IMPACTASSETS 50™

An Annual Showcase of Impact Investment Fund Managers

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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.
https://www.impactassets.org/impactassets-50

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

IA 50 2026 PROFILE

Enhanced Capital

Total Assets Under Management: $1B or more
Asset Class: Private Debt - Absolute Return / Notes, Real Estate
Primary UN Sustainable Development Goal: 8 – Decent Work & Economic Growth
Climate Change
Community Development
Place-based Impact

Firm Overview

Category: Private Debt - Other

Enhanced Capital is a private credit investment manager founded in 1999 focused on Project Finance and Small Business Lending. Enhanced recognizes the value that access to capital plays for often overlooked and underfunded areas, by investing only in businesses and projects within our core impact themes: underserved communities, environmental sustainability, and community development. By prioritizing generating returns for investors and simultaneously achieving maximum positive outcomes from our investments, Enhanced invests to advance the UN Sustainable Development Goals.  Enhanced Capital is a Registered Investment Adviser regulated by the U.S. Securities Exchange Commission, a Community Development Entity regulated by CDFI, division of the Dept. of Treasury, and manages a Small Business Investment Company (SBIC), regulated by the Small Business Administration. From inception through June 30th, 2025, inclusive of proprietary assets and assets managed by affiliates, Enhanced Capital has raised a total of $6.5 billion, supporting over 1,000 U.S. businesses and projects. 

Firm Headquarters: United States
Years of Operation: 10 years or more
Total Assets Under Management:
$1B or more
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: Less than 25%
Investment Thesis:

Enhanced Capital invests to expand access to capital, strengthen local economies, and advance sustainable solutions that generate measurable benefits for investors, communities, and the environment in alignment with the UN Sustainable Development Goals.

Investment Overview:

Enhanced believes that integrating socially and environmentally responsible investment practices throughout our process generates measurable value for both investors and the communities we serve. Specifically, we provide financing to small businesses and projects often overlooked by traditional capital markets, addressing persistent funding gaps to unlock meaningful impact across three core themes: expanding access to capital and economic opportunity in underserved areas; advancing environmental sustainability; and supporting economic growth through participation in targeted community development programs. Our approach is grounded in rigorous quantitative and qualitative analysis and a bespoke Impact Measurement and Management (IMM) process that embeds sustainability principles into every stage of the investment lifecycle. Through continuous refinement of our methodologies, Enhanced seeks to maximize measurable impact outcomes and contribute to a more resilient and inclusive economy aligned with global sustainable development goals. 

Company Differentiator:
  1. Target Market Expertise and Access: Enhanced focuses on financing small businesses and projects that are often overlooked by traditional capital markets, with an emphasis on underserved and place-based markets such as low-income and rural communities. This differentiated focus enables the Firm to identify and unlock investment opportunities that deliver both financial performance and meaningful economic and community outcomes. Through more than two decades of experience operating in these markets, Enhanced has developed deep local relationships and a proven ability to deploy capital where it can have the most measurable impact.  
  2. Best-in-Class Impact Measurement and Management (IMM) Framework: Enhanced employs the UNDP SDG Impact Standards as its overarching impact framework to embed sustainability principles and measurable contribution into all investment policies and decision-making processes. The Firm's bespoke IMM system tracks and reports social, environmental and economic impact alongside financial performance. Each year, the Firm's impact team evaluates emerging standards, benchmarking tools and reporting taxonomies across the impact investment ecosystem, ensuring Enhanced remains at the forefront of best practices and transparency in impact management.  
  3. Experienced and Tenured Team: Enhanced's team brings exceptional depth and continuity, with many professionals having worked together for many years. This longevity fosters consistency in investment philosophy, disciplined execution, and institutional knowledge across a broad range of impact sectors and financial structures. The team's multidisciplinary expertise - in community development finance, sustainable infrastructure and private credit - well positions Enhanced to evaluate and execute complex transactions regularly.

