Impact Fund Annual Report 

metric tons of CO2 saved to date

12.7M

GWh of renewable energy installed (to be tracked)

renewable energy systems installed
to date

290,000

Video Spotlight

Olivia Nick discusses 1Komma5’s mission to accelerate the net-zero transition in the home decarbonization market and Hamilton Lane’s strategic involvement in supporting its growth across Europe. 

Impact Metrics

Heartbeat, an app, serves as the centerpiece of your energy system, ensuring perfectly interconnected components and extracting the maximum potential from your self-generated electricity. By using Heartbeat, 1Komma5 guarantees customers 60% cheaper electricity than any other supplier for the operation of heat pumps, electricity storage systems and electric cars.

Utilize solar energy for your electric car

Climate - neutral heating with solar power

Wallbox

Heat Pump

Smart Energy Manager

Optimize your grid power consumption

Use your own electricity even at night

Affordable electricity through solar

Power Storage

Solar Power System

What Solutions Does 1Komma5 offer?

Three Years of Pioneering New Energy

Investment Profiles

Clean Energy Transition

Energy

$9M

February 2024

Impact Focus Area(s) 

SDGs

Industry

2150 Group 

Commitment

Inv. Date

GP

1Komma5 is a leading home decarbonization company focused on the design, installation and monitoring of carbon-neutral energy systems, such as solar power systems, heat pumps, energy storage, charging infrastructure and smart energy management across Western Europe. 

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

Impact Thesis

  • The decarbonization of the built economy is a key focus area in Europe, including Germany, 1Komma5’s core market, which has set meaningful goals toward net zero and environmental sustainability such as generating 100% of national power through renewable resources by 2035 and installing 215GW of renewable solar capacity by 2030. 

  • The Company offers a holistic, end-to-end, one-stop-shop solution for home renewable energy and energy usage overall, enabling real-time energy monitoring and automation to help achieve the most efficient and lowest-cost energy outcomes. 

  • 1Komma5 was founded with the explicit mission to solve energy issues in the built economy and accelerate the net-zero transition within it. 

  • The Company generates revenue through its home decarbonization products and services, which present compelling clean energy and cost management solutions for its customers. 

Investment Thesis

  • Home decarbonization is a fast-growing market throughout Europe, with solar installations growing at 20% CAGR, batteries at 26%, EV chargers at 32% and heat pumps at 10%. 

  • 1Komma5 is positioned as one of the only end-to-end solutions for homeowners seeking to reduce costs and improve energy efficiency. 

  • The Company’s software product, which uses machine learning to optimize energy consumption energy tariffs and the trading of energy, represents a core competitive advantage and positions 1Komma5 for further upside potential through recurring revenue streams. 

  • 1Komma5 is further differentiated through its robust M&A engine, which has acquired 30 local businesses, promoting its regional density and scalability.  

  • The Company’s management and founding team is highly experienced, leveraging industry insights from prior
    roles at Tesla, Sonnen, Google, Oracle, EON and Bosch to sustain rapid and sustainable progress towards future growth initiatives.  

511.6M

333M

169M

164M

Impact Over Hold Period

Renewable Energy Generated (MWh)

2023

2022

Projected Remaining

Actual

Investment Profiles

Clean Energy Transition

Business Services

$18M

January 2022

Impact Focus Area(s) 

SDGs

Industry

Bridgepoint

Commitment

Inv. Date

GP

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.

TWh of energy saved

metric tons of estimated CO2 avoided (181M metric tons total1)

2M

1.3M

Impact Metrics

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

1Metrics shown represent cumulative figures as of March 31, 2024, since company inception. 

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

Impact and Investment Thesis

The Company is the largest intermediary in environmental certifications, with the broadest suite of products and widest geographic reach across the value-chain. Carbon offsetting programs promote improved climate change management and reduce environmental impact. The Company is supported by strong industry tailwinds driven by increasingly stringent global regulatory environmental policy and enhanced voluntary offsetting actions from organizations.

