IMPACTASSETS 50™

An Annual Showcase of Impact Investment Fund Managers

IA-50-2025-logo

An Annual Showcase of Impact Investment Fund Managers

ImpactAssets 50 Help Topics
Filtering:
Use the filter categories on the left to narrow down your results. You can switch years via the dropdown menu. The numbers next to each filter represent the number of results available given your current selection. If you'd like to start over, simply click the 'Reset All Filters'� link.
Sorting:
Use the dropdown menu found in the top right to arrange your current set of results. Select your preferred sorting option and wait for the results to refresh.
Printing:
Use the print button to print the current page contents. This works for both the summary view and the full Fund Manager detail view.
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

Mad Capital

Total Assets Under Management: $25 – 49M
Asset Class: Private Debt - Absolute Return / Notes
Primary UN Sustainable Development Goal: 13 – Climate Action
Decarbonization and Carbon Drawdown
Food Systems and Agriculture
Natural Resources and Conservation

Firm Overview

Category: Private Debt - Other

Mad Capital provides tailor-fit private credit to mid-sized regenerative organic farmers in the US. We are working to bridge the transition financing gap by providing the longer-term capital it takes to transition a degraded farm to a beautiful, profitable, and regenerative farm. Mad Capital is actively working with over 117,297 acres of US farmland in 16 states, of which 18,470 acres are transitioning to organic from their two funds and strategic separately managed accounts. 

Firm Headquarters: United States
Years of Operation: 5 – 9 years
Total Assets Under Management:
$25 – 49M
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: 25% – 49%
Investment Thesis:

By accessing long-term and flexible debt, regenerative organic farmers can accelerate the transition of their acres. 

Investment Overview:

It takes 36-months for a farmer to transition from conventional to organic. At the moment, there are few options for mid-sized family farmers to access the type of financing they need to successfully navigate the transition to organic. Mad Capital exist to solve this gap in the market. Mad Capital provides long-term and flexible transition financing. To date, we have helped farmers transition 4,109 acres to certified organic using long-term financing and our portfolio farmers have 18,470 acres actively in transition to organic. More regenerative organic acres means we will have a more beautiful, just, healthy, and economically vibrant food system.

Company Differentiator:

Mad Capital stands out by offering tailored financial solutions for regenerative and organic farmers, addressing the challenges they face transitioning from conventional farming. Unlike traditional financial institutions, Mad Capital understands the complexities of regenerative organic farming and provides loan products specifically designed for organic transitions, covering operating needs, equipment, and infrastructure. Our personalized approach allows us to offer custom-fit loans based on each farm's growth plans and projected cash flow. Mad Capital's commitment to customer service includes swift action, transparent communication, and a deep understanding of the unique needs of farmers. We also offer access to a broader ecosystem of resources through our two sister companies, expertise, and market opportunities, helping farmers connect with buyers and develop long-term business strategies. Our focus on regenerative agriculture, combined with a strong network and community-driven ethos, creates a lasting, loyal relationship with farmers who share our vision for the food system.

Investment Example

Mad Capital provided essential support to Andrew Barsness in Minnesota with a long-term operating loan, enabling him to scale his organic farming operation. After starting with just 60 acres in 2011, Andrew gradually expanded his acreage, transitioning to organic farming. By 2021, he had fully certified all 267 acres of his family’s farm as organic. Mad Capital played a crucial role in helping Andrew secure financing to acquire the necessary equipment and inputs for continued expansion. In 2023, he signed new lease agreements to transition an additional 482 acres. With Mad Capital's assistance, Andrew is on track to further grow his operation, adopt regenerative farming practices, and continue contributing to sustainable agriculture. This investment demonstrates how Mad Capital supports farmers in achieving long-term growth and sustainability.

Leadership and Team

Cumulative Leadership Experience in Impact Investing:
20 – 29 years
Cumulative Impact Experience of Top Three Firm Leaders:
20 – 29 years
Brandon Welch – Co-Founder & CEO More Info

Brandon is on a mission to create a regenerative revolution in agriculture. In late 2017, he helped launch Mad! to help farmers transition their land to regenerative organic agriculture by providing agronomic and business planning support, building new crop markets, and providing access to aligned capital. Brandon led the launch of Perennial Fund I and Mad Capital, which is now working with farmers on over 79,000 acres in 15 states in the US, on track to transition 10,000 acres of land to certified organic.

Phil Taylor – Co-Founder & President More Info

I grew up in rural Maryland on farmland at the top of the Chesapeake Bay, raised by a family that taught me stewardship and my place in the world. I’ve always felt a deep purpose to ensure the beauty and wellbeing of the Earth, which humans are part and parcel of. I am drawn to agriculture because food is at the heart of our existence, and how we eat largely determines how the world is used. Humans are increasingly disconnected from food and the farmers that feed us all, which has driven a dramatic deterioration of global ecosystems, culture and economy. My life work is to create a world where people and ecosystem flourish together.

Cameron Ramey – COO More Info

An experienced finance and development professional, consultant, and researcher, Cameron recently played an integral role in building a full-scale commercial solar and solar + storage lending and development organization from the ground up. He has been directly involved in every aspect of the lending process, from sourcing transactions and writing contracts, to portfolio management, rendering credit decisions, leading workouts, and raising capital.

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:
Conserving land, oceans, ecosystems and natural resources
Secondary Impact Outcomes:
Addressing climate change and environmental issues
Increasing access to financial services
Value-added Services Offered:
Access to markets
Business and legal training
Education services

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

We only work with farmers currently or are actively transitioning to regenerative organic agriculture. Regenerative organic agriculture is the pinnacle of a vibrant, truly sustainable, and healthy food system that supports carbon drawdown, enhances biodiversity, improves water quality, grows food as medicine, and revitalizes rural economies. 

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

We evaluate each farm's practices to assess how 'regenerative' they are.

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 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: Brandon Welch
Phone: 508-930-0885
Mailing Address:

2516 Broadway 100, Boulder, CO 80304 USA

Apply for the IA 50 2022

The application period to become an ImpactAssets 50 2022 Fund Manager will open in September 2021!
To stay informed on the application process, sign up here.

IA 50 2026: Apply for Consideration

The application period for the IA 50 2026 will open in September 2025. To stay informed on the application process, sign up here.