Impact Fund Annual Report 

1Metric shown represents 2021 FY annual figure

2During FY 2022 (note FYE is 3/31/22)

Metrics calculated and provided directly by the general partner or underlying company

metric tons of CO2 offset1

of energy saved – equivalent to the annual energy usage of more than 71,000 households in Europe2

of renewable energy supplied – equivalent to almost 4% of the U.S. energy consumption2

Impact Metrics

Fund II Investment Profiles

Investment and Financial Thesis

  • The Company is underpinned by strong industry tailwinds driven by increasingly stringent global regulatory environmental policy and perceptions, with a substantial amount of whitespace growth opportunities

  • Highly underpenetrated market is now experiencing an inflection point as many companies are increasingly focused on ESG issues and have announced corporate actions to offset their carbon footprints

  • Attractive financial profile driven by consistent top-line growth ahead of market comparables, in an asset-light business with low capex requirements and strong cash conversion

Recent Activity

  • The Partnership fully funded its investment in January 2022 

  • ACT is on track to outperform its 2022 budget, and therefore generate enhanced impact, due to favorable market conditions (COP26 boost & noted enhanced voluntary action from organizations on environmental impact)

Electricity Savings
193 TWh
electricity savings in France through white certificates sourced by ACT
Equivalent annual electricity consumption in France

CO2 Emissions Offset

120 MT
>633,000 km²

Equivalent area of forest sequestering CO2

CO2 emissions offset
through carbon certificates offered  by ACT

690 TWh
Green energy sourced for corporate sustainability pledges via ACT's renewable energy certificates
Equivalent annual power generation in the USA
Green Energy

 Impact Thesis

  • The Company is the largest intermediary in environmental certifications, with the broadest suite of products and widest geographic reach across the value-chain. ACT offers approximately 80 products across five core markets: Carbon emission allowances, energy efficiency certificates, bio certificates, renewable energy certificates and voluntary carbon offsets.
  • Carbon offsetting programs promote improved climate change management and reduce environmental impact. As the company grows its customer base and product offering, it facilitates corporations’ access to environmental solutions.

Clean Energy Transition

ACT is a leading provider of market-based environmental consulting solutions that empower clients to accomplish their climate action goals through an extensive and growing product and service portfolio.

1Patient compliance for FY 2021, compared to the conventional treatment average as of June 2021

2As of June 30, 2022

3Metric shown represents 2021 FY annual figure

Metrics calculated and provided directly by the general partner or underlying company

patient compliance vs 33% conventional treatment average1

patient satisfaction2

conversion (referral to PAP therapy setup)3

patients treated each year

Impact Metrics

Health & Wellness

Impact and Investment Thesis

Sleep dysfunction is a chronic widespread issue, with 50 million to 70 million Americans reporting dysfunctional sleep and an estimated 54 million adults suffering from sleep apnea. The CDC has labeled insufficient sleep as a “public health epidemic.” Accessibility is key to ensuring positive patient outcomes, and when combined with a more affordable and comprehensive solution, BetterNight (fka SleepData) is better able to serve customers than competitors.

Recent Activity

  • In November 2021, the Company partnered with Peerbridge Health, a digital health company focused on heart disease, to accelerate the diagnosis and treatment of patients with both atrial fibrillation and sleep apnea in cardiology practices 

  • In January 2022, Hamilton Lane invested an additional $12.5 million in the Company’s bridge financing round through HL Impact Fund II to support continued growth. HL Impact Fund I previously invested in BetterNight (fka SleepData) in 2021 

  • In 2022, the Company recognized a link between diabetes and sleep apnea, and began working with diabetes practitioners, providing the tools necessary through the BetterNight telehealth platform, to better manage patient needs 

  • BetterNight (fka SleepData) maintained high patient compliance & satisfaction scores while continuing to scale the business

BetterNight (fka SleepData) provides sleep care diagnostics and treatment with a focus on increasing the accessibility and affordability of care while improving patient outcomes through innovations including telehealth offerings.

