A New Generation of Investors Is Choosing Justice. Here’s What We Built With Them.

By Betty Francisco

CEO, Boston Impact Initiative

Something is shifting in the field of impact investing. A growing community of wealth-holders from individuals, families, faith institutions, and funds, is choosing to put their capital behind economic justice, community ownership, and shared prosperity. Not despite the political moment. Because of it.

We raised $22.3 million for BII Fund II from 240 investors across 24 states. They ranged from first-time community investors putting in $1,000 to mission-aligned foundations investing $1 million. Together, they are proof that values-aligned capital is not shrinking. It is growing, organizing, and finding its way to the places that need it most.

“I invested in BII because I have believed in its mission since inception. Building long-term wealth and financial independence motivate me to align my investing with my personal values. I also invest to exercise that muscle because I have an entrepreneurial spirit and want to remain curious and abreast of ever-changing business indicators that tend to forecast larger trends in the economy.”

Eric Esteves, Executive Director, Boston Main Streets Foundation; BII Grant Advisory Council Member and BII Fund II Community Note Investor

Here’s what we learned. Raising capital for impact-first investing is not a straightforward path. It requires building trust in places where trust has historically been withheld, making the case for what “return” can mean, and believing that a different kind of economy is possible.

BII CEO Betty Francisco has written about what it took to build that investor community and close this fund. Our new report, Lessons in Solidarity Finance: How We Raised $22M for Economic Justice, and What It Reveals About the Opportunity Ahead, is an honest account of closing Fund II: what made it possible, what was hard, and what the experience reveals about the larger opportunity to redirect capital toward communities building shared wealth and ownership.

“Catalytic investments are about expanding what’s possible with our capital by betting on innovative leaders and new approaches to solving problems. Through our relationship with BII, we’ve been able to learn more about what’s working and what’s challenging in the work of impact-first investing.”

Stacey Faella, Executive Director, Woodcock Foundation; and BII Fund II Solidarity Note Investor

The report is meant to serve as a working guide for fund managers navigating their own raises, for investors ready to invest in relationships and show up differently, and for funders who want their capital to do more than sit on the sidelines.

“The future of impact investing will be shaped by investors who are willing to boldly align their capital with purpose. We’re proud to partner with BII in demonstrating a new blueprint for mobilizing capital that expands ownership, opportunity, and shared prosperity.”

Smitha Das, Senior Director, Investments, WES.

Read the report, then join us in putting that knowledge to work.