Recent Activity

  • ACT signed its first add-on acquisition, Green Project Technologies, a U.S.-based carbon calculator business, which is expected to provide access to the U.S. SME market and allow the Company to provide a more holistic offering.
    (April 2023) 

  • ACT helped design and develop the first plastic recycling project that generates Attributes of Recycled Content certificates under the GreenBlue/Recycled Material Standard, providing recyclers with a new revenue stream to expand processing capacity. (May 2023) 

  • Ghana and Switzerland have authorized the first cookstove activity, which includes the installation of 180,000 improved cookstoves – Co-developed by ACT and Envirofit, the mitigation project is expected to reduce smoke and toxic emissions in individual households by as much as 80%, reduce cooking fuel costs by as much as 60% and improve the lives of 750,000 Ghanaian citizens. (February 2024) 

  • ACT created a Cashew Nutshell Liquid (“CNSL”)-based biofuel that delivers significant greenhouse gas savings of well-to-wake emissions reductions of 90% compared to conventional maritime fuels, representing a significant stride in the progression of sustainable marine fuels. (March 2024) 

  • The Company expanded into Japan with the opening of a Tokyo office, furthering ACT’s global climate ambitions. (May 2024) 

Watch ACT’s Amazonia Nativa project story. By completing the pilot phase, the following impact can be achieved over the lifetime of this project: 600,000 trees planted, 250,000 tCO2e removed from the atmosphere, 25,000 cubic meters of sustainable timber production through selective harvesting, 250 tons of sustainable açaí berry harvested and 40 permanent and temporary jobs created.

Impact Over Hold Period

Patient Treatments Provided via Better Access to Healthcare

2023

2022

Projected Remaining

Actual

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. 

Investment Profiles

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

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.

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)  

Video Spotlight

Ben Kalter highlights the importance of energy efficiency and discusses CLEAResult’s role in bridging the energy supply-demand gap through its programs, which are essential to the stability of the electrical grid and to reducing overall greenhouse gas production. 

Dollars saved on energy bills (to be tracked)

Metric tons of CO2 emissions averted (to be tracked)

Impact Metrics

Investment Profiles

Metric tons of CO2 emissions averted

16.5 million

Savings to low-income customers on energy bills

$319 million

Savings to customers on energy bills

$7 billion

That's Equivalent to:

Lifetime Impact of 2023 Program Activity:

Leading the Transition to a Sustainable Future 

In 2023, CLEAResult averted 1.4 million metric tons of CO2, which is equivalent to keeping over 275,000 homes off the grid for a year. This same work saved customers $549 million on their energy bills in 2023. When you consider the lifespan of energy efficiency upgrades implemented by 2023 programs, those numbers increase more than tenfold of lifetime impact. As CLEAResult grows, so does the long-term, positive impact for the planet, people and the communities where we live and work.

Homes' electricity
for a year

5.1 million

Acres of US forest sequestering carbon

19.1 million

Passenger vehicles removed from the road for a year

3.9 million

Clean Energy Transition

Business Services

$23M

August 2024

Impact Focus Area(s) 

SDGs

Industry

Kohlberg 

Commitment

Inv. Date

GP

CLEAResult is a leading provider and administrator of energy efficiency management programs to utility customers, state & federal energy offices and other commercial customers.

Impact Thesis

  • As electrification trends persist, energy efficiency remains critical for maintaining grid stability as increased regulation, EV adoption and data center expansion drive a significant gap between energy supply and demand.  

  • CLEAResult’s core offerings focus on the management of energy consumption, promotion of the transition to cleaner energy sources, and achievement of clean energy goals. 

  • The Company directly contributes to the reduction in utility customers’ energy consumption and, as a result, a reduction in their strain on the grid, as well as cost savings on utility bills.  

  • As CLEAResult scales, energy savings opportunities will be available more broadly, leading to increased energy efficiency and a positive impact on the grid.  

Investment Thesis

  • The Company serves the growing $2.5 billion outsourced energy efficiency market, which is expected to continue to expand as a result of regulatory tailwinds and increased demand for electrification.  

  • Given funding dynamics and the nature of CLEAResult’s contracts, the Company exhibits high revenue visibility and maintains a sticky customer base. 

