For impact investors, the headlines are hard to ignore. U.S. sustainable funds experienced 14 consecutive quarters of outflows as of Q1 2026. Fund managers face ongoing liquidity challenges making fundraising difficult. Several impact investing institutions and pioneers are struggling, laying off staff, or shutting down. More broadly, the United States continues to see rising wealth concentration and a financial system increasingly disconnected from the real economy.

 

Despite this, there are glimmers of optimism. Many pension funds and insurers are holding to their climate commitments and impact markets from Japan to Southeast Asia are deepening. Meanwhile, as the federal government rolls back climate protections, states are stepping into the void, advancing affordable clean energy policies and strengthening utility and data center accountability. In our networks, interest in impact-first investing and systems health continues to build. At a recent global conference, The ImPact community welcomed 120 participants from 63 impact-oriented families. These are small but telling signs that people are stepping up, not stepping back.

 

So how are we thinking about this at Blue Haven? The moment calls for focus and clarity. We’re staying disciplined and asking hard questions about where our capital is going and its lasting impact. We believe the field is stronger than some headlines suggest. Impact investors have spent years building the infrastructure, products, and accountability frameworks to weather difficult markets and out-of-favor cycles. Kenneth Lamont of Morningstar captures it well: “What we are seeing is a reset rather than a retreat. Growth is continuing, but at a slower pace, with investors becoming more selective and focused on clarity around strategy, outcomes, and value.”

We recently invited Fran Seegull of the U.S. Impact Investing Alliance to speak with our directors. Like us, she believes the field is resilient and ready for more committed families and asset owners to step in and direct capital toward critical issues like financial inclusion, climate resilience, and the health of our democracy.

 

- Liesel and Ian

At a moment when many investors feel uncertain about the economy, politics, and the future of our country, Antony Bugg-Levine is optimistic. In a book to be published this summer, “Investing in America: Expanding Access to Finance to Solve Our Shared Challenges,” Antony argues that impact investing can expand economic opportunity and address the nation’s biggest challenges. As the U.S. marks its 250th year, he discusses what this looks like with Blue Haven’s Megan McCarthy.

 

Megan: You write about expanding the reach of impact investing. Where are the biggest opportunities?

 

Antony: Too often, impact investors talk about deal structures and financial engineering. We lose people in the jargon and complexity. We need to tell better stories and connect our work to real outcomes. This isn’t about a small group of elites on the coasts pursuing pet projects. It’s about real people:

• Hattie and Takiyah Anderson in Detroit are living in the first home they’ve owned and paying less than they did as renters, thanks to a partnership with Homium.

• First-generation college students in Illinois just graduated because they were able to access a loan from Funding U that didn’t require a parental cosigner.

• The employees of Accent Landscape Contractors in El Paso, Texas own their own company after receiving financing from Apis and Heritage to buy the company from its founder.

• The Cumberland Forest Project protects forest land on the Kentucky-Tennessee border through a partnership between a major bank and a conservation nonprofit.

   

I wrote this book because of these inspiring innovators, and I want more people to know about them. I believe more investors want to participate, but they haven’t been engaged in ways that resonate with them.

 

Megan: What is the biggest mindset shift needed in the field? What should we stop doing?

 

Antony: Families, foundations, and investors need to stop assuming they’ll solve the social issues they care about without harnessing capital markets. Take housing. The U.S. housing market is roughly a $50 trillion asset class. You can’t tell me we’re going to reshape that market without mobilizing capital markets. Stop thinking philanthropy alone is enough to address capital-intensive issues.

 

People also need to stop standing on the sidelines. Foundations, family offices, and values-driven investors need to be doers, not just talkers. If you’re unwilling to take action and deploy a few million dollars, how can you be effective?

 

Megan: At Blue Haven, we’re advocates of policy engagement. You write about the government acting as a wingman. What does that look like in practice?

