Impact(ed)

Impact(ed)
  • 5.0 (7)
  • Investing
  • Updated Biweekly

For its first two seasons, Impact(ed) carved out space for practitioners of color to speak candidly about their work. It showcased the importance of diverse, creative perspectives and a non-traditional, non-linear path into the world of investing. It grounded the conversation in lived experience and real decision-making, not just frameworks and conference talking points. And importantly, it gave a platform to perspectives and voices that are too often pushed to the side. This season, Impact(ed) will take conversations even deeper. Because there are things we all know–but don’t say out loud: We know most LPs are still optimizing for risk-adjusted returns, not impact. We know investment committees rarely behave the way their mission statements suggest they do. We know entire strategies get framed as “market opportunity” when they’re really a function of where capital feels comfortable flowing. And we know that when markets tighten, a lot of the courageous rhetoric gets silenced quickly. Where our first two seasons -- importantly -- shone on a light on practitioners of color in the middle of their careers reflecting on how they got there, and the many pieces of the impact investing puzzle (from ESG-screening at some of the largest pensions, to impact VC, and employee ownership as an alternative to traditional buyouts) this season will be a deeper dive into the structural levers that control how capital is allocated. We started with a mission of showing the whole chessboard and widening the tent to including more voices and perspectives in the conversation, and now we're eager to dive deeper into honest discussions about the more granular barriers and genuine opportunities for scale within impact investing. This season we'll be covering topics like: Blackstone and Your RetirementImpact Investing in the Built EnvironmentAre There Too Many VC's?The Current State of Community DevelopmentThe Pro's and Con's of PEThe Business of Asset ManagementHow IC's Actually WorkWhat Went Wrong with TricolorImpact Investing & Public PolicyAnd a Retrospective Review of Past Episodes

  1. Are There Too Many VC's?

    18h ago

    Are There Too Many VC's?

    Are There Too Many VCs in Impact Investing? The Real Answer Is More Complicated than a Yes or No. Ben Thornley is co-founder and managing partner of Tideline, one of the field’s leading research and advisory firms on impact investing. He’s not an investor—he’s the person that the largest limited partners in the world, institutions managing hundreds of billions in assets, call when they’re trying to make sense of a market they don’t fully understand yet. His answer: the problem isn’t too much VC. It’s not enough of everything else. The capital stack in impact investing is barbelling—institutions piling into later-stage, more proven strategies while early-stage impact sits overcrowded and without much liquidity EPISODE GLOSSARY: Barbelling Technical: A distribution pattern in which capital concentrates at two extremes of a spectrum, leaving the middle relatively underfunded. In practice: In impact investing, institutional capital is flowing heavily into later-stage, more proven strategies (large private equity funds, public equities with ESG screens) and into very early-stage philanthropic work—while the middle (growth-stage impact, fund II and III managers) goes undercapitalized. Why it matters: The companies most ready to scale—past proof of concept but not yet large enough to attract big institutional mandates—are exactly where the gap sits. Barbelling explains why the field can feel both overcrowded and underfunded at the same time. Secondary Markets Technical: Markets where investors buy and sell existing stakes in private funds or companies, rather than investing directly into new deals. In practice: If you’re an LP in a private equity fund and you need liquidity before the fund winds down, you sell your stake to another investor on the secondary market. In conventional private equity, this market is large and well-developed. In impact investing, it barely exists—Ben noted you can count impact secondary funds on one hand. Why it matters: Without a secondary market, every impact investment is effectively locked up until exit. That illiquidity premium makes impact structurally more expensive to hold than conventional alternatives, which rational institutions will price accordingly. Concessionary Capital Technical: Capital that accepts below-market financial returns in exchange for social or environmental impact. In practice: Think of a foundation that invests in an affordable housing fund knowing the returns will be lower than a comparable market-rate fund—because the goal is to produce housing, not just profit. The ‘concession’ is the financial return the investor foregoes. Why it matters: The field debates how much concession is appropriate—or required—for genuine impact. Ben’s view is that the impact investing community has sometimes made this debate more binary than it needs to be, excluding strategies that produce real impact but don’t meet a specific return threshold. Lacking Liquidity Technical: A state in which a market or asset class lacks sufficient liquidity mechanisms (secondary markets, structured exits, revolving credit facilities) to meet investor demand. In practice: An impact fund manager trying to return capital to LPs who need liquidity has very few options compared to a conventional PE manager. There’s no robust secondary market to sell into, fewer structured products to access bridge capital, and fewer exit pathways in general. Why it matters: A lack of liquidity compounds over time. It makes the asset class less attractive to institutions that need to manage liquidity risk—which restricts the pool of potential LPs, which limits fund size, which limits what managers can do