  • The Company remains focused on gaining additional market share through acquisitions, expanding into adjacent service lines and new geographies – an area of prior experience having executed 12 acquisitions since inception.  

  • Kohlberg has a strong track record within outsourced infrastructure services end markets and is well-positioned to drive additional growth for CLEAResult.  

GJ of total production volume of compressed biogas
(to be tracked)

Tons/day of food waste processed (to be tracked)

Impact Metrics

Investment Profiles

Video Spotlight

Lindsay McCorkle shares insights into Daewon’s role as one of the largest solid food waste treatment operators in South Korea and the Company’s continued efforts to reduce carbon emissions. 

Sustainable Processes 

Industrials

$11M

May 2024

Impact Focus Area(s) 

SDGs

Industry

VIG Partners 

Commitment

Inv. Date

GP

Daewon is one of the largest solid food waste treatment private operators in South Korea, with a combined processing capacity of 500 tons per day.

Did you know: South Korea has made significant strides in recycling food waste, transforming from a nation that once recycled only 2% of its food waste to now recycling an impressive 95%

Impact Thesis

  • South Korea’s food waste industry faces high barriers to entry as the country maintains one of the most advanced and comprehensive composting programs in the waste treatment space today, resulting in the recycling of almost all discarded food into fertilizer, animal feed or biogas. 

  • Daewon will directly contribute to food waste management best practices by treating and processing raw food materials into feed, fertilizers and other byproducts. 

  • The Company also plans to expand into the waste-to-energy segment through the build out of its biogas production facilities, which directly contributes to South Korea’s emissions reduction goals and transition into a circular economy.  

Investment Thesis

  • Daewon is an established asset with a vertically integrated system that can process several types of solid food into dehydrated sludge and then into dried compost, allowing for a higher level of utilization and greater contributions to a circular economy compared to competitors. 

  • The Company is one of the largest private operators in the region and is well-positioned, as one of a few participants nationwide with permit approvals for a biogas facility, to capture regulatory tailwinds stemming from the recent Biogas Promotion Act, which is expected to allow for (i) the absorption of significant food waste demand from local governments, (ii) significant cost savings and (iii) additional sources of revenue. 

  • The Sponsor has established an extensive network within the waste management industry in Korea and possesses technical and operational expertise necessary to manage biogas facilities. 

  • Daewon is also expected to benefit from several other value creation initiatives, such as the bolt-on acquisitions of local competitors, diversification across its client base and expanded geographic reach.  

2.0%

3.1%

3.4%

0.5%

3.9%

-5.4%

-1.3%

0.0%

'23-'27

'18-'22

(Unit: Million Tons)

[Responsibility of individual operators]

[Responsibility of the local government]

[Impact from COVID-19]

Households

Small Restaurants /
Distributors, etc.

Large Restaurants /
Food Service Sites
(Cafeterias), etc.

7.92

7.77

7.61

7.46

7.31

7.00

6.83

7.13

+2.0%

-0.6%

7.69

7.16

Food Manufacturing
Plants

'27F

'26F

'25F

'24F

'23F

'22

'21

'20

'19

'18

Food Waste Generation Forecast by Source

South Korea’s food waste market is sized at 7.3 million tons and is expected to reach approximately 8 million by 2027 due to more frequent dine out activities and normalization of restaurant business operations post-pandemic, while the number of new waste treatment businesses has been relatively flat over the last five years.    

Impact Over Hold Period

Renewable Energy Generated (MWh)

2023

2022

Projected Remaining

Actual

Investment Profiles

Clean Energy Transition

Energy

$17M

November 2021

Impact Focus Area(s) 

SDGs

Industry

Primavera Capital 

Commitment

Inv. Date

GP

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

MW of worldwide capacity from smart wind farms (44,000 MW total1)

EV batteries installed

MWh of capacity from on-shore and off-shore wind turbines

2,000

15

GW of energy assets managed1

metric tons of greenhouse gas emissions reduced (269M total1)

15,000

670

179M

Impact Metrics

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. 

Impact and Investment 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.

