Sorenson Impact Foundation 2023 Impact Report

From Our Founder

We are proud to be one of the country’s few 100% mission-aligned foundations, and we seek to be a model for other institutions on how to use capital markets to achieve exceptional impact outcomes alongside compelling financial returns. A recent study revealed that only 5% of U.S.based foundations invest for impact. It is our hope that our journey will inspire others to leverage more of their balance sheet to achieve strong impact.

With 66 active Program-Related Investment portfolio companies headquartered in 14 countries and operating in over 90 countries across five continents and a large and strongly performing Mission-Related Investment (MRI) portfolio, all of the Sorenson Impact Foundation’s investments deploy catalytic capital to create scalable solutions that reduce inequality and increase access to opportunities for historically marginalized communities worldwide.

Through 2023, the Foundation’s portfolio companies have positively impacted the lives of over 1.7 billion people around the world by increasing access to necessities needed to survive and to thrive including healthcare, education, clean water and energy, food, jobs, financial and social services, and safety. Our MRI portfolio has helped create or support over 1.8 million jobs, reached 820 million students, preserved over 299,000 affordable housing units, brought 59 million users online through financial and digital inclusion, avoided the production of 407 million metric tons of carbon, and unlocked over five billion in sustainable investments.

It is both an honor and a privilege to be at the forefront of mobilizing capital for impact, yet there is still much work to be done, and we look forward to the coming year of strategy, innovation, action, and collaboration.

Sincerely,

Jim Sorenson

At the Sorenson Impact Foundation, we allocate catalytic capital to innovative social entrepreneurs.

This aids in solving the world’s most pressing issues by building companies and funds whose impact potential greatly outsizes the amount of our investment. We consider it an opportunity and an obligation to mobilize resources that yield social and environmental impact returns as well as financial returns across the globe.

Established in 2012, when the field of impact investing was in its infancy, SIF* was one of the earliest foundations dedicated to impact. A model for other foundations and asset allocators, the Foundation remains dedicated to deploying catalytic capital to create and improve systems that raise up historically marginalized and underserved communities. The entrepreneurs and fund managers we capitalize share in this audacious goal; they work tirelessly to implement innovative solutions that enable all people to experience equitable opportunities for economic mobility, access to quality education and healthcare, and tangible improvements to quality of life.

This report showcases just a snapshot of the extraordinary work being done across SIF’s portfolios.

* The Sorenson Impact Foundation

The Foundation’s portfolio companies have positively impacted the lives of over 1.7 billion people around the world by increasing access to quality healthcare and education, financial inclusion, employment and workforce development, sanitation, and clean water and energy.

Impact

The Sorenson Impact Foundation (SIF) is focused on generating positive impact aligned with the United Nations Sustainable Development Goals, which aim to end all forms of poverty and call for action to promote prosperity and protect the planet. We are committed to modeling the rigor of traditional investment processes while pursuing solutions-oriented investments that further the SDGs.

To us, social and environmental impact are not merely added benefits of an investment but a core component of what makes an ethically and financially sound investment. We believe the principles of business that yield economic success must be applied not only to the philanthropic and social impact sectors but also to mainstream capital markets to achieve sustainable lasting change on a global scale. As such, we strive to exemplify the success of impact investing such that broader pools of capital beyond philanthropic organizations are mobilized to mission-align their portfolios and continue building upon double and triple bottom line returns.

PROGRAM-RELATED INVESTMENTS

A key part of the Foundation’s overall strategy is its substantial commitment to Program-Related Investments* (PRIs)

into impact-focused ventures that traditional commercial investors may overlook due to stage and market. PRIs, an IRS designation enabling non-profit foundations to make impact-first, for-profit investments, are an important tool within the catalytic capital investment stack. SIF leverages PRIs to make very early-stage investments into oftentimes unproven business models and to provide the first injection of capital necessary for promoting a company’s early growth, scale, impact, and success. The calculated bets we take on our PRI portfolio companies project that the company or fund’s impact will exceed far beyond the amount of our investment and the amount of their overall fundraise. Upon a liquidity event, the funds, along with their profits, are then distributed back to the Foundation and recycled through the PRI program by being reinvested into other highly impactful companies and funds. PRIs allow SIF to generate self-sustaining, long-term social and environmental impact while elevating the success of innovative entrepreneurs and the local economies they serve.

Through its PRI portfolio, the Foundation invests in early-stage companies and funds that have developed scalable, innovative, and potentially disruptive solutions to the world’s greatest challenges, including access to quality healthcare and education, financial inclusion, workforce development, sanitation, water, clean energy, and safety.

*Program Related Investments (PRIs) are considered as grants by the IRS. When foundations make PRIs into for-profit businesses or non-profits that generate cash flow the social impact is potentiated to become self-sustaining and scale.

774,919,423

Raised money at a higher valuation within 3 years of SIF investment

Raised money from commercial or institutional investors within 4 years of SIF investment

"Coming out of the global COVID-19 pandemic, we were deliberate in shifting our PRI strategy towards investment into frontier and emerging markets that experienced unprecedented capital flight,” said Lindsay Zizumbo, Executive Director at the Foundation. “Our PRI activity this year was focused on exceptional enterprises that represent our commitment to empowering last mile communities with the medical devices, utilities, banking services, and access to financing needed to survive and thrive. They are stewards of our mission on the ground, and we are delighted to partner with them to continue growing and scaling their reach and impact.”

The Foundation has been making program-related investments since its inception in 2012. To date, the Foundation has invested in 80 early-stage companies as PRIs, of which 55% have been direct investments and 45% have been Limited Partner commitments into high-impact funds. The Foundation’s PRI portfolio companies are positively impacting the lives of over 775 million people and counting people around the world. 60% of our PRIs have been in Black, LatinX, or Indigenous-founded companies and

The Foundation’s PRI portfolio companies are positively impacting the lives of 775 million people and counting around the world.

51% have been in companies founded by women. Portfolio companies’ executive teams likewise reflect our commitment to racial justice and diversity with 46% Black, LatinX, or Indigenous and 53% female leadership.

The competitive advantage of this portfolio is driven by its wide impact thesis and focus on differentiated founders, products, and markets. In other words, inclusive impact investments help us catalyze and capitalize the best, most promising young companies and outperform the market. Our PRI portfolio companies yielded an average revenue growth multiple of 8.8x when comparing 2022 revenue to each company’s revenue at initial funding.

