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

Allivate Impact Capital

Total Assets Under Management: $50 – 99M
Asset Class: Real Estate, Private Equity
Primary UN Sustainable Development Goal: 1 – No Poverty
Affordable Housing & Community Development
Small/Medium Business Development
Place-based impact

Firm Overview

Category: Private Equity - Growth Stage (Developed Markets)

Allivate Impact Capital is an impact investing firm that manages capital across asset classes in responsive ways to meet the needs of communities lacking access to funds needed to bring underutilized assets to their full potential. The goal of our innovative capital solutions is to deliver attractive risk-adjusted returns while creating measurable positive social impact. We are intentional about engaging communities to understand their long-term vision and investing in a way that supports this vision. We seek opportunities to combine tools from private, public, and nonprofit partners to yield results that would not be possible without such intentional collaboration. As a female led firm with a diverse management team, we believe that diversity of perspectives leads to improved performance. As a subsidiary of Woodforest Financial Group, we leverage a global award-winning, and industry leading Community Development Team to achieve our goals.

Firm Headquarters: US & Canada
Years of Operation: Less than 3 years
Total Assets Under Management:
$50 – 99M
Total Number of Investors: Between 5 – 25
% of Capital from Top 3 Investors: 50% – 99%
Investment Thesis:

We invest in communities and populations that have historically been underinvested: We believe these communities and populations have latent and underutilized assets that, with the right capital solutions, can realize their full potential.

Investment Overview:

AIC seeks to identify and invest in latent and underutilized assets in communities that have historically been challenged by capital scarcity and lack of investment. Our commercial real estate investments include projects that help create good jobs, affordable/workforce housing, environmentally sustainable focused real estate developments that include brownfield remediation or incorporate green building standards or alternative energy, and Main Street revitalization or historic preservation developments that do not contribute to displacement. The projects we invest in are collaborations between various entities including nonprofits, local and state government, philanthropic institutions, Community Development Financial Institutions, and community-based organizations that share a vision for their community. We also actively provide growth equity to diverse and women led businesses looking to scale through access to corporate America’s supplier diversity programs. Collectively, these projects and businesses are key drivers for wealth building and quality job creation in low wealth and underserved communities across the nation.

Company Differentiator:

Our team is comprised of leaders in the Community Development (CD) industry and have extensive experience with the Community Reinvestment Act (CRA) through our joint roles at Woodforest National Bank. Deemed a leader in CD by banking regulators for having created innovative and highly responsive CD financing activity, our team brings seasoned industry experience to all that we do with Allivate Impact Capital. We see a tremendous opportunity to use this experience to seed our innovative award winning fund concepts and scale them through raising capital from like-minded investors. Our funds are catalytic and transform the narrative of low wealth communities.

Investment Example

Sole equity investor in first multifamily, zero energy development in Baltimore. Project renovated seven vacant rowhomes into 20 units of affordable housing and four retail storefronts for black-owned businesses. 15 of the 20 apartments are restricted for 30 years to rental rates affordable to households earning 50% of AMI and the remaining 5 to households earning 80% of AMI. Innovative green building practices allow the property to produce as much energy as it consumes, so tenants (on monthly average) will not have a utility bill, positively impacting household financial stability. A local workforce development nonprofit filled 31 of the 100 construction jobs by training individuals with previously low incomes in lucrative sustainable building practices and solar panel installation. A local arts organization is collaborating with the developer to create a mural for the building facade, and many of the tenants are expected to be artists.

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
Noelle St.Clair Lentz – Co-Founder CEO and Managing Director More Info

Noelle St.Clair Lentz is CEO and Managing Director of Allivate Impact Capital®, an impact investing fund manager and subsidiary of Woodforest Financial Group®. She also serves as Senior Vice President, Impact Investing and Strategic Initiatives at Woodforest National Bank®. In this role, she spearheaded the bank’s impact investment strategy across its 17-state footprint in line with Community Reinvestment Act (CRA) objectives. She also identified and executed over $70 million innovative, high-impact investments across asset classes.

Doug Schaeffer – Co-Founder Board Chair and Managing Director More Info

Doug is a visionary financial services leader and Community Reinvestment Act (CRA) expert. He conceived and created two highly impactful and profitable business units including community development lending and investment programs with over $1.7B in cumulative AUM. Throughout his career he has raised over $100B of secured and unsecured Debt Capital Markets funding for some of the nation’s leading financial institutions.

Daniel Galindo – Board Member, Managing Director More Info

As Managing Director for Allivate Impact Capital® Daniel Galindo is responsible for identifying, developing, and managing impact-first investments and solid financing solutions for the firm and its funds. In this role, he will leverage his nearly 20 years of banking, community and economic development, regulatory, public policy, and relationship management experience.

Percentage of Investment Professionals who identify as women:
25% to less than 50%
Percentage of Investment Professionals who identify as people of color:*
Less than 25%
Percentage of Senior Management Team who identify as women:
25% to less than 50%
Percentage of Senior Management Team who identify as people of color:*
Less than 25%
*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:
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:
Alleviating poverty
Secondary Impact Outcomes:
Addressing climate change and environmental issues
Increasing access to workforce development services, job skilling and retraining
Creating jobs
Increasing access to education and improving educational outcomes
Increasing access to financial services
Increasing access to healthcare services and improving health
Providing housing
Addressing racial inequities
Addressing gender inequities
Value-added Services Offered:
Access to markets
Business and legal training

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

For our business fund, we have adopted the Altura Impact Score (AIS) System, a proprietary system that quantifies the holistic impact of each of the investments enabling them to: measure the portfolio’s impact returns over time, both across the portfolio and for each company, confirm the success of high-impact initiatives and uncover areas for further improvement, and Compare portfolio/company impact internally and to industry benchmarks. The methodology is founded on the United Nation’s SDGs and uses IRIS+ Impact Metrics. To calculate a Project Company’s AIS, we collect a tailored list of sector-specific IRIS+ metrics that correspond to seven SDGs, each of which fall under either economic empowerment, inclusive growth, or sustainable goods and services. These metrics are then weighted using the scoring system to arrive at a single numeric value that accurately encompasses that company’s current impact on its employees, surrounding communities, and beyond.

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

We adopted the Opportunity Zone Impact Reporting Framework to guide our commercial real estate investments. We assess how well developers have engaged their community and practiced transparency and whether the project will contribute to social equity. We seek diverse developers who are from the communities where their projects are located and also prioritize developers using green building strategies in their projects.

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: Noelle Lentz
Phone: 856-912-3805
Mailing Address:

3525 I St. Suite 205, Philadelphia, PA 19134 USA

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