the Capital Impact Investment Notes will support include:

Education: Since 2009, Capital Impact has partnered with Equitas Academy to provide the financing the school needed to both launch and expand their program. This K-7th grade school serves a deeply impoverished area of Los Angeles where most of the kids qualify for free or reduced-lunch and are secondary English speakers. Read their story here.

Health Care: Ole Health started as a humble clinic for farmworkers, but with financing from Capital Impact, they now offer thousands of low-income Napa Valley families quality health care through their innovative integrated behavioral health model. Read their story here.

Healthy Food: For 20 years, five Iraqi brothers have brought fresh, healthy and locally produced foods to Detroit. They have even defied the odds of the city’s economic turmoil. Now, with Capital Impact’s support, they’ve once again expanded their operations, increasing their healthy investment in their neighborhood and neighbors. Read their story here.

Housing: Affordable housing is a cornerstone to inclusive communities. In one Spokane, WA community that was threatened by a neighborhood struggling with drugs and nuisance homes, Capital Impact employed a “cooperative housing” model in partnership with ROC USA that helped residents take back their community and control their future. Read their story here.

Dignified Aging: Capital Impact helped scale a radical new model for skilled nursing care called the Green House project. This innovative approach to care is designed from the ground up to look, feel and “operate” like a real home for 10-12 elders – returning control, dignity, and a sense of well-being to its residents. Read their story here.

Our 2020 Vision to help people and communities break the barriers to success is grounded by four strategic pillars: addressing systemic poverty, creating equity, building healthy communities, and promoting inclusive growth,” said Carr. “The proceeds received from investors – big and small – in our Notes offering will certainly amplify our work across the country.”

In addition to the S&P AA issuer rating, Capital Impact has received a number of independent validations that illustrate its efforts to drive impact for underserved communities including:

  • Recognition by Aeris dating back to 2005 for our social impact, financial strength, and leadership in policy changes impacting disadvantaged people and communities;
  • Platinum level recognition by Guidestar;
  • A member of the Federal Home Loan Bank Atlanta; and
  • A CDFI certified by the U.S. Department of Treasury’s Community Development Financial Institutions Fund.


This press release is not an offer to sell or a solicitation of an offer to buy any securities. Such an offer is made only by means of a current Prospectus (including any applicable Pricing Supplement) for each of the respective Notes. Such offers may be directed only to investors in jurisdictions in which the Notes are eligible for sale. Investors in such states should obtain a current Prospectus by visiting Investors are urged to review the current Prospectus before making any investment decision. No state or federal securities regulators have passed on or endorsed the merits of the offering of notes. Any representation to the contrary is unlawful. The notes will not be insured or guaranteed by the FDIC, SIPC or other governmental agency. As of the date hereof, the Notes will be offered for sale in all 50 states and the District of Columbia, excluding the States of Arkansas and Washington and the Commonwealth of Pennsylvania.

*S&P Global assigned a long-term issue credit rating of AA to the Notes on September 7, 2017. Please check the Pricing Supplement at the link above for the S&P credit rating assigned to Notes currently being offered for sale. An S&P credit rating is not a recommendation to buy, sell or hold Notes and may be subject to suspension, reduction or withdrawal at any time by S&P.

Forward-Looking Statements

This press release contains statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Also, when Capital Impact uses any of the words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “intend” or similar expressions, it is making forward-looking statements. These forward-looking statements are not guaranteed and are based on Capital Impact’s present intentions and on Capital Impact’s present expectations and assumptions. These statements, intentions, expectations and assumptions involve risks and uncertainties, some of which are beyond Capital Impact’s control, that could cause actual results or events to differ materially from those anticipated or projected. Purchasers of Notes should not place undue reliance on these forward-looking statements, as events described or implied in such statements may not occur. Except as required by law, Capital Impact undertakes no obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise.

About Capital Impact Partners: Through capital and commitment, Capital Impact Partners helps people build communities of opportunity that break barriers to success. We deliver strategic financing, incubate new social programs, and provide capacity-building to help ensure that low-to-moderate income individuals have access to quality healthcare and education, healthy foods, affordable housing, and have the ability to age with dignity.

Headquartered in Arlington, VA, Capital Impact Partners operates nationally, with local offices in Detroit, MI, and Oakland, CA. Learn more at


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US SIF Announces Election Of Four Board Members

Press Release – WASHINGTON, D.C., January 9, 2018 – US SIF: The Forum for Sustainable and Responsible Investment is pleased to announce the election of four board members to its board of directors. Directors also serve on the US SIF Foundation Board.