820MM

Students Reached 886MM Lives Impacted

59MM

Users Brought Online Progressing Financial/ Digital Inclusion

1.8MM

Jobs Created and Supported 17 UN SDGs Targeted

407MM Metric Tons of Carbon Emissions Avoided

98MM

Metric Tons of Hazardous Waste Avoided

72%

Diverse Managers

$6.3BN

Capital Deployed to Underserved Borrowers

$5BN

Sustainable Assets Under Management Catalyzed

$300MM

Innovative Global Public Health Solutions Catalyzed

MISSION-RELATED INVESTMENTS

Since 2020, the Foundation has also allocated 100% of its endowment to market-rate return investments that are aligned with positive social and environmental impact. These investments, known as mission-related investments* (MRIs), are selected for their values-based missions, influence on and consideration of ESG factors, and solutions-oriented business models.

Following the early indications of success in our PRI portfolio in 2016, Jim Sorenson approached the Foundation’s financial advisors to discuss how we could also mission-align the investments in the corpus. This process of transitioning the Foundation’s endowment

fully into impact investments began in earnest in 2017— with SIF strategically transitioning every dollar of our corpus assets into best-in-class impact investments across each asset class. By the close of business on the last day of 2020, we had done it: the Foundation’s MRI portfolio was composed entirely of impact investments, including public equity, private equity, venture capital, real estate, and fixed income strategies in a fully diversified, endowment-style portfolio. And most importantly, we didn’t have to make a trade-off. Our portfolio has earned a 6.5% annualized return since the beginning of mission alignment process on December 31, 2017, which has outperformed our market-rate benchmark by 1.3% annualized.

Alongside market-rate returns, the portfolio has delivered incredibly strong impact–creating or supporting over 1.8 million jobs, reaching 820 million students, preserving over 299,000 affordable housing units, unlocking over five billion in capital for underserved borrowers and much more. We are especially proud of the diversity of the investment managers that make up our market-rate impact portfolio: 72% of our managers have 50% or more ownership or leadership by women and people of color.

Together, the Foundation’s PRI and MRI portfolio companies are positively impacting the lives of 1.7 billion people worldwide.

*Mission-related investments are impact investments seeking a market-rate return and are found in SIF’s investment portfolio as opposed to PRIs which are a part of the grant portfolio.

UNDERWRITING FOR IMPACT

Capital allocation on its own is not a singular solution to the world’s most pressing challenges, but the right form of capital allocation can engender outstanding results. Underwriting for impact requires flexibility and a commitment to listening to and understanding the needs of companies. Whereas negotiation in traditional markets often occurs in a vacuum, at SIF, we conversate and negotiate.

For PRIs, we engage a robust due diligence process that models that of traditional investors to ensure that companies are well-positioned to attract market rate capital upon growth down the line. Rather than prescribing one-size fits all instruments or terms, we listen to the needs of companies and funds and work with them to identify key target social and environmental outcomes, determine the impact key performance indicators (KPIs) we will track overtime as well as the projected economic value of those outcomes to society, and we work together to set manageable terms that yield a high social return on investment (SROI). We believe these collaborations are essential to ensuring the success of our portfolio companies and that our impact outsizes our investment.

Underwriting for impact requires flexibility and a commitment to listening to and understanding the needs of companies. Whereas negotiation in traditional markets often occurs in a vacuum, at SIF, we converse and negotiate.

For MRIs, we also have a robust due diligence process that includes traditional factors as well as impact factors. At the outset of our due diligence process, it is critical to ensure that the founders, fund managers, or portfolio managers are all aligned in pursuing market-rate returns alongside measurable impact. From there, it is important to understand their sourcing and due diligence process to ensure they are approaching impact in an authentic way and underwriting opportunities that can create lasting change. Finally, it is important that each of our funds or companies are committed to measuring their impact over time to ensure they are delivering the change the Foundation seeks to catalyze in the world.

MEASURING PORTFOLIO SUCCESS

Financial Impact

As a Foundation that targets early-stage highly scalable companies and emerging fund managers in emerging markets for PRIs, long-term growth and impact potential must be demonstrated, projected, and regularly measured. At the core of sustainable impact and business growth is the financial viability of the companies and funds we capitalize.

We assess financial performance primarily by revenue growth since our initial investment and over time, providing a proxy not only for the company’s rate of financial return and potential success, but also for its future fundraising potential and potential success to preserve impact. Based on a variety of criteria including cash flow, runway, profitability, growth rate, burn rate, fundraising success, and more, we categorize companies by “business health” and “attention priority,” ensuring our resources are honed towards supporting the most promising companies in our portfolio to succeed and to the companies struggling to stay afloat but demonstrating compelling traction. As the market has tightened and capital has become harder to attract, we have also recently begun to build credit profiles of each company in our PRI portfolio to zero in on those that would make strong candidates for concessionary debt. We expect that a company’s revenue growth will increase at least along the same rate as its impact growth, signaling that the business model upholds the impact goals and the impact will be scaled as the business expands.

We are typically amongst the earliest investors on our PRI companies’ cap tables, and our hope is that our

investment signals our vote of confidence and will catalyze other organizations and institutions to participate. Our PRIs are companies and early funds that will, after an initial period of catalytic capital injection, be well-positioned to attract further capital from other commercial institutions in subsequent rounds, and an important metric we use to gauge the financial success of our portfolio is the extent to which companies have secured financing from other commercial or institutional investors over time. Tracking additional investment is one way to see the extent to which the Foundation’s catalytic capital helps social enterprise founders turn promising fledgling companies into profitable investable businesses.

Within the MRI portfolio, SIF has been a day-one or early investor in over 10 funds across the portfolio, which has helped to catalyze other investors into these investment strategies. Given the impact investing industry is still relatively nascent, many of SIF’s MRI portfolio funds have been launched by storied investors who are leaving more traditional firms to launch investment portfolios that pursue financial returns alongside social impact. And perhaps unsurprisingly, over 70% of these strategies are owned or led by diverse individuals. We are proud to be an early investor in innovative strategies that are changing the fundamental structure of our capital markets.

Social and Environmental Impact

With a particular charitable purpose to improve the lives of base of pyramid or low-income populations, each of the Foundation’s portfolio companies make a direct positive impact on the people in the communities they serve. As such, we track an all-encompassing impact metric termed “Lives Impacted.” How each life is impacted differs substantially

across companies given the diverse issue areas, sectors, and geographies in which our MRI and PRI portfolio companies operate. Definitions of “Lives Impacted” throughout the portfolio can include the number of jobs created, number of microloans awarded, number of students using EdTech platforms, number of life-saving dispatches completed, number of clinic visits or surgeries, number of people fitted with hearing aids, number of people who’ve had their criminal records expunged, and so much more.

In an effort to emphasize the importance of working to uplift marginalized and underserved communities, a key impact metric of the portfolio is how our portfolio companies serve low-income populations, women, and non-white racial and ethnic groups. Inclusion and justice are core to our impact practice and an essential pillar of addressing the world’s most pressing challenges.