Fund II Investment Profiles

As of December 31, 2021 unless otherwise noted

1Metric shown represents 2021 FY annual figure

Metrics calculated and provided directly by the general partner or underlying company

GW total worldwide capacity from smart
wind farms installed

metric tons of greenhouse gas 
emissions reduced1

metric tons of CO2 saved

GW of cumulative energy assets managed 

Impact Metrics

Fund II Investment Profiles

Envision Wind Turbines

Envision’s turbines are at the leading edge of low-carbon design and manufacturing, combining higher generation capacity with a lightweight and simplified design.

Investment and Financial Thesis

  • The Company is positioned to benefit from the evolving trends of high-power output through its advanced R&D capabilities and adoption of its double-fed induction technology, which enables wind turbines to achieve optimal coordinated load distribution and reliable, long-term sustainable energy production compared to competitors
  • Envision Energy has strong manufacturing capabilities with industry-leading supply chain management, which contributes to lower production costs and pricing advantages given its high proportion of in-house R&D and production capabilities
  • Hamilton Lane received proprietary access to this deal through our local presence in Hong Kong
  • China aims to achieve carbon neutrality by 2060

Recent Activity

  • In 2021, Envision Energy installed a total of 8.5GW of wind turbine capacity, exceeding its full-year target, and was ranked #2 by volume globally

  • In 2021, the Company’s Galileo wind turbine set an industry benchmark for lowest lifecycle carbon emissions in the wind industry

  • In 2022, Envision Energy delivered the world’s first batch of net-zero batteries to receive the Carbon Neutral Certificate from TÜV SÜD, a widely recognized organization providing trusted safety, security and sustainability solutions

  • In July 2022, the Company announced its partnership with the Government of Spain to build the first Net-Zero Industrial Park in Europe. Envision Energy aims to construct 100 Net-Zero Industrial Parks in the next decade, effectively reducing global carbon emissions by 1 billion tons per year.

  • Envision Energy plans to achieve carbon neutrality in its operations and acquire 20% market share, targeting wind turbine shipments of 10GW capacity, by the end of 2022

Carbon Footprints of International Mainstream Wind Turbines (2011-2021)

Envision’s Galileo wind turbine sets an industry benchmark for lowest lifecycle carbon emissions.

Carbon Footprint per kWh in Life Cycle of a Wind Turbine


Impact Thesis

  • Envision Energy promotes renewable energy adoption by producing and maintaining wind turbines equipped with efficiency-increasing technology, aiming to ultimately achieve net-zero emissions

  • Strong secular tailwinds such as carbon-neutral pledges from both companies and countries, as well as accommodative public policy align with the renewable energy transition facilitated by the Company

  • Envision Energy is well-positioned to continue scaling and contributing to the renewable energy transition as the #4 ranked wind business by volume globally and #2 domestically, with the highest growth rate compared to other leading players in 2020

Clean Energy Transition

Envision Energy provides smart wind turbines, energy storage solutions, energy management software and electric vehicle batteries that enable increased energy efficiency and reliability.

In Q2 2022

Metrics calculated and provided directly by the general partner or underlying company

lbs. of plastic waste reduced

metric tons of CO2 use averted

Impact Metrics

Fund II Investment Profiles

Recent Activity

  • The Partnership funded $7 million of its investment in March 2022

Investment and Financial Thesis

  • High-growth, high-margin product with demonstrated strong demand for green solutions and with international whitespace
  • Backed by secular tailwinds including the increasing use of pipettes and disposable plastic across laboratory settings, as well as the increased awareness of the mission-critical nature of pipette supply due to COVID-19-related supply chain issues
  • Hamilton Lane received proprietary access to the deal and was specifically sought out by the Sponsor given our Impact focus and prior partnership in Impact Fund I company, AeroSafe

It’s estimated that there are enough pipette tips discovered in landfills each year to circle the earth 6x

Reduce Cost Reduce Waste

Labs who use Grenova devices are reducing their consumable biohazard waste and cutting down costs up to 90%.

Impact Thesis

  • Grenova provides the life sciences industry with the only patented and scientifically proven green technology capable of washing and reusing plastic consumables to make labs sustainable, efficient and resilient to supply chain disruptions
  • Laboratory plastic waste accounts for 2M tons of waste in the U.S. alone. Pipette tips are a substantial portion of this waste and the target area for Grenova to-date, though scope exists beyond pipettes.

