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 2024 PROFILE

Rubio Fund Management B.V.

Total Assets Under Management: $100 – 499M
Asset Class: Private Equity
Primary UN Sustainable Development Goal: 7 – Affordable & Clean Energy
Climate Change
Food Systems and Agriculture
Workforce Development, Upskilling and Retraining

Firm Overview

Category: Venture Capital - Multi Stage - Developed Markets

Rubio Impact Ventures is a Dutch venture capital firm based in Amsterdam. Rubio invests in world-changing entrepreneurs who unite powerful impact with a scalable commercial business, achieving scalable, measurable and systemic impact alongside healthy financial returns for its investors. We believe the most valuable companies will be the ones solving humanity’s biggest challenges. Currently, Rubio is managing two impact funds. The first impact fund was EUR 40 million, with 2015 as vintage year. The second fund has a size of EUR 110 million and the vintage year is 2021. 

Firm Headquarters: Western Europe
Years of Operation: 5 – 9 years
Total Assets Under Management:
$100 – 499M
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: 25% – 49%
Investment Thesis:

Rubio Impact Ventures invests in series seed, series A and series B rounds, of companies that are creating impact while having a scalable commercial business model. Rubio is a generalist fund and invests in People and Planet focus areas. 

Investment Overview:

Rubio spots opportunities for scalable solutions in 2 key impact focus areas: Planet Paradise and People Power. We look for true leaders that have the potential for “systemic” impact on their industry or value chain. We have developed a selective investment process across these themes and focus on specific sweet spots and key trends with the largest opportunities for growth with a focus on entrepreneurs in the Netherlands and NW Europe. 

Company Differentiator:

Rubio has 100% of the carry linked to the achievement of impact targets which is unique in the European market. Rubio was the first VC in The Netherlands with the 100% linked carried interest. The company is led by an experienced, diverse partner team, which contain over 150 years of cumulative impact investing and operational experience. Our front runner position in the impact investing space drives solid deal flow with quality opportunities in NW Europe across Planet and People themes. Rubio's proactive investment teams continuously research emerging trends, identifying the most promising ventures. Rubio is aligned as an organization as shown by its BCorp certification, its adherence to SFDR 9, and by the Phenix fund assessment (received highest score). Rubio offers substantial venture support, focusing on team development, impact measurement, management, and value-added co-investors.  

Investment Example

Rubio has invested in Sympower's seed round in 2019. Sympower is a Dutch start-up developing a software technology to sustainably balance the electricity grid. Sympower sells 'flexibility' to grid operators. The capacity for this flexibility is provided by Sympower's supplier (partners) who have electrical installations that can be switched on/off or have an adjustable energy demand. Sympower is expanding it's business fast and has just raised a successful series B round. 

Leadership and Team

Cumulative Leadership Experience in Impact Investing:
20 – 29 years
Cumulative Impact Experience of Top Three Firm Leaders:
20 – 29 years
Willemijn Verloop – Founding Partner More Info

Willemijn is a serial social entrepreneur and driving force behind the NL Social Enterprise movement. She has 20 years experience in starting & growing social enterprises & non-profits, published books and studies. She focuses on growing the international Social Enterprise movement and works closely with game-changing entrepreneurs who make this world a better place for all. Previously she was War Child Founder & Executive Director, improved 1 million children lives in war torn countries; Founder Social Enterprise NL.

Machtelt Groothuis – Founding Partner More Info

Machtelt is an entrepreneurial (impact) investor and boardroom advisor who has 20 years of international experience at McKinsey & Co, AlpInvest Partners, 3i plc. Her focus is on later stage / growth equity investments and works closely with the Rubio team for sound process and decision taking.

Warner Philips – Partner More Info

Warner is an international entrepreneur and impact investor who has 20ish years experience in 40ish venture-backed businesses. His focus is on early stage / growth businesses, consumer products, business model innovation and he works closely with entrepreneurs who seek to positively disrupt industries.

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:
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:
Addressing climate change and environmental issues
Secondary Impact Outcomes:
Increasing access to workforce development services, job skilling and retraining
Value-added Services Offered:
Access to markets
Business and legal training
Technology training
Education services
Human Resources, recruiting and professional development services

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

When making an investment, Rubio assesses the impact in a few ways. From the beginning of the discussions with a start-up, possible impact KPI's are set up and discussed with the founder how this could best be quantified. During the due diligence process, the impact targets are assessed by our external impact board to check the validity. After the investment is done, the impact targets are assessed every quarter with the start-up. The success of the impact of the start-up is incentivised by the carried interest being linked 100% with the impact KPI's. Also, we stimulate diverse teams and have discussions with the companies we invest in how they can improve their diversity. 

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

We will always consider potential ESG issues when assessing potential investments and take those into consideration in our due diligence, decision-making and management practices. We will support our portfolio companies to improve performance on ESG & SDG parameters and assist them in identifying and measuring their progress through metrics and benchmarks. We ask investee companies to disclose to us how they manage ESG related risks and opportunities on a day to day basis, and how they take them into account in their business planning and strategy. Also, we monitor ESG risks and opportunities through, quarterly reports and through the annual SFDR Principle Adverse Impact (PAI) questionnaire from our portfolio. We add ESG to the agenda of board meetings. ADD: Gender diversity opvragen

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: Sophie Wynaendts
Phone: +31630446563
Mailing Address:

Plantage Middenlaan 45, 1018 DC Amsterdam, The Netherlands

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