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Resources created and curated to support the growth of impact investing, for those new to the field and for experienced practitioners.

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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

Green Canopy, Inc.

Total Assets Under Management: $26 – 50MM
Asset Class: Private Debt - Absolute Return / Notes, Real Estate, Private Equity
Clean Technology
Affordable Housing and Community Development
Natural Resources and Conservation

Firm Overview

Category: Real Estate
Green Canopy, Inc. is a Washington State C-Corporation, has over sixty shareholders and maintains a seven-member Board of Directors. Green Canopy has, since its inception, been focused on advancing its mission to inspire resource efficiency in residential markets by developing core competencies in two critical areas: urban infill deep green homebuilding, and the sophisticated management and application of impact investment capital. The deeply committed team and impact investor shareholder base at Green Canopy has been highly focused on these critical core competencies to address the price parity paradox and change the relationship between homeownership and sustainability. The firm has made steady progress toward these ends. The Cedar Fund represents the next step along the journey to net-positive homes and greater access to housing. Green Canopy has been a proud Certified B-Corp since 2013.
Firm Headquarters: US & Canada
Years of Operation: 5 – 10 years
Total Assets Under Management:
$26 – 50MM
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: Less than 25%
Investment Thesis:
The majority of new housing that has come into the market has taxed our environment through urban sprawl, increased pressure on growth boundaries, building practices that burden our landfills, and homes that consume more energy than they should. Meeting the challenge of global warming and the housing crisis in these high-growth cities requires disruptive, integrated, and inclusive solutions. Our work demonstrates that these challenges can be met.
Investment Overview:
Green Canopy Homes is guided by the commitment to social and environmental performance, accountability and transparency, and has successfully developed and refined a highly specialized business model for infill homebuilding at scale within tightly constrained, walkable urban locations. The urban infill homebuilding market is a highly fragmented marketplace with hundreds of small, independent homebuilders in both Seattle and Portland markets. Fragmented markets and inefficiency go hand in hand. The team at Green Canopy Homes has long been aware of these inefficiencies and has spent their time since 2009 developing processes and systems for scale, cost control and efficiency. Over the last six years the team at Green Canopy Capital has raised and managed over $45 million in investor capital. In overlapping funds, the team has managed over 100 capital accounts concurrently, while successfully raising new funds and winding down ongoing fund operations. Throughout simultaneous fund management Green Canopy Capital has maintained open transparency, clear investor communication and achieved returns aligned with investor expectations.

Investment Example

As a net zero energy residential developer, Green Canopy is helping to bring greater resilience and inclusivity to our high-growth cities. The Cedar Fund is a $50 million fund, structured to stabilize assets and sell homes in response to all market cycles. The Fund will buy, build and sell net zero energy homes in the Seattle and Portland while reserving 25% of the homes for rent to households that earn 80% of area median income without reliance on government subsidies. At the end of the life of the fund, projected to be seven to ten years, 25% of the remaining net zero energy homes sales will be dedicated to permanent affordability utilizing the community land trust model.

Leadership and Team

Cumulative Leadership Experience in Investing:
10 – 20 years
Cumulative Impact Experience of Top Three Firm Leaders:
10 – 20 years
Aaron Fairchild – CEO and Chairman of the Board More Info

Aaron has over 25 years in real estate construction, development and lending. He is an experienced fund manager, developer and a thought leader in corporate culture and mindfulness development. Aaron is a Returned Peace Corps Volunteer from Gabon, Africa where he built schools and homes for teachers, and holds an EMBA from the University of Washington. He was a two-term board member of Washington Environmental Council and is currently serving his second board term with both the Master Builders Association and Enhabit.

Andy Wolverton – CFO & Director of Fund Management More Info

Andy is a Green Canopy original and a third-generation real estate manager. He is an experienced finance professional and manages all aspects of Green Canopy’s capital, including his role as Director of the Company’s real estate debt funds. He graduated summa cum laude from Seattle Pacific University, where he played on the men’s soccer team for four years and captained the team during his junior and senior seasons. He is an avid mountain biker, runner, outdoor enthusiast, and he still enjoys playing soccer. Andy is a Beta Gamma Sigma graduate of the Executive MBA program at the University of Washington.

Sam Lai – Chief Acquisition Officer More Info

Sam has been overseeing the acquisition, re-design, and sales of Green Canopy Homes from the 1st project. Sam graduated from the University of Washington in the Arts and International Communications and has been a real estate appraiser and developer for over a dozen years. He currently serves on the board of New Horizon’s Ministries, a non-profit in Belltown area of Seattle which connects with and provides services for homeless youth on their journey toward healing. Sam holds a Sustainability MBA from Presidio Graduate School.

Percentage of Investment Professionals who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
25% – 50%
Percentage of Board Members who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
25% – 50%

Financial Performance

Target Financial Returns Relative to Benchmark:
Market Rates
Actual Performance 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:
Addressing climate change and environmental issues
Conserving land, ecosystems and natural resources
Providing housing
Secondary Impact Outcomes:
Creating jobs
Increasing access to education and improving educational outcomes
Value-added Services Offered:
Access to markets

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:
Yes, with a caveat. Our funds invest in real estate, rather than companies. However, the properties are systematically targeted for impact in terms of what is being built, how it is built and how any existing materials are being reused/recycled.

Impact Tracking and Monitoring

Impact is Tracked:
Yes
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes – to the public
Third Party Validations:
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: Susan Fairchild
Phone: (206) 947-209
Mailing Address:
1131 Poplar Pl S
Seattle WA 98144

Ready for the next step?

Impact investments are investments made into organizations and funds that generate measurable social and environmental impact as well as financial returns.