Health & Wellness

Sustainable Processes

Grenova designs, manufactures and sells products enabling the high-grade cleaning and re-use of laboratory consumables, eliminating significant plastic waste.

# of users with improved access

# of digital assets monitored

# of job applications enabled

# of barriers eliminated

Impact Metrics To Be Tracked

Fund II Investment Profiles

Recent Activity

  • The Partnership fully funded its investment in August 2022

Investment and Financial Thesis

  • Level Access has an end-to-end SaaS solution for the development, testing and remediation of accessibility services, and a simpler and more complete value proposition than other piecemeal solutions
  • Market is at an inflection point (30% growth expected through 2025), with macro & regulatory tailwinds providing an attractive market opportunity

Health & Wellness

Community Development

“Level Access is helping make our accessibility program more sustainable, providing a centralized solution for consistency, education, and self-service.”

IT Accessibility Program Director - Public University

“Level Access has allowed us to “shift left” with accessibility experts at the beginning of new projects, coding accessible solutions upfront instead of fixing issues later when it’s more expensive.”

Digital Accessibility Analyst - Leading Big Box retailer

“Testing with Level Access lets us verify the user experience with real people with disabilities. That’s critical to understanding how our site behaves using the assistive technologies residents depend on."

Web Services & Accessibility Manager - Government Municipality

Customer Testimonials

Impact Thesis

  • Platform for businesses to assess, create, remediate and monitor the suitability of their digital assets for disabled users
  • Equitable digital accessibility is becoming increasingly critical as many modern goods and services are only attainable through digital means
  • Job applications, travel bookings and online education are common tasks that digital tools have made more convenient for the general population, but are currently often inaccessible for disabled individuals

Level Access is a global provider of software that improves disabled individuals’ access to and experience with digital services.

Patient emergency department utilization rate pre NeuroFlow and post NeuroFlow

# of outliers identified through NeuroFlow ‘severity score’

Patients using NeuroFlow product for at least six months, and their various severity levels going forward

Impact Metrics To Be Tracked

Fund II Investment Profiles

Recent Activity

  • The Partnership fully funded its investment in July 2022
  • Stop Soldier Suicide, an organization focused on improving mental health among veterans, announced a partnership with NeuroFlow with a goal to track symptoms more efficiently and deliver customized education and awareness tools within the community

Investment and Financial Thesis

  • The U.S. behavioral health market is expanding with a need to rein in costs and increase efficiency. NeuroFlow’s software addresses both of these pain points.  
  • The Company has a robust and scalable economic model with a highly variable cost structure, and with 80%+ gross margins while addressing a key need in healthcare.
  • Blue-chip customer base includes Prudential, Magellan, Trinity Health, Capital Blue Cross, U.S. Air Force, U.S. Army and U.S. Navy, among others

Leverage Data

Ingest Data

Gather Data

Remotely Monitored Assessments

In-Clinic Assessments

Therapy and Journal Entry Tracking

Crisis Resource Utilization

Activity From Wearables

Patient Generated Data

BH Diagnosis


Treatment Plans

Claims Data

Social Determinants of Health

Medical Data

Virtuous Feedback Loop

Triage patients to the right care at the right time, improving outcomes and lowering total cost of care

High Severity

Urgent alerts sent to physicians to treat patients immediately who are getting worse or having suicide ideation.

Seamlessly refer patients to behavioral care specialists who can help patients manage mental health conditions.

Low Severity

Patient-engagement app with clinical content and automated follow-ups to continually monitor mental health status and reduce probability of mental health crisis.

Moderate Severity

Health & Wellness

Impact Thesis

  • NeuroFlow’s hybrid care model, where digital engagement reinforces in-person clinical care, presents a unique opportunity to enhance the overall effectiveness of behavioral healthcare  
  • The Company uses its proprietary data set to identify high-risk patients and then directs patients to the proper care at the correct time
  • Behavioral health conditions are expensive, difficult to treat and often forgotten until health crises arise – NeuroFlow helps health systems identify, engage and treat patients effectively
  • The Company’s CEO experienced firsthand the gaps in the behavioral health system when he returned from military service abroad and saw how veterans and civilians alike face too many barriers when it comes to receiving appropriate, timely care

Neuroflow is a provider of behavioral health software that enables remote monitoring and behavioral health integration across the continuum of care, including psychology, primary care and pain management settings.