Recent Activity

  • Envision continues to work towards its commitment to achieve carbon neutrality across its entire value chain by 2028 and aims for net zero emissions by 2040. 

  • The Company joined the global ‘RE100’ initiative and became the first company in mainland China committed to 100% renewable electricity by 2025. 

  • Bloomberg New Energy Finance recognized Envision Energy as a Tier 1 global energy storage manufacturer, placing the firm in select company among the top energy storage firms in the world. (April 2024) 

  • Envision Energy was included on the 2024 TIME100 Most Influential Companies list and honored as the “Green Giant” for its substantial contributions to driving the global transition towards green energy. (May 2024) 

  • The Company launched a strategic joint venture with Saudi Arabia's Public Investment Fund and Vision Industries, aiming to accelerate the wind power growth throughout the Middle East and support Saudi Arabia's goal of localizing 75% of renewable energy components by 2030. (July 2024) 

  • Envision Energy announced a strategic partnership with DHL Group, a leading logistics company, to collaborate on sustainable aviation fuel, integrated logistics, green energy solutions and the joint development of a Net Zero Industrial Park. (July 2024)   

plastic pipette tips washed and reused

1.1M

metric tons of CO2 avoided

1,300

gallons of water saved

lbs. plastic waste reduced

1.3M

263,000

Investment Profiles

Reduce Cost Reduce Waste: labs who use Grenova devices are reducing their consumable biohazard waste and cutting down costs up to 90% 

Sustainable Processes 

Healthcare

$10M

March 2022

Impact Focus Area(s) 

SDGs

Industry

Peloton Equity 

Commitment

Inv. Date

GP

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

Impact Metrics

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

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

Impact analytics and third-party verification provided by impact measurement firm, Rho Impact. 

Impact and Investment Thesis

Laboratory plastic waste accounts for 1.8M metric tons of waste in the U.S. alone. 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. Grenova exhibits a high-growth, high-margin profile and operates in a market with demonstrated strong demand for green solutions and international whitespace. 

Recent Activity

  • Grenova was recognized as a key player in the lab automation market by IMIR Market Research. (December 2023) 

  • The Company won the 2024 Global Health & Pharma, Best Sustainable Lab Equipment Manufacturer Award.
    (April 2024) 

  • Grenova partnered with Rho Impact, a tool for quantifying and contextualizing impact generated by new climate technologies, to establish a more standardized methodology for its impact calculations. (June 2024)  

Video Spotlight

Jérôme Kamm discusses H&MV’s role in supporting the clean energy transition across Europe by providing high-voltage design and construction services that connect renewable energy sources to the grid. 

MW of energy products in process
(to be tracked)

MW of battery storage projects installed (to be tracked)

MW of battery storage projects in process (to be tracked)

MW of renewable energy installed
(to be tracked)

Impact Metrics

End Uses

Distribution Process

Renewable Power Resources

Residential

Industrial

Data Centers

Represents H&MV high-voltage substations, an essential part of the electricity network allowing voltages to be safely and reliably converted for more efficient transmission and use

Transformer lines
carry electricity
long distances

Distribution
substation +
transformer

Distribution lines
carry electricity to
end markets

Zone substation
bulk supply

Transformer steps
down voltage for distribution

Transformer steps
up voltage for
transmission

H&MV focuses on the design and construction of
high-voltage substations and infrastructure projects

Investment Profiles

Clean Energy Transition

Industrials

$15M

September 2024

Impact Focus Area(s) 

SDGs

Industry

Exponent Private Equity 

Commitment

Inv. Date

GP

H&MV Engineering delivers high-voltage design, engineering and construction services with a specialized focus on data centers, renewable facilities and the utility, commercial and industrials sectors.

Impact Thesis

  • Energy grids, governments and customers are setting ambitious targets to derive energy from renewable sources, and to store that energy efficiently; in order for such solutions to be utilized, they must be connected through highly complex substations and transmissions systems, which require increasing levels of expertise. 

  • H&MV Engineering directly contributes to the energy transition by offering a full suite of consultation, design, procurement and build services for high voltage substation and infrastructure projects, accelerating wind farm, solar and battery storage development globally.  