    49 min
  2. Blackstone & Your Retirement

    May 22

    Blackstone & Your Retirement

    Only 10% of retail investors say they want expanded access to private markets. So why is the entire industry pushing for it? On the latest episode of Impact(ed), we sat down with Ian Fuller (Westfuller Advisors) and Ben Schiffrin (Better Markets) to unpack what’s actually happening as firms like Blackstone, Apollo, and KKR make their push into 401(k) accounts. We talked about: The new Department of Labor guidance creating a ‘safe harbor’ for private market investing in retirement plans—and why removing fiduciary liability changes everythingWhy the democratization framing deserves real scrutiny—and who’s doing the framingWhat the fee math actually looks like when you put 2-and-20 next to a Vanguard index fundThe liquidity trap: what happens when everyday investors can’t get their money out GLOSSARY Accredited Investor Technical: A person or entity that meets the SEC’s wealth or income thresholds—currently $1M net worth (excluding your home) or $200K annual income ($300K for couples). In practice: The legal standard used to determine who can access private market investments. The idea is that accredited investors are sophisticated enough to fend for themselves without the protections that apply to public offerings. The thresholds haven’t kept pace with wealth concentration, which means a lot more people technically qualify now than the rule originally imagined. 2-and-20 Technical: The standard fee structure for private market funds: a 2% annual management fee on assets under management, plus 20% of profits (called ‘carry’ or ‘carried interest’). In practice: Compare that to a Vanguard S&P 500 index fund, which charges roughly 0.03%. For every $100,000 invested, you’re paying $2,000/year in management fees before the fund has done anything—plus a fifth of any gains. Ian was direct: funds with this fee structure don't consistently produce better outcomes than passive investing. Liquidity / Illiquid Technical: Liquidity refers to how quickly and easily you can convert an investment into cash. Illiquid investments can’t be sold quickly—you may need to wait months, years, or until a specific exit event. In practice: Index funds and ETFs in your 401(k) are highly liquid—you can sell them and get your money in days. Most private market funds are illiquid. Some ‘semi-liquid’ private credit funds cap redemptions at 5% per quarter, meaning if you need your money and others do too, you may simply be told to wait. Ben noted that redemption requests at some private credit funds are currently exceeding that 5% limit. Why it matters: Retirement accounts aren’t always held until retirement. People dip in for emergencies. Illiquid assets in a retirement account mean you may not be able to get your money when you need it. Safe Harbor Technical: A legal provision that protects a party from liability if they’ve followed a specific set of rules or procedures, even if the outcome is bad. In practice: The Department of Labor’s proposed rule would create a safe harbor for 401(k) plan managers who follow certain steps before investing in private markets. If they follow the process, they’re shielded from lawsuits—even if the investment performs poorly. Ben’s concern: the guardrails in the safe harbor may not be sufficient to actually protect retail investors, especially those who don’t have access to a sophisticated advisor to ask the right questions on their behalf. Why it matters: Safe harbors can be appropriate policy tools. But they can also shift the risk from institutions (who can absorb it) to individuals (who often can’t). That’s the core tension this episode kept returning to.

