Core Innovation Capital I, LP

United States of America

Last updated 11 May 2020, by Impactyield.

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Core Innovation Capital I, LP is a venture capital fund investing in companies committed to empowering underbanked and lower and middle-income Americans. Our portfolio companies deliver more efficient, well-designed solutions that save people time and money, create upward mobility, and scale broadly - driving both profit margins and consumer value. Investments include NerdWallet, Oportun, and Ripple, among many others.

Core Innovation Capital was launched by and are strategic partners with the Center for Financial Services Innovation, the leading authority on consumer financial health.



Financial description

We target excellent venture capital returns, and measurable social impact.

13 years

of track record

2009

the year funded

40,000,000 USD

AUM

Asset manager

Core Venture Capital

Website

Headquarters location:

Other funds managed by this asset manager: Core Innovation Capital II, LP

SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Promote policies to support job creation and growing enterprises

Full employment and decent work with equal pay

Increase access to financial services and markets

Key performance indicators

Fund overview

Asset manager: Core Venture Capital

Product track record: Fund has 13 years of track record

Target IRR: n.a.

Committed Capital: n.a.

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:

Style/Stage: ,

Inception year: 2009

Vintage year: 2010

Target region: , , ,

Target close date: n.a.

Product term: 10

Assets under management: 40,000,000 USD (US Dollar)

Investment size: Min: 500,000; Max: 6,000,000; Avg: 4,000,000

Co-investment policy: ,

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 11

Fund investments to date exited or repaid: 2

Management fee: 2.5%

Carried interest: 20%

Hurdle rate: 6%%

GIIN Investors' Council Investment: Yes

Limited Partners / Investors: Goldman Sachs, Kellogg Foundation, top-5 retail bank, top-5 commercial bank, top-5 SRI mutual fund, AAA-rated life insurance company, publicly traded consumer finance company

Limited Partner / Investor Type: Endowments/Foundations, Family Office, Pension Funds, Other Institutional Investors

Contact

E-mail: n.a.

Website: http://www.corevc.com

Phone number: 3239511505.00

If you wish to have your details removed from this database please email gdpr@impactyield.com


Kathleen Utecht

Managing Partner

Impact Performance

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n.a.

Impact thesis

The Fund will invest in companies which meet the following criteria: (1) have strong growth potential in a large and growing market; (2) provide a product or services that provide a positive impact to underbanked and lower and moderate-income Americans; and (3) have a scalable business model with an attractive risk and return profile.
“Positive impact to everyday Americans” will be evaluated as follows:
1. A substantial portion of a company’s end-user clients will be underbanked and/or low to moderate income. Greater percentage of underbanked client and lower income will be given higher priority.
2. The company’s products and services must have a positive impact on its end-users, which will be described and evaluated by the short-term and long-term value to its end-user clients. Clearer, stronger long-term impacts will be given higher priority. Examples of short-term value are price reductions. Examples of long-term value are credit building, savings and investment opportunities.

Impact Management

n.a.

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