  • As the Company scales, the more renewable energy and energy storage will be activated and connected through
    the grid.  

Investment Thesis

  • H&MV Engineering operates within the $5.5 billion European market for high voltage substations, which is expected to undergo significant growth as substantial capacity and upgrades are continuously required to meet increasing demand for data and electricity.  

  • The Company exhibits highly visible and repeatable revenue streams due to the long-dated nature of these projects and its diversified blue-chip customer base. 

  • H&MV Engineering is well-positioned to capture additional upside by expanding its geographic reach through acquisitions given the highly fragmented industry coupled with its end-to-end service offering.  

  • The Sponsor has successfully managed the Company since 2021, driving growth through strategic hires, new customer wins and acquisitions, and possesses the background and expertise to continue to execute operational and expansion initiatives to further advance the Company as a market leader.  

Video Spotlight

Rob Duval provides an overview of Heritage-Crystal Clean, a provider of essential environmental services that help businesses manage waste responsibly and cost-effectively.  

gallons of spent antifreeze collected for recovery

5M

gallons of wastewater treated

97M

gallons of used solvent processed

gallons of used oil processed for
re-refining

2M

63M

lbs. of waste reclaimed for energy

30M

Investment Profiles

Lines of Business

Collection & Transportation

Non-Hazardous Waste

Hazardous Waste

Used Solvent

Distillation
& Recycled
Product

Sustainable Base Oil

Re-Refining

Waste-to-Energy Recovery

POTW Re-Entry/ Used Oil Recovery

Treatment

Consolidation

Distribution

Reclamation

New Solvent

Wastewater

Used Oil

Spent Antifreeze

Used Aqueous

Used Oil Collection, Re-Refining, and Resale of Base Oil Products

Oil Recycling

Specialized On-Site Services, Wastewater Treatment and Emergency Response Services

Industrial & Field Services

Comprehensive Cleaning, Fluid Recovery, and Specialty Waste Solutions

Environmental Services

Sustainable Processes 

Industrials

$20M

September 2023

Impact Focus Area(s) 

SDGs

Industry

J.F. Lehman 

Commitment

Inv. Date

GP

Heritage-Crystal Clean is a leading provider of industrial maintenance, waste disposal and oil re-refining services.

Impact Metrics

Metrics shown represent 2023 CY annual figures. 

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

Impact Thesis

  • State and federal regulations, involving cleaning solvent mixtures and the transport of hazardous and non-hazardous materials, impact several end markets within the industrials space, making regulatory management and navigation difficult for small- to medium-sized businesses, especially as new statutes are frequently introduced.  

  • Heritage-Crystal Clean’s service offering helps companies manage used chemicals and liquid and solid wastes, while also helping to minimize regulatory burdens. 

  • The Company’s business model directly contributes to waste management, niche waste recycling and environmental services best practices in the U.S. and allows for expansion into new service lines and locations, ultimately facilitating the environmentally responsible disposal of waste.  

  • Heritage-Crystal Clean’s environmental services revenue and success is directly correlated to the number of jobs performed for industrial customers, including containerized waste management and transport, vacuum truck services, parts cleaning, wastewater treatment and antifreeze recycling. 

  • Similarly, the Company’s oil recycling revenue and success is directly attributed to the volume of recycled base oils, which would have otherwise been disposed of as waste. 

Investment Thesis

  • Heritage-Crystal Clean is well-positioned as a national leader in the large and growing environmental services market, which is expected to grow at a 5% CAGR over the next five years amid increased regulatory-driven demand. 

  • With more than 20 years of experience in the industry and nationwide operations, the Company maintains a diversified customer base across size, sector and geography.   

  • Several growth avenues exist, including cross-sell opportunities, price/logistics optimization and the expansion of services available through its actionable M&A pipeline, as well as plans to divest its oil recycling business to unlock additional growth capital. 

  • J.F. Lehman has over a decade of experience successfully investing in environmental services companies and is knowledgeable about the changing industrial regulatory landscape.    