    45 min
  3. Raising Impact Capital with Alicia DeLia (Delia Impact Advisors)

    06/18/2025

    Raising Impact Capital with Alicia DeLia (Delia Impact Advisors)

    Alicia DeLia of DeLia Impact Advisors joins the pod this week to talk about raising both grants and impact-first investments. Alicia shares why she’s passionate about getting capital to communities; how she supports leaders from diverse backgrounds to create authentic relationships with wealth holders, so fundraising doesn’t feel so transactional; and the importance of being an optimist. Timestamps: 00:00 Breaking Down Silos in Impact Investing01:04 Understanding Fundraising in Impact Investing03:54 The Role of Investor Relations04:59 Alicia DeLea's Journey into Fundraising09:00 Resource Mobilization in Impact Investing11:58 Mindset and Self-Belief in Fundraising15:57 The Importance of Asking for More17:01 Defining Grants vs. Impact Investing20:09 A Week in the Life of a Fundraiser22:00 Transferable Skills in Fundraising25:58 The Power of Convening29:10 Advice for Future Fundraisers Links: Alicia’s LinkedinDeLia Impact Advisor’s websiteEric’s LinkedinLucas’ Linkedin

    32 min
  4. Developing Communities with Kim Lyle (Dorchester Bay Economic Development Corporation)

    06/11/2025

    Developing Communities with Kim Lyle (Dorchester Bay Economic Development Corporation)

    Kim Lyle of Dorchester Bay Economic Development Corporation joins the pod this week to talk about the importance and impact of community development finance. She shares her love for building things that don’t yet exist, passion to get money to people out there who hustle, and why green lending hits all of DBEDC’s impact areas.  Editor’s Note: Since the time of this recording, the current administration has proposed a budget bill  that would have a significantly negative impact on the availability and flow of IRA funds. At the time of this post, the bill has passed the Senate but would need to be confirmed by the Senate before going into effect. Timestamps: 00:00 Introduction to CDFIs and Their Impact02:54 The Role of CDFIs in Economic Equity05:58 Challenges Facing CDFIs Today09:06 The Inflation Reduction Act and CDFIs11:59 Kim Lyle's Journey to Dorchester Bay15:09 Dorchester Bay's Mission and Operations17:52 Innovations in Green Lending21:05 Advice for Future Generations23:52 The Importance of Nonlinear Career Paths Links: Kim’s LinkedinDorchester Bay’s website Eric’s LinkedinLucas’ Linkedin

    30 min
  5. Direct Investing via Foundations with Smit Naik (Sorenson Impact)

    06/03/2025

    Direct Investing via Foundations with Smit Naik (Sorenson Impact)

    Smit Naik of Sorenson Impact Institute joined the pod last fall to talk about his previous work at Gary Community Ventures, where he served as its Director of Impact Investing. We talked about the importance of deploying the right capital, at the right time, for the right purpose; how philanthropies leave so much potential impact on the table; and why even investors should approach their work with human-centered design. Smit’s new title is Managing Director of Impact Investing at the Sorenson Impact Institute where he oversees their early-stage venture capital investment strategy. Timestamps: 00:00 Bridging the Gap: Understanding Community Needs01:06 Smitt Naik's Journey into Impact Investing02:21 The Role of Listening in Impact Investing04:46 Gary Community Ventures: A Theory of Change09:00 Innovative Approaches to Community Investment12:06 MySpark: Empowering Youth through Financial Choice15:39 The Unique Approach of Gary Community Ventures19:01 Innovating Foundations: Moving Wealth and Power20:28 A Day in the Life of an Impact Investor23:41 Advice for Future Impact Investors Links: Smit’s LinkedinSorenson Impact Institute websiteGary Community Ventures websiteEric’s LinkedinLucas’ Linkedin

    26 min
  6. Measuring Impact with Joanna Kuang & Leila Mengesha (Illumen Capital)

    06/02/2025

    Measuring Impact with Joanna Kuang & Leila Mengesha (Illumen Capital)

    Joanna Kuang and Leila Mengesha of Illumen Capital join the pod this week to talk about how their lived experiences brought them to investing and impact measurement, the risks that could come from not managing impact, and how these types of roles barely existed a few years ago. Timestamps: 00:00 Introduction to Impact Measurement and Management06:37 The Evolution of Impact Measurement and Management12:09 Personal Journeys into Impact Investing20:47 Illumen Capital's Approach to Impact Investing28:41 Challenges and Opportunities in Impact Measurement36:57 Advice for Aspiring Impact Investors Links: Joanna’s ⁠Linkedin⁠Leila’s ⁠Linkedin⁠Illumen Capital’s ⁠website⁠Eric’s ⁠Linkedin⁠Lucas’ ⁠Linkedin

