Enhanced Capital Partners

What Enhanced Capital Partners does

Enhanced Capital Group, LLC is a private credit investment manager founded in 1999 that operates as a strategy of Ridgepost Capital, Inc. (NYSE: RPC, formerly P10). The firm specializes in impact investing across three core divisions: Project Finance (encompassing Sustainable Infrastructure and Impact Real Estate), Small Business Lending (including state-specific rural funds in Pennsylvania, Oklahoma, Rhode Island, Connecticut, Wyoming, Ohio, and Puerto Rico), and Tax Credit Investments (federal and state New Markets Tax Credits, Historic Rehabilitation Tax Credits, Solar Investment Tax Credits, and C-PACE financing). Across these divisions, Enhanced Capital deploys senior debt, subordinated debt, bridge and construction loans, mezzanine debt, growth equity, and tax credit equity to small businesses, sustainable infrastructure developers, real estate developers, and community organizations in underserved areas.

Enhanced Community Development, a wholly-owned subsidiary, operates the firm's New Markets Tax Credit platform and has secured $560 million in cumulative federal NMTC allocation across 11 awards since 2006, deploying over $830 million across 140+ community development projects. The firm launched a national C-PACE financing platform in 2019 and, in October 2024, formed a structured capital partnership with HPS Investment Partners focused on renewable energy and battery energy storage projects. Through June 30, 2026, Enhanced Capital has raised approximately $6.9 billion in cumulative capital supporting 1,000+ projects and businesses across 40 states, Washington D.C., and Puerto Rico.

The firm is headquartered in New York (299 Park Avenue) with a primary operational office in New Orleans (201 St. Charles Avenue). Revenue derives from management fees on institutional investor capital and deployment-related economics across the diversified fund suite; revenue is not publicly disclosed. Michael Korengold has served as President and CEO since joining the firm in 2001, and the team includes specialized leadership for real estate tax credits (Shane McCarthy, Richard Montgomery), small business lending (Mark Slusar), impact measurement (Chief Impact Officer Gingee Prince), and institutional investor relations (Matthew Davis, Chuck Kaiser). The firm was selected to the ImpactAssets 50 2026, the definitive guide to impact investing fund managers.

Name

Enhanced Capital Partners

Legal name

Enhanced Capital Group, LLC

Website

https://enhancedcapital.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

Enhanced Capital Group is a private credit investment manager that deploys tax credit equity, project loans, and small business financing to underserved communities, sustainable infrastructure developers, and community real estate projects across 40 U.S. states, Washington D.C., and Puerto Rico.

Ownership category

akta.pro rank

Product category

Private Credit Investment Management

NAICS

Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

akta.pro secondary industry

Project Finance Capital Raising Intermediation (FSAEALAJ)

Keywords

• Tax credit investments
• Project finance lending
• Small business lending
• Sustainable infrastructure financing
• Community development financing

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Investment Management: Enhanced Capital generates revenue through managing investment capital in tax credit transactions, project lending, and structured financing solutions for sustainable infrastructure and real estate projects.
2. New Markets Tax Credits: Enhanced Community Development, a subsidiary, has been awarded NMTC allocations totaling $560 million in federal credits since 2006, deploying these through community development projects.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Enhanced Capital is a private credit investment manager that deploys capital into project finance, small business lending, and tax credit transactions. The firm specializes in impact investments across three core strategies: Project Finance (sustainable infrastructure and impact real estate), Small Business Lending (with state-specific rural funds), and Tax Credit Investments (New Markets Tax Credits, Historic Tax Credits, Solar ITCs, and C-PACE financing). It operates as a strategy of Ridgepost Capital, Inc. (NYSE: RPC).

Product overview

Enhanced Capital is a private credit investment manager founded in 1999, operating as a strategy of Ridgepost Capital (NYSE: RPC). The firm offers a comprehensive suite of investment products organized around three core divisions: Project Finance (encompassing Sustainable Infrastructure and Impact Real Estate), Small Business Lending (with state-specific rural funds including Pennsylvania, Oklahoma, and Rhode Island), and Tax Credit Investments (including New Markets Tax Credits, Historic Tax Credits, and C-PACE financing). The platform deploys capital across underserved communities, environmental sustainability, and community development programs. Key products include Fixed Income products (bridge loans, mezzanine debt), Private Equity (growth capital, project development JVs), and Tax-Advantaged Financing (tax equity, opportunity zone investments). Enhanced Community Development, a subsidiary, manages the NMTC platform with $560 million in cumulative allocation.