Investment Profiles

Yuxin Shi discusses our investment in Intersect Power, a developer of large, utility-scale renewable energy with a current focus on solar and battery storage projects, primarily in the Western U.S.

Clean Energy Transition

Energy

$15M

February 2023

Impact Focus Area(s) 

SDGs

Industry

Greenbelt Capital 

Commitment

Inv. Date

GP

Intersect Power is a developer of large, utility-scale renewable energy with a current focus on solar and battery storage projects, primarily in the Western U.S. 

Impact Metrics

Metrics shown represent 2023 CY annual figures. 

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

MW of incremental solar energy deployed in CA & TX - solar and storage

2,400

MWh of annual energy storage capacity

500

MW of incremental solar energy deployed in CA & TX - solar only

MWh of annual energy deployed through energy storage

2,000

159,000

Impact and Investment Thesis

Climate change and the transition to renewable energy is one of the most prominent issues for developed nations. Intersect Power’s solution provides utility-scale solar generation and storage capacity that is already producing in California and Texas. Intersect Power is well-positioned within the solar development space as one of the top five planned solar installation companies and has more solar installations currently under construction than any other competitor.

Recent Activity

  • Intersect Power announced the commercial operation of a solar project in Brown County, Texas, which generates enough energy to power more than 114,000 homes. (June 2023) 

  • The Company announced the commercial operation of a solar and storage project in Riverside County, California, which generates enough reliable solar energy to power over 207,000 homes a year and features 250 MW of co-located storage. (November 2023) 

  • Intersect Power announced the commercial operation of a solar project in Scurry County, Texas, which generates enough reliable solar energy to power more than 243,000 homes for one year. (January 2024) 

  • Fast Company featured Intersect Power in the sustainability category of the 2024 World Changing Ideas Awards, recognizing the Company for its transformative work to move the needle on deep decarbonization and combat climate change. (May 2024) 

  • The Company announced the construction and operation of three standalone battery energy storage systems in Texas, which are expected to be operational in 2024, providing a capacity of 320 MWh of battery storage with a 2-hour duration. (July 2024) 

  • Tesla and Intersect Power announced a contract for 15.3 GWh of Megapacks, Tesla’s battery energy storage system, for Intersect Power’s solar and storage project portfolio through 2030, making Intersect Power one of the largest buyers and operators of Megapacks globally. (July 2024)   

Impact Over Hold Period

Unique Companies with Improved Digital Access

2023

2022

Projected Remaining

Actual

Investment Profiles

Health & Wellness; Community Development 

IT

$19M

August 2022

Impact Focus Area(s) 

SDGs

Industry

KKR

Commitment

Inv. Date

GP

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

voluntary product accessibility templates (“VPAT”) completed annually

600+

Job applications enabled
(to be tracked)

Barriers eliminated
(to be tracked)

Digital assets monitored
(to be tracked)

Users with improved access
(to be tracked)

programs powered

1,200+

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

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. The market is at an inflection point (30% growth expected through 2025), with macro & regulatory tailwinds providing an attractive market opportunity.

Recent Activity

  • Level Access was named among the fastest growing private companies in the U.S. by Inc. Magazine for the eighth year. (August 2023) 

  • The Company was named a leader in Forrester Research, Inc.’s first-ever evaluation of digital accessibility platforms. (October 2023) 

  • Level Access acquired UserWay, a machine learning- and artificial intelligence-driven digital accessibility company, which is expected to expand the Company’s customer base, geographic reach and overall product offering.
    (March 2024)  

  • Level Access was recognized in the 2024 Gartner Market Guide for Digital Accessibility as a leading provider of digital accessibility solutions, highlighting the Company’s recent acquisition of UserWay and commitment to serve more clients. (June 2024)   

26.9M

19.5M

12.0M

7.5M

Impact Over Hold Period

Health Assessments Collected

2023

2H 2022

Projected Remaining

Actual

Investment Profiles

NeuroFlow for Health Plans: See how NeuroFlow delivers critical insight into behavioral health, unlocking tangible impact to reduce the cost of care, improve utilization and optimize value-based contracts.

