ImpactAlpha Deal Spotlight: Oversubscribed impact funds
November 11, 2022 | Dealflow
In achallenging yearfor raising capital, impact funds are bucking the trend.
Impact-focused climate funds from large private equity firms like Brookfield and
Lightrock, for example, have been oversubscribed.
San Diego-based private equity impact investor HCAP Partners in September raised
$353 million for a good jobs fund. HCAP said the fund exceeded its initial fundraising
target by over 40%.
Women-owned venture impact firm Urban Innovation in August raised $121 million
for a smart cities fund.
New funds
This week, Washington, D.C.-based impact fund manager Quona Capital raised
$332 million for its third financial inclusion fund. The fund, which exceeded its $250
million target, will back ventures expanding access to financial services in emerging
markets.
Separately, Snowmass Village, Colo.-based VoLo Earth raised $90 million for its
debut climate tech early-stage fund. The firm says demand from investors, including
Credit Suisse’s Climate Innovation Fund, enabled it to blow past its initial $50 million
target.