US SIF and the US Foundation advance sustainable investing through research, training, education, convenings, networking, policy and media outreach. The US SIF Foundation’s biennial Report on US Sustainable, Responsible and Impact Investing Trends, which will be released in late 2018, is the most comprehensive assessment of the field of sustainable and impact investing in the United States. US SIF also produces a highly regarded conference each year. Investing for a Sustainable World will be held in Washington, D.C. May 30 – June 1.

The new board members are:

  • Steve Freedman, Head of Sustainable Investment Solutions, Wealth Management Americas, UBS Financial Services
  • Michael Kramer, Managing Partner, Natural Investments
  • Diederik Timmer, Executive Vice President of Institutional Relations, Sustainalytics

In addition, Andrew Behar, CEO, As You Sow, was elected to the board for a second term.

US SIF Board Chair Craig Metrick said “We welcome Steve, Michael and Diederik to the board and are pleased Andy will serve a second term. They are a talented group of individuals who bring tremendous insight as practitioners and leaders.”

“Our newly elected board members bring a wealth of experience and expertise to the table,” said US SIF CEO Lisa Woll. “They join a board that plays a critical role in serving our members and helping define and advance the growing field of sustainable and responsible investing.”

Departing from the board after completing their terms were Darragh Gallant, Managing Director, US and Director of Institutional Relations, North America for Sustainalytics; Mark Regier, Vice President of Stewardship Investing, Praxis Mutual Funds and Everence Financial and Nancy Reyes Mullins, Founder, RI Strategy Consulting. Gallant and Regier also were members of the Executive Committee. A full list of the US SIF board of directors can be found at

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US SIF Names Kim Coble Chief Operating Officer

Press Release – WASHINGTON, D.C., January 4, 2018 –US SIF: The Forum for Sustainable and Responsible Investment announced today that Kim Coble has joined its staff as Chief Operating Officer.

US SIF is the leading voice advancing sustainable, responsible and impact investing across all asset classes. The Chief Operating Officer is a member of the senior management team and will lead ongoing oversight and reporting against US SIF’s strategic plan as well as play a key role in the day to day management of the organization.

“We’re thrilled to welcome Kim to the US SIF team and to this newly created role,” said Lisa Woll, CEO of US SIF. “She brings a passion for the environment and sustainability and a keen interest in sustainable investment. Her significant management and leadership experience will help us achieve our strategic goals in a time of unprecedented interest in sustainable and impact investing.”

Before joining US SIF, Coble spent 25 years with the Chesapeake Bay Foundation, where she served several roles including most recently as Vice President for Environmental Protection and Restoration, directing all policy, advocacy and restoration efforts. Coble serves on the boards of the Oyster Recovery Partnership and as the Board Chair of Restore America’s Estuaries. She is a graduate of Leadership Maryland and was named one of Maryland’s Top 100 Women. Kim was also appointed by the Senate President to the Maryland State Ethics Commission. Coble earned a Bachelor of Arts degree in Biology from University of Puget Sound and a Master’s of Science in Public Health in Environmental Health and Toxicology from University of Washington.

Coble said, “I am very excited about this opportunity to drive capital to advance critical environmental and social concerns. I am so looking forward to getting to know the more than 300 firms who are part of US SIF and the many other stakeholders with whom US SIF works.“

About US SIF

US SIF: The Forum for Sustainable and Responsible Investment is the leading voice advancing sustainable, responsible and impact investing across all asset classes. Its mission is to rapidly shift investment practices toward sustainability, focusing on long-term investment and the generation of positive social and environmental impacts. US SIF members include investment management and advisory firms, mutual fund companies, pension funds, foundations and other asset owners, research firms, financial planners and advisors, broker-dealers, community investing organizations and nonprofit associations.

The 8th US SIF Annual Conference will take place from May 30 – June 1, 2018 in Washington, DC.

US SIF is supported in its work by the US SIF Foundation, a 501(C)(3) organization that undertakes educational, research and programmatic activities to advance the mission of US SIF, including offering trainings for advisors and other financial professionals on the Fundamentals of Sustainable and Impact Investment. The US SIF Foundation’s Report on US Sustainable, Responsible and Impact Investing Trends is the definitive and most comprehensive report on the sustainable investment industry and the 12th edition will be released in late 2018.

