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 2025 PROFILE

The 22 Fund I, LP

Total Assets Under Management: $25 – 49M
Asset Class: Private Equity
Primary UN Sustainable Development Goal: 13 – Climate Action
Climate Change
Diversity, Equity and Inclusion
Place-based Impact

Firm Overview

Category: Venture Capital - Multi Stage - Developed Markets

The 22 Fund invests in early growth, climate tech/sustainable manufacturing/hardware companies to help them achieve venture-like growth through international sales (exports). The 22’s goal is to create the clean, quality jobs of the future in low- and moderate-income communities. Our mission is to increase generational wealth and mobility for women and BIPOC by investing intentionally in their companies. Our holistic strategy CAUSES our impact without concessions or trade-offs. We are named after the 22 “Pobladores” - 22 men and women of color who founded Los Angeles. We are the first VC fund to have an MOU with the U.S. Dept of Commerce, International Trade Agency. Current LPs include BofA, MassMutual, Ally Bank, Roy & Patricia Disney Family Foundation, Annie E. Casey Foundation, Sierra Club Foundation, Quality Jobs Fund and the Kresge Foundation.

Firm Headquarters: United States
Years of Operation: 5 – 9 years
Total Assets Under Management:
$25 – 49M
Total Number of Investors: Between 5 – 25
% of Capital from Top 3 Investors: 50% – 99%
Investment Thesis:

We invest in climate tech/sustainable manufacturing/hardware companies to increase their international sales (exports), intentionally investing in women and BIPOC led firms to deliver both high ROI and social, environmental and economic impact.

Investment Overview:

Our purpose is to create social and economic impact in low- and moderate-income (LMI) communities in the U.S. through holistic and intentional investments in profitable, high growth companies owned by women and BIPOC.  We cannot software ourselves out of the climate crises - we need to make things. Hardware is the center of our strategy - companies often overlooked by traditional investors and find it difficult to scale due to lack of access to growth capital even though they have higher revenues and are more resilient. Women/BIPOC- owned exporting companies are more successful from market diversification. Manufacturers coupled with exporting pay higher wages (average $94,000/year) and are more likely to provide health care. We are “innovating impact” through a “Holistic Investing” strategy. We impacting whole communities in multiple ways at the same time and not one industry/sector or issue but with a climate, racial, gender, social and economic justice lens. 

Company Differentiator:

We are the first fund of its kind. Our strategy and target market are new. As such we don’t have direct competition. We co-invest with other funds to grow their portfolio companies through exports and create jobs in the regions where they conduct operations. Our peers approach us for co-investment due to our ability to provide manufacturing, hardware and export advice. Additionally, most impact funds focus on one pillar. We coined the phrase "holistic investors" to communicate that we our intersectional and address a system.

Investment Example

Nature Coating (white woman founder) has pioneered the first ever high-performance black pigment that contains zero carcinogens (PAHs) and is made from certified wood waste. Their product is a carbon-negative replacement for petroleum-derived carbon black. Their manufacturing facility is located in a LMI community in rural Georgia. The town's population is 52% African-American and the median wage is only $32K. The wood waste is sustainably certified Forest Stewardship Council (FSC) forests. Additionally: • Closed loop manufacturing system prevents millions of tons of C02 from entering the atmosphere and keeps water and energy use to almost none • Proprietary process uses heat, not burning, to transform the wood waste to black pigment • Petroleum free • Chemical free

Leadership and Team

Cumulative Leadership Experience in Impact Investing:
30 years or more
Cumulative Impact Experience of Top Three Firm Leaders:
20 – 29 years
Tracy Gray – Managing Partner More Info

In addition to The 22, Ms. Gray was appointed President, Commission on the Status of Women by LA Mayor Karen Bass, named Forbes 50 Over 50 in Finance and cited by Business Insider as “The 32 most important VCs in Los Angeles, According to Other VCs” and “30 rising star VCs in Los Angeles, According to Other VCs.” She is also a Board Director for Applife Digital Solutions, Inc (ALDS) and CSUDH Philanthropic Foundation. Ms. Gray serves on Pivotal Venture’s Women of Color Advisory Council, PGIM Real Estate’s Impact Advisory Council, as advisor to the Fearless Fund, as Lead Partner for Portfolia Green & Sustainability Fund and numerous committees focused on the intersection of finance, climate, gender, race and manufacturing. She is the first Social Impact Fellow at UC Berkeley’s Center for Equity, Gender and Leadership and was an Executive-in-Residence at the Los Angeles Cleantech Incubator.

Monica Dodi – Partner More Info

Monica is a successful international business executive, venture investor, climate activist and frequent speaker for the US State Department. She is a Partner at the 22 Fund which invests in high tech manufacturing companies to promote diversity, climate tech, exports and job creation. She is Founder and Managing Director of the Women's VC Fund which focuses on investments in high potential female entrepreneurs.

Rajan Kasetty – Partner More Info

Over 40 years of experience as an Entrepreneur and CEO in IT, IT outsourcing, Engineering and Design outsourcing, GIS, R&D, Manufacturing, Project Contracts, Power Systems, Industrial Equipment, Control Systems and Automation, Renewable Energy, and related services. Set up and ran ventures India, USA and Canada. International experience in startup as well as growth stage ventures ranging from very small to very large, local and global. Mentored, advised and served on boards of several successful ventures in diverse fields.

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:
Other: We are holistic investors so we don't prioritize one impact goal over the others. Our primary outcome target is jobs, race, climate, gender and increasing wealth.
Secondary Impact Outcomes:
Addressing climate change and environmental issues
Alleviating poverty
Conserving land, oceans, ecosystems and natural resources
Increasing access to workforce development services, job skilling and retraining
Creating jobs
Addressing racial inequities
Addressing gender inequities
Value-added Services Offered:
Access to markets
Other: Manufacturing establishment, relocation, sustainability and upgradation.

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

We invest with a climate, racial, gender and economic lens. Our mission is to create the clean, quality jobs of the future in underserved/LMI communities and increase generational wealth/mobility for women and BIPOC. THIS is our reason for being. We invest only in climate tech/sustainable manufacturing companies that meet our mission and are located in LMI areas.

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

Our values includes making manufacturing more sustainable and diverse. We include social/environmental sustainability in our term sheets and side letters, including diverse employees and gender-based violence mitigations throughout a company's supply chain.

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: Tracy Gray
Phone: 213-973-1373
Mailing Address:

525 S. Hewitt St., Los Angeles, CA 90013 USA

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