Investment Profiles

Impact and Investment Thesis

AeroSafe’s innovative packaging allows customers to safely deliver temperature-sensitive products in a sustainable, environmentally friendly and reusable package that provides superior performance, while using substantially less material than typical packaging solutions. The Company benefits from industry tailwinds as the global cold-chain logistics market is expected to grow more than 25% in the next five years, driven by the increasing development of biologics and vaccines requiring cold storage.

Recent Activity

• As of November 2022, more than 50 world-class healthcare organizations, including 12 of the top 20 global pharmaceutical manufacturers, rely on AeroSafe for its comprehensive cold chain-as-a-service offering.

• The Company also supports pharmaceutical distribution in 95 countries across eight global centers. As a result of its container reuse program, AeroSafe has already reduced its customers’ carbon footprint by 70% and landfill waste by 95%. 

• In 2022, AeroSafe was named #1 on the Top 100 list of fast-growing, privately owned companies in the Rochester and Finger Lakes region, largely due to the Company’s critical role in the safe and efficient delivery of more than 1 billion COVID-19 vaccines across the world. 

• In May 2023, AeroSafe announced the launch of its Patient and Provider Services, which enables proactive monitoring of the delivery process to minimize risk and improve the customer experience. Through timely, personalized information, education and support, AeroSafe strives to enhance the patient experience and ultimately improve outcomes. 

Investment Profiles

Impact and Investment Thesis

Benevity’s platform encourages employee engagement and philanthropy; employees who both volunteer and donate through the platform have been shown to donate nearly two times as much as non-volunteers. Users are able to nominate new charities onto the Donation Platform, creating an attractive network to match employees and corporations with charities.

Recent Activity

• In 2022, total donation volume increased 21% year-over-year driven by an increase in the number of new givers on the Benevity platform as well as a slight increase in corporate matching rates compared to the prior year. 

• Benevity added ~200 new clients to its community in 2022 for a total of 979 purpose-driven companies. 

• In 2023, the Company produced its “The State of Workplace DEI” report, revealing that diversity, equity and inclusion (“DEI”) remain a high priority for employees with 78% of employees stating they would not consider working for a company that fails to commit significant resources to prioritizing DEI initiatives. 

• In April 2023, Benevity partnered with Count Us In, a global leader in sustainability, as part of the launch of its Climate Action Kit, which enables companies to incorporate climate action into their corporate purpose programs. 

Investment Profiles

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 is better able to serve customers than competitors. 

Recent Activity

• In March 2023, NewSpring, with participation from Hamilton Lane and HCAP Partners, led a growth funding round for BetterNight, totaling $33 million that will be used to continue the Company’s nationwide expansion through partnerships with physician practices, health systems, and insurers and to invest in technology to support increased patient engagement and remote patient monitoring.  

• In August 2023, BetterNight announced the addition of Dr. Marc Benton as a Staff Doctor, bringing 35 years of experience in sleep medicine. Dr. Benton is expected to expand the Company’s footprint in New Jersey.

Investment Profiles

Impact and Investment Thesis

Bloomerang’s software helps search, engage and retain advocates by enabling users to view, organize, track and measure donor engagement levels, addressing the biggest challenge for non-profit organizations - donor retention. The Company’s sticky platform offering has positioned it to capture additional market share within the donor management software space, which is largely fragmented.

Recent Activity

• In March 2023, Bloomerang acquired InitLive, a volunteer management solutions platform, to improve how non-profit organizations attract, engage, and sustain relationships within both donation- and volunteer-based programs. 

• Following the Company’s acquisition of InitLive, Bloomerang launched Bloomerang Volunteer, which allows non-profit organizations to identify volunteers likely to become repeat donors, manage more volunteers in less time, and demonstrate meaningful program impact. 

Investment Profiles

Impact and Investment Thesis

Brightcore’s offerings help customers improve their environmental footprint and lower energy costs in order to achieve meaningful reductions in emissions and waste. The Company addresses clear needs for energy transformation across several key business lines including LED lighting, solar Photovoltaic installation, geothermal heating and cooling, battery storage and EV charging.

Recent Activity

• In November 2022, Brightcore was awarded the largest geothermal HVAC project to date in New York. The project is now in the early stages of construction. 

• Geothermal is Brightcore’s fastest growing segment. Driven by strong customer demand and the team’s increasing origination focus, the Company’s geothermal HVAC pipeline has grown to approximately $210 million, as of March 31, 2023. Geothermal HVAC is strongly positioned to displace fossil-fueled boilers in urban environments. 

