Impact Fund Annual Report 

Investment Profiles

Sustainable Processes; Health & Wellness 

Materials

$4M

July 2019

Impact Focus Area(s) 

SDGs

Industry

Peloton Equity 

Commitment

Inv. Date

GP

AeroSafe Global develops and manufactures aerogels and aerogel-related materials for use in temperature-sensitive shipping applications, providing end-to-end cold chain logistics solutions primarily for the pharmaceutical and biomedical industries.

gallons of water consumption reduced  

40M

metric tons of landfill waste reduced 

13,000

total shipments

return rate for shipping boxes in its container reuse program 

98%

MWh of electricity use reduced vs. traditional Styrofoam solutions

90,000

1.1M

shipments of COVID-19 vaccines, containing 101M doses

93,000

Impact Metrics

Metrics shown represent 2023 CY annual figures. 

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

Metric projections calculated by Hamilton Lane based on run rate figures and total expected

hold periods. 

Impact Over Hold Period

Estimated CO2 Avoided (Metric Tons)

2023

2022

Projected Remaining

Actual

Impact and Investment Thesis

AeroSafe Global’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

  • AeroSafe Global was recognized as one of the fastest-growing privately owned companies in the United States for its continued cold chain innovation, ranking No. 1,238 on the Inc. 5000 list and earning a top 15 position in Rochester’s Top 100 list in 2023. (August 2023) 

  • AeroSafe Global was ranked No. 280 on the Deloitte Technology Fast 500, a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech and energy tech companies in North America, after achieving 477% growth in 2023. (November 2023)

  • Today, more than 45 biopharma companies trust AeroSafe to help them deliver millions of shipments to thousands of patients, providers, pharmacies and hospital systems in 85 countries. (December 2023) 

  • AeroSafe Global collaborated with New York State Pollution Prevention Institute to compare reusable and single-use cold chain shipper solutions. Findings revealed that AeroSafe Global’s solutions have an aggregate average cumulative energy demand impact 45% lower than traditional Styrofoam solutions. (December 2023) 

  • BioCare, a leader in specialty pharmaceutical distribution, partnered with AeroSafe Global for all temperature-sensitive shipments, aiming to reduce carbon emissions by 65%, reduce landfill waste by 90%, achieve a 99% return rate on packaging and reinforce its commitment to sustainability. (October 2024)

Cumulative Energy Demand quantifies the total energy consumed throughout a product's life cycle. ASG’s shippers require transportation to enable distribution. By focusing on CED, the company can assess the overall energy efficiency of its operations and identify opportunities for energy optimization and conservation.

Swapping single-use packaging for a reusable solution can significantly impact the ability for companies to reach net zero goals

Investment Profiles

Community Development

IT

$6M

November 2019

Impact Focus Area(s) 

SDGs

Industry

JMI Equity/Hg Capital 

Commitment

Inv. Date

GP

Benevity is a provider of cloud-based workplace giving and employee engagement solutions that facilitate corporate social responsibility programs such as employee and employer giving, corporate matching, and volunteering initiatives. 

donations processed ($15.2B total1)

$3.2B

purpose-driven companies

1,000

unique volunteers (a 57% increase vs. the prior year)

1.4M

unique non-profits/causes supported globally (including 52,000 new non-profits/causes added and 470,000 total1)

291,000

36.4M

50.3M

20.2M

14.3M

Impact Metrics

Impact Over Hold Period

Volunteer Hours

2023

2022

Projected Remaining

Actual

Metrics shown represent 2023 CY annual figures, unless otherwise noted. 

1Metrics shown represent cumulative figures as of December 31, 2023, since company inception. 

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

Metric projections calculated by Hamilton Lane based on run rate figures and total expected

hold periods.

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

  • Benevity reported a 14% increase in total dollars donated by companies and employees in 2023. 

  • While the Company reported a 9% decrease in donations by individuals in 2023 amid high inflation and recession worries, Benevity observed a 42% increase in employee volunteer hours.  

  • In The State of Corporate Purpose 2024, Benevity reports 90% of companies expect the same or greater budget for social impact investments, with an emphasis on impact data & measurement, employee learning & social action programs and expansion of programs geographically.  

Did you know? More than half of companies are taking their volunteer programs to the next level this year. Beyond fostering employee connections, organizations are evolving their programs to drive social impact more deeply through skills-based volunteering and non-profit board service programs.

