An Annual Showcase of Impact Investment Fund Managers


An Annual Showcase of Impact Investment Fund Managers

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ImpactAssets 50: A Global Landscape of Impact Investment Fund Managers
The ImpactAssets 50 (IA 50) is the first open-source, publicly published database of experienced private debt and equity impact investment fund managers.

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

IA 50 2022 PROFILE

Southern Reconstruction
Fund - Ownership and
New Equity Fund (FundONE)

Total Assets Under Management: Less than $25M
Asset Class: Real Estate, Private Equity
Primary UN Sustainable Development Goal: 10 – Reduced Inequalities
Affordable Housing & Community Development
Global Health

Firm Overview

Category: Private Equity - Growth Stage (Developed Markets)

The Ownership and New Equity Fund (FundONE) is a friends and family equity based office fund of funds strategically built to finally fulfill the promise of Reconstruction in the U.S. Domestic South. FundONE - the primary investment vehicle for the Southern Reconstruction Fund (SRF) - will catalyze novel models of providing “Restorative Capital” to highly-capable but significantly under-capitalized coalitions, projects and funds across the American South.

Firm Headquarters: US & Canada
Years of Operation: Less than 3 years
Total Assets Under Management:
Less than $25M
Total Number of Investors: Between 5 – 25
% of Capital from Top 3 Investors: Less than 25%
Investment Thesis:

FundONE is launching a $1B equity based Fund of Funds, focused on building ownership, power, and restoring undercapitalized communities to beacons of health in the South-Eastern region of the United States. 

Investment Overview:

At FundONE we believe that if an investment is not patient, affordable and flexible, it is extractive. And yet, so many current investments - even those that are mission/program-related and/or impact-driven in nature - continue to perpetuate such extractive practices. Restorative Capital, on the other hand, is deeply rooted in the combination of equity and the love of humankind. Restoration is not a one time event or transaction; it is deep, long term systemic work led by people closest to the ground. FundONE leads with Restorative Capital and, in particular, with equity because we believe in ownership and building power. We follow and complement these investments with grants and technical assistance because we believe in cultivating human and community potential towards building resilient and thriving futures.  

Company Differentiator:

Other funds are impact adjacent seeking financial returns in hopes of having impact along the way. FundONE’s impact-first investment thesis is grounded in leading with ownership and power building. Through that commitment and our proximate deal sourcing capabilities across Southern communities, we will generate significant returns. As an equity based fund of funds we utilize a restorative capital model for investment that is patient, affordable, and flexible. Each individual transaction is pursued not as a stand-alone, but rather as part of a broader holistic and impact-driven restoration strategy within the larger community. 

Investment Example

Platform Investments - include equity investment into place-based funds that champion cooperative and distributive ownership models that could benefit multiple markets (such as Partners in Equity, equity-based CRE down payment assistance, Adasina-Activest’s Fiscal justice municipal fixed-income strategy, and tech transfer investments like HBCUfi / XLerator that benefit anchor institutions). Expansion of Existing Products - into Novel Markets, such as Liberty Bank in Louisville, HOPE in Houston, AM Money in Atlanta, Founders First in Charlotte  Landmark Investments & Site stewardship - such as investing in (and occasionally holding title to) mid-sized site development projects (100-500k sf) with strong development partners that present an opportunity to dramatically and positively shift the narrative of place while generating distributed wealth at the neighborhood level. Examples include Madison Street in Louisville and Hayti Redevelopment in Durham, among others.

Leadership and Team

Cumulative Leadership Experience in Impact Investing:
10 – 19 years
Cumulative Impact Experience of Top Three Firm Leaders:
20 – 29 years
Dr. Dorian O. Burton – Managing Partner More Info

Dr. Dorian Burton, Ed.L.D., is currently the Managing Partner of the Southern Reconstruction Fund (SRF), a social impact fund committed to strengthening the American South by transforming communities most affected by racial injustice and systemic inequity into beacons of health and prosperity. Prior to leading SRF Dr. Burton served as the Chief Program Officer and Assistant Executive Director at the William R. Kenan, Jr. Charitable Trust in Chapel Hill, NC, a foundation that supports building healthy and whole communities. He was formerly the Co-Director of The TandemED Initiative for Black Male Achievement and Community Improvement at Harvard University Law School's Charles Hamilton Houston Institute for Race and Justice and was the Wasserman Foundation Fellow in the Doctor of Education Leadership Program at Harvard.

Napoleon Wallace – Managing Partner More Info

Napoleon Wallace is the Managing Partner at the Southern Reconstruction Fund and Co-Founder of Activest, a social justice research and advisory firm, and Opportunity NC, an opportunity fund focused on supporting owner-occupied commercial real estate for minority- and women-owned businesses. In addition, Napoleon is a Senior Fellow at Frontline Solutions, a black-owned management consultancy working with the nation’s largest nonprofits and philanthropies. With more than 15 years of experience in finance and community economic development, Napoleon has led and supported numerous successful impact efforts within private, public, and nonprofit sectors. Most recently, Napoleon served as the Deputy Secretary of the North Carolina Department of Commerce, where he managed North Carolina’s development finance, community development, workforce development and micropolitan economic development efforts.

Percentage of Investment Professionals who identify as women:
Percentage of Investment Professionals who identify as people of color:*
50% or more
Percentage of Senior Management Team who identify as women:
Percentage of Senior Management Team who identify as people of color:*
50% or more
*People of color include: Black, Latinx, Asian, Native American/Alaskan Native, Pacific Islander, Middle Easterm and multi-racial Americans

Financial Performance

Target Financial Returns Relative to Benchmark:
Above Market Rates
Actual Performance of Impact Products/Funds Relative to Target Financial Returns in the Past Three Years:
Over-delivered compared to initial target returns
Financial Reporting Frequency to Investors or Donors

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
Primary Impact Outcomes:
Addressing racial inequities
Secondary Impact Outcomes:
Alleviating poverty
Value-added Services Offered:
Access to markets
Health services
Racial bias training or bias training

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:

We believe in investing in undercapitalized communities and individuals across multiple asset classes. 

Investments systematically include social and environmental sustainability practices in the due diligence process:

We lead all investments with a justice and restorative capital approach. We believe most companies can be impact adjacent, we are impact first focusing on communities of color in the US domestic south  

Impact Tracking and Monitoring

Impact is Tracked:
Impact Verified by an Independent Third-Party:
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes – to the public
Third Party Validations:
Member of Impact Capital Managers
Impact Frontiers Cohort Participant
Implement recommendations from Task Force on Climate Related-Financial Disclosure
Net Zero Assets Managers Initiative
Utilizes standardized impact metrics (e.g. IRIS+, GIIRS, etc.)
Participant on steering committees or leadership roles within impact industry associations
Publisher or contributor to industry white paper or other research in impact investing

Learn More

Key Contact Name: Dorian Burton
Phone: 215-901-1979
Mailing Address:

1500 W. Main Street, unit 249, Carborro, NC 27510, USA

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