As such, we track diversity in the founding and leadership teams and staff of our portfolio companies. We collect demographic information on companies’ founders, executive teams, boards, and full and part-time staff to ensure our companies are representative of the populations they serve and that our portfolio is a representative sample of demography. We also collect geographic

With a particular charitable purpose to improve the lives of base of pyramid or low-income populations, each of the Foundation’s portfolio companies make a direct positive impact on the people in the communities they serve.

information regarding where the company has operations such that we can identify any geographic white spaces in our portfolio and target those areas in subsequent investments. These metrics indicate that investing in underrepresented founders and fund managers provides disproportionately high impact to marginalized communities.

UN SDGS

Across both our PRI and MRI portfolios, we assess impact using the United Nations Sustainable Development Goals (SDGs)* framework. For our PRI portfolio, we use these indicators to create company-specific impact KPIs. We also track asset allocation against SDG categories. For instance, we have heavy portfolio concentration in SDG 8 - Decent Work and Economic Growth and SDG 10 - Reduced Inequalities; we have less exposure to SDG 14 - Life Below Water and SDG 15 - Life on Land. We are proud to have exposure to all 17 of the SDGs, the latter two being areas in which we hope to expand our efforts in the coming years.

For our MRI portfolio, in the early stages of diligence, we use the SDGs to engage with each of our prospective investment managers to understand

the thematic areas they aim to address. From there, we track the SDGs targeted by each of our thematic impact managers. We are extremely proud that we have exposure to all 17 of the SDGs across the MRI portfolio.

CONCLUSION

At the heart of our approach to impact lies a commitment to innovation, collaboration, and a deep belief in the transformative power of capital allocation across a broad impact investment thesis. Leveraging a variety of catalytic capital investment instruments, SIF makes each investment with the conviction that the company’s or fund’s impact will far exceed the amount of SIF investment and the amount of the overall fundraise. This has been reflected in the 1.7 billion lives impacted to date by SIF’s portfolio companies and funds, and we are pleased to report a snapshot of our entire portfolio, as well as share a few spotlights on some of the transformational companies and funds within it.

*The United Nations Sustainable Development Goals are the seventeen goals that the United Nations developed to alleviate human suffering around the world with initiatives such as reducing poverty, eliminating hunger, and combating climate change.

MEXICO (12)

LUXEMBOURG

COLOMBIA (6)

BRAZIL (6) PERU (8)

CAMEROON

NIGERIA (9)

GHANA (7) COTE D’IVOIRE

1.7 Billion Lives Impacted

through SIF's PRI and MRI portfolios

Companies and funds in the Sorenson Impact Foundation’s PRI and MRI portfolios are making an impact in more than 110 countries* across five continents. While SIF’s MRI portfolio is largely U.S.based, our 2023 PRI efforts focused on Latin America, Subsaharan Africa, and Tribal Nations in the U.S.†

The Foundation is committed to increasing opportunities and quality of life for all people, regardless of geographic location.

*As the portfolio shifts and expands, data on global operations is continually changing. Please be aware that impact may be occurring in additional countries to those included in this visualization. For more the most updated information on the portfolio’s global reach, please contact the Sorenson Impact Foundation. †Two of the PRI portfolio companies headquartered in the U.S. are located in Navajo Nation.

HONG

TAIWAN

PHILIPPINES

JAPAN

SOUTH KOREA

CHINA

INDIA (15)

KENYA (16)

UGANDA (10)

TANZANIA (7)

SOUTH AFRICA (6) RWANDA (8)

INDONESIA SINGAPORE

AUSTRALIA

BANGLADESH

Our PRI portfolio companies

We are proud to align our impact efforts with the United Nations Sustainable Development Goals. Our portfolio companies make positive change in the world across all of the 17 goals.

FUNDS

1863 VENTURE FUND I 1863ventures.net

APIS & HERITAGE CAPITAL PARTNERS apisheritage.com

CAPRIA FUND capria.vc

CENTER ON RURAL INNOVATION ruralinnovation.us

ELEVAR EQUITY elevarequity.com

GLOBAL PARTNERSHIPS/ELEOS SOCIAL VENTURE FUND globalpartnerships.org

ITHINK.VC—IGNITE FUND ithink.vc

KINARA CAPITAL kinaracapital.com

MAYCOMB CAPITAL’S COMMUNITY OUTCOMES FUND maycombcapital.org

NESST LIRIO FUND nesst.org/lirio-fund

OMNIVORE PARTNERS INDIA omnivore.vc

OWL VENTURES owlvc.com

RUTHLESS FOR GOOD ruthlessforgood.com

SALKANTAY VENTURES salkantay.vc

SOCIAL ALPHA BASTION alphamundi.ch

TEAMFUND teamfundhealth.org

SDG KEY:

UNITUS CAPITAL INCLUSIVE CREDIT ucinclusive.in

UNIVERSITY VENTURE FUND uventurefund.com

VILCAP INVESTMENTS vilcapinvestments.com

WASTE VENTURES INDIA PRIVATE LTD. wasteventures.com

DIRECT INVESTMENTS

ARBUTUS MEDICAL INC. arbutusmedical.com

ARIFU arifu.com

ASANTE asantefinancegroup.com

BLOWHORN blowhorn.com

BOOKNOOK booknooklearning.com

BRCK brck.com

CANARY workwithcanary.com

CATCHAFIRE catchafire.org

COPIA GLOBAL copiaglobal.com

DOLLARIDE dollaride.com

EARACCESS INC. accesshearingaids.com

ECOFIX efk.co.ke

SDG KEY:

ELEMENT 3 element3health.com

ENEZA EDUCATION enezaeducation.com

EPESOS epesos.com

FLARE flare.africa

GIFT OF COLLEGE giftofcollege.com

IMPACTALPHA impactalpha.com

INARU inaru.com

INCLUSIVELY inclusively.com

INRETURN STRATEGIES, LLC inreturnstrategies.com

INSTILL EDUCATION instill.education

KASHA GLOBAL INC. kasha.co

KIIP kiipco.com

LAL10 lal10.com

LIBERTY & JUSTICE libertyandjustice.com

NAVAJO POWER HOME navajopowerhome.com

NEOPENDA neopenda.com

NEWDAY FINANCIAL TECHNOLOGIES INC. newdayimpact.com

PARTICIPANT

PPH peoplespensiontrust.global

QUIDNET ENERGY quidnetenergy.com

RASA PUBLIC BENEFIT CORPORATION www.rasa-legal.com

RECYCLOPS recyclops.com

REDEMPTION BANK redemptionholding.com

RIMIDI INC. rimidi.com

SANIVATION sanivation.com

SEVAMOB sevamob.com

SOURCE TRACE sourcetrace.com

STONY CREEK COLORS INC. stonycreekcolors.com

TALEEMABAD taleemabad.com

THINKMD, PBC. thinkmd.org

TOTEM TECHNOLOGIES mytotem.app

VERTICAL HARVEST verticalharvestfarms.com

VIA GLOBAL HEALTH viaglobalhealth.com

WAYFINDER withwayfinder.com

Dollaride

Dollaride is an innovative impact transportation company on a mission to provide sustainable and accessible transportation to underserved communities living in transit deserts.

