Nothing contained in the newsletter is intended nor should anything included herein be considered a guarantee of future performance of any industry, asset class, or any security.

---

Breaking trail refers to the act of creating a new path or clearing a route through fresh, untraveled terrain. The term is often used in outdoor activities like hiking, snowshoeing, or skiing, where the first person in a group has to navigate and move through untouched snow, dense vegetation, or other obstacles, making it easier for those who follow. Figuratively, “breaking trail” can also mean pioneering or leading the way in a new endeavor or uncharted territory.

As we begin 2025, we are reminded of the importance of ‘breaking trail’ given the acute social and environmental challenges, coupled with a rapidly changing political and economic landscape. We are struck by the increased importance of private wealth (financial assets belonging to individuals and families) to help lead the way.

The size of the private wealth channel in the U.S. has grown significantly and now rivals the institutional pool at ~$30T. Historically less allocated to private markets, this capital is increasingly shifting toward them, while also seeking alignment with innovation, values, and solutions to pressing issues.  This presents a tremendous opportunity to increase dollars allocated to a growing pool of talented impact fund managers and entrepreneurs.

We feel renewed energy around the pillars of our theory of change: engaging, connecting and activating investors; filling capital market gaps; and backing the power of entrepreneurship.  We can’t think of a more compelling time to be breaking trail with a committed community of investors and mission-driven leaders.

We hope you will join us in transforming capital to create a thriving world. 

With Gratitude,

Rebekah and Thomas

Community. Capital. Change!

---

Table of Contents

What’s New at Gratitude

Investments

Community and Events

Links to Inspire

---

Whats New at Gratitude

Independent Impact Verification: Received a Gold rating from BlueMark.

In December, Gratitude participated in a special Impact Capital Managers cohort and engaged BlueMark to independently assess the alignment of our Ventures and Inclusive Capital strategies with impact investing best practices. As part of this rigorous assessment, BlueMark evaluated our impact approach across four key pillars of accountability: strategy, governance, management, and reporting. This impact assessment is anchored in a broad range of industry standards including Operating Principles for Impact Management, SDG Impact, Principles for Responsible Investment, and Impact Frontiers Reporting Norms.

We are proud to announce that both funds have been issued a Gold rating, reflecting our strong alignment with industry best practices. Our team walked away from the process with a helpful framework to understand our strategies’ strengths and areas for improvement. We are working to implement select recommendations and look forward to sharing specific learnings later in 2025.

Welcomed a New Team Member: Hanna Rassouli, Community & Ops

Investments

We invest in early-stage companies and emerging funds with a dual focus on compelling financial returns and authentic impact. Our investments address at least one of our core themes: Planetary Health [renewables and natural systems], Social Wellbeing [health, education, and wealth equity], and Intersectional Innovations [food systems and climate justice].

Direct Company Investments

Little Otter

Fund Investments

Final Close on Inclusive Capital Fund

We are pleased to announce the final close of the Inclusive Capital Fund I, an impact fund of funds dedicated to backing exceptional emerging, underrepresented private fund managers. This milestone reflects our commitment to investing in capital entrepreneurs who are in turn investing in innovative solutions addressing pressing social and environmental challenges. Inclusive Capital Fund has backed firms including Bright Ventures, Cherryrock Capital, Kalos Ventures, Good Growth Capital, Springbank Collective, and Voyager VC. We are proud to partner with these leading organizations to generate positive returns and impact!

Additionally, we offer a heartfelt congratulations to the Cherryrock Capital team on their official launch and $172M raise to invest at the Series A & B stage of companies led by underinvested entrepreneurs.

Joint Ventures

Plankton-Gratitude Yield Co.

Portfolio Updates

Carallel

itselectric

Community and Events

We host a variety of virtual and in-person events throughout the year centered around community building, shared learning, and investment exploration. Are you interested in participating in or collaborating on future events? Reach out to [email protected] to connect with us!

Upcoming Events

Regional Gatherings

Past Events

Our 2024 Ecosystem Event Partners

Our work is made stronger through partnerships in the impact space. This past year we were proud to work with regional and national leaders to advance our ecosystem building and community work.

Highlights of our co-hosted events this past year:

Investor Breakfasts and Member Mixers

We hosted a series of smaller, regional meetups the past few months in Washington, DC, San Francisco, New York, and Seattle. These events build connectivity across our community and spark dialogue around different impact interest areas. Where should we visit next? Let us know at [email protected]

Gratitude Investor Gathering

Last year’s Gratitude Investor Gathering welcomed 150 mission-aligned investors, entrepreneurs, and thought leaders for an inspiring three days at 1440 Multiversity. With Community. Capital. Change. as our guiding theme, the event featured powerful keynotes on each of those three pillars, inspiring conversation on the future of impact investing.

Renowned poet Jane Hirshfield set the tone of the convening with a moving Community Keynote, reminding us of the resilience needed to drive transformation. Mark Kramer, founder of FSG, delivered a compelling Capital Keynote on unlocking the power of impact investing, challenging attendees to push beyond pure philanthropy and profit maximization toward capital alignment that can drive systems change. Behavioral scientist Pireeni Sundaralingam delivered the Change Keynote, offering a “brain manifesto” for sustainable change and exploring how neuroscience can inform more effective impact strategies.

From discussions on AI ethics and women’s health equity to workshops addressing intergenerational wealth and emerging managers support, the Gathering reinforced the importance of collective action. We are deeply grateful to our speakers, sponsors Fiduciary Trust International and Veris Wealth Partners, and attendees for their contributions. Together, we continue to build a movement that channels capital for real and lasting impact.

Links to Inspire

Join Us