An Annual Showcase of Impact Investment Fund Managers


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.

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

IA 50 2024 PROFILE

Echo River Capital LLC

Total Assets Under Management: Less than $25M
Asset Class: Private Equity
Primary UN Sustainable Development Goal: 6 – Clean Water & Sanitation
Clean Technology, Alternative Energy & Climate Change
Natural Resources and Conservation
Water and Sanitation

Firm Overview

Category: Venture Capital - Early Stage (Pre-seed/seed, Accelerator, Angel) - Developed Markets

Echo River Capital is an early stage venture capital firm investing globally in cutting-edge water technologies. The firm was established in 2021 by our General Partner, Peter Yolles. Our investment thesis centers around the “Three D’s of Watertech” and aims to Digitize, Decarbonize, and Decentralize the water cycle. Water systems are undergoing significant transformations driven by the depletion of natural resources, the adverse environmental impacts of climate change, and inefficient water management, negatively impacting our well-being and the health of our planet. ERC champions innovations with the highest potential to tackle these challenges, revolutionizing how we utilize water. In line with our vision to create lasting environmental benefits, we integrate impact metrics to measure progress in our portfolio. We work with portfolio companies to develop impact commitments, enhancing accountability and fostering a culture of purpose-driven innovation. Our ultimate goal is building a future of living in freshwater harmony with nature.

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

Echo River Capital invests in early-stage water technology companies worldwide, aiming to Digitalize, Decarbonize, and Decentralize the water cycle, fostering a future of climate resilience and freshwater harmony with nature facilitated by scalable, capital-efficient business models, and cutting-edge technological advancements. 

Investment Overview:

Our “Three D’s of Watertech” investment thesis addresses the challenges faced by water systems through investments in emerging water technologies that Digitize, Decarbonize and Decentralize the water cycle. Fund I commits $25K-$100K to 35 companies across various geographies, technology types and end-market verticals. We maintain average post-money valuation under $10M, supporting early-stage ventures while preserving 10x+ exit potential at each round.  Impact is central to our investment thesis and we prioritize investments based on their impact potential. The fund tracks companies’ impact progress and reports annually on the cumulative impact across the portfolio. Our impact goals focus on Water Efficiency, Clean Water and GHG reduction, aligning with ESGs and UN SDGs. In alignment with our dedication to impact, diversity metrics constitute a pivotal aspect of our investment philosophy. 50% of our portfolio consists of founders from under-represented communities. We proactively support women and minority entrepreneurs to propel their ventures.

Company Differentiator:

Echo River Capital distinguishes itself through its exclusive specialization in water technology. Leveraging GP Peter Yolles’ 30-year water industry expertise— from leading WaterSmart from founding to exit, providing water reduction data analytics to 15 million people, to restoring rivers and founding California’s first water trust— we offer unparalleled operational insights. ERC provides deep industry-specific coaching to accelerate scaling and traction, and access to a global network of water industry veterans as independent board members and advisors, positioning Peter as a strategic partner and investor.  ERC’s deep commitment to measurable impact sets us apart within the investment landscape. We track impact across the portfolio, aspiring to establish a reporting framework for other investors. We encourage portfolio companies to monitor diversity metrics, fostering a culture of inclusivity at organizational level. We nurture a community of diverse founders and like-minded LPs who work together and share our vision for a sustainable water future. 

Investment Example

Gybe, a US-based company founded in 2019, uses satellite imagery to monitor water quality at a never before seen scale. Water pollution is a major threat to public health and economic growth, further exacerbated by the time-consuming and expensive nature of current measurement methods. Gybe’s in-water sensors replace manual water sampling and measure key parameters like Turbidity, Phycocyanin, Dissolved Organic Matter, and Chlorophyll. Their algorithms analyze and combine data with satellite imagery, producing water quality maps and time-series. Gybe’s quantified insights and real-time feedback across entire water bodies support effective management decisions for municipalities, agencies, NGOs and beverage companies in North and South America. The company currently has 85 customers, with 92% retention rate. Gybe participated in Techstars and Imagine H2O, and received investment from ERC in 2022. Their impact metrics contribute to the fund’s Clean Water commitment through reporting on water quality improvements, ultimately reducing human and environmental risk. 

Leadership and Team

Cumulative Leadership Experience in Impact Investing:
3 – 9 years
Cumulative Impact Experience of Top Three Firm Leaders:
3 – 9 years
Peter Yolles – Founder and General Partner More Info

Peter Yolles is a groundbreaking water industry innovator and a seasoned entrepreneur in private and public companies. As Founder and CEO of WaterSmart Software, he demonstrated exceptional leadership by developing a Software-as-a-Service data analytics and customer engagement platform, adopted by 200 water utilities in the US, UK and Canada. Under his guidance, WaterSmart raised $18M in funding and grew revenue to $7M ARR with 120% cash retention and an industry-leading Net Promoter Score. Peter began his investing career at the GE Capital Structured Finance Group after his Yale MBA and Water Science, Management, and Policy Masters.

Percentage of Investment Professionals who identify as women:
Less than 25%
Percentage of Investment Professionals who identify as people of color:*
Less than 25%
Percentage of Senior Management Team who identify as women:
Less than 25%
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

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
Primary Impact Outcomes:
Addressing climate change and environmental issues
Secondary Impact Outcomes:
Conserving land, oceans, ecosystems and natural resources
Increasing access to water and sanitation
Value-added Services Offered:
Business and legal training
Other: Capacity building assistance - financial/operational and business strategy, capital raising, and impact measurement and reporting

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

Echo River Capital invests only in companies that generate significant water-related benefits to the environment, human health and/or climate resilience, and relate to SDG6 or other benchmarks. In our deal sourcing and due diligence, we systematically target companies where impact in the water domain is integral to their product or service and invest solely in companies that align with our impact-focused criteria. To manage impact, ERC has developed a proprietary impact metric framework for early stage investing that tracks inputs, outputs, outcomes and impacts. Echo River executes an impact side letter with each company to report annually on up to three custom quantitative metrics that validate their impact progress, and one qualitative aspirational metric. Companies also agree to track and report on diversity, equity and inclusion efforts. ERC produces a cumulative impact report annually to communicate progress across the portfolio to Limited Partners and to the public. 

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

Echo River prefers to invest in companies that are Benefit Corporations or B-certified. In cases where companies are not, we look at the diversity of the founding team with a goal of investing at least half the portfolio in companies with founders from under-represented communities. WaterSmart, the company Peter co-founded, initially earned B-Corp certification and later became a public benefit corporation. Echo River Capital is a Delaware Benefit LLC and is in the process of becoming a certified B-Corp. We encourage our portfolio companies to pursue similar practices and certifications. Moreover, through our tracking and reporting on diversity, equity and inclusion efforts of our investment companies we actively encourage social sustainability practices across the portfolio.

Impact Tracking and Monitoring

Impact is Tracked:
Impact Verified by an Independent Third-Party:
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes – to investors and donors
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: Peter Yolles
Phone: (415) 203-0432
Mailing Address:

1 Lagoon Road, Belvedere, CA 94920 USA

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