COVID impact fund seeks up to $1bn to meet pandemic challenges

ImpactAssets is launching its COVID Response Fund, an offering that combines a rapid response charitable giving component with a flexible impact investing model with an initial capacity of more than $1 billion in investment opportunities. The fund seeks to meet the needs of small businesses and individuals as well as companies fighting on the front lines of the pandemic across three groups of beneficiaries – small business/individuals, frontline heroes and mission-critical changemakers. Small business and individuals in communities hardest hit by the economic downturn will be able to benefit from the new ImpactAssets Fund. Under the category of frontline heroes are companies and projects that advance the fight against the pandemic, including treatments and vaccinations, personal protection equipment manufacturing and delivery of health services. Lastly, mission-critical changemakers are those companies that have materially advanced progress on climate change and social equity and whose survival is integral to preserving and continuing that progress. “We have been thrilled to see impact investors leaning in at record levels to support critical needs in this moment of crisis,” said Margret Trilli, ImpactAssets president and chief investment officer. The investment firm consultant with The Rockefeller Foundation in setting up the fund. “This is exactly the kind of response to the COVID-19 pandemic that has the potential to deliver solutions to people, communities and businesses that are struggling most,” said Adam Connaker, principal of innovative finance at The Rockefeller Foundation. “We look forward to collaborating and exploring further opportunities to put catalytic philanthropic capital to work with ImpactAssets.” The new fund has a pipeline of 5,000 partners and beneficiaries from the ImpactAssets ecosystem of mission driven portfolio companies, fund managers and community banks. One key pillar of the strategy, officials said, is the channeling of critical charitable dollars to community banks and Community Development Financial Institution lenders, who are in need of capital to support the unprecedented plight of small businesses and individuals in their communities.

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