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

Calvert Impact

Total Assets Under Management: $500 – 999M
Asset Class: Private Debt - Absolute Return / Notes
Primary UN Sustainable Development Goal: 10 – Reduced Inequalities
Clean Technology, Alternative Energy & Climate Change
Affordable Housing & Community Development
Small/Medium Business Development

Firm Overview

Category: Private Debt - Financial Inclusion (Microfinance, SME Finance and/or CDFIs - Emerging Markets)

Calvert Impact makes impact investable through products and services that change the world. For nearly 30 years, Calvert Impact has shown how private capital can be invested in communities overlooked by traditional finance. As a proven market leader in the global impact investing industry, Calvert Impact has raised over $4 billion and achieved 100% repayment of principal and interest to more than 19,000 lifetime investors. Calvert Impact offers impact investment opportunities to institutional, accredited, and retail investors for as little as $20.  Calvert Impact invests in organizations, funds, and social enterprises, both domestically and internationally, that work in under-resourced communities to address climate change and improve access to quality affordable housing, healthcare, income and wealth building opportunities, and other critical community services. The portfolio directly contributes to the Global Sustainable Development Goals and Calvert Impact is an industry leader in measuring the impact outcomes of each investment. 

Firm Headquarters: US & Canada
Years of Operation: 10 years or more
Total Assets Under Management:
$500 – 999M
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: Less than 25%
Investment Thesis:

Calvert Impact finances sectors and organizations that have the potential for transformative impact and seeks to create more inclusive and accessible markets throughout the United States and around the world.

Investment Overview:

Calvert Impact makes investments to finance broad economic opportunity and protect our planet, prioritizing both financial resiliency and lasting impact. We believe community-facing intermediaries are a critical part of the infrastructure necessary to build scalable impact markets. Each investment creates a positive, measurable impact and the portfolio spans nine core sectors including small business, renewable energy, health, microfinance, sustainable agriculture, education, environmental sustainability, and community development. Each sector has a unique impact thesis and strategy that outlines the impact Calvert Impact targets, how impact is measured, and what role Calvert Impact’s capital plays in strengthening local markets. Calvert Impact conducts thorough due diligence on each of our portfolio partner organizations and follows rigorous credit quality and social performance standards. Beyond investing, Calvert Impact also provides unofficial technical assistance, advising many portfolio partners on how to strengthen their organization and scale their impact on the ground in communities.  

Company Differentiator:

Calvert Impact is known for its track record of innovation, impact, and financial performance of 100% repayment of principal and interest to all investors throughout its 28-year history. As an industry leader in impact measurement and management, Calvert Impact was a founding signatory to the Operating Principles for Impact Management. Calvert Impact’s Community Investment Note has a diversified portfolio across impact sectors and geographies, creates measurable social and environmental impact, and is managed by a team with deep credit analysis, risk management, and impact measurement and management expertise. Complementing our strong portfolio performance is a capitalization cushion of over $100 million to protect investors against any potential portfolio losses. More than 6,000 individual and institutional investors, as well as hundreds of financial advisors, have conveniently made investments ranging from $20 to $20 million through Calvert Impact’s online investment platform or through over 135 brokerage firms.  

Investment Example

One investment illustrative of our thesis is Africa Go Green Fund (AGG). AGG provides debt and technical assistance to institutions that develop and/or invest in energy efficiency and renewable energy projects. AGG pushes boundaries by providing capital that is tailored to the needs of businesses willing to address climate change head-on. AGG invests across five main subsectors which include green transportation, green buildings, green appliances, industrial energy efficiency, and renewable energy. The Fund also provides technical assistance that encourages the long-term sustainability of the energy market in Africa. AGG recognizes that expanding the involvement of women in the economy accelerates economic growth in developing countries and is committed to actively seeking out opportunities to apply a gender lens to its investment activities. AGG aims to pursue activities that will lead to a greater integration of women and women’s interests in the way they finance energy efficiency and renewable energy projects.

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
Jennifer Pryce – President and CEO More Info

Jennifer Pryce is President and CEO of Calvert Impact, a global nonprofit investment firm. Over the past decade, Jenn has shaped the strategic direction of Calvert Impact to focus on innovation, sustainability, and scale. Under her leadership the organization has tripled the size of its flagship product, broadened the organization’s mission to focus on equitable climate solutions, expanded the corporate structure to support the development of new products and services and has industry-wide efforts on how to scale impact with integrity.

Derek Strocher – CFO More Info

Derek is an accomplished and innovative strategic thinker with over 20 years of international expertise gained at large for-profit corporations in North America and Europe. Prior to joining Calvert Impact Capital, Derek led the Innovative Finance portfolio at the World Bank, working with governments around the world to explore and design innovative financial solutions to address problems in development. As Chief Financial Officer at Calvert Impact Capital, Derek oversees all financial activity of the organization and provides strategic leadership as a partner to the CEO and Board.

Justin Conway – VP of Investment Partnerships More Info

Justin Conway is Vice President of Investment Partnerships at Calvert Impact Capital, an impact investment firm helping people and institutions invest for racial, gender, economic, and climate justice. Justin manages the Community Investment Note program and the Investor Relations team that has supported over 20,000 investors and financial professionals on their impact investing journeys. He also sits on the Staff Investment Committee, and led Calvert Impact Capital’s subsidiary investment advisor in providing customized portfolio services to impact investors.

Percentage of Investment Professionals who identify as women:
50% or more
Percentage of Investment Professionals who identify as people of color:*
25% to less than 50%
Percentage of Senior Management Team who identify as women:
50% or more
Percentage of Senior Management Team who identify as people of color:*
25% to less than 50%
*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:
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:
Increasing access to financial services
Secondary Impact Outcomes:
Addressing climate change and environmental issues
Alleviating poverty
Conserving land, oceans, ecosystems and natural resources
Increasing access to workforce development services, job skilling and retraining
Creating jobs
Increasing access to education and improving educational outcomes
Increasing access to healthcare services and improving health
Increasing access to water and sanitation
Promoting arts and media
Providing housing
Addressing racial inequities
Addressing gender inequities
Value-added Services Offered:
Access to markets
Business and legal training
Financial literacy training
Technology training
Education services

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

Calvert Impact exclusively lends to organizations that have social/environmental impact at the core of their work and applies a gender and racial equity lens across all investments. We also employ a proprietary Impact Scorecard, an impact rating tool we used to assess every transaction at origination and project the expected impact that the loan or investment is anticipated to create. All investments have an articulated impact theory of change and methodology for tracking and measuring output metrics as a result of their work. The progress toward each impact goal is analyzed in Calvert Impact’s due diligence process and is monitored on a regular basis. Performance along these goals is an important consideration when analyzing whether to renew an investment. All impact metrics are aggregated and reported out in our annual impact report: https://calvertimpact.org/impact/impact-report.   

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

Calvert Impact pays careful attention to each portfolio partner’s social and environmental sustainability practices as part of its underwriting. Both upstream and downstream business cycles must be determined to be acceptable and fit into Calvert Impact’s theory of change with social and environmental benefits. References are checked as part of underwriting and one of the screening questions deals directly with these impacts. Calvert Impact actively looks to lend to organizations with strong internal social/environmental policies and practices, including board and staff diversity, and preference for those using green/sustainable practices. 

Impact Tracking and Monitoring

Impact is Tracked:
Yes
Impact Verified by an Independent Third-Party:
Yes
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: Josh Bay
Phone: 301-280-6007
Mailing Address:

7550 Wisconsin Avenue, 8th Floor, Bethesda, MD 20814 USA

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