Investment Profiles

Health & Wellness 

Healthcare

$6M (Fund I); $15M (Fund II)

April 2021 (Fund I); January 2022 (Fund II)

Impact Focus Area(s) 

SDGs

Industry

HCAP Partners 

Commitment

Inv. Date

GP

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.

resolution of insomnia symptoms

92%

90-day patient compliance (vs. 33% for conventional treatment)

patient satisfaction

99%

73%

diagnostic process
(vs. a 4-month average for conventional treatment)

2-week

in cost reductions vs. conventional treatment

50%

Impact Metrics

Metrics shown represent 2023 CY annual figures. 

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

Metric projections calculated by Hamilton Lane based on run rate figures and total expected

hold periods.

Impact Over Hold Period

Patient Treatments Provided via Better Access to Healthcare

2023

2022

Projected Remaining

Actual

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

  • During Mental Health Awareness Month, BetterNight highlighted the following sleep apnea statistics: (i) approximately 80% of moderate and severe obstructive sleep apnea cases are undiagnosed, (ii) untreated sleep apnea can lead to a 3-4 times higher risk of stroke and a 2-3 times higher risk of heart disease and (iii) the economic impact of undiagnosed sleep apnea in the U.S. is estimated to be nearly $150 billion annually. (May 2024) 

  • The Company noted the intersection between sleep apnea and hypertension, emphasizing the cardiovascular risks associated with disrupted breathing during sleep. BetterNight referenced studies that show early detection and treatment of sleep apnea in hypertensive individuals improves patient outcomes, promoting continuous positive airway pressure therapy as an effective treatment for sleep apnea and lowering blood pressure. (May 2024) 

  • BetterNight highlighted the gender-specific differences in sleep apnea diagnoses and treatment, sharing that symptoms often present differently in women than men and emphasizing the importance of personalized treatment and advancements in technology to ensure equitable and improved sleep health outcomes. (June 2024) 

  • The Company announced its acquisition of Epoch Sleep Centers, a provider of full-service sleep apnea solutions including diagnostics and treatment, which is expected to expand BetterNight’s geographic footprint in the Northeastern U.S. (September 2024)  

BetterNight’s comprehensive solution simplifies the sleep apnea patient journey and adds zero burden to physicians and their practice. This solution is efficient, less costly and delivers double the average customer satisfaction

$12.0B

$22.0B

$8.0B

$6.8B

Impact Over Hold Period

Donation Volume ($USD)

2023

2022

Projected Remaining

Actual

Investment Profiles

Community Development

IT

$9M

October 2020

Impact Focus Area(s) 

SDGs

Industry

JMI Equity 

Commitment

Inv. Date

GP

Bloomerang provides donor management and retention software for small- and mid-sized, non-profit organizations, aiming to increase donation volumes for its customer base across a variety of missions.  

total donors/constituents using the platform

90M

total non-profits using the platform

18,000

Impact Metrics

Metrics shown represent data as of December 31, 2023. 

Metrics shown include consolidated data from Bloomerang and Kindful. 

1Metrics shown represent cumulative figures since our investment in October 2020. 

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

Metric projections calculated by Hamilton Lane based on run rate figures and total expected

hold periods.

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

  • Bloomerang acquired Qgiv, a leading provider of fundraising software, which is expected to drive ongoing growth, ultimately allowing Bloomerang to help non-profits attract more donors and improve fundraising outcomes. (December 2023) 

Andrew Durante discusses our investment in Bloomerang and dives deeper into the Hamilton Lane advantage

With Bloomerang's all-in-one giving platform, non-profits can raise more funds, maximize their impact, and create transformative change.

kWh of avoided electricity generation

23M

Investment Profiles

Clean Energy Transition 

Energy

$4M

July 2021

Impact Focus Area(s) 

SDGs

Industry

SER Capital 

Commitment

Inv. Date

GP

Brightcore is a development, implementation and financing platform for commercial and institutional customers to deploy renewable energy and energy efficiency solutions.

Impact Over Hold Period

Estimated CO2 Avoided (Metric Tons)

2023

2022

Projected Remaining

Actual

Impact Metrics

Metrics shown represent 2023 CY annual figures, unless otherwise noted. 

1Metrics shown represent total CO2 avoided over the life of assets as of December 31, 2023. 

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

Metric projections calculated by Hamilton Lane based on run rate figures and total expected

hold periods.