A tech-enabled platform, Dollaride optimizes informal transportation networks by connecting dollar van fleets (drivers who own their own vehicles and run commercial transportation services) with passengers in transit deserts who often rely on their services to travel to and from work. Dollaride leverages data to plan highly efficient routes for drivers and bring transparency regarding van whereabouts and timing to riders. At its core, Dollaride’s strives to make transportation available to anyone, anywhere, with a strong focus on communities lacking adequate public transit options. Their motto is clear: transportation is not merely a public right but also a potent economic development engine, capable of fostering economic mobility and wealth within individuals and communities. As a result, Dollaride delivers impact by increasing educational and employment opportunities and student and employee retention for individuals living in areas not served by existing public transport routes.

Research studies from the World Bank, Harvard, and NYU underscore the significant economic impact of public transit access. For every $1 invested into public transit, another $1 of extra GDP is generated. Recognizing this potential, Dollaride is committed to widening access to the power of public transportation.

Over the past year, their efforts have been noticed. Dollaride recently secured the New York Clean

SECTOR

Transportation

GEOGRAPHY

United States

WEBSITE

dollaride.com

Transportation Prize, a $10 million grant and a contract with the state of New York to develop new routes for under-resourced populations in NYC transportation deserts that will be serviced with new electric transit vans.

Dollaride takes pride in providing employment opportunities to individuals from the very communities they serve. Currently employing 26 people, they aspire to expand their workforce into the hundreds, especially as they roll out routes with the New York State Energy Research and Development Authority (NYSERDA). Dollaride’s collaborative programs with government partners facilitate more employment within local communities for more people.

Dollaride’s vision is ambitious. They are actively involved in electrification efforts in New York, supplying electric vehicles and charging infrastructure to 100 drivers as part of a research pilot with NYSERDA. Moreover, they are partnering with New York State Empire State Development to experiment with various partnership models, striving to elevate the income levels of drivers involved in their projects.

According to founder Su Sanni, “In the past year, Dollaride served over 13,000 unique riders with 8,000 of them becoming daily riders.”

Michael, a frequent Dollaride passenger, shared his experience: “I’ve taken the [Dollaride] shuttle service probably over 16 times now. Dollaride is much faster than the bus because it doesn’t need to make as many stops, so it saves me at least 20 mins every morning. Instead of walking to a second bus, I now can start work more relaxed.”

Dollaride’s dedication to providing accessible and clean transportation to underserved communities is making a substantial impact. Through innovative partnerships, electrification initiatives, and community engagement, Dollaride is not only bridging transportation gaps but contributing to economic development and empowerment within these communities. As they continue to grow and expand, Dollaride’s future is promising in reshaping urban transit for the better.

“We’re empowering local residents to participate in providing a solution that is sustainable for the rest of the city.”

- SU SANNI, FOUNDER AND CEO

Taleemabad

Pakistani education technology company Taleemabad is on a mission to reshape students’ futures, driven by a core belief that education is not a privilege but a fundamental human right.

With millions of children lacking access to quality education, Pakistan’s education landscape encompasses many challenges but also many opportunities.

Using technology-driven solutions to provide primary schools with a comprehensive learning management system that improves learning outcomes for students through curated curriculum programs, engaging content libraries, and world-class teacher training modules, Taleemabad impacts some of the world’s most underserved children.

The company achieved remarkable milestones in 2023 including securing Pakistan’s first-ever district-wide ed-tech contract to serve 100K+ more students and expanding from 40 to 204 low-fee private schools. The Taleemabad platform covers a diverse range of subjects, ensuring engaging and effective learning experiences for students who may not otherwise have access. Alongside their work with teachers and students, the Taleemabad team has designed and delivered monitoring tools that allow senior bureaucrats in the education department to access insights on which schools are performing, how they are performing, and more effectively identify schools needing improvement. The partnership was announced by the Prime Minister in a ceremony held in March of 2023.

SECTOR

Education

GEOGRAPHY

Pakistan

WEBSITE

taleemabad.com

Taleemabad’s efforts extend beyond educational content delivery. They collaborate with local partners and leverage technology to bridge the education gap, reaching even more underserved communities in Pakistan and, soon, other emerging international markets. 22 million Pakistani children are out of school, meaning they do not have access to or are not enrolled in school. Leveraging the 60% of Pakistanis who have smartphones and nearly 95% who have access to public television, Taleemabad converted the national primary school curriculum into an engaging animated series broadcasted on public television, starting with 1 hour per day dedicated to this educational content. This approach, reminiscent of the success of Sesame Street in the United States, quickly gained traction, and Taleemabad’s content reached 8.5M children weekly in 2022. In 2023, the Pakistani Ministry of Education doubled down on this methodology, launching six dedicated round-the-clock channels to broadcast learning content for students, as well as using Taleemabad’s content on a mobile platform built for public use.

Furthermore, Taleemabad identified another opportunity to address the challenge college-educated young women face when seeking employment.

“30% of Women in Pakistan are college educated and fail to find work,” says Co-Founder Haroon Yasin.

The company supported these young professionals to open schools in their neighborhoods, offering them ownership and support in exchange for providing quality Taleemabad education. This initiative has already resulted in the establishment of 150 such schools, with plans to scale it to 350 public schools.

Moreover, children attending Taleemabad schools outperform their peers, gaining an additional year and a half of learning. This is especially significant in a country where the average teacher-to-student ratio is a challenging 1:42, with some classrooms accommodating up to 100 students.

Beyond Pakistan, Taleemabad sees a global opportunity. With approximately 8 billion people on the planet and nearly a billion without access to education, the Taleemabad model is poised to be impactful on a global scale.

Haroon Yasin, founder & CEO of Teleemabad with students, right.

100% of Taleemabad’s teachers and learners are low income populations of color.

Taleemabad serves 480 schools in Pakistan (130 low-fee private schools and 350 government schools).

Taleemabad improves students’ literacy and numeracy.*

*Results from a recently concluded impact study state that, in comparison to the control group, Taleemabad students improved by: (i) For Grades 1-3: 0.46 SD, (ii) For Grades 4-5: 0.05 SD, iii) For Early Years: 0.17 SD

“Children

attending Taleemabad schools, in comparison to those enrolled in other institutions, experience an additional year and a half of learning.”