Differentiator

Problem solved

Functional benefit

Brands

• Enhanced Community Development: A subsidiary of Enhanced Capital Group focused on New Markets Tax Credits allocation and community development investments.
• Pennsylvania Rural Fund
• Oklahoma Rural Fund
• Rhode Island Small Business Development Fund

Products and services

• Project Finance Provides financing to incentive-eligible Real Estate and Sustainable Infrastructure projects through Project Lending and Tax Credit Investments. Includes bridge loans, construction financing, and tax credit products. Targeted at real estate developers and sustainable infrastructure developers.
• Sustainable Infrastructure Financing Supports carbon mitigation and clean energy transition through investments in solar photovoltaics, wind energy, energy storage, microgrids, fuel cells, EV infrastructure, energy efficiency, carbon capture, water treatment, and recycling. For sustainable infrastructure developers.
• Impact Real Estate Finances real estate projects focusing on historic building preservation, renewable energy and energy efficiency, and commercial/municipal/mixed-use redevelopment through bridge lending, construction lending, and historic tax credits. For real estate developers.
• Small Business Lending Provides financing to small businesses generating meaningful impact, supporting economic growth, job creation, underserved communities, and environmental sustainability through senior debt, subordinated debt, growth equity, and New Markets Tax Credits. Targeted at rural and underserved small businesses.
• Pennsylvania Rural Fund State-specific fund providing rural small businesses in Pennsylvania with access to capital through the Pennsylvania Rural Fund Program.
• Oklahoma Rural Fund $20 million fund under the Oklahoma Rural Jobs Act to invest in small businesses across rural Oklahoma, providing transitional and growth capital with target investments of $300K-$2.5MM at market rate interest, up to 7-year loan duration with flexible amortization.
• Rhode Island Small Business Development Fund Fund supporting small business development in Rhode Island through the Rhode Island Small Business Development Fund Program. Targeted at Rhode Island-based small businesses.
• C-PACE Financing Platform National C-PACE financing platform providing loans for eligible energy efficiency measures and clean energy improvements assessed on property rather than the borrower. For commercial property owners and developers undertaking energy efficiency projects.
• Enhanced Community Development NMTC Platform Subsidiary providing New Markets Tax Credit financing with cumulative federal NMTC allocation of $560 million across 11 awards since 2006, deploying over $830 million across more than 140 projects nationwide including manufacturing, healthcare, and educational facilities.
• National Small Business Impact Lending Actively investing fund since 2020 targeting underserved areas with impact through job creation, environmental sustainability, and businesses owned or managed by women or minorities.
• PR Public Welfare Investment Fund Fund established in 2017 investing in small businesses located in CRA-eligible zones within Puerto Rico territory.
• Tax-Advantaged Financing Tax Equity investments and Opportunity Zone Investments providing tax benefits to investors while supporting sustainable infrastructure development.
• Fixed Income Products Includes Installation and Warehouse Loans, Bridge Loans, and Mezzanine Debt/Preferred Equity for sustainable infrastructure and real estate projects.

Quantifiable outcome

• 809 megawatts of clean energy capacity installed in 2025
• +3 more outcomes

Named customers17 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Seven partnerships are on record, tiered core and minor.

• Key Capture EnergycoreStrategic or Co-development Partner · 4 January 2024Enhanced Capital partnered with Key Capture Energy (KCE), a leading developer, owner, and operator of battery energy storage systems, to provide financing through one of the industry's first transfers of investment tax credits (ITCs) to a third party.
• Cambrian InnovationminorStrategic or Co-development Partner · 27 December 2022Enhanced Capital provided financing to Cambrian Innovation, a commercial provider of distributed wastewater treatment and resource recovery solutions, to support construction of three new industrial wastewater treatment projects.
• Crossroads Impact CorpcoreStrategic or Co-development Partner · 21 July 2022Enhanced Capital Group expanded its strategic relationship with Crossroads Impact Corp, a holding company focused on investing in businesses that promote economic vitality and community development. Crossroads Impact Corp announced $180 million equity investment from funds managed by P10 and Conversant Capital.