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

  • Brightcore announced plans to work with Signify, an official National Hockey League partner, to bring energy-efficient LED and connected lighting solutions to community ice rinks across the United States. (January 2023) 

  • The Company announced a new solar project alongside Altus Power (NYSE: AMPS), a leading provider of clean electric power, and Brennan Investment Group, a privately held industrial real estate owner in the U.S., consisting of more than 16,000 solar panels across 19 properties with an estimated combined production of 8,993 MWh of electricity annually. (January 2024) 

  • Brightcore received approval, alongside Con Edison, one of the largest energy companies in the U.S., for the Thermal Conductivity Testing Incentive program, which is expected to offset the eligible costs of Geothermal Conductivity Tests by 50%, up to a maximum incentive of $40,000. (March 2024) 

  • The Company commenced construction of a new state-of-the-art geothermal heating and cooling project at Bard College in New York, transforming an existing building with a fossil fuel-fired system and conventional chiller into a ground-source heat exchanger and heat pump plant. (March 2024) 

  • Brightcore was recognized on the Forbes 2024 America's Best Startup Employers, placing in the Top 100 (#92) and Top 10 in the Energy Segment. (March 2024) 

Powering Change

30.0M

65.6M

11.1M

11.7M

Impact Over Hold Period

Estimated CO2 Avoided (Metric Tons)

2023

2022

Projected Remaining

Actual

Investment Profiles

Clean Energy Transition 

Industrials 

$10M

September 2020

Impact Focus Area(s) 

SDGs

Industry

Averna Capital 

Commitment

Inv. Date

GP

Climate Impact Partners (fka ClimateCare/Natural Capital Partners) provides carbon offset consulting services, carbon finance project development and carbon credit portfolio creation & management. The Company structures, develops and delivers large-scale emission reduction and removal programs for corporate clients across the voluntary and compliance carbon markets.

Impact Metrics

Metrics shown represent LTM figures as of March 31, 2024. 

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

Metric projections calculated by Hamilton Lane based on run rate figures and total expected

hold periods.

Impact and Investment Thesis

Climate Impact Partners works with corporations to assess their carbon footprint and create a program in which the client can purchase carbon credits to fund a range of sustainability projects. The carbon market is projected to accelerate as consumer demand for sustainability, regulation and climate risk to operations and supply chains increases causing companies to proactively consider corporate actions related to ESG and their carbon footprints.   

Recent Activity

  • The Company conducted its fifth annual study assessing the climate commitments of Fortune Global 500 companies, revealing that more than 75% of the world’s largest companies are now reporting emissions and more than half are reporting Scope 3 emissions. (September 2023) 

  • Climate Impact Partners partnered with Botanic Gardens Conservation International, a global expert in plant conservation, to launch Save A Species, a biodiversity program enabling companies to protect the world’s threatened tree species. (February 2024) 

  • The Company launched the Climate Action Protocol, a digital tool that enables companies to make confident climate claims based on internal reductions and carbon credit use, allowing for alignment to several industry frameworks. (March 2024) 

  • Climate Impact Partners and WeForest, known for their global reforestation projects, launched a high impact mangrove restoration project in Senegal – The project is expected to deliver 1 million metric tons of carbon removals over the next 30 years and restore habitats for 50+ mammal species and 100+ migratory birds. (March 2024) 

  • Climate Impact Partners launched The Panna Project, a community-based afforestation project in India that enables companies to secure nature-based carbon removal credits – The project is expected to deliver more than 2 million metric tons of verified carbon dioxide removal units. (September 2023) 

  • The Company received the Corporate Excellence Award from American Carbon Registry for the scale of its global climate solutions. (March 2024)   

14.3M

Investment Profiles

Community Development 

Consumer Discretionary 

$7M

July 2020

Impact Focus Area(s) 

SDGs

Industry

New Enterprise Associates 

Commitment

Inv. Date

GP

Coursera is an online education company that partners with top universities and industry leaders to offer courses, specializations and degrees, providing affordable education and enabling individuals to build careers.

certificates offered

degree program enrollments

125+

degree programs

paid enterprise customers (business, government, campus)

22,200+

55+

courses

total educator partners (universities and industry leaders)

1,480+

7,100+

325

Impact Metrics

Metrics shown represent data as of March 31, 2024. 

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

Metric projections calculated by Hamilton Lane based on run rate figures and total expected

hold periods.

