![Cover of the 2025 Annual Report for Social Finance, featuring three photos: a person outdoors, a woman with a child, and two people in an indoor setting.](https://socialfinance.org/wp-content/uploads/2026/08/WEBSITE-News-Insight-Thumbnail-2-1000x673.png")
Social Finance Impact First Fund 2025 Annual Report
This report includes an overview of the Fund's impact objectives and strategy, profiles of our portfolio investments and their 2025 impact highlights, and an update on Social Finance's field-building activities.
![Children play basketball and run in a schoolyard in front of a blue building with solar panels on the roof under a clear sky.](https://socialfinance.org/wp-content/uploads/2026/08/Solar_Panels_for_School-1000x563.jpg")
![Headshot of Stephen Vicinelli next to text discussing how impact-first investing can connect high earners who want to give money with communities in need, featured in Kiplinger’s Social Finance section.](https://socialfinance.org/wp-content/uploads/2026/07/13-1000x673.png")
![Two women work at desks; one speaks on a headset while using a desktop computer, and the other types on a laptop.](https://socialfinance.org/wp-content/uploads/2026/07/pexels-jep-gambardella-7689671-1000x667.jpg")
![A woman smiles while working at a desk, next to text about expanding access to tech careers through Google Career Certificates Fund Evaluation findings.](https://socialfinance.org/wp-content/uploads/2026/07/WEBSITE-News-Insight-Thumbnail-1000x673.png")
![A blue graphic announces "Claude Corps" with logos for Anthropic, CodePath.org, and Social Finance below.](https://socialfinance.org/wp-content/uploads/2026/05/Claude-Corps-Announcement-e1779826724492-1000x592.png")
![Split-screen image with text discussing AI’s effectiveness for mundane uses on the left, and a headshot of a man labeled “Jake Segal” on the right.](https://socialfinance.org/wp-content/uploads/2026/09/WEBSITE-News-Insight-Thumbnail-4-1000x673.png")
![A person writes on a clipboard while another person sits on a couch in the background, speaking with hand gestures.](https://socialfinance.org/wp-content/uploads/2026/07/pexels-shvets-production-7176026-1000x667.jpg")
![Two adults and two toddlers play with toys on the floor of a daycare classroom. The room has cubbies, backpacks, and colorful decorations on the walls.](https://socialfinance.org/wp-content/uploads/2026/07/Ellis-1-1000x667.jpg")
![Bar charts compare changes in impact and asset value between base and new cases, showing a $20.2M increase in impact and an $11.7M decrease in asset value, with total net gain of $8.5M.](https://socialfinance.org/wp-content/uploads/2026/01/Web-covers-6.png")
![A circular flow chart showing external funders, employers, education/training providers, and workers/trainees connected by arrows indicating fund provision and training roles.](https://socialfinance.org/wp-content/uploads/2026/03/Untitled-design-15.png")
![Promotional graphic for a panel event on workforce training featuring five speakers, hosted by Georgetown's McCourt School of Public Policy and the Social Finance Institute on April 20.](https://socialfinance.org/wp-content/uploads/2026/04/LL-event-graphic-1-1040-x-700-px-1000x673.png")