Health & Wellness 

Healthcare

$8M

July 2022 

Impact Focus Area(s) 

SDGs

Industry

Seminal Capital 

Commitment

Inv. Date

GP

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.

people proactively identified with suicidal ideation and rising risk

33,000

sustained engagement rate after 30 days (compared to 6% industry average)

56%

patient experience recommendation score

92%

minutes saved per patient during clinical visits

6.5

anxiety remission rate1,3

42%

anxiety response rate (compared to 37% industry average)1,2

59%

depression remission rate1,3

39%

depression response rate (compared to 26% industry average)1,2

57%

Impact Metrics

Metrics shown represent LTM data collected as of December 31, 2023, unless otherwise noted. 

1Metrics shown represent quarterly data collected as of January 2024. 

2Response rate is defined as a clinical Patient Health Questionnaire-9 (“PHQ-9”) or Generalized Anxiety Disorder-7 (“GAD-7”) score of 10 or higher with at least a 50% reduction in depressive or anxiety symptoms within 4 to 8 months. 

3Remission rate is defined as a clinical PHQ-9 or GAD-7 score of 10 or higher with a subsequent PHQ or GAD score of under 5 within 4 to 8 months. 

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

Impact and Investment Thesis

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 with a hybrid care model, where digital engagement reinforces in-person clinical care, presenting a unique opportunity to enhance the overall effectiveness of behavioral healthcare. The U.S. behavioral health market is expanding with a need to rein in costs and increase efficiency. NeuroFlow’s software has demonstrated its ability to address both of these pain points.

Recent Activity

  • NeuroFlow published a new study on the efficacy of Natural Language Processing (“NLP”) and the use of artificial intelligence to detect suicidal ideation – the study determined that 58% of NeuroFlow users whose suicidal ideation was detected by NLP may not have been identified otherwise. (February 2024) 

  • The Company launched a suite of perinatal and postpartum pathways to support behavioral health throughout and after pregnancy using enhanced logic to send timely clinically validated assessments throughout the pregnancy period to identify behavioral health conditions and direct the parent to the right level of care. (May 2024) 

  • NeuroFlow acquired Owl, a measurement-based care technology company, creating a suite of solutions that extends the delivery of feedback-informed care across primary and specialty care settings, positioning the Company as a strong market leader in behavioral health measurement and engagement. (July 2024) 

  • Intermountain Health, a non-profit health system in the Western U.S., is partnering with NeuroFlow to identify and triage behavioral health risk within Intermountain’s primary care population and improve efficiency of its integrated care programs. (July 2024)   

643,060

475,745

209,322

216,324

Impact Over Hold Period

Students Enrolled

2023

2022

Projected Remaining

Actual

Investment Profiles

Penn Foster Group is transforming online learning and creating an accelerated path to greater economic mobility through real world skills and knowledge that enables learners to achieve long-term success in the workplaces of the future.

Community Development

Consumer Discretionary

$22M

October 2021

Impact Focus Area(s) 

SDGs

Industry

Two Sigma Impact 

Commitment

Inv. Date

GP

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. 

graduates

73,000

programs

367

Impact Metrics

Metrics shown represent 2023 CY annual figures. 

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

Impact and Investment 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. 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.

Recent Activity

  • Penn Foster was recognized as one of the top 50 organizations on Newsweek’s List of America’s Top Online Learning Providers in 2024. (November 2023) 

  • Sonic Foundry’s Global Learning Exchange partnered with Penn Foster to democratize education and empower learners around the world to achieve their full potential by providing access to more online education and training programs. (August 2023) 

  • Gundersen Health System of Wisconsin partnered with Penn Foster to offer online medical assistant training programs to address worker shortages within healthcare. (September 2023) 

  • Petco Love, a national non-profit organization, launched the Petco Love Registered Veterinary Technician Scholarship Fund with Penn Foster, which seeks to increase the number of credentialed veterinary technicians serving the most vulnerable pets, those at animal shelters and those whose pet owners struggle financially. (March 2024)   

Investment Profiles

Robert Duval discusses our investment in Power TakeOff, a software-based services provider that works with utilities to identify, implement, and achieve energy efficiency savings in the U.S.