 

Antony: Think about government as a genuine partner. Some of the most effective efforts involve investors, philanthropists, community, and local government working together on shared goals. That’s where the real opportunity is. Effective public-private partnerships start with a different mindset than most people bring into government conversations. Start by asking: “How can we help you (policymakers) solve the challenges that matter to you by harnessing private capital effectively?”

 

Investors and institutions are most effective when they bring practical solutions to problems policymakers care about. It’s even better if they demonstrate a working model and ask government to help scale it. In the book, I describe how Gary Community Ventures pairs targeted investments with advocacy to scale what works.

 

And don’t forget to use language that attracts bipartisan support. Elected officials describe issues based on constituents and political beliefs. If you want durable coalitions, don’t be attached to a single framing that excludes certain people.

 

Megan: How can impact investors make a difference right now?

 

Antony: Deposit your cash with a community bank that makes loans to homeowners and small business owners who otherwise can’t access capital. This one is a no-brainer. American Pride Bank in Macon, Georgia makes loans to families who would otherwise struggle to obtain mortgages and to small businesses that are overlooked by traditional lenders. Many banks like these need your deposits.

 

Second, invest in the issues you care about. Housing? Educational access? Wealth inequality? You can make investments right now in any of those areas.

 

And third, stop waiting for the perfect thing. Don’t be paralyzed. The alternative is leaving money where it has always been. You can spend a year creating a systems map and never deploy capital. The world needs your money now! I think it’s possible to hold two thoughts at once: I want to create systemic change that transforms our economy, and I can put my money to work in ways that improve lives right now.

 

Megan: Is there a final takeaway you’d like to share?

 

Antony: I hope people realize they have the potential to help America live up to its founding ideals. To despair is to give up that power.

“If we spend our time despairing, we’re not going to get capital into the hands of innovators who can use it to make progress today” – Antony Bugg-Levine

INVESTMENT SPOTLIGHT:
ENDURING PLANET

For some climate companies, the challenge isn’t access to funding but securing it in time to keep momentum going. Across the U.S., billions of dollars have been allocated through federal programs, public contracts, and commercial agreements, but much of it is paid only after milestones are met or expenses incurred. This leaves entrepreneurs covering costs for weeks or months before reimbursement arrives, slowing hiring, delaying projects, and straining operations.

 

Enduring Planet, a climate-focused private credit manager, reduces friction for companies navigating sluggish payment processes. Rather than approaching the issue as venture risk, the firm treats it as a credit and cash-flow challenge, providing short-term financing tied to contracted payments and expected reimbursements so companies can access capital when they need it most.

“Flexible working capital helps promising companies scale faster, create jobs, and bring practical climate innovations to market” – Erin Davis, Co-Founder and COO

The underwriting is straightforward: How reliable is the paying entity (government agency or otherwise)? How predictable is the payment timeline? How solvent is the borrower? And what is the performance risk associated with these contracts? Loans are repaid as projects are delivered and reimbursement is received.

 

With a focus on U.S.-based, early-stage companies, Enduring Planet has deployed nearly $40 million over 100 transactions since 2021, filling a gap that traditional lenders avoid. Among the companies it has supported: Ecofleet USA, Harvest Thermal, and Elephant Energy.

 

Given Blue Haven’s focus on clean energy and financial inclusion, we see potential in easing cash-flow constraints for climate companies. We’re also excited about the role our catalytic capital (patient, flexible, and higher risk) can play in helping Enduring Planet scale a critical form of financing and the potential to unlock more institutional capital as Enduring Planet grows.

 

Beyond lending, Enduring Planet also supports climate startups, funds, and nonprofits through a fractional CFO practice covering financial planning, accounting, and bookkeeping. This reflects how Enduring Planet brings innovation across its business model, not just its lending.

 

The company recently closed its second fund with more than $12 million, which Erin calls a “testament to the strength of the entrepreneurs we serve and the investors who believe in market-driven solutions.”