“Water, water everywhere, and not a drop to drink.” This popular phrase often embodies the sentiment of diverse emerging impact fund managers who hear countless times, “We like your strategy and your team, but we don’t invest in first-time funds” or “Come back to us when you are on your fourth fund.” Amidst a vast sea of capital, these fund managers are often shut out of accessing the funds needed to achieve their impact goals. This is usually due to a lack of risk appetite for the perceived risk of investing with emerging managers.
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