    39 min
  7. Impact VC with Erin Sietstra (Hopelab)

    05/20/2025

    Impact VC with Erin Sietstra (Hopelab)

    Eric and Lucas are joined for conversation with Erin Sietstra from Hopelab a researcher, investor, and convener that supports equity-centered solutions for the mental health and well-being of Brown, Black, and Queer young people. Erin, rightly points out that in a world with more diverse checkwriters you don’t need to convince investors that an issue like black maternal health is a pressing problem that needs to be solved. Tune in to hear about her work as Head of Investments at Hopelab. Timestamps: 00:00 Understanding Youth Mental Health and Access to Care01:04 Impact Venture Capital vs Traditional VC03:37 Hope Lab's Mission and Theory of Change07:11 The Role of Corporate Venture Capital09:07 Innovative Solutions for Youth Mental Health14:27 A Day in the Life of an Impact Investor26:09 Building Relationships in Investing32:55 The Power of Lived Experience in Founders Links: Erin’s LinkedinHopelab's websiteEric’s LinkedinLucas’ Linkedin

    36 min
  8. Financing Worker Ownership Conversions with Todd Leverette (Apis & Heritage)

    05/14/2025

    Financing Worker Ownership Conversions with Todd Leverette (Apis & Heritage)

    Todd Leverette from Apis & Heritage sits with us to talk about his circuitous path from Wall Street to financing Worker-Ownership with Private Credit and how, when he looks back on his career, much like Common’s third album “One Day It’ll All Make Sense.” 00:00 Introduction to Employee Ownership and Buyouts04:47 The Case for Employee Ownership10:57 Knowledge Sharing in Employee-Owned Companies13:33 Apis and Heritage: A New Model for Buyouts19:55 Engaging Workers in the Buyout Process25:52 The Impact of Employee Ownership on Company Culture30:03 Real-World Examples of Successful Transitions34:14 Advice for the Next Generation of Impact Investors

    39 min
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Trailers

Ratings & Reviews

5
out of 5
7 Ratings

About

For its first two seasons, Impact(ed) carved out space for practitioners of color to speak candidly about their work. It showcased the importance of diverse, creative perspectives and a non-traditional, non-linear path into the world of investing. It grounded the conversation in lived experience and real decision-making, not just frameworks and conference talking points. And importantly, it gave a platform to perspectives and voices that are too often pushed to the side. This season, Impact(ed) will take conversations even deeper. Because there are things we all know–but don’t say out loud: We know most LPs are still optimizing for risk-adjusted returns, not impact. We know investment committees rarely behave the way their mission statements suggest they do. We know entire strategies get framed as “market opportunity” when they’re really a function of where capital feels comfortable flowing. And we know that when markets tighten, a lot of the courageous rhetoric gets silenced quickly. Where our first two seasons -- importantly -- shone on a light on practitioners of color in the middle of their careers reflecting on how they got there, and the many pieces of the impact investing puzzle (from ESG-screening at some of the largest pensions, to impact VC, and employee ownership as an alternative to traditional buyouts) this season will be a deeper dive into the structural levers that control how capital is allocated. We started with a mission of showing the whole chessboard and widening the tent to including more voices and perspectives in the conversation, and now we're eager to dive deeper into honest discussions about the more granular barriers and genuine opportunities for scale within impact investing. This season we'll be covering topics like: Blackstone and Your RetirementImpact Investing in the Built EnvironmentAre There Too Many VC's?The Current State of Community DevelopmentThe Pro's and Con's of PEThe Business of Asset ManagementHow IC's Actually WorkWhat Went Wrong with TricolorImpact Investing & Public PolicyAnd a Retrospective Review of Past Episodes

Information

  • Creator
    Impact(ed)
  • Years Active
    2023 - 2026
  • Episodes
    16
  • Rating
    Clean
  • Copyright
    © 2026 Impact(ed)
  • Show Website
    Impact(ed)

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