IMPACTASSETS 50™
An Annual Showcase of Impact Investment Fund Managers
ImpactAssets 50
An Annual Showcase of Impact Investment Fund Managers
REDF Impact Investing Fund
Small/Medium Business Development
Job creation and workforce development
Racial equity and justiceFirm Overview
The REDF Impact Investing Fund (RIIF), a 501c3 debt fund and certified CDFI, provides financing paired with technical assistance to nonprofit and for-profit employment social enterprises. RIIF seeks to improve the financial sustainability of borrowers, with a focus on ESEs led by people of color or those who have experienced employment barriers. Since 2019, RIIF has provided capital to 26 mission-driven enterprises across 8 states and the District of Columbia that provide paid work, training that strengthens skills, and supportive services that help create stability and ensure success for people breaking through significant and often structural barriers to employment.
Years of Operation: 3 – 4 years
% of Capital from Top 3 Investors: 25% – 49%
We invest in businesses led by BIPOC lived experience leaders who have insight into solutions that generate long-term success for employees and enterprises. By demonstrating the creditworthiness of this portfolio, RIIF aims to attract new sources of capital to finance the growth of employment social enterprises.
RIIF builds borrower creditworthiness and reduces bias in underwriting to expand credit to enterprises led by people of color and who share lived experience with their employees. Borrowers access pre-investment technical assistance to get loan-ready and during underwriting, RIIF deploys flexible capital and structures using equitable and accessible lending practices. Borrowers are eligible for technical assistance projects during the life of the loan to progress toward financial goals and meet loan covenants or address growth opportunities and challenges.
NEW: RIIF is creating a demonstration portfolio to encourage small business lenders, CDFIs and other credit providers to consider non-traditional measures of risk in underwriting in order to expand access to credit for entrepreneurs that have historically lacked access. In 2023, RIIF was selected as part of the inaugural cohort of 20 lenders in the Underwriting for Racial Justice Lender Pilot, through the Beneficial State Foundation.
Investment Example
Brandon Smith and Royal Ramey created The Forestry and Fire Recruitment Program to help other justice-involved people navigate the complicated process of becoming firefighters. With an eye toward expanding to the San Francisco Bay Area from Southern California and providing supportive jobs for more individuals with justice system involvement, FFRP secured a line of credit with RIIF for working capital support for payroll and operations while awaiting a reimbursement on an awarded state-funded contract. Since its inception, FFRP has trained more than 3,000 individuals and helped 140 people obtain jobs. Upon release from incarceration, FFRP participants receive critical on-the-job training and a continuum of professional development opportunities through its pre-apprenticeship program, including post-secondary educational resources to build their resumes, submit applications, and prepare for interviews.
Leadership and Team
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Carrie McKellogg – CEO More Info
As Chief Executive Officer of the REDF Impact Investing Fund, Carrie is responsible for executive leadership, strategic growth and capital raising, and fund management. Under her leadership, the REDF Impact Investing Fund became a certified CDFI and has raised more than $11 Million in capital in service of the fund’s mission. Carrie’s 20+ year career includes executive leadership, investment and operating roles for the Inter-American Development Bank and policy roles at the U.S. Treasury. |
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Karina Vadillo – Sr. Manager, Loan Originations More Info
As part of the REDF Impact Investing Fund (RIIF) team, Karina Vadillo structures and underwrites new loan transactions – and partners with potential employment social enterprise borrowers from prospecting until loan closing. In her role as Senior Manager of Loan Originations, Karina also seeks to refine and improve originations and underwriting processes to support RIIF’s continued growth. With over a decade of experience in impact investing, Karina has worked to provide loans to a variety of social enterprises and other mission-driven organizations, including coffee cooperatives, microfinance institutions, and charter schools. |
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Emilie Linick – Director, Impact Lending More Info
Emilie Linick is responsible for directing and growing REDF’s Impact Lending practice. She develops REDF’s short and long-term lending strategy, identifies partnership opportunities, and leads the functions of business development, loan originations, and portfolio risk management, all with a strong customer focus. Emilie enjoys working with REDF’s borrowers and developing innovative and flexible solutions to meet their financing needs for growth. |
Financial Performance
Impact Performance
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Percentage of Total Assets Under
Management that are Impact Investments: |
75% – 99%
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Portfolio composition: 62% unhoused, 25% justice system involvement, 10% substance abuse, mental health, and opportunity youth combined. 9,600 people were employed by this portfolio in 2022 alone. $16.75 hourly wage avg and $80.5 Million in total wages paid to participants in 2022. Employee supports included health insurance, flexible scheduling, transportation and retirement savings.
Impact Tracking and Monitoring
Learn More
150 Sutter Street #267, San Francisco, CA 94104 USA
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