Clean Energy Transition 

IT

$15M

August 2023

Impact Focus Area(s) 

SDGs

Industry

Lime Rock New Energy 

Commitment

Inv. Date

GP

Power TakeOff is a software-based services provider that works with utilities to identify, implement, and achieve energy efficiency savings in the U.S.

Impact Metrics

Metrics shown represent 2023 CY annual figures. 

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

metric tons of CO2 emissions reduction

MWh in energy savings

111,000

57,000

Impact and Investment Thesis

Increased regulation, such as demand response requirements for minimum annual energy efficiency savings, continues to drive utility companies to seek more efficient solutions. Power TakeOff directly contributes to reduced energy consumption by using utility customers’ meter data to run proprietary algorithms that identify energy savings opportunities. The Company helps reduce each utility customer’s strain on the grid as well as CO2 production from power generation, providing a more sustainable solution while also providing savings for customers on their utility bills.

Recent Activity

  • Power TakeOff remains focused on enhancing the efficiency of its core products and services, which will allow the Company to drive additional impact across the utility landscape.  

  • Through collaboration with utilities, Power TakeOff has delivered average energy savings of approximately 17% compared to historical power usage, which directly translates into lower carbon emissions for the end customer and allows utilities to delay or avoid the need for new generation and T&D infrastructure while fostering a more resilient and flexible power system.   

Investment Profiles

Jérôme Kamm discusses our investment in TXO Systems, a B2B provider of telecom asset management and asset disposal services with end-to-end circular solutions for the sourcing, maintenance, reuse, repurposing/recycling and disposal of telecoms hardware.

Circular Economy:
The Future of Telecoms

Clean Energy Transition; Sustainable Processes 

Industrials

$20M

June 2023

Impact Focus Area(s) 

SDGs

Industry

TowerBrook Capital 

Commitment

Inv. Date

GP

TXO is a B2B provider of telecom asset management and asset disposal services with end-to-end circular solutions for the sourcing, maintenance, reuse, repurposing/recycling and disposal of telecoms hardware.

Impact Metrics

Metrics shown represent 2023 CY annual figures. 

metric tons of e-waste recycled/landfill avoided

1,600

metric tons of CO2e saved per £ of revenue from 2nd life of product sales 

172

products processed and repaired

metric tons of CO2e savings

13,000

11.1M

Metric tons of recycled precious metals and rare earth (to be tracked)

Impact and Investment Thesis

TXO operates in an underserved market that is expected to undergo significant growth as increased regulation shifts demand toward more sustainable practices within the telecommunications industry and a desire to maximize returns on existing infrastructure systems. Customers are looking to TXO and companies alike to provide a circular economy option in the space. The Company’s revenue can be traced to CO2/landfill averted, given the linear, wasteful basis the industry currently operates on. TXO has built a multi-decade reputation as a go-to circular economy resource with a full-suite of services averting a linear value chain ending in waste and landfill, to one aiming to ensure every material with further use is not wasted. 

Recent Activity

  • TXO is committed and on track to achieve net zero emissions by 2040, ten years ahead of the UK government target. (November 2023) 

  • The Company set up additional operations in Melbourne, Australia, expanding its ability to reduce the carbon footprint globally and meet surging customer demand across the Asia Pacific region. (November 2023) 

  • TXO announced the acquisition of Lynx UK, a specialist network decommissioning and engineering solution provider, further expanding the Company’s capabilities with over 80 highly skilled specialists offering turnkey decommissioning asset management engineering and test & repair services. (December 2023) 

  • TXO further strengthened its position to service the global telecoms industry, specifically in the UK and Europe, with the acquisition of TEQPORT, a tech-enabled network service provider with asset recovery and decommissioning expertise. (January 2024) 

  • TXO was awarded a Gold EcoVadis Rating for its exemplary commitment to sustainability, placing the Company among the top 5% of companies assessed globally by EcoVadis. (July 2024)    

Impact Over Hold Period

Electricity Use Reduced (MWh)

2023

2022

Projected Remaining

Actual

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.

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

  • 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) 

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.