Core Innovation Capital I, LP
United States of America
Last updated 11 May 2020, by Impactyield.
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.
We target excellent venture capital returns, and measurable social impact.
Key performance indicators
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: United States of America
Product status: Closed - still investing
Inception year: 2009
Vintage year: 2010
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
Currency of investments: USD (US Dollar)
Currency for fund / product figures: USD (US Dollar)
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
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.