Investment Example

  1. Early Bird Education Group - $12 million in Small Business Lending financing  Early Bird Education Group operates a growing network of high-quality early childhood education centers across the Midwest, Southern, and Eastern United States. Founded in 2021, the company provides a nurturing and safe learning environment designed to support the developmental and educational needs of young children. Financing from Enhanced Capital helped Early Bird simplify its capital structure, complete a strategic acquisition, and position the company for continued expansion with working capital. Each school in the network maintains a local identity while sharing a core commitment to accessible, high-quality early education. 
  2. The Alary - $154 million in Real Estate financing within the Project Finance group The Alary is a 28-story mixed-use development at 33 Westchester Place in New Rochelle, NY, and the city’s first to utilize PACE financing. Situated on a remediated brownfield site, the project includes 315 apartments, retail space, and communal rooftop amenities. The project is advancing the city’s vision to transform the area into an immersive arts community inspired by New Rochelle’s historic artist colony. Enhanced Capital provided financing through a construction loan, a PACE loan, and a Brownfield Tax Credit bridge loan to support environmental remediation and development of the site. The Alary is the final phase of the three-building “Westchester Place” initiative. The initiative consists of 524 apartments, including market-rate and affordable artist-focused residences, 8,000 square feet of retail space, and the creation of 300 construction jobs and 25 permanent jobs. 
  3. Solar of Alamosa - $12 million through a Project Finance Sustainable Infrastructure tax credit investment Located in Colorado’s San Luis Valley, Solar of Alamosa is a 34-megawatt photovoltaic solar generation system originally built in 2012. Following an unexpected, accelerated degradation of its specialized solar collection system, the project was acquired in 2022 by Whetstone Power and an affiliate of Rosemawr Sustainable Infrastructure Management to extend the project’s lifespan and improve performance. Enhanced Capital provided financing to support the repowering effort through the installation of modern solar panels, inverters, and wiring while retaining high performing components like trackers and transformers. Upgrades to the project’s 504 dual-axis towers were made in phases to ensure continuous clean energy generation. Once fully repowered, the project is expected to generate over 83 million kilowatt-hours of clean energy for off-takes in its first year of operation.

Leadership and Team

Cumulative Leadership Experience in Impact Investing:
30 years or more
Cumulative Impact Experience of Top Three Firm Leaders:
30 years or more

Financial Performance

Target Financial Returns Relative to Benchmark:
Near-market Rates
Actual Performance of Impact Products/Funds Relative to Target Financial Returns in the Past Three Years:
In line with initial target returns
Financial Reporting Frequency to Investors or Donors
Quarterly

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
100%
Primary Impact Outcomes:
Creating jobs
Secondary Impact Outcomes:
Addressing climate change and environmental issues
Alleviating poverty
Increasing access to education and improving educational outcomes
Increasing access to financial services
Increasing access to healthcare services and improving health
Increasing access to water and sanitation
Providing housing
Value-added Services Offered:
Access to markets

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

All Enhanced investments must align with at least one of our three core social and environmental impact investment themes: Underserved Communities (Social), Environmental Sustainability (Environmental) or Community Development Programs (Social). In addition to meeting a core impact theme, each investment is evaluated for its additional contribution to one or more UN Sustainable Development Goal (SDG) Targets or Indicators, which are identified prior to investment and tracked throughout the investment lifecycle.

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

Enhanced Capital has established policies that promote sustainable investment practices throughout the investment process. All potential investments are screened to ensure alignment with at least one of the Firm’s core impact themes and relevant UN Sustainable Development Goal (SDG) Targets or Indicators. During due diligence, the Firm conducts a comprehensive intake process to establish baseline impact metrics, established and benchmarked by the ILPA's annual data collection initiative, and assess factors that contribute to the long-term sustainability and resilience of the business or project. This includes evaluating management practices related to environmental stewardship, employee well-being, risk management, and governance. Following investment, Enhanced collects and reviews updated impact and sustainability data annually to monitor progress, inform reporting, and ensure accountability over time.

Impact Tracking and Monitoring

Impact is Tracked:
Yes
Impact Verified by an Independent Third-Party:
No
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: Gingee Prince
Phone: 917-355-5519
Mailing Address:

201 St. Charles Avenue, Suite 3400, New Orleans, LA 70170 USA

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