Learn more at

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WITH Association and Bpifrance to Spotlight Emerging Biotech Opportunities during J.P. Morgan Healthcare Conference

The rich global ecosystem of the biotechnology sector presents attractive investment opportunities

Press Release – PARIS, France — December 20, 2017 — The association of Women Innovating Together in Healthcare (WITH Association), an international organization of senior female biotech, medtech, and healthcare executives, and Bpifrance, the French public investment bank, are together putting a spotlight on leaders and emerging companies coming out of the booming French biotech sector at an event they will host during the 36th annual J.P. Morgan Healthcare Conference. WITH and Bpifrance have co-organized Vive la Biotech 2018! to be held in San Francisco on Sunday, January 7, 2018. The event will be presented in collaboration with Sanofi.

The invitation-only event will feature two panel discussions looking at the importance of investment and the biotech ecosystem to the growth and success of emerging biotech companies and the medical innovations they produce with a focus on the French biotech landscape.

The global biotechnology market size was estimated at $369.62 billion in 2016[1], and is expected to reach $727.1 billion by 2025[2], according to Grand View Research. In France, there were approximately 400 biotechnology companies in 2015—about 50 of these were public and the total market cap combined approaching €5 billion[3]. During the first half of 2017, approximately €492 million was raised by French biotech and medtech companies[4].

Rafaèle Tordjman, MD, PhD, the Founder and Chairwoman of the WITH Association and a biotech venture capital expert with more than 16 years of experience, will introduce a fireside chat featuring Olivier Brandicourt, MD, and CEO of Sanofi, and Nicolas Dufourcq, CEO of Bpifrance. The conversation will be moderated by Karen Bernstein, Co-Founder and Chairman of BioCentury Inc.

“Biotechnology is a fast-growing industry, and innovations in the field are increasingly coming from both major and emerging companies. Therefore, we are very excited and honored to be co-hosting Vive la Biotech 2018! to shine a light on these companies, their contributions and the industry at large” said Dr. Tordjman. “The mission of W.I.T.H. is to enable accomplished female leaders from various backgrounds in the field to come together with the goal of developing innovative solutions for global healthcare issues, and this event is an excellent opportunity for our members to share information with industry giants and emerging leaders in the space.”

Mr. Dufourcq said: “Bpifrance is strongly involved in the development of a dynamic French biotechnology sector. We’re pleased to emphasize the attractiveness of this ecosystem and to have this opportunity to illustrate the significance of female leadership in this industry. This event allows us to highlight the achievements of the emerging companies participating in the event, exemplifying our broad strategy to help similar biotech companies access capital and expand their businesses.”

Attendees will also hear from other successful leaders in the field with excellent track records from a variety of companies, including Citigroup, U.S. venture capital firm New Enterprise Associates, Roche Partnering, DBV Technologies and Lysogene. Vive la Biotech 2018! is sponsored by global law firm Dechert LLP and BioCentury, among many others.

About WITH:

Founded in 2010, the WITH Association (Women Innovating Together in Healthcare) is an international organization of senior female biotech, medtech, and healthcare executives from across the entire healthcare value chain—industry, medicine, research, charity and finance. WITH members representing the European Union, North America, Asia and Brazil all share a deep knowledge of the life sciences and an admirable records of high achievement in their respective fields. The organization inspires and supports the growth of participating individuals and the network as a whole, and was established on the values of openness, collaboration, creativity, generosity, and commitment. Founded and chaired by Rafaèle Tordjman, a 16-year venture capitalist with an impeccable track record in the life sciences industry, WITH aims to support industry growth from within by connecting leading executives to support the delivery of innovative healthcare solutions for the benefit of patients globally. For more information, visit

About Bpifrance:

Bpifrance, a subsidiary of the French state and the Caisse des Dépôts and the entrepreneurs’ trusted partner, finances businesses from the seed phase to IPO, through loans, guarantees and equity investments. Bpifrance also provides operational services and strong support for innovation, export, and external growth in partnership with Business France. Bpifrance offers to businesses a large range of financing opportunities at each key step of their development, including offers adapted to regional specificities. With its 48 regional offices (90% of decisions are made locally) Bpifrance represents a strategic tool for economic competitiveness dedicated to entrepreneurs. Bpifrance acts as a back-up for initiatives driven by the French State and the Regions to tackle 3 goals:

  • Contributing to SME’s growth
  • Preparing tomorrow’s competitiveness
  • Contributing to the development of a positive entrepreneur ecosystem.

With Bpifrance, businesses benefit from a powerful, efficient and close representative, to answer all their needs in terms of financing, innovation and investment.

More info: @ – Follow us: @bpifrance@BpifrancePresse





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