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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

RSF Social Finance

Total Assets Under Management: $100 – 249MM
Asset Class: Cash / Cash Alternatives, Private Debt - Absolute Return / Notes, Private Equity
Geographic Focus:
Impact Investment Focus:
Fair Trade
Education and Charter Schools
Natural Resources and Conservation
Sustainable Agriculture

Firm Overview

Category: (None)
RSF Social Finance (RSF) is a financial services organization dedicated to transforming the way the world works with money. In partnership with our investors and donors, RSF has made over $275million in loans and $100 million in grants since 1984 to for-profit and non-profit social enterprises working in the areas of Food & Agriculture, Education & the Arts, and Ecological Stewardship.
Firm Headquarters: US & Canada
Years of Operation: More than 10 years
Total Assets Under Management:
$100 – 249MM
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: Less than 25%
Investment Thesis:
RSF invests 100% of its assets in mission-driven organizations seeking positive social and environmental impact. Specifically, RSF's investment thesis is focused on supporting the following values: 
  1. Direct: RSF seeks to invest with as few layers of financial intermediation as possible. Intermediaries should provide clear and compelling value, ideally with respect to both financial and social impacts.  
  2. Transparent: RSF will not invest in enterprises or financial vehicles that are unable or unwilling to provide complete information on the use of invested funds and the criteria employed to make investments or spending decisions. RSF must feel confident in its understanding of how its investment will be put to use. 
  3. Personal: RSF seeks to invest in enterprises and financial vehicles that demonstrate a commitment to building relationships with stakeholders. RSF should be able to know and communicate with the individuals responsible for managing each of its investments.
  4. Long-Term Relationships: RSF seeks to invest for the long-term whenever possible. This includes working with financial vehicles that do not seek exit opportunities that will jeopardize the long-term survival of a portfolio investment's values and mission.
 
Investment Overview:
(None)

Investment Example

In 2013, RSF provided a $500,000 loan to EcoScraps, a provider of organic, chemical and manure-free lawn and garden products. EcoScraps gardening products are made 100 percent from food waste, and enrich garden plots with twice the amount of soil nutrients than that of typical manure and chemical-based products. Currently, the company is diverting more than 120 tons of produce waste daily. By preventing this food from rotting in landfills, EcoScraps is helping reduce the greenhouse gas methane. To date, the company's has recycled 15.2 million pounds of food waste and reduced 9.16 million pounds of methane - the equivalent of parking 844,442 cars for two weeks. RSF financing will help fund EcoScraps' rapid growth as it continues to expand its network of waste management partnerships and exposure in retail outlets across the country.

Leadership and Team

Cumulative Leadership Experience in Investing:
More than 30 years
Cumulative Impact Experience of Top Three Firm Leaders:
More than 30 years
Don Shaffer – President & CEO More Info

Don has been a social entrepreneur for many years, growing a for-profit education business, a software company, and a sporting goods manufacturer, in addition to a non-profit, the Business Alliance for Local Living Economies. As leaders in social finance, Don and the team at RSF seek to transform the way the world works with money. In a world where our financial system can be described as complex, opaque, and anonymous, based on short-term outcomes, RSF is constantly asking the question, “How can we model financial transactions that are direct, transparent, and personal, based on long-term relationships?”

Gary Schick – CFO & COO More Info

Gary Schick has served as the Chief Financial Officer of RSF Social Finance since 2004, and currently manages all financial and mission related investing activities. During his tenure at RSF, he has also managed – and continues to oversee – the organization’s legal, accounting, operations, systems, and administration functions. Gary finds it rewarding to work with staff, investors, donors, borrowers, and grantees who share the goal of creating social impact, knowing that this collective work is making a difference.

Joe Avenatti – Managing Director, RSF Capital Management More Info

Taryn Goodman – Director, Impact Investing More Info

Taryn Goodman is the Director of Impact Investing at RSF Social Finance, a nonprofit financial institution offering investing, lending, and giving services. At RSF, Taryn manages the $40 million Donor Advised Fund Impact Investing Portfolios as well as the Program Related Investing Fund focused on food & agriculture. She also serves as a moderator for the Sustainable Agriculture and Food Systems Funders’ Finance & Investing for Social Change Group, as a mentor for Hub Ventures and has served as an MBA lecturer at Cornell University’s Johnson School of Business.

Ted Levinson – Director, Lending More Info

Responsible for overall management of the RSF's Lending Program. This includes direct responsibility for business development as well as oversight of policies related to portfolio management, risk management, and compliance. Sets the strategic direction for the Program and is responsible for creating and meeting operating plan goals.

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:
More than 50%

Financial Performance

Target Financial Returns Relative to Benchmark:
Near-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:
Conserving land, ecosystems and natural resources
Increasing access to education and improving educational outcomes
Promoting arts and media
Other: Building healthy sustainable regional food systems
Value-added Services Offered:
None

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:
We evaluate the businesses not just on their outputs but on their full supply chain - are they sourcing from sustainable partners, are they influencing the marketplace (consumers and competitors), how do they treat their employees, etc.

Impact Tracking and Monitoring

Impact is Tracked:
Yes
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes - on regular basis (annual or quarterly)
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: Taryn Goodman
Phone: (415) 561-6195
Mailing Address:
1002 O'Reilly Avenue
San Francisco, CA 94129

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