Social Finance and Philanthropist Mollie Carter Launch the Tuesday Fund to Advance Economic Mobility Nationwide through Impact Investing

Seeded with a $25M commitment from philanthropist Mollie Carter, the Tuesday Fund announces its first three investments in employee ownership, legal services, and nursing education.

(Boston, MA and Denver, CO)—Today, Social Finance, a national nonprofit and registered investment adviser, announced the launch of the Tuesday Fund, made possible by an initial $25M commitment from Mollie Carter. The Tuesday Fund invests in innovative solutions to economic mobility that demonstrate measurable impact, a clear path to scale, and the potential to leverage additional public, private, and philanthropic capital.

By deploying patient, catalytic capital, the Tuesday Fund is designed to support the economic mobility of low-income individuals and families in the United States. The Tuesday Fund’s impact-first investments will focus on income generation, wealth building, and wraparound support through a range of investment tools, including debt and equity investments. The Fund’s goals are to help people access the essential services and infrastructure that make economic mobility possible, increase their earning potential, and build intergenerational financial stability.

“There are so many organizations doing important work, but too often philanthropy is fragmented and inefficient. The Tuesday Fund is about creating pathways, not one-off solutions,” said Mollie Carter. “I named this the ‘Tuesday Fund’ because Tuesday is a day of possibility—it’s what you make of it. It’s symbolic of people who have talent and drive but face persistent hurdles. This Fund is about removing those barriers so that opportunity is determined by a person’s potential, not their circumstances.”

Carter is the Executive Chairman of FirstSun Capital Bancorp and Sunflower Bank, a regional community bank headquartered in Dallas, TX, where she previously served as President and CEO for nearly two decades. She brings broad experience in corporate leadership and a longstanding commitment to civic engagement and community investment.

“Too often, great solutions stall because they can’t access the right kind of capital at the right time. The Tuesday Fund is designed to change that by getting behind promising ideas early, helping them grow, and proving they can reach the people who need them most,” said Kirstin Hill, President & COO of Social Finance. “We’re grateful to Mollie for partnering with us to make that possible.”

Inaugural Investments

The Tuesday Fund has approved its first three investments. Each of these investments reflects the Fund’s core thesis: that catalytic capital can accelerate scale, innovation, and lasting impact in the world of economic mobility.

• Building Wealth Through Employee Ownership—Apis & Heritage Legacy Fund II: Baby Boomers own 40% of U.S. small businesses, but fewer than one-third have a succession plan. As these owners retire, employee ownership offers a powerful path to preserving jobs and building worker wealth. Apis & Heritage uses its Employee-Led Buyout (ELBO) model to convert companies into employee-owned enterprises, turning workers at all levels into owners with real retirement security. Apis & Heritage’s Legacy Fund I has transferred $81 million in enterprise value to 1,500 worker-owners. As of their 2024 annual impact report, 80% of these workers are workers of color and 89% of whom are low- or moderate-income. With Tuesday Fund support, Legacy Fund II seeks to transfer more than $250 million in enterprise value to over 2,500 workers over the next 15 years.
• Unlocking Opportunity Through Criminal Record Clearance—Rasa Legal: Close to 100 million Americans have a criminal record and it is estimated that approximately 30 million of these people are legally eligible to seal or expunge their criminal records under existing state laws. However, uptake remains low due to complexity, cost, and lack of awareness. The consequences are severe: criminal justice involvement suppresses earnings by 16% for misdemeanor convictions and over 22% for felony convictions, and records block access to jobs, housing, and education. Rasa Legal, a legal tech public benefit corporation, pairs an AI-enabled platform with licensed legal support to make record clearance simple, affordable, and accessible. Rasa has served 26,000+ users, cleared 5,000+ records, and maintains a 90%+ success rate once clients engage. The Tuesday Fund’s investment will help Rasa scale their impact and services across America.
• Expanding Access to Nursing—The ReNEW Fund: The U.S. faces a long-term shortage of registered nurses (RNs) driven in part by the financial barriers that prevent students from completing nursing degrees. The Reinvesting in Nursing Education and Workforce (ReNEW) Fund—a collaboration between Social Finance and Western Governors University (WGU)—provides zero-interest, outcomes-based loans to help low- to moderate-income students finish WGU’s Bachelor of Science in Nursing prelicensure degree program. Student and employer repayments recycle to support future learners, creating a sustainable pipeline of nurses and long-term economic mobility for low-income students.

With these initial investments, the Tuesday Fund signals a new approach to philanthropy—one that combines a genuine commitment to social impact with rigorous investment discipline. Social Finance brings fifteen years of experience in sourcing, vetting, and managing impact investments across geographies, sectors, and asset classes. To date, Social Finance has mobilized more than $500 million from a diverse group of more than 100 investors to improve outcomes in education, economic mobility, health, and housing.

The Tuesday Fund builds on that track record, offering a model other philanthropists can replicate. Through its Custom Portfolio Management offering, individuals and institutions can leverage Social Finance’s experienced team and infrastructure, deploy capital to vetted solutions, and manage for impact over time.

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About Social Finance

Social Finance is a national nonprofit and registered investment adviser. We bring government, philanthropy, and business leaders together to put capital to work in new ways to improve systems and expand opportunity. Since our founding in 2011, we have mobilized more than $500 million in investments to create measurable results in workforce and education, health, and housing. Learn more at socialfinance.org.

About the Tuesday Fund

The Tuesday Fund is a fund managed by Social Finance and made possible by a $25 million commitment from philanthropist Mollie Carter. The Tuesday Fund invests in emerging and innovative solutions that support economic mobility for low-income individuals and families across the United States. The Tuesday Fund focuses on three thematic priorities: income generation, wealth building, and wraparound support.