ImpactAssets Selects Second Horizon Capital for the IA 50 2025, the Definitive Guide to Impact Investing Fund Managers, as Market Proves Its Resilience
BOCA RATON, Florida, March 27, 2025 – ImpactAssets, the impact investing leader with a 15-year track record of mobilizing capital for good, released the ImpactAssets 50™ (IA 50) 2025, the definitive guide to impact investment fund managers globally. This year’s IA 50 features 165 experienced and emerging impact investment fund managers, the highest number to date. Second Horizon Capital was selected by ImpactAssets as an Emerging Impact Manager (EIM).
Now in its 14th year, the IA 50 remains the most comprehensive resource for identifying best-in-class impact fund managers, offering investors a rigorously curated and publicly accessible database to explore the industry’s leaders across the full range of investment types.
“It is an honor to be selected as an ImpactAssets 50 Emerging Impact Manager. This recognition reinforces our ongoing efforts to demonstrate the significant potential for applying an impact investing philosophy in the commercial real estate space,” said Howard Levine, Co-Founder and Managing Partner of Second Horizon Capital. “We see significant opportunities ahead to transform large-scale, underinvested commercial properties into vibrant destinations and local economic engines and are excited to continue our efforts at centers across the country.”
“At Second Horizon Capital, our work to achieve positive social and environmental outcomes directly contributes to long-term value creation,” said Camilo Varela, Co-Founder and Managing Partner of Second Horizon Capital. “As one of the only commercial real estate-focused firms in this year’s IA 50, we appreciate the opportunity to showcase how building community resilience, driving local economic activity, and contributing to a more sustainable future can benefit both our investors and local stakeholders.”
This year’s IA 50 highlights unabated momentum in impact investing: Application volume has grown 250% since 2020, and 28% of 2025 applicants had never applied before – both signals of rapid market expansion. Total assets under management (AUM) of IA 50 firms surged to $130.6 billion, representing a 35% year-over-year increase – driven by the inclusion of new, large impact managers, as well as the steady growth of established firms.
“As impact investing continues its march into the financial mainstream, the IA 50 has become a powerful barometer of industry maturation and the most respected recognition in our sector,” said Margret Trilli, CEO and Chief Investment Officer of ImpactAssets and an IA 50 Review Committee member. “The scale, growth and credibility of this year’s IA 50 managers demonstrate that impact investing is not only thriving, it is becoming an undeniable force in the market.”
Market Signals: Key Trends from the IA 50 2025
All told, 50 impact investing fund managers were selected for this year’s core IA 50 list, 65 managers for the Emerging Impact Manager list, and 50 managers for the Emeritus list.
The composition of the IA 50 2025 reveals key trends shaping impact investing today:
Growing Manager AUMs: A total of 24 IA 50 managers have reached institutional scale, with $1 billion or more in AUM, a 33% increase over the two previous years.
Financial Returns and Impact Work In Tandem: 46% of managers on the list target market-rate returns, while 28% pursue above-market returns. The core IA 50 list is predominantly market-rate (36%) and above-market (28%) managers.
Climate and Social Impact Priorities: 50% of listed managers primarily focus on social themes such as financial inclusion and community development, while 33% prioritize climate-related investments, including clean tech, alternative energy, and decarbonization.
Beneficiaries of Impact Capital: The majority of IA 50 managers focus on supporting small businesses, rural communities, low income and disadvantaged communities.
Third-Party Impact Verification on the Rise: 28% of core IA 50 managers and 24% of Emeritus managers have impact reports verified by third-party assessors, marking a steady progression in impact transparency.
“This year’s IA 50 showcases how impact investing is quickly coming of age – not only in scale and financial sophistication, but also in accountability and rigor,” said Jed Emerson, IA 50 Review Committee Chair. “The increasing prevalence of third-party impact verification, larger institutional-scale fund sizes and record-breaking newer entrants signal a maturing market that remains deeply committed to driving positive change.”
The IA 50 Selection Process: Unmatched Rigor and Expert Review
ImpactAssets employs a rigorous multi-stage process to select the IA 50, ensuring it remains the most credible and thoughtfully curated benchmark for impact investing excellence. Unlike lists based purely on AUM rankings or editorial selection, the IA 50 blends quantitative analysis with expert qualitative review to identify managers that are not only financially sound, but also deeply committed to measurable impact.
IA 50 selections are made by the distinguished IA 50 Review Committee, composed of 16 of the most globally-recognized impact investing leaders and practitioners, ensuring that the IA 50 remains the industry’s most credible, thoughtfully curated benchmark for impact investing excellence. The review process includes a quantitative analysis, led by ImpactAssets Capital Partners, based on application information, impact reports and public disclosures. The IA 50 Review Committee makes the final selection, ensuring the analysis adheres to a structured framework of fairness and rigor. All firms included in the IA 50 have met strict criteria, including a track record in impact investing, clear social and environmental impact goals, and U.S. investor accessibility.
“The IA 50 not only reflects where impact investing is today, but also provides a roadmap for its future,” said Rehana Nathoo, Founder and CEO at Spectrum Impact and an IA 50 Review Committee Member. “The rigorous selection process and expert review that define the IA 50 reinforce its position as the industry’s gold standard – giving investors confidence that the firms featured are at the forefront of driving meaningful impact.”
About the ImpactAssets 50
ImpactAssets 50™ (IA 50) is the definitive guide to impact investing fund managers globally. The publicly available database is composed of experienced and emerging private debt and equity impact investment fund managers committed to generating positive impact. The IA 50 2025 reflects the innovation and exponential growth of impact investing that the IA 50 has helped to spotlight over 14 years.
The IA 50 is not an index or investable platform and does not constitute an offering or solicitation to buy or sell securities or a private placement, or recommend specific products. Nor is this an endorsement of any of the listed fund managers. It is not a replacement for due diligence. Additional details on the selection process are available here.
About Second Horizon Capital
Second Horizon Capital is an impact investment firm that partners with communities to transform large-scale, underinvested commercial properties into vibrant destinations and local economic engines. The firm honors its role by investing in, supporting, and stewarding each community that it joins. Second Horizon Capital focuses on bringing community stakeholders, including municipalities, business owners, community groups, tenants, and end-users to the forefront in reinvigorating community hubs. By driving long-term value enhancement, seeking more equitable outcomes, and partnering with local stakeholders, Second Horizon Capital works to enhance its communities, as well as the properties themselves. Additional information on Second Horizon Capital can be found on the company's website at www.secondhorizon.com.
About ImpactAssets
ImpactAssets is an impact investing leader dedicated to changing the trajectory of the planet’s future and improving the lives of all people. As a leading impact investing firm, ImpactAssets offers deep strategic expertise to help its clients define and execute on their impact goals. Founded in 2010, ImpactAssets increases flows of money to impact investing in partnership with its clients through its impact investment platform, philanthropic solutions and field-building initiatives, including the IA 50 database of private debt and equity impact fund managers. ImpactAssets has more than $3 billion in assets, working with purpose-driven individuals and their wealth managers, family offices, foundations and corporations. ImpactAssets is an independent 501(c)(3) organization. is an independent 501(c)(3) organization.
About ImpactAssets Capital Partners
ImpactAssets Capital Partners PB LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. ImpactAssets Capital Partners is a public-benefit LLC owned by ImpactAssets. ImpactAssets Capital Partners was created to bring the ImpactAssets platform and customized investment services to institutional investors such as family offices, foundations and corporations.
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