67.7M

78M

24M

21M

Impact Over Hold Period

New Registered Learners

2023

2022

Projected Remaining

Actual

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

  • Coursera’s platform has continued to scale as the demand for global education strengthens, with total enrollments increasing 23% year-over-year. (March 2024) 

  • Coursera released a Global Skills Report, which shares insights into the rapidly transforming global skills landscape and highlights several significant trends driven by AI, digital transformation and automation. (June 2024) 

    • In 2023, a learner signed up for an AI course on Coursera every minute. By 2024, this rate had quadrupled, indicating how learners are actively preparing for AI’s impact on their careers and a digital economy. 

    • Coursera has experienced a 69% increase year-over-year in professional certificate enrollments primarily driven by the growing need for essential digital skills. 

    • Coursera found that nearly one-third of U.S. workers lack foundation digital skills, with workers of color disproportionately affected. With fewer than 100,000 U.S. graduates earning engineering and computer science degrees each year, Coursera seeks to close this digital skills gap by offering AI-focused courses and certificates.   

Investment Profiles

Clean Energy Transition; Sustainable Processes 

Real Assets

$3M

2019

Impact Focus Area(s) 

SDGs

Fund Strategy

Ecosystem Investment Partners 

Commitment

Vintage Year

GP

Ecosystem Investment Partners (“EIP”) targets investments in large-scale ecological restoration and conservation projects, with a focus on stream and wetland mitigation. The General Partner has extensive operating expertise and a strong track record in this area.

trees planted

2.4M

metric tons of pollution removed

8,000

permits serviced for mitigation and restoration

91

miles of streams being or to be restored

82

acres of wetlands being or to be restored

42,000

total acres of wetlands restored

41,000

miles of streams restored

237

conservation acres under easement

60,000

Impact Metrics

Metrics shown represent cumulative figures as of June 30, 2024. 

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

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.

Recent Activity

  • EIP Managing Partner, Adam Davis, was honored by the Environmental Law Institute with the National Wetland Awards' Business Leader of the Year Award. (May 2023) 

  • EIP partnered with The Nature Conservancy to participate in a research study they are conducting in Northern Minnesota on Lake Superior to begin to measure the carbon sequestration potential of peat bogs. (July 2023) 

  • EIP successfully conveyed the 245-acre Walker Canyon property to the Western Riverside County Regional Conservation Authority (RCA) as part of their mandate to permanently conserve public lands in this significant and biologically unique area. Aside from being home to the Burrowing Owl, Least Bell’s Vireo, and Coastal California Gnatcatcher species among others, Walker Canyon is also widely known for its famous Poppy Superbloom each year. (December 2023) 

  • The Fund is fully invested across 17 restoration and conservation projects. (March 2024)   

Investment Profiles

Community Development 

IT

$5M

March 2021

Impact Focus Area(s) 

SDGs

Industry

Onex Corporation 

Commitment

Inv. Date

GP

Imagine Learning provides and develops digital curriculum solutions and tools for pre-K through 12th grade, with a diversified suite of products including digital courseware, supplemental learning solutions, digital-first core curriculum and instructional services.

of U.S. school districts using Imagine Learning solutions

50%

U.S. schools using Imagine Learning solutions

students using Imagine Learning solutions

15M

38,000+

teachers using Imagine Learning solutions

400,000+

Impact Metrics

Metrics shown represent data as of December 31, 2023. 

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

Metric projections calculated by Hamilton Lane based on run rate figures and total expected

hold periods.

606.9M

852.1M

280.3M

286.1M

Impact Over Hold Period

Student Hours on Digital Education Software

2023

2022

Projected Remaining

Actual

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

  • Imagine Learning Foundation, the philanthropic initiative funded by Imagine Learning, awarded $400,000 in grants to five organizations actively working to improve the well-being of learners beyond the classroom. (August 2023) 

  • The Company launched Imagine Learning Ventures, which targets investments in A.I.-powered educational solutions for K-12 educators and learners, facilitating greater access to educational tools and improved educational outcomes. (August 2023) 

  • Imagine Learning’s Imagine Math program received an ESSA Promising rating from Evidence for ESSA, a website produced by the Center for Research and Reform in Education at Johns Hopkins University that promotes the use of programs that meet Every Student Succeeds Act (“ESSA”) evidence standards, for a study that indicated higher academic performance of students who used Imagine Math versus those who did not. (August 2023) 

