Vermont Works Impact Partners I LP
United States of America
Last updated 11 May 2020, by Impactyield.
Vermont Works Impact Partners I LP is a Burlington, VT based private equity fund that is focused on delivering both competitive financial returns and social impact in support of Vermont’s job and enterprise development. Vermont Works is unique in its focus on Vermont Social Impact as there is no other professionally managed fund in the state focused on investing solely in Vermont and measured on a “double bottom line” basis.
Vermont Works will be involved in portfolio company governance to ensure execution of blueprint, measurement and accountability for social and environmental impact. The Fund also maintains the ability to “call back” capital if a portfolio company seeks to re-domicile away from Vermont. Vermont Works is committed to transparency by measuring and reporting underlying investments’ social and environmental performance. Vermont Works has developed a bespoke impact reporting methodology based on industry standards that will meet the needs of its portfolio companies.
Key performance indicators
Asset manager: Vermont Works Management Company
Product track record: Fund has 6 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: Open - committed capital
Style/Stage: Growth Stage
Inception year: 2016
Vintage year: 2016
Target close date: 01/10/2017
Product term: 10 years, but the general partner has the right to extend to 11 years under certain circumstances
Assets under management: 50,000,000 USD (US Dollar)
Investment size: Min: 175,000; Max: 750,000; Avg: 300,000
Currency of investments: USD (US Dollar)
Currency for fund / product figures: USD (US Dollar)
Fund investments to date: 4
Fund investments to date exited or repaid: 1
Management fee: 1%
Carried interest: 20%
Hurdle rate: n.a.
GIIN Investors' Council Investment: No
Limited Partners / Investors: VSECU (https://www.vsecu.com/)
Limited Partner / Investor Type: n.a.
The Kaufman Index of Entrepreneurship ranks Vermont #5 in the nation for startup activity but only #49 for scale-up activity. Equally concerning, Vermont is ranked #1 in population decline and #2 in aging in the United States, per capita. Vermont Works believes that closing the gap between #5 & #49 is the investable opportunity. The capital raised by Vermont Works will address three primary challenges faced by Vermont Startups: Lack of growth-stage equity capital, insufficient structured mentorship & talent development as well as an insular, closed-loop mentality.