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Social Finance Impact First Fund

Impact Investments


$7.5MCommitments to Blackstar Stability Distressed Debt Fund and Afterglow Climate Justice Fund

The Social Finance Impact First Fund provides a holistic, diversified portfolio of catalytic investments for individuals and institutions looking for a straightforward and efficient way to pursue impact-first investment opportunities. The Fund primarily invests in emerging, private market funds with effective strategies for achieving positive social and environmental impact, often led by or supporting people from marginalized communities.

The Impact First Fund was developed to address the barriers that donor-advised funds (DAFs), community and private foundations, PRI-makers, and other philanthropic capital investors face when pursuing innovative funds and investment strategies that support meaningful and measurable change for people and the planet.


  • Catalyze positive, measurable environmental and social impact at scale: Channel catalytic impact capital into a wide array of impact-first opportunities with potential for achieving impact.
  • Make impact-first investing easier, more accessible, and more cost efficient: Help DAF accountholders, family offices, and private foundations frictionlessly allocate philanthropic capital into impact-first investments.

Investment Themes

The Impact First Fund prioritizes investments in two thematic categories: social impact and environmental impact.

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Social Impact

The fund’s social portfolio includes investments related to affordable housing, economic mobility, early care and education, financial inclusion, health and wellness, small business ownership, and workforce development.

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Environmental Impact

The fund’s environmental portfolio includes investments related to the energy transition, carbon mitigation, circular economy, clean water, climate justice, and sustainable agriculture.


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Blackstar Stability Distressed Debt Fund

Blackstar Stability Distressed Debt Fund (BSDDF) is a Black-owned and -led real estate investment fund focused on supporting and preserving single-family home ownership and wealth building in low- and moderate-income communities.

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Afterglow Climate Justice Fund

Afterglow Climate Justice Fund is a private debt fund investing in organizations developing and launching new projects that will benefit marginalized communities who are disproportionately likely to experience the negative impacts of climate change.


Important Notice and Disclosures

Related Work