  • Imagine Learning was named a 2023 Tech Edvocate Award winner in the Best Coding App or Tool for its Imagine Robotify product, an accessible, immersive computer science solution for grades 3 and above that allows students to program virtual robots on a 3D browser-based simulator. (August 2023) 

  • The Company launched Traverse, an innovative and digital-first social studies solution for grades 6-12, expanding its comprehensive suite of courses for teachers and students across the United States. (October 2023) 

  • Imagine Learning won the Overall STEM Education Solution of the Year award from EdTech Breakthrough for its STEM Supplemental Suite, which help students strengthen and develop science, computer science and math skills. (June 2024) 

  • The Company’s Imagine MyPath product, a personalized learning program for grades K-12, was one of only three products to receive the Evidence-Based Edtech: ESSA Tier 3 product certification, signaling evidence of the product’s significant, positive impact and effectiveness on student outcomes. (June 2024)  

How does Imagine Learning Impact performance?

64.5M

94.6M

29.4M

21.7M

Impact Over Hold Period

Food Saved From a Lesser Outcome (Pounds)

2023

2022

Projected Remaining

Actual

Investment Profiles

Sustainable Processes; Community Development 

Consumer Staples 

$10M

January 2021

Impact Focus Area(s) 

SDGs

Industry

Insight Venture Management 

Commitment

Inv. Date

GP

Misfits Market (fka Imperfect Foods) offers consumers overlooked or rejected, but otherwise sustainable, fresh and high-quality groceries due to surplus or imperfections related to shape or size through a weekly delivery service.

metric tons of CO2 avoided

lbs. of packaging collected through the Packaging Return Program

22,000

gallons of avoided water waste

lbs. of food donated

2.8M

1.2B

6.5M

Impact Metrics

Metrics shown represent 2023 CY annual figures. 

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

Metric projections calculated by Hamilton Lane based on run rate figures and total expected

hold periods. 

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. Misfits 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

  • Since 2015, the Company has saved more than 210 million pounds of food. 

  • Misfits Market introduced a total of 1,485 new items to its store in 2023. 

  • The Company’s Clackamas, Oregon facility was the first and one of only 40 industrial facilities in the food space to receive a TRUE Zero Waste Gold certification. (November 2023) 

  • In 2023, Misfits Market established its own delivery fleet, allowing for greater control over delivery schedules, routes and total time spent on the road. As a result, Misfits Market estimated that its delivery fleet emitted 3,151 tCO2e less than the U.S. average for the same trips to the grocery store in 2023 – the equivalent of charging 208 million smartphones.  

  • The Company donated over 6 million pounds of food to 60+ food banks and pantry partners as well as 1.5 million meals to Feeding America in 2023.  

Investment Profiles

Clean Energy Transition; Sustainable Processes; 
Community Development; Health & Wellness 

Venture Capital 

$3M

2020

Impact Focus Area(s) 

SDGs

Fund Strategy

Obvious Ventures 

Commitment

Vintage Year

GP

Obvious Growth I, L.P. seeks to invest in businesses creating disruptive and sustainable solutions with the potential to drive strong financial returns, positive social impact and environmental change.

of capital in sustainable systems investments

13%

of capital in people power investments

39%

of capital in healthy living investments

48%

Impact Metrics

Metrics shown represent cumulative data as of December 31, 2023. 

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

Impact and Investment Thesis

The Fund will target growth stage companies with established products and revenues, along with measurable impact. Obvious exclusively targets investments in areas that produce positive impact across (i) sustainable systems, (ii) healthy living and (iii) people power. The General Partner has generated attractive performance within the impact space across prior funds. Annually, Obvious releases its “World Positive Report,” detailing impact measurables achieved by portfolio companies. Obvious supports entrepreneurs who work to solve humanity’s biggest problems and reimagine huge sectors of the global economy to move the planet forward.