- HAROON YASIN, FOUNDER & CEO

FAST FACTS

ImpactAlpha

Building the impact investing ecosystem is one of Sorenson Impact Foundation’s core pillars, and media sits at the center of any field building work. ImpactAlpha is the leading news media platform dedicated to reporting on impact.

This dynamic platform is more than just a source of information, it is a catalyst for greater insight into the growing world of impact investing.

ImpactAlpha represents a critical part of the infrastructure that furthers our impact investment ecosystem development goals,” said Jim Sorenson, Chairman of the Sorenson Impact Foundation. “We’re excited to back ImpactAlpha as they continue to offer and develop best-in-class products and services that meet the growing needs of both the impact investing community and the world of finance at large during an important industry pivot towards social and environmental impact.”

Offering a wealth of insights from daily newsletters to in-depth analysis on particular impact topics, events, companies, funds, and investment activity, ImpactAlpha provides anyone from students to experienced professionals with access to impact information and community. They bring together investors, entrepreneurs and advocates to connect, collaborate, share their stories, and build lasting partnerships to drive transformational change.

ImpactAlpha is known for tracking and reporting on trends in the impact investing space. From incentive capital to climate finance, gender investing, alternative ownership models, self-liquidating deal structures, the proprietary economy and beyond, they dive deep into emerging issues and current events. By identifying promising opportunities and solutions, and sharing news with the masses, ImpactAlpha is

moving the needle on impact investment strategies.

What sets ImpactAlpha apart further are the ways it hones data to help impact-driven individuals find jobs in the space, investors to find promising portfolio companies and funds, and impact partnerships to flourish. ImpactAlpha serves as a facilitator of connections to drive more capital, jobs, partnerships, and awareness to the world of impact investing.

ImpactAlpha isn’t just a media company; they are a driving force behind a rapidly growing impact investing movement. Founders David Bank and Zuleyma Bebell recognized the potential for impact investing to become a vital beat in the media landscape and envisioned a platform that not only reported on impact investments but also provided insights and analytics. Now, ImpactAlpha is on the frontlines of impact investing, driving conversations about the integration of Environmental, Social, and Governance (ESG) criteria into investment decisions, exploring the impact of climate finance and gender equity on the investment landscape, and continually highlighting underrepresented voices and innovative solutions that drive meaningful change.

They, like SIF, envision a world where impact investing is the norm, guiding investors to discover their path in the realm of impact and showcasing opportunities that yield financial returns while fostering societal and environmental well-being.

SECTOR

Media

GEOGRAPHY

United States

WEBSITE

impactalpha.com

FAST FACTS

15 of the top 20 business schools ranked by US News & World Report give their students free access to ImpactAlpha via library site licenses.

ImpactAlpha’s earliest subscribers have received more than 1,720 editions of The Brief, the awardwinning newsletter for the impact investing industry, Monday through Friday.

ImpactAlpha team, right.

“ImpactAlpha creates credibility and an introduction to a whole lot of different people. The publication validates and celebrates those of us in the field, providing energy and encouragement. ImpactAlpha is a huge benefit to the health of the impact economy generally and widely.”

- MICHAEL BROWNRIGG, CO-FOUNDER AND PARTNER, APIS & HERITAGE CAPITAL PARTNERS (A SIF PRI PORTFOLIO COMPANY)

Rasa

Rasa simplifies and makes affordable the process of clearing criminal records for all who need it.

One out of every three Americans carries a misdemeanor or felony record, and that record, even a dated or a minor one, can impose significant setbacks persisting long after an individual has left the justice system. The repercussions of having a criminal record include inability to secure gainful employment, find suitable housing, pursue higher levels of education, or engage in volunteer activities.

Traditional pathways to expunge a record are timely and expensive, making expungement inaccessible to most justice-impacted individuals. Rasa, a Public Benefits Corporation, understands the debilitating ripple effects of a criminal record and has simplified the expungement process to help a wider array of people clear their records, embrace second chances, cultivate hope, and improve both their lives and those of their family members.

The way they do this is simple: With a quick tech-enabled eligibility screening, the Rasa platform lets a justice-impacted individual know what is on their record and if they are eligible for record clearance. If so, Rasa offers affordable

SECTOR

Legal Services

GEOGRAPHY

Utah and Arizona

WEBSITE

rasa-legal.com

legal services at a fraction of the cost of traditional private lawyers. Traditional avenues for clearing a record cost, on average, $2K to $3K. Rasa charges just $250-$500 depending on an individual’s case count and is therefore able to serve low-to-moderate income individuals who are disproportionately affected by felony convictions. Furthermore, Rasa has engaged in critical legislative work to ensure government filing fees for record expungement are kept low and within reach of the clients they serve.

Rasa is committed to serving those who are marginalized and disadvantaged, including individuals grappling with issues such as substance use, mental health challenges, and poverty. The founder of Rasa, Noella Sudbury, began her career as a public defender and quickly realized the flaws in a broken justice system that failed to address the root causes of her clients’ situations. As such, Rasa’s approach is to understand

the true needs of justice-involved individuals and provide a pathway to redemption, economic mobility, and a brighter future.

This year, Rasa achieved remarkable milestones. They launched their eligibility tool that determines a person’s eligibility for record clearance or expungement in under three minutes. In just their first year, they helped over ten thousand individuals in their state navigate the complex world of expungement. To put this into perspective, a statewide legal aid organization typically serves only about four hundred people annually. Rasa’s technology-driven approach continues to break down barriers and provide hope and opportunity to justice-impacted individuals.

“It’s just so transformative to be able to design a tool that can be used from your mobile phone, that can give you hope, that can give you options,” says Sudbury.

“One in three Americans have some type of criminal record, a tremendous number of people who are often just forgotten about and left behind or overlooked because of something that they did. And if we can tackle this problem at scale, I really think we can change the world.”

- NOELLA SUDBURY, CEO

So far, Rasa has expunged over 2,500 records, cleared over 300, and has more than 1,000 others in progress. Rasa recently received national recognition, winning prestigious awards such as the Legal Innovation Award from Cleo, one of the world’s largest legal tech companies, and the Best Startup category at the American Legal Technology Awards. Rasa was also featured in U.S. Magazine as one of the recipients of the funds Van Jones dispersed to criminal justice reform initiatives following his receipt of $100MM from Jeff Bezos. These accolades are a testament to their commitment to transforming lives.

It is only onwards and upwards for Rasa as they expand their services from Utah to Arizona, where more than two million people have criminal records, offering a glimmer of hope to countless individuals who deserve a fresh start. They plan to continue growing smart, with the goal of entering two additional markets in the next funding cycle. Their approach involves learning about the unique legal landscapes of each state as well as legal advocacy to make states’ legislative environment more friendly towards affordable record expungement and collaborating with local partners to create wraparound service offerings.

