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 2025 PROFILE

RSF Social Finance

Total Assets Under Management: $100 – 499M
Asset Class: Cash / Cash Alternatives, Private Debt - Absolute Return / Notes
Primary UN Sustainable Development Goal: 13 – Climate Action
Climate Change
Education
Food Systems and Agriculture

Firm Overview

Category: Private Debt - Other

RSF Social Finance's mission is to change finance and finance change. By offering investment notes, donor advised funds, and flexible, customized loan capital, RSF mobilizes money toward positive impact. Since 1984, RSF has innovated finance tools and invested in healthier food systems, thriving arts communities, whole-child education, cleaner climates, racial justice, and more.

Firm Headquarters: United States
Years of Operation: 10 years or more
Total Assets Under Management:
$100 – 499M
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: Less than 25%
Investment Thesis:

We partner with impact minded investors and provide values aligned capital for mission-first organizations that make the world a more just, regenerative, healthy, and compassionate place.

Investment Overview:

We provide senior secured debt to social enterprises in diverse sectors in which we have expertise, including climate, gender and racial equity, food and agriculture. We focus on supporting organizations and entrepreneurs of underserved communities that sometimes have limited access to affordable capital. We bring a highly relational, bespoke, consultative lending approach that mitigates risk while helping borrowers succeed. We do this through the coordinated use of different forms of financial capital and non-financial resources to support an enterprise that's working to solve complex social and environmental problems. Our Catalytic Impact Pool empowers RSF to provide credit enhancements to borrowers and make loans that otherwise wouldn't be possible. By maintaining strong relationships with borrowers through economic uncertainty, leveraging technology to improve the borrower experience, and building new diverse strategic relationships and industry expertise, we are able to expand our portfolio and grow impact through various industries.

Company Differentiator:

On the lending side, our focus on supporting organizations and entrepreneurs of underserved communities that often have limited access to the affordable and patient capital that we provide, differentiates us. RSF's highly relational, bespoke, consultative approach that both mitigates risk and helps borrowers succeed is another key differentiator. On the investor side, our relational, high-touch approach differentiates RSF from our peer group. Whether through community pricing gatherings that bring investors and borrowers together for transparent pricing discussions, or engaging our investors in deeper conversations about money and meaning in their lives, our individualized, human-centered approach, makes RSF entirely unique.

Investment Example

Example: Mad Capital Mission: Provide financing for farmers looking to transition from traditional to organic & regenerative agriculture.  RSF contribution: $12M in credit facilities to support Mad Capital’s financing for farmers. Why we invested: The affordable and accessible financing that Mad Capital supplies helps farmers invest in sustainable and regenerative agriculture that’s more profitable and better for the planet. 

Leadership and Team

Cumulative Leadership Experience in Impact Investing:
10 – 19 years
Cumulative Impact Experience of Top Three Firm Leaders:
30 years or more
Michael Jones – Vice President of Lending Business Development More Info

As RSF’s Vice President of Lending Business Development, Michael Jones manages RSF’s business development, oversees the relationship management team, and works with strategic lending partners. He is a graduate of Morehouse College in Atlanta and attended graduate school at NYU. Michael began his banking career in New York with Wells Fargo in a real estate structured finance group and later with the corporate banking group. He then shifted to Wells Fargo’s middle market banking group in Oakland. After Wells Fargo, Michael worked at Mechanic’s Bank where he was able to support local organizations and non-profits.

Jasper van Brakel – Chief Executive Officer More Info

As president and CEO of RSF Social Finance, Jasper van Brakel sees firsthand the energy that mission-aligned, catalytic capital sparks. He guides RSF in revolutionizing how people relate to and work with money, leading a talented team that develops innovative giving, investing, and lending programs to address the significant social, environmental, and economic challenges of our time. Prior to joining RSF in March 2018, van Brakel was a partner at Newpark Capital, a private equity firm for impact-driven companies.

Kathleen Paylor – Vice President of Impact Investing & Philanthropy More Info

As Vice President of Investor Relations, Kathleen plays a pivotal role in enhancing the visibility of the Social Investment Fund and expanding the catalytic impact of the RSF community. Kathleen’s prior experience includes founding and leading the philanthropic advising firm Rise Philanthropy; growing philanthropic investments in FoodCorps; serving as chief strategy officer for COMMON, a creative accelerator and community for entrepreneurs building socially responsible brands and companies; building a major gift and impact investing program for Root Capital; and founding and leading Conscious Capital.

Financial Performance

Target Financial Returns Relative to Benchmark:
Concessionary 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:
75% – 99%
Primary Impact Outcomes:
Addressing climate change and environmental issues
Secondary Impact Outcomes:
Conserving land, oceans, ecosystems and natural resources
Creating jobs
Increasing access to education and improving educational outcomes
Increasing access to financial services
Promoting arts and media
Addressing racial inequities
Addressing gender inequities
Value-added Services Offered:
Access to markets
Business and legal training
Other: Business and funding advice

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

We consider and track MANY social/environmental practices of companies, included but not limited to: Who benefits from firm's work How employees benefit from firm's financial success Purchasing, procurement, and/or supply chain practices Social, ecological, and/or economic values that guide firm's decision-making How power is distributed or shared How firm defines equity and how is it incorporated both internally and externally into work How firm measures your impact If firm serves BIPOC individuals and if so, number. If firm serves low-income individuals and if so, number. Salary ratio (as a percentage of highest to lowest salary) Number of BIPOC people on board, staff, and leadership team Number of people from low-income communities on board, staff, and leadership team Number of women, transgender, or non-binary people people on board, staff, and leadership team 

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

See above

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
None

Learn More

Key Contact Name: Alex Plowden
Phone: 415-561-6158
Mailing Address:

PO Box 2007, San Francisco, CA 94126 USA

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