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The California Endowment Commits $10M to DBL Investors

Private health foundation with assets of more than $3 billion, announced today the commitment of $10 million to DBL, a pioneer in double bottom line venture capital investing.
LOS ANGELES & SAN FRANCISCO, CA, The California Endowment, the state's largest, private health foundation with assets of more than $3 billion, announced today the commitment of $10 million to DBL Investors' second fund-the DBL Equity Fund (BAEF II, L.P. or Fund II). DBL Investors, a pioneer in double bottom line venture capital investing, has invested in 28 start-up companies to date and shares The California Endowment's commitment to seeking investments that can deliver strong financial returns with positive social, environmental and regional economic impact. With the addition of The California Endowment as a Limited Partner, DBL Investors has raised $150.8 million for Fund II.

This collaboration brings together two leaders in the field of market-rate mission-related investing (MRI) or broadly referred to as impact investing. The California Endowment's MRI allocation of $75 million of total assets contributes to the foundation's mission of transforming underserved areas in California into healthy communities through measurable employment and regional economic benefits. The foundation's first mission-related investment was a $30 million investment on the debt side to the California Fresh Works Fund, an innovative healthy food financing initiative. The foundation's $10 million mission-related investment to DBL Investors emphasizes the organization's long-term commitment to mission investing towards its goal of 2% of total assets to MRIs.

"This investment underscores our commitment to an alternative mission-driven investment strategy. We are excited to be part of a growing MRI movement in leveraging all of our resources for impact," said Kathlyn Mead, Executive Vice President & Chief Operating Officer of the California Endowment. "Our partnership with DBL Investors continues the implementation of our MRI strategy that follows a rigorous investment discipline yielding both market-rate returns with significant social impact."

DBL Investors "double bottom line" approach invests for impact at scale. The firm invests in innovative high-growth companies across sectors with competitive business models such as Oakland-based companies Revolution Foods and Ecologic that create high-quality entry-level jobs and improve the health and vitality of the regional neighborhoods in which they operate.

"We are gratified to earn the support of The California Endowment as a Limited Partner in Fund II and continue our work investing in innovative high-growth companies that have positive impact and help build healthy, vibrant, communities," said Nancy E. Pfund, Managing Partner at DBL Investors.

"The California Endowment and DBL Investors have a long history of working together and we look forward to continuing our efforts to help scale The California Endowment's programmatic goals," said Cynthia Ringo, Managing Partner at DBL Investors.

About The California Endowment

The California Endowment is a private, statewide health foundation, which was established in 1996 to expand access to affordable, quality health care for underserved individuals and communities, and to promote fundamental improvements in the health status of all Californians. Headquartered in downtown Los Angeles, The Endowment has regional offices in Sacramento, Oakland, Fresno and San Diego, with program staff working throughout the state. The Endowment challenges the conventional wisdom that medical settings and individual choices are solely responsible for people's health. The Endowment believes that health happens in neighborhoods, schools, and with prevention. For more information, visit The Endowment's homepage at

About DBL Investors

DBL Investors is a pioneer of double bottom line venture capital, a new and growing field of investing that seeks to optimize both financial return (First Bottom Line) and positive social impact, including environmental and regional economic benefits (Second Bottom Line). Based in San Francisco, the firm focuses on cleantech, IT, health care and sustainability companies in the western United States. The firm's portfolio companies, which include BrightSource Energy, Ecologic, eMeter, Livescribe, Pandora Media (NYSE: P), Revolution Foods, SolarCity, Tesla Motors (NASDAQ: TSLA) and others have created more than 5,000 jobs. More information about DBL Investors is available at

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