• Brightcore is New York Power Authority’s direct install partner for LED lighting in New York. The Company has been awarded, and is advancing, several high-profile projects in New York City for New York Power Authority. In 2023, initial projects include multiple New York City Police Department sites and One World Trade Center. 

• Solar continues to be a strong sector for Brightcore and is forecasted to account for more than half of the Company’s revenues in 2023. Many of Brightcore’s solar projects in 2023 are expected to primarily serve the New Jersey Community Solar Energy Program, which enables utility customers to benefit from the cost savings and reduced carbon footprint of solar power despite not owning or utilizing solar systems at their personal residence directly. The Company continues to evaluate additional community solar opportunities in other markets that can be added to the pipeline. 

Investment Profiles

Climate Impact Partners has received the following accolades or awards:

• The Queen’s Award for Enterprise in Sustainable Development (2014, 2019)  

• Rated the #1 profit with purpose employer in the U.K. by Escape the City (2019) 

• Better Society Award (2021) 

• Rated a Best for the World B Corporation in the U.K. (2022)

• Nature and Biodiversity Project of the Year by Edie Sustainability Leaders Awards in partnership with Mikro-Tek for mycorrhizal forestry in Chile (2022) 

• National Energy Globe Award in partnership with Ecofiltro for their water filtration and cookstoves project in Guatemala (2022) 

• Best Project Developer (10 consecutive years), Best Offset Retailer (11 consecutive years) and Best Advisory Service (4 years) from Environmental Finance 

Investment Profiles

Metrics shown represent cumulative figures as of June 30, 2023, unless otherwise noted. 

¹Metrics shown are based on a web survey conducted between January 25, 2023 and March 1, 2023, with a sample of 55,648 respondents who completed a course, Professional Certificate, Specialization, University/MasterTrack Certificate, or degree program on Coursera between June 1, 2021 and September 30, 2022. 

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

Impact Metrics

129M
registered learners

300
total educator partners
(universities and industry leaders) 

1,290+
paid enterprise customers
(business, government, campus)

6,100+
courses

50+
degree programs

130+
certificates offered

19,060+
degree program enrollments

77%
of global learners (and 91% in developing economies) report career benefits¹

Impact and Investment Thesis

Coursera broadens access to higher education and skill development through its affordable online platform. The Company is a leader in a large and growing market, benefitting from strong short-term and long-term industry tailwinds.  

Recent Activity

• The Company continues to benefit from the increasing demand for online or hybrid learning as well as remote work, which was accelerated by the COVID-19 pandemic. 

• Coursera’s platform has continued to scale as the demand for global education strengthens, with total enrollments increasing 22% year-over-year (as of March 31, 2023).

• In May 2023, Coursera released a Learner Outcomes Report, which shares insights from more than 55,000 learners across 190+ countries using the Coursera platform.

  • 77% of learners (and 91% in developing countries) reported career benefits, such as getting a new job, earning a promotion and gaining applicable career skills.

  • 30% of unemployed learners found employment after completing their most recent course or program on Coursera. 

Investment Profiles

Recent Activity

• In June 2022, the California Department of Water Resources approved EIP’s contract of the Lookout Slough Tidal Habitat Restoration and Flood Improvement Project, the largest tidal habitat restoration project in California history, which aims to restore tidal wetlands and reduce overall flood risk in the Sacramento area. 

• As of June 2023, the Fund had closed on eleven investment projects totaling 16,000+ acres and had a pipeline of six additional projects totaling 9,800+ acres.  

• In Q3 2023, EIP closed its most recent investment, the Caloosahatchee Mitigation Bank, a proposed 650-acre wetland mitigation bank to be developed in the Caloosahatchee watershed and to meet the needs of the growing Ft. Myers area.

Impact and Investment Thesis

EIP has focused on ecological restoration solutions since inception and has developed significant expertise in the areas of engineering, wetlands biology and regulatory relations. EIP has established a deep set of relationships with natural resource agencies and conservation organizations, which provide access to significant deal flow, key resources for deal developments and outlets for property divestitures.  

Investment Profiles

Impact and Investment Thesis

Imagine Learning’s digital courseware can be used to fill the gaps resulting from teacher shortages and resource deficits that disproportionately affect low income and minority populations. The Company has a scalable platform with a large customer base that is well-suited to expand into additional school districts with limited additional capital expenditures. 

