ImpactAssets, a nonprofit impact investment firm, has announced the launch of a new fund with an initial capacity of more than $1 billion to address the immediate needs of small businesses and individuals affected by the COVID-19 pandemic.
Created with assistance from the Rockefeller Foundation, the hybrid rapid-response ImpactAssets COVID Response Fund will focus on the immediate unmet needs of small businesses and individuals in communities hardest hit by the COVID-related economic downturn; companies and projects dedicated to advancing the fight against the virus, including efforts to provide treatments and vaccinations, manufacture personal protection equipment, and deliver health services; and companies working to advance progress in the areas of climate change and social equity whose survival is integral to maintaining and accelerating that progress.
To maximize the impact of its investments, the fund will tap into a pipeline of five thousand partners and beneficiaries, including mission-driven portfolio companies, fund managers, and community banks.
"Now more than ever, the world requires the robust and scalable power of impact investing and philanthropy to support those in need and create a more resilient and equitable future," said ImpactAssets president and chief investment officer Margret Trilli. "We have been thrilled to see impact investors leaning in at record levels to support critical needs in this moment of crisis."