New Summit Investments is in the process of raising a new impact fund worth $100 million, as disclosed in documents filed with the SEC. If successfully raised, this sizable fund will enable the firm to continue its investments in managers supporting startups and companies focused on addressing environmental and social issues.
This fund represents the firm’s fifth venture and signifies a significant increase from its previous $40 million fund, which closed in 2022. New Summit invests in various funds including venture capital, real estate, and infrastructure. Its current assets under management total $115 million, according to PitchBook.
While New Summit has not disclosed details about the new fund’s strategy or timeline due to security regulations, Casey Dilloway, the Managing Director, expressed their satisfaction in continuing their pioneering work in multi-manager strategies for private market impact investing since 2016.
The substantial size of the new fund reflects the firm’s confidence in attracting investors based on both its investment track record and commitment to impact-driven initiatives. The fund-of-funds model allows smaller investors to leverage the expertise of top-performing firms while aligning with their environmental and social goals.
The SEC filing indicates that New Summit is still early in the fundraising process and has not yet secured any capital commitments, making it an interesting test case to gauge investor interest in ESG. The minimum investment required is $250,000, suggesting a diverse approach to engaging investors with varying risk appetites.
New Summit’s focus on climate tech is seen as a positive driver amidst the evolving landscape of venture capital, with continued high deal counts in 2023. The firm’s commitment to supporting underrepresented founders and fund managers underscores its dedication to fostering diversity, equity, and inclusion in the industry.
Founded in 2016, New Summit Investments operates as an impact investment firm dedicated to creating positive change in climate, health, and economic opportunities. By aligning with the UN’s Sustainable Development Goals, the firm aims to address global challenges such as clean water access, quality education, and poverty reduction.
New Summit Investments has a history of supporting diverse fund managers specializing in climate and health, alongside partnering with organizations like Gratitude Railroad to champion underrepresented voices in the investment landscape.
With a successful track record of fund closures in 2016 and 2018, New Summit Investments continues to pave the way for impact-driven investments in areas critical to building a sustainable and inclusive future.