Recent Activity

• In November 2021, Weld North Education announced its rebranding to Imagine Learning, which includes all the Company’s products and solutions under one name, united by a shared mission “to ignite learning breakthroughs”. 

• In 2022, Imagine Learning partnered with a speech recognition company to bolster their existing Language & Literacy program, using a voice technology tool that will allow educators to assess and support student reading and language learning progress more accurately and efficiently. 

• In June 2023, a new study revealed Idaho students using Imagine Math showed academic growth and higher scores on a state assessment. The study showed a positive relationship for all grades between Imagine Math lessons passed and standardized test score growth with a statistically significant relationship for grades 4 through 7. The study also observed positive and significant relationships between Imagine Math Lessons passed and ISAT math score growth for various student subgroups, including special education students, English learners, students who are eligible for free or reduced-price lunch, and Hispanic/Latino or American Indian/Alaskan Native students. 

Investment Profiles

Impact and Investment Thesis

Misfits Market (fka Imperfect Foods) was founded with a mission to offer sustainability-conscious consumers curated groceries and produce with a goal of reducing food waste. Food waste is responsible for 8-10% of global greenhouse gas emissions. Misifts Market reduces food waste and avoids associated greenhouse gas emissions by utilizing food that otherwise would have gone to lesser outcomes or to a landfill. 

Recent Activity

• In March 2022, Imperfect committed to becoming a net-zero carbon company by 2030 and was certified as a B Corporation. 

• In September 2022, Misfits Market acquired Imperfect Foods. Together, the businesses will be able to exponentially grow their impact, and offer better service, improved selection, and even more opportunities to reduce food waste. 

• In September 2022, the Company announced the Upcycling Challenge in partnership with the Upcycled Food Association to encourage collaboration and creative thinking among food suppliers and manufacturers. By giving new life to leftovers and other manufacturing byproducts, Misfits Market intends to harness innovation and help reshape the food industry for the better. 

• Misfits Market is committed to ending food apartheid in the United States by 2025 by identifying communities with low income and low access that are not served by the traditional food system. In doing so, the Company intends to prioritize affordability while expanding selection of quality groceries, address accessibility by delivering to nearly every zip code in the U.S. and track sustainability by measuring impact on the environment and communities.

• Since inception in 2018, the Company has rescued more than 278 million pounds of food. 

Investment Profiles

Investment Profiles

Impact and Investment Thesis

Battery storage assets help reduce the reliance on high-cost, high-emission oil and natural gas peaker plants, playing a critical role in balancing intermittency associated with solar and wind power generation. Extensive wind penetration and projected additions of intermittent renewable power sources have resulted in conditions expected to increase power price volatility, a trend that should be supportive of battery storage.  

Recent Activity

• In October 2022, Project Power sold its portfolio of seven energy storage assets, which included three operating and four development projects to a strategic buyer in the renewable energy space; the investment is now exited.

• Going forward post-sale, Project Power’s platform is expected to enable more than 1 GW of renewable energy generation, energy storage and efficiency improvements to be built, contributing to clean energy production required to limit global warming and the effects of climate change.  

Investment Profiles

Investment Profiles

Fund Vintage: 2019

Fund Strategy: Real Assets

Impact and Investment Thesis

The General Partner seeks to generate value by optimizing water and land use with a primary focus on opportunities located in the western U.S. and a secondary focus on opportunities in Australia, Chile and other regions globally. RRG has partnered with The Nature Conservancy, which will assist in evaluating and sourcing opportunities, while ensuring that investments are aligned with conservation objectives. 

Recent Activity

• The Fund supports natural climate solutions and remains focused on water stewardship, biodiversity & habitat conservation, sustainable agriculture, and climate change mitigation.

• In 2022, the Fund continued its goal-setting process for conservation objectives over the life of the Fund, aiming to: 

  • Allocate 20,000 acre-feet of water to support key species and ecosystems, 

  • Permanently protect 2,100 acres of wetland habitat, 

  • Restore or improve the management of 530 acres of wetland habitat, 

  • Establish 6,000 acres of temporary wetlands for migratory birds, 

  • Improve 14 miles of streams by better managing riparian areas, 

  • Permanently protect 22,200 acres of terrestrial habitat, 

  • Restore or improve the management of 2,700 acres of terrestrial habitat; and 

  • Establish 3,700 acres of temporary habitat by managing farmland as wildlife-friendly or by planting cover crops on fallowed land. 