As of March 31, 2022 unless otherwise noted 

1As of December 31, 2021

Metrics calculated and provided directly by the general partner or underlying company

students enrolled


learner satisfaction

Impact Score1

Impact Metrics

Fund II Investment Profiles

Recent Activity

  • As part of our initial investment in October 2021, Penn Foster acquired Carrus, a provider of online healthcare training and professional development, broadening the types of opportunities available to Penn Foster students and making it one of the largest skills-based training platforms in the country
  • In February 2022, the Company was included in the GSV EdTech 150 List, identifying it as one of the most transformational private companies in the digital learning space
  • In March 2022, Thrive Pet Healthcare partnered with Penn Foster, sponsoring its veterinary assistants in the completion of the Company’s Veterinary Technician Associate Degree

Investment and Financial Thesis

  • Penn Foster is a market leader in an industry backed by tailwinds as the shift to online education and increased demand for middle-skill workers is expected to continue, with a current lack of labor supply creating future enrollment demand
  • The Company displays recession-resilient characteristics as unemployed workers take the opportunity to reskill during downtimes
  • Hamilton Lane received proprietary access to the deal through proactive outreach to the Sponsor and an existing relationship with another co-investor






Penn Foster

Coding Bootcamps

Community Colleges

National College Average

For-profit Colleges

Average Student Loan Debt by Institution Type - 2020

Community Development

Impact Thesis

  • Penn Foster addresses the high financial and lifestyle costs associated with higher education by offering a low-cost, high-value, flexible solution that allows students to graduate debt-free and develop skills that are in high-demand by employers. On average, a Penn Foster student only pays approximately 10-20% of tuition compared to similar two-year programs at a community college.
  • The Company provides access to education through its self-paced, career-relevant programs, including high school equivalency, college degree, veterinary, allied health, skilled trades, art/design, business and other verticals
  • Penn Foster’s growth will directly result from increased student enrollment, completion rates, access to education and employment outcomes. The Company’s completion rates perform in line with similar institutions.

Penn Foster provides access to education and workforce development tools through a flexible delivery model, which supports self-paced learning, drives improved student outcomes and promotes affordable learning.

As of June 30, 2022

Metrics calculated and provided directly by the general partner or underlying company

cumulative Ubicell unit shipments across 
nine total locations

client devices connected to network

distribution transformer monitor data points

reduction in KwH consumption in San Jose

metric tons of CO2 savings in San Jose

Impact Metrics

Fund II Investment Profiles

Simply Connected. Simply Smart.

Energy & Environment

Clean Energy Transition

Community Development

Impact and Investment Thesis

Ubicquia’s technology leverages existing infrastructure to make cities smarter, safer and more connected by reducing energy costs and expanding public broadband, helping to bridge the digital divide. The Company is expected to undergo significant growth as it scales its 5G technology and leverages existing key partnerships with AT&T and Ericsson. 

Recent Activity

  • December 2021, Hamilton Lane invested $2.0 million through Fund I and $8.0 million through Fund II in a subsequent, oversubscribed financing round to help support further growth in the Company 

  • In May 2022, Ubicquia partnered with Movandi Corporation, a leader in 5G mmWave RF semiconductor technology, to create a streetlight-mounted smart repeater that installs in minutes and is compatible with 360 million existing streetlights worldwide

  • In June 2022, the Company was named a 2022 Best of Sensors in the Industrial IoT category by Questex’s Sensors Coverage and Fierce Electronics. CEO Ian Aaron was named Entrepreneur of the Year in Florida by Ernst & Young

  • In July 2022, Ubicquia launched two UbiHub platforms, a streetlight Wi-Fi platform that delivers reliable, public broadband services and cameras for traffic analytics, public safety and license plate recognition 

Ubicquia provides a cost-effective and expandable platform for Smart City and Smart Cell deployments to municipalities, utilities, telecoms and broadband service providers.