IMPACTASSETS 50™
An Annual Showcase of Impact Investment Fund Managers
ImpactAssets 50
An Annual Showcase of Impact Investment Fund Managers
Enhanced Capital
Community Development
Demographic-based Impact
Place-based ImpactFirm Overview
Enhanced Capital is a leading impact investment firm with over 20 years of experience investing in small businesses, impact real estate, and climate finance. Enhanced recognizes the value access to capital plays in addressing the world’s most important social, environmental, and economic needs, by investing only in businesses and projects within our four core impact themes: underserved communities, underrepresented populations, environmental sustainability, and community development. By prioritizing generating returns for investors and simultaneously achieving maximum positive outcomes from our investments, Enhanced invests to advance the UN Sustainable Development Goals. Enhanced Capital is a Registered Investment Adviser regulated by the U.S. Securities Exchange Commission, a Community Development Entity regulated by CDFI, division of the Dept. of Treasury, and manages a Small Business Investment Company (SBIC), regulated by the Small Business Administration. Since inception, Enhanced Capital has raised over $3.8B in impact assets supporting hundreds of businesses and projects throughout the US.
Years of Operation: 10 years or more
% of Capital from Top 3 Investors: Less than 25%
Enhanced believes improving access to capital for historically underrepresented people and communities and promoting sustainable investment practices, results in positive economic impact for all stakeholders and contributes to the global initiative of advancing the UN SDGs by 2030.
Enhanced believes incorporating socially and environmentally responsible investment policies into our investment process generates positive impact for communities and investors, alike. Specifically, we provide financing to small businesses and projects often overlooked by traditional sources of capital. By addressing investment gaps within the capital markets, Enhanced seeks to unlock deep impact outcomes across our four core impact themes: in underserved communities such as low-income and rural areas; to historically underrepresented populations like women and minorities; to promote environmental sustainability and work towards a net zero economy; and to create positive economic impact outcomes for all common stakeholders. This focus on bettering outcomes for our target market is underpinned by rigorous quantitative and qualitative data collection and a bespoke Impact Measurement and Management process that integrates sustainability into our investment process. Enhanced is committed to continuously improving our impact methodologies in order to maximize impact outcomes.
Enhanced uses the UNDP SDG Impact Standards1 as our overarching impact framework and management approach to embed sustainability and measurable contribution into our investment policies. Enhanced remains committed to advancing the SDGs through our investment practices across all organizational decision-making, including at the strategic, management, and governance levels. To illustrate Enhanced Capital’s commitment to advancing the SDGs, the Firm has created and implemented a best-in-class Impact Measurement and Management (IMM) practice to track and report the Firm’s social, environmental, and economic impact alongside financial returns. Each year, the Firm’s Impact Committee reviews widely accepted impact and ESG reporting metrics, taxonomies, benchmarking, and other tools and frameworks relevant to the Impact Investment Community. After assessment, the Committee makes recommendations to organizational management and adopts new policies and procedures, as required, to ensure best practices are employed, and the Firm’s contributions to the overall community are transparent.
Investment Example
Enhanced Capital partnered with Indian Energy, LLC, a 100% Native American-owned energy development firm, on a renewable energy and battery storage microgrid project on Tribal lands near Alpine, CA. Reliable, clean energy will be provided to the Viejas Band of Kumeyaay Indians through a 15 MW photovoltaic solar generation system. Additionally, the project will support 250 construction jobs, 8 full-time jobs, and lower energy costs for the Tribe, allowing additional resources to be redirected toward infrastructure maintenance, fire department operation, culture and educational programs, and other tribal member services. This project qualifies for all four of Enhanced's key impact themes; Underserved Communities, Underrepresented Populations, Environmental Sustainability, and Community Development Programs.
Leadership and Team
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Michael Korengold – President & CEO More Info
Michael serves as the President and Chief Executive Officer of Enhanced Capital Group LLC. Michael serves on the firm’s investment committees and Board of Directors. Prior to becoming president, Michael served as the company’s senior vice president and general counsel, where he handled the company’s various legal matters, including government relations and corporate compliance issues. Prior to joining Enhanced Capital, Michael practiced law for seven years in New Orleans and Minneapolis, with an emphasis on mergers & acquisitions and financing transactions. He clerked on the U.S. Court of Appeals for the Fifth Circuit. |
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Gingee Prince – Chief Impact Officer More Info
Gingee serves as Managing Director of Enhanced Capital’s $25 million Wyoming investment fund and as Chief Impact Officer for Enhanced Capital. Gingee oversees the objectives, metrics, analysis, and reporting of the firm’s social, environmental, and economic investment impact. Prior to these two positions at Enhanced, she was responsible for the development of public/private investment programs and business expansion for the firm. |
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Ed Rossier – Managing Director, Head of Climate Finance More Info
Ed joined Enhanced Capital in 2021 and is responsible for its Climate Finance credit and equity businesses. Previously, Ed was the Senior Vice President at U.S. Bank, where he led a team that closed $10 billion of investments, financing over 13,000 megawatts of solar, wind, bioenergy, and energy storage projects across the country. Prior to U.S. Bank, he served as the Director of Business Development at the multidisciplinary engineering firm Werner Sobek New York, where he was responsible for structural and façade engineering originations and the firm’s launch of its New York sustainable building technology group. |
Financial Performance
Impact Performance
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Percentage of Total Assets Under
Management that are Impact Investments: |
100%
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All Enhanced Capital investments must fit within at least one of the Firm’s four core social and environmental impact investment themes: Underserved Communities (Social), Underrepresented Populations (Social), Environmental Sustainability (Environmental) or Community Development Programs (Social) which have been described in previous responses. In addition to meeting a core impact theme, the investment must also advance achieving at least one of the UN SDG Targets and/or Indicators. SDG Targets and Indicators are determined prior to investment and tracked on an annual basis for the life of the investment.
Enhanced has established policies that promote sustainable investment practices throughout the investment process. This begins at the screening level where all investments are screened to fit within at least one of our four core impact pillars and at least one UN SDG. Post screening and pre-investment, due diligence is conducted which includes a comprehensive intake form (available upon request) to establish base impact metrics for future analysis and an ESG survey which includes all ILPA EDCI metrics as well as additional data Enhanced has determined important to the longevity and sustainability of the business or project. This survey includes specific questions around a company or project’s internal ESG policies as well as annual corporate emissions, governance policies, DEI policies, net zero pledges, etc. Additionally, impact data and updated ESG surveys are collected annually after investment and stored for year over year comparison purposes.
Impact Tracking and Monitoring
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201 St. Charles Avenue, Suite 3400, New Orleans, LA 70170 USA
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