• As of June 30, 2023, the Fund was ~91% committed across 14 project-based investments in the U.S., Australia, Chile, Peru and Uruguay.  

• The Fund’s portfolio is diversified across themes and is comprised of 36% water assets, 63% agricultural assets and 1% renewable energy assets, as of June 30, 2023. 

Investment Profiles

Impact and Investment Thesis

Smart Wires’ power flow control devices allow utilities to increase the efficiency and resiliency of existing infrastructure. This innovative Smart Valve technology addresses the growing problem of energy grid capacity, utilization and congestion, which demands $90 billion per annum of spend over the next 10 years in the U.S. and Europe.

Recent Activity

• In 2022, Smart Wires began exclusively shipping 10 MVAr units, which has allowed the Company to significantly increase its carbon. abatement versus selling a mix of 1 MVAr and 10 MVAr units. 

• In November 2022, the Company announced the delivery of its first project in Canada, representing the country's first digital power flow control technology project.

• In January 2023, Smart Wires announced its successful completion of a large-scale project that enables the connection of over 400 MW of renewable energy in Colombia, supporting demand growth and reducing electricity tariffs in the region. 

• In February 2023, the Company announced its work supported by Sustainable Energy Authority of Ireland on a new software tool that enables the utilization of additional wind and solar power on the grid in real time, providing more automated grid operations.  

• Smart Wires aims to be net zero by 2050.
  

Investment Profiles

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

• In September 2022, Ubicquia announced a strategic partnership with Eco Partnering Innovations, a Florida-based Smart City and Connected Vehicle solutions provider, and Miller Alliance Group, a North Carolina-based Smart City technology provider, to provide better insights into traffic safety and the intelligence required to increase traffic efficiency.  

• Over the last 12 months, Ubicquia has been awarded: 

  • The ISO 27001 certification, a leading standard for information security management,  

  • The AWS GovCloud certification, enabling the Company to store sensitive information and regulated workloads in the cloud,  

  • The Industrial Design Excellence Award by the Industrial Designers Society of America and an iF Design Award for its UbiHub AP/AI product 

  • One of five winners of the 2022 America’s DataHub Innovation Challenge,  

  • The Overall Wi-Fi Network Infrastructure of the Year award for its UbiHub Smart City Platform at the Mobile Breakthrough Awards; and

  • The TALQ certification for its UbiVu product, allowing the Company to integrate and work with other TALQ-certified, lighting management systems.

• In March 2023, Ubicquia established partnerships with three new utility partners, Howard Agency, National Transformer Sales and Utility Sales Agents of South Texas, to expand its go-to-market strategy for its UbiGrid DTM+ product throughout the Eastern United States.  

• In March 2023, Ubicquia also partnered with MCA, an advisor for wireless communications, data and security solutions, further strengthening its UbiHub and UbiCell go-to-market strategy.  

• In July 2023, Ubicquia announced a distribution partnership with UrbanSP to expand the Company’s geographic reach throughout Latin America and the Caribbean. Ubicquia plans to continue to expand globally in 2023.  

Investment Profiles

Impact and Investment Thesis

Currently, the majority of the world’s waste is either landfilled or dumped, both highly unsustainable solutions. Viridor’s EfW facilities limit the amount of waste that is landfilled or dumped and generates partially renewable energy as a by-product. The Company’s EfW business is backed by local authority contracts in the U.K. These contracts have tenors of 20 to 25 years with contracted inflation-linkage, proven high margins and strong cash conversion. 

Recent Activity

• In 2022, Viridor formed a partnership with a charity organization, Reuse Network, to support a program that raises awareness of the importance and benefits of ‘reuse’ in all communities across the U.K. In 2023, the Company renewed its commitment to Reuse Network. 

• Viridor aims to achieve net-zero emissions by 2040 and become the first net-negative emissions waste and recycling company in the U.K. by 2045.  

• The Company finalized its circular economy strategy, which aims to end the export of plastic waste and focus on reprocessing all four major forms of plastics by working with industry and government professionals to achieve fully circular recycling of polyethylene terephthalate (PET), high-and-low density polyethylene (HDPE and LDPE) and polypropylene (PP) by 2025. Using CO2 captured from Viridor’s EfW plants, the Company will seek to end the dependency on chemicals sourced from fossil fuels to generate plastic materials by 2040.