Recent Activity

The Fund is 86% invested across 10 investments (as of June 30, 2024): 

  • A clinical-stage biotechnology company integrating technological innovations across biology, chemistry, automation, data science and engineering to industrialize drug discovery – Obvious sold its shares in the Company, representing the Fund’s first realization (August 2022)  

  • A company delivering fresh groceries straight to consumers’ doorsteps, believing good food is the most powerful force for change 

  • A company that builds simple home insurance sold exclusively through independent agents, harnessing the power of technology to personalize underwriting while lowering costs – The Company was acquired by a leading provider of property casualty insurance for auto, home and business (November 2023)  

  • An Insurtech company helping brokers predict and prevent complex risks, focused on cyber 

  • A platform for learning & development that enables companies to deliver, manage and measure employee growth at scale 

  • A leader in distributed clinical trials, delivering effective therapies to patients faster by transforming clinical drug development 

  • A manufacturer of automation robotics that make warehouses more productive, efficient and safe 

  • A tech-enabled, in-home care solution for seniors 

  • A provider of AI software that delivers real-time insights to gastroenterologists 

  • A talent recruiting platform for nurses and hospital systems   

Project Power (exited)

Investment Profiles

October 2022

Exit Date

Clean Energy Transition 

Energy

$2M

September 2020

Impact Focus Area(s) 

SDGs

Industry

SER Capital 

Commitment

Inv. Date

GP

Project Power consists of a series of battery storage development projects in the Electric Reliability Council of Texas (“ERCOT”) using new and reused batteries.

MWh of ancillary services provided

95,864

MWh of battery energy discharge

1,064

Impact Metrics

Estimated CO2 Avoided (Metric Tons)

2022

2021

Actual

Metrics shown represent cumulative figures during our hold period from September 2020 to April 2022. 

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

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.  

Impact Over Hold Period

New Patient Visits

2023

2022

Projected Remaining

Actual

Retina Consultants of America empowers physicians to deliver top-tier retinal care, united in the mission to enhance patients' lives.

Investment Profiles

Health & Wellness 

Healthcare

$7M

January 2020

Impact Focus Area(s) 

SDGs

Industry

Webster Equity 

Commitment

Inv. Date

GP

Retina Consultants of America provides care for retina disorders, including diabetic retinopathy, retinal detachments, macular holes and age-related macular degeneration, in addition to diagnosis and therapy services for vitreoretinal conditions.

of facilities in a county designated as low income1

85%

of facilities in a county designated as having a provider shortage1

95%

Impact Metrics

Metrics shown represent 2023 CY annual figures, unless otherwise noted. 

1Metrics shown represent data as of October 31, 2023.  

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

Metric projections calculated by Hamilton Lane based on run rate figures and total expected

hold periods.  

Impact and Investment Thesis

The Company’s success directly translates into improved patient outcomes; certain Retina practices have better vision acuity scores than regional and national averages, meaning that their patients’ vision is restored more quickly and to higher levels than other practices. The ophthalmology industry is driven by strong tailwinds, the most important of which are an aging population and the increasing ability to treat ocular conditions. 

Recent Activity

  • Newsweek named 11 physicians from Retina Consultants of America to “America’s Best Eye Doctors 2023” list based on input from over 10,000 medical experts and healthcare providers. (January 2024) 

  • Retina Consultants of America has over 260 physicians across more than 250 locations. (March 2024) 

  • Physician recruitment continues to be a key focus area, with 19 new physician hires and 9 additional candidates identified during the first quarter of 2024.  

  • The Company continues to focus on expanding into new markets and building density within existing markets, completing four acquisitions during the first half of 2024 while maintaining a robust M&A pipeline.  

Investment Profiles

Sustainable Processes 

Real Assets

$4M

2019

Impact Focus Area(s) 

SDGs

Fund Strategy

RRG Capital  

Commitment

Vintage Year

GP

The Fund seeks to invest in inter-related water, agriculture and energy assets across the U.S., Chile and Australia. The General Partner addresses water sustainability through various methods, including development of groundwater storage.

Impact Metrics

Metrics shown represent 2023 CY annual figures, unless otherwise noted. 

1Metrics shown represent cumulative figures as of December 31, 2023. 

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

acre-feet physically recharged
with water

11,000

MWh of on-farm solar generation and solar generation at facilities

2,000

acre-feet of total marketable water recharge credits

total acres under management1 

34,000

71,000

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 is 94% committed across 14 project-based investments in the U.S., Australia, Chile, Peru and Uruguay.
    (May 2024) 

  • The Fund’s portfolio is diversified across impact themes and is comprised of 65% agricultural assets, 34% water assets and 1% renewable energy assets. (May 2024) 

  • The Fund continues to make progress toward its 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. 

(exited)

Investment Profiles

November 2023

Exit Date

Clean Energy Transition 

Industrials 

$5M

December 2019

Impact Focus Area(s) 

SDGs

Industry

Lime Rock New Energy 

Commitment

Inv. Date

GP

Smart Wires designs, manufactures and sells solutions that allow utilities to control power flows on their high-voltage transmission systems, increasing the efficiency and resiliency of current infrastructure.

