Investment Profiles

14.3M

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

• In 2024, Coursera’s platform continued to scale as the demand for global education strengthens, with total enrollments increasing 15% year-over-year.

• The company was named the winner in the “AI Education: Best Outcomes, Commercial Learning” category of the 2025 Newsweek AI Impact Awards for its AI-powered tutor, Coursera Coach, a strategic and ethical use of AI designed to provide personalized, real-time learning support. (June 2025)

• Coursera was recognized as a leader by The Forrester Wave, highlighting that customers report its high-quality content from recognized partners and speed of new content as significant advantages. (June 2025)

• The company was named to the fifth annual TIME 100 Most Influential Companies list, which highlights companies making an extraordinary impact around the world. (July 2025)

Investment Profiles

Impact Metrics

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.

As of March 31, 2025, the Fund is fully allocated across a diverse portfolio of environmental assets, including:

• A portfolio of five properties totaling 1,048 acres in Riverside County, CA

• A 90% interest in a joint venture with Resource Environmental Solutions, LLC, covering 20 wetland and stream mitigation banks across Georgia, North Carolina, South Carolina and Ohio

• Three properties totaling 4,800 acres in Okeechobee County, FL

• Six properties totaling 3,238 acres being developed as wetland mitigation banks across Florida

• A 506-acre permittee-responsible mitigation project in Brownsville, TX

• The Minnesota Wetland Mitigation Banks, encompassing 8,466 acres

• A joint venture with Mitigation Resources of North America for a ~$10M permittee-responsible mitigation contract to offset the new Lake Ralph Hall Reservoir near Dallas, TX

• Two stream restoration projects totaling 1.1 miles in Virginia

• A portfolio of stream and wetland mitigation banks in Denver, CO

• A portfolio of 10 wetland and stream mitigation bank assets across Louisiana, Texas and Arkansas

• A 4,000-acre endangered species mitigation bank in Los Angeles County, CA

• A 1,187-acre property in Alameda County, CA offering credits associated with the federally listed California Tiger Salamander and California Red Legged Frog species

• Two wetland and stream mitigation banks totaling 1,473 acres in Kentucky

• A 4,275-acre salmon habitat and wetland restoration site in Placer County, CA supporting the Placer County Habitat Conservation Program

Investment Profiles

Impact Metrics

606.9M

1.1B

264.9M

280.3M

Impact Over Hold Period

Student Hours on Digital Education Software

2024

2023

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 introduced its first AI-powered feature in Imagine EdgeEX, designed to save teachers time by automatically grading open-ended questions and providing instant feedback to students, marking a significant step in integrating generative AI into K–12 digital learning. (July 2024)

• The company expanded its K–12 product portfolio with new core curriculum offerings like Imagine IM (K–8 math) and Traverse (digital-first social studies), alongside major enhancements to supplemental tools such as Fluent Reader Plus, Imagine MyPath, and Imagine Math, all aimed at improving access, engagement, and learning outcomes through AI-powered tools. (September 2024)

• Imagine Learning partnered with the Massachusetts Department of Elementary and Secondary Education to deliver Small Group Targeted Instruction (SGTI) in math for over 3,000 students in grades 4 and 8 during the 2024–2025 school year, aiming to boost proficiency and readiness for comprehensive assessments through high-dosage, personalized online tutoring. (September 2024)

• The company acquired EarlyBird Education, adding a game-based dyslexia screener and early literacy assessment for PreK–Grade 3 to its Imagine+ Assessment portfolio, enabling earlier identification of reading challenges and empowering educators with real-time data for targeted intervention. (November 2024)

• Imagine Learning acquired UK-based Pango Education, a generative AI platform, to accelerate development of its proprietary Curriculum-Informed AI tools, enabling personalized, standards-aligned lesson planning and assessment creation that saves teachers time and enhances student engagement. (December 2024)

• The Company launched Imagine+ Assessment, a unified K–12 suite combining screening, diagnostic, and formative tools to help educators identify learning gaps early, personalize instruction, and reduce over-testing, with features like game-based dyslexia screening, adaptive growth assessments, and nearly 1,000 standards-aligned formatives. (July 2025)

Investment Profiles

62.6M

123.1M

28.5M

29.4M

Impact Over Hold Period

Food Saved From a Lesser Outcome (Pounds)

2024

2023

Impact Metrics

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 2018, Misfits Market has saved a total of 238M pounds of food from lesser outcomes. (December 2024)

• In 2024, the Company partnered with 60+ organizations across the U.S. that are fighting hunger and increasing food access and security, including Feeding America.

• Misfits Market acquired The Rounds, a zero-waste grocery delivery startup, expanding its sustainable delivery model into urban markets like Atlanta, Philadelphia and Washington, D.C., while integrating reusable packaging infrastructure and a new B2B distribution channel. (May 2025)

Investment Profiles

of capital in sustainable systems investments

13%

of capital in people power investments

39%

of capital in healthy living investments

48%

Impact Metrics

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.

As of June 30, 2025, the Fund comprises a diverse portfolio of 8 active, sustainable assets, including:

• A company that builds simple home insurance sold exclusively through independent agents, harnessing the power of technology to personalize underwriting while lowering costs. 

• 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.

Investment Profiles

Impact Metrics

Estimated CO₂ Avoided (Metric Tons)

2022

2021

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.