New fund of funds Charism Capital has raised $25 million from 12 Catholic investors
Charism Capital, a new fund of funds designed to help Catholic women's congregations build on their legacy of work with the poor, has raised $25 million in its first close from 12 founding investors.
Charism takes its name from the Catholic term for a gift of grace from the Holy Spirit, given to serve others and build up the church. The Catholic sisters see impact investing as one way to live out that gift.
'Sisters were impact investors before the term existed,” Charism founder Elizabeth Garlow told Impact Alpha, the digital media platform focused on impact investing, sustainable finance, climate finance, and ESG. 'This fund is a way to honour that legacy and make sure it doesn’t end with this generation.'
The evergreen fund, which plans to hold closes twice a year, was supported by congregations such as the Benedictine Sisters of Erie, the Benedictine Sisters of Mount St Scholastica, Conrad N Hilton Fund for Sisters, the Franciscan Sisters of Mary, the Fransiscan Sisters of Perpetual Adoration, the Sisters of Notre Dame, and others.
Charism will split its capital between private impact funds in the US and in emerging markets, backing strategies that create economic opportunity in vulnerable communities. That mandate had proved popular not only with Catholic sisters but also with other religious leaders and organizations looking to put their capital to work in private markets.
The Charism fund is aiming for 'modest, sufficient' returns rather than maximum profit, a choice that is meant to avoid pushing costs onto communities and the environment.
Read the full story on Impact Alpha.