Estimated CO2 Avoided (Metric Tons)

Actual

2022

2021

2020

Impact Metrics

Metrics shown represent cumulative figures during our hold period from December 2019 to December 2022. 

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

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

  • Smart Wires completed a recapitalization, which resulted in the repurchase of all existing ordinary shares, marking the complete exit and loss of investment. (November 2023) 

  • Going forward, the Company continues to drive the energy transition through the completion of existing and launch of new renewable energy projects.    

Investment Profiles

Sustainable Processes; Community Development 

IT

$5M (Fund I); $15M (Fund II)

April 2021 (Fund I); December 2021 (Fund II)

Impact Focus Area(s) 

SDGs

Industry

ClearSky 

Commitment

Inv. Date

GP

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

distribution transformer monitor data points monitored

UbiHub client devices connected

10,000

47M

traffic data points collected via UbiHub cameras across 1,800 locations

metric tons of estimated CO2 avoided

27M

2,000

Impact Metrics

Metrics shown represent 2023 CY annual figures. 

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

Metric projections calculated by Hamilton Lane based on run rate figures and total expected

hold periods.

Impact Over Hold Period

Electricity Use Reduced (MWh)

2023

2022

Projected Remaining

Actual

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

  • Ubicquia was awarded the 2023 International Design Excellence Award for its UbiGrid smart distribution transformer, which improves grid reliability. (August 2023) 

  • Ubicquia was named to the GovTech 100 list, which highlights 100 companies focused on making a difference in state and local government agencies across the U.S. (January 2024)  

  • The Company’s UbiGrid smart distribution transformer also received the 2023 European Product Design Awards in the Industrials and Energy category. (February 2024) 

  • In one case and exemplary of the broader business, Ubicquia’s Ericsson Street Radios, a small cell platform, doubled network capacity in Rumford, Maine in collaboration with UScellular. (July 2024)  

  • Ubicquia completed a streetlighting conversion project in Memphis in partnership with Ameresco, which has been recognized by the U.S. Department of Energy’s 2024 Integrated Lighting Campaign in the Sustainability in Lighting Category and is projected to yield annual energy savings of more than 37 million kWh, reduce greenhouse gas emissions by over 26,000 metric tons and provide an estimated 55% reduction in energy costs for the city. (September 2024)

Ubicquia partnered with Acuity Brands to develop Cell Connect, which provides reliable low voltage lighting control with digital switching, precise dimming and revenue grade metering, significantly reducing operations and maintenance expenses for smart cities and utilities alike. (July 2024)

6.3M

6.9M

2.1M

2.0M

Impact Over Hold Period

Waste Reduced (Metric Tons)

2023

2022

Projected Remaining

Actual

Investment Profiles

Sustainable Processes 

Industrials

$5M

June 2020

Impact Focus Area(s) 

SDGs

Industry

KKR

Commitment

Inv. Date

GP

Viridor is a recycling, energy-from-waste (“EfW”) and waste management provider in the U.K., serving more than 150 local authorities and a range of private-sector customers.

MWh of renewable energy generated by Energy Recovery Facilities

1.4M

metric tons of polymers extracted from waste for re-use and re-processing

metric tons of waste recycled

77,000

66,000

Impact Metrics

Metrics shown represent 2023 CY annual figures.  

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

Metric projections calculated by Hamilton Lane based on run rate figures and total expected

hold periods.

Waste reduced includes all municipal waste processed at Viridor's Energy Recovery Facilities.

Waste recycled includes plastics, ferrous metals and non-ferrous metals specifically recovered

from black back waste that was recycled and sent for re-processing.

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

  • 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 won two International Green Apple Environment Awards for its commitment to pollution and emission reduction and for innovation in plastics recycling. (October 2023) 

  • Viridor assumed full ownership of Quantafuel, which transforms hard-to-recycle polymers back into base molecules to be used for new plastics production, reflecting the Company’s ambition to lead innovation in the plastics recycling industry. (February 2024) 

  • Viridor facilitated the opening of ReSource Denmark, the country’s largest and state-of-the-art plastic sorting plant, setting new benchmarks in plastic recycling in Denmark. (June 2024)  

Viridor plans to make plastic part of a truly circular economy.