FAST FACTS

Approximately 77 million Americans, or 1 in every 3 adults, have a criminal record.

Rasa has helped over 7.8K people determine their eligibility for expungement.

2,560 records have been expunged through Rasa.

iThink.VC

While many venture capital funds hedge against investment risk by focusing their investment activities within well-establish markets, one is committed to empowering both social and environmental impact–and actualizing the untapped potential–of emerging markets in Latin America. Meet iThink.VC, a Paraguaybased impact venture capital fund dedicated to widening access to capital for impact companies in small but burgeoning Latin American ecosystems.

Co-founders and General Partners

Jazmín Gustale Gill and Juan Cruz Valdez Rojas’ goal is to extend financial backing, guidance, and assistance to startups and entrepreneurs operating in undercapitalized markets like Paraguay, Uruguay, Bolivia, and Peru in order to position them to develop solutions at scale.

The fund’s vision is clear: talent knows no boundaries, and promising impact entrepreneurs should have access to the resources and support needed to scale their ventures and impact. In a region where promising startups disproportionately struggle to secure funding and mentorship, iThink is charting a path of ecosystem development.

Latin America’s venture capital landscape has experienced significant growth in recent years, attracting attention from investors around the globe. However, this growth is concentrated in a few countries, primarily Brazil and Mexico, leaving the smaller ecosystems iThink targets overlooked.

The greater LATAM region has grown substantially in terms of capital allocation. However, investments into LATAM still make up only 5% of investments worldwide. The challenge lies in diversifying this investment landscape and including smaller ecosystems that hold immense untapped potential. Moreover, the region faces issues with short-lived international funds that enter the market briefly, impacting valuations and funding

rounds, and then leaving, a phenomenon known as capital flight.

iThink aims to address these challenges by gradually and sustainably expanding the ecosystem. They aim to foster a healthy and sustainable VC environment where international partners invest with a long-term commitment to the region. Collaboration between investors and founders plays a crucial role in shaping the future of venture capital in LATAM.

Since inception, iThink has been active with 12 and counting portfolio companies. Their investments include pioneering startups like Kilimo, a regenerative agriculture tech company which utilizes artificial intelligence to optimize irrigation and has ventured into creating water credits to compensate for conservation efforts. Another standout investment is Mobi, a subscription-based electric vehicle company for gig economy workers which offers e-motorbikes, charging, battery swapping, insurance, and maintenance for a fixed monthly price and has several early indicators of tripling gig economy workers’ incomes.

iThink envisions a future where they become an exemplar for financial returns going hand-in-hand with social and environmental returns and also become a catalyst for attracting more impact and commercial capital to the countries they focus on.

SECTOR

GEOGRAPHY Latin America

WEBSITE ithink.vc

Jazmín Gustale Gill and Juan Cruz Valdez Rojas, iThinnk.VC Founding Partners, right.

Helmed by a world-class team of a former Vice Minister of Inclusive Economic Growth and corporate manufacturing expert, iThink VC represents a new wave of impact investing in Latin America’s burgeoning startup ecosystem. By providing financial support, mentorship, and access to networks, they are empowering entrepreneurs to tackle the region’s most pressing challenges through innovative technological solutions disrupting markets SIF is excited to gain more exposure to.

“We

believe in the power of technology to solve problems and connect small ecosystems. Our goal is to create a ripple effect that extends beyond Latin America. There’s a unique opportunity to make a difference worldwide.”

- JAZMÍN GUSTALE GILL, CO- FOUNDER AND MANAGING PARTNER

FAST FACTS

With tax advantageous incentives for manufacturing, Paraguay is said to become “the China of Latin America.”

Brazil and Mexico alone receive 80% of the VC funding invested into LATAM. Paraguay, Uruguay, Bolivia, and Peru currently make up less than 1.25% of LATAM VC funding combined.

Redemption Holding Company

At the heart of Redemption Holding Company’s mission is addressing a stark racial wealth gap. Black Americans hold a tenth of the wealth of white Americans in the U.S. Redemption is committed to changing this narrative, ensuring that capitalism benefits everyone, especially those historically excluded from the world of financial services.

Redemption Bank, the name Redemption Holding Company will bestow upon the bank they have filed to acquire, will not be just a bank. The brainchild of Dr. Bernice King, daughter of the visionary Reverend Dr. Martin Luther King Jr. and Coretta Scott King, and seasoned fintech founder, Ashley Bell, will be a symbol of transformative change, located in our backyard of Holladay, Utah.

The number of Black-owned banks in America has declined over the past two decades by more than 50% from 2001 to 2018. The 2008 financial crisis and the 2020-2022 COVID-19 pandemic were disproportionately damaging to the income levels and employment rates of Black Americans and led to the dwindling of Black-owned banks. Whereas there were 140 Black-owned banks when Rev. Dr. MLK Jr. was assassinated in 1968, there are only 17 remaining today. Redemption Bank represents the first Black acquisition of a whiteowned bank West of the Mississippi River, the 18th Black-owned bank in the country, and the first Minority Depository Institution (MDI) in Utah.

A self-labeled “impact bank,” Redemption plans to be the first and only Black-owned bank to offer in-house small business lending to small businesses, startups, and microbusinesses within Utah. Redemption recognizes the historical challenges Black-owned

banks have faced, often deeply intertwined with the economic health of the communities they serve. Highlighting the vulnerability of these institutions, Ashley Bell noted, “When you look at the unemployment rates, they’re usually twice that of white Americans in an economic downturn... when you’re that fragile, it only takes one economic downturn.” This has shaped Redemption Holdings’ strategy in creating a banking model that is resilient and inclusive, aimed at financially empowering the individuals and businesses they serve. The company’s approach includes diversifying its portfolio to mitigate economic downturn risks, embracing technological innovation for wider service access, and offering financial products designed to empower communities facing systemic economic challenges.

Jim Sorenson said that, “part of Redemption’s mission is to show ‘grace and mercy’ to Black business owners who have historically faced discrimination when seeking access to capital, and Sorenson Impact Foundation is proud to invest in the creation of a financial services institution whose impact potential outsizes our investment. We look forward to welcoming Redemption, a mission and values-aligned bank, into our backyard of Holladay, Utah.”

By offering equitable financial services to a wider clientele than traditional banks, Redemption will not only serve

an underserved community but actively aid in the economic advancement of historically marginalized groups. The Redemption team is committed to constructing a banking institution that not only endures economic pressures but also drives economic growth and equality, forging a path towards a more inclusive financial future for more individuals, families, and small businesses. Redemption Bank’s first brick-and-mortar location in Utah will be just the beginning of the waves they will make in banking and the impact they will have on communities that have too long been underserved.

Redemption Bank founders, Dr. Bernice A. King and Ashley Bell, right.

“We want [clients] to be able to come inside the capitalist tent, and with that, we have to show folks a little grace and a little mercy and allow them to get access to that water that is so critical, called credit, so that they can build a dream.”

- CO-FOUNDER AND CEO, ASHLEY BELL

There are currently only 16 Blackowned banks in the U.S.; Redemption will be the 17th.

CEO Ashley Bell has helped direct over $1 billion of deal flow to Black-owned banks since 2020.

Between 2010 and 2022, Utah saw the fastest growth in its Black population, which increased by 86%, according to data by the Pew Research Center.

The bank acquisition Redemption has filed for will be the first ever black acquisition of a white-owned bank in American history.

FAST FACTS

MRI Portfolio Spotlights and SDGs Served

SIF is proud to be generating market-rate returns while creating impact across all 17 of the United Nations Sustainable Development Goals (SDGs).

Looking at exposure by SDG, we are energized that the portfolio is diversified by impact theme, with meaningful exposures to each SDG ranging from 2% to 11%. SIF’s largest exposure (11%) is to SDG 8 - Decent Work and Economic Growth, which highlights the compelling market-rate opportunities available for addressing this goal. SIF also has meaningful exposure (8%) to SDG 11 – Sustainable Cities and Communities, SDG 9 – Industry, Innovation, and Infrastructure, SDG 10 – Reduced Inequalities, and SDG 13 – Climate Action, with ample

MRI Manager Headquarters

opportunities across these themes. SDGs with smaller exposure fall into one of two categories: (1) a theme that is less geared toward investors, such as SDG 17 – Partnerships for the Goals or (2) a theme that is more nascent from an opportunity standpoint, such as SDG 6 – Clean Water and Sanitation. As the impact investing ecosystem continues to mature, we anticipate having more balanced exposure across the SDGs over time.

From a geographic standpoint, while most of our impact fund managers are headquartered in the United States, the underlying portfolio companies are touching most of the countries around the world.

CAPE TOWN

BENGALURU SINGAPORE

SYDNEY

LONDON (6)

MEXICO CITY

UNITED STATES (24)

MRI SDG Exposure

US & Emerging Markets SME Lending Strategies

Community Investment Managment

Community Investment Management (CIM) is a San Francisco based impact investment management firm. Since 2014, CIM has specialized in providing strategic debt capital to financial technology (fin-tech) businesses that service inefficient market segments typically overlooked by traditional lenders.

CIM has partnered with over 40 fintech groups and has deployed approximately $3.5 billion as of November 2023. CIM currently offers two strategies, both of which seek to deliver attractive risk-adjusted returns with investments in short duration fixed income assets. The team has deep expertise around debt structuring and incorporating other risk management measures to help ensure downside protection.

CIM launched its inaugural strategy in 2014, focused on providing loans to primarily small-and-medium enterprises (SMEs) in the United States. According to the “Community Banking Study,” by the FDIC in 2012, there has been approximately 96% decline in community banking assets from 1984 to 2011 due to bank consolidation. This has led to a decline in small-middle business lending, as they are not considered profitable enough for these larger banking institutions. CIM aims to bridge that gap by working with fin-tech firms that address this underserved market segment. CIM has funded 2-3x more women, minority, and veteran-owned businesses than traditional lending institutions. In 2018, CIM expanded its investment universe to include

low-income households and students, an opportunity to increase impact alongside financial returns.

The emerging markets strategy launched in 2021 and has already deployed credit to 4.1 million small business owners and low-income households in emerging markets as of November 2023. CIM has engaged fin-tech partnerships across the globe, leading to increased financial access to underserved communities and improved lending practices in those areas. For example, Konfio is a digital banking platform with a variety of products to

FOUNDERS

Jacob Haar and Mike Hokenson

help fill the funding gap for small and medium businesses in Mexico. Konfio offers credit cards and line of credit solutions to SMEs and ties their line of credit to the company’s revenue growth, a solution that allows younger, innovative companies access to traditional financial products.

CIM is recognized as one of the prominent leaders in responsible lending practices, as a member of the Executive Committee of the Responsible Business Lending Coalition, Impact Capital Managers, and the Investors’ Council of the Global Impact Investing Network.

The Community Investment Management team, right.

Stewart Investors Worldwide Sustainability Fund

Stewart Investors’ Worldwide Sustainability is a concentrated global, long-only public equities strategy launched in November 2012, led by Nick Edgerton in Australia. The investment team of 11 dedicated professionals manages this strategy with an investment horizon of 5 to 10 years and aims to deliver strong absolute returns over various cycles.

Stewart Investors’ goal is to generate positive returns through long-term investment sustainable solutions, with good stewardship as fundamental to the investment philosophy and client asset management. Stewart Investors views sustainability as an important risk metric, in that companies that improve societies and environments should face fewer risks over the long-term and should thus be better positioned for driving long-term value for investors. Sustainability can be measured through products and services offered, quality and treatment of stakeholders, operational performance, environmental and social impacts, and ability to navigate regulations and consumer trends.

Engagement with management companies is a core part of the team’s due diligence process, value-add post-investment, and ability to drive impact. During 2023, the team carried out approximately 210 engagements with 160 companies. For example, the team recently engaged with a family-founded, plant-based foods company to reduce sugar content in their products. This interaction began in 2017 to address societal health concerns. During the ongoing engagement, the portfolio company initiated KPIs to increase offerings with low to moderate total sugar levels. Over a number of years, the company has made progress toward the annual targets, and is looking to achieve an overall goal of having more than 85% of beverages from moderate to zero sugar levels by 2025.

In addition to engagement around environmental and social issues, the firm uses the United Nations Principles for Responsible Investing Collaboration Platform to work with the portfolio companies to improve ESG issues. The team also actively participates in proxy voting as an extension of company engagement and sustainability promotion.

Stewart Investors Worldwide Sustainability Fund analyst and portfolio manager, Nick Edgerton.

Base10

Advancement Initiative I and II

Founded in 2017 by Adeyemi Ajao and TJ Nahigian, Base10 Partners is a venture capital firm focused on early and growth stage investments in software solutions that drive automation for the real economy—or put another way, Base10 invests in founders who are seeking to solve problems and alleviate burdens for the 99% in sectors such as financial services, food, operations, retail, and logistics.

FOUNDERS

Adeyemi Ajao and TJ Nahigian

ASSET CLASS

Growth Equity

WEBSITE cim-llc.com

Base10 has a 22-person team, highly diverse in background and race. Importantly, every member embodies the team’s core values: be humble, serve their founders, work hard, and serve their investors.

Base10 continues to differentiate themselves in the VC industry by giving back in an unprecedented way. Their Advancement Initiative was launched in 2021 and is a growth equity vehicle investing in technology companies that are on a path to be category leaders and aspire to IPO in the next several years. The Base10 team donates 50% of the carried interest to underfunded colleges and universities, including Historically

Black Colleges & Universities (HBCUs), to support endowments and scholarship programs as well as other organizations that give these students more opportunities in venture capital and the technology sector. The goal is to create financial aid for over 100,000 students, and deepen the tech diversity pipeline, leading to the next generation of billion-dollar founders. For Base10, not only is this strategy the right thing to do, but it also presents a strong, sustainable investment opportunity. According to Tech Republic, diversity efforts could net the IT industry and additional $400 billion in revenue each year.

Base10 team members, above.

Prior to launching the Advancement Initiative, Base10 managed slightly under $500 million. Today, Base10 has approximately $1.8 billion in assets under management. Forbes recognized Base10 as the first Black-led VC firm to surpass $1BN in assets under management in 2022 with the closing of the firm’s third VC fund. Adeyemi Ajao, Base10 co-founder and Managing Partner, was recently recognized on the 2023 Forbes Midas list, the first Black investor to earn the honor.

TransfrVR

TransfrVR (Transfr) is a New York-based company that provides virtual reality training for millions of industrial workers and students. Bharanidharan Rajakumar founded Transfr in 2017, with the goal of creating a platform that addresses the middle skills job market using virtual reality.

The company’s mission is to create the world’s first SaaS economic development platform and become an alternative solution to career success for those overlooked by the traditional education system. The company works directly with Fortune 500 companies, colleges, and government entities to upskill and improve the career opportunities for the workforce.

Transfr’s VR solution to train job-ready candidates with minimal to no formal higher education provides an opportunity for employers to attract quality employees from underserved communities by providing this high-quality, cost-effective solution. The upskilling market is approximately $169 billion, of which Transfr is currently focused on servicing the automotive, construction, and manufacturing industries, with an eye toward expanding to healthcare. Transfr

uses a large network of instructional designers and VR developers to develop new modules at a low cost and with minimal time. Transfr offers over seven modules building out competencies for 20 unique skill sets. Hands on training, historically done in person over expensive training sessions, is delivered using virtual reality headsets, with examples ranging from completing an oil change on a car to basic blueprint reading for the construction industry. Each training module consists of 10 simulations. In a notable pilot program, Transfr worked with Fortune 500 company Lockheed Martin to train and determine the em ployment eligibility of 100 candidates. Of the 95% who completed the pre-em ployment training, 100% were extended employment offers, and 95% accepted employment. Over 96% of trainees stayed employed with Lockheed Martin 6 months later.

Many of the careers

Tranfsr is targeting often do not require completion of formal education, and Transfr aims to be the economical solution for both employers and employees for job-match ing. For employees, this provides the opportunity to start a fulfilling career path with Fortune 500 companies without needing to start or finish college

FOUNDERS

Bharani Rajakumar

ASSET CLASS

Early-Stage Direct Investment, Future of Work

WEBSITE transfrinc.com

with enormous debt. For employers, this provides a cost-effective way (reducing personnel trainers, reducing physical space needed for training, etc.) to coach multiple existing employees and screen candidates for open positions. Transfr can also serve as a solution to employee retention by offering opportunities for continued upskilling.

TransfrVR founder Bharanidharan Rajakumar.

What Lies Ahead

PRI STRATEGY & ASSET DIVERSIFICATION

Over the past decade, the Foundation has cast a wide sourcing net in order to take a bottom-up approach to capitalizing impact. This has enabled us to source the best, most promising impact companies and inject the catalytic capital necessary for these companies to scale to the next level. The majority of these investments have mirrored those of traditional venture capital investments–early stage equity investments, SAFEs, and convertible notes. As the market shifts, we intend to utilize a broader array of investment instruments that meet the needs of companies operating in cash-constrained environments as well as diversify our asset classes in hopes to expedite our impact. By pioneering other innovative approaches like concessionary debt, loan guarantees, and blended financing structures,

we aim to set new standards for responsible and forward-looking investment in the social and environmental impact landscape. We look forward to sharing our learnings in the coming years.

DIVERSIFYING TALENT PIPELINE

A core element of our charitable purpose is to train the next generation of impact investing talent. We have endowed the University of Utah’s Sorenson Impact Institute, which houses our diligence arm for PRIs —the Impact Investing team. Four full-time investment professionals and anywhere between 15 and 30 student interns make up the impact investing team on a semester-by-semester basis. This real-world experiential training program equips young people with the knowledge, networks, and skills to enter the field upon graduation, and one of

our focus areas for 2023 and into 2024 is expanding access to our internship program for women and students of color. We are pleased to report that our efforts have been fruitful to date: In Q4 2023, over half of our student interns identified as either a woman and/or a student of color. This was in part due to funding from SIF and match-funding from the Economic Development Administration that enabled our student Senior Associates’ internship to be paid and also due to expanded partnerships with HBCUs and other universities. We remain committed to ensuring underrepresented, aspiring investors have access to early career opportunities, and we look forward to continuing to grow the reach of our programs.

A core element of our charitable purpose is to train the next generation of impact investing talent. This real-world experiential training program equips young people with the knowledge, networks, and skills to enter the field upon graduation.

“My time with the Sorenson Impact Institute Impact Investing team has been the highlight of my MBA. Within days of beginning my impact investing internship, I was put on my first deal and dove straight into analyzing product, sizing the market, listening in on diligence calls with the founding team, and learning about an innovative new banking system by Native Americans, for Native Americans. This hands-on experience accelerated my learning and enabled me to source and lead my first deal before the end of my first semester.

Since then, I have gained experience in everything from building financial models and cap tables to creating narratives for investment recommendations. My impact investing internship has complemented my academic work and given me more real-world experience than all my classes put together. Furthermore, it has put my career on a new course–one that is focused on the intersections of impact, finance, and venture capital.”

- INVESTING INVESTING INTERN, HUNTER CONRAD

Our Team

Jim Sorenson Chairman

Ludlow CFO

INVESTMENT COMMITTEE

Eric Sorenson

Lindsay Zizumbo Executive Director

Romney Executive Assistant

SORENSON IMPACT ADVISORY (SIF INVESTMENT ADVISOR)

Lauren Sercu Co-Founder & Managing Partner

SIF INTERNS

Kristina Rodriguez Maljovec Director of Manager Research

Marcella Toronto Director of Client Services & Operations

Luke Sorenson

Ben McAdams

Chid Liberty

Paul

Jenny

Josh Spangler

Mark Ludwig Jeramy Lund

Meredith Shields

Peter Sturgeon

Ally Galloway

Gavin Anderson

Martin Muoto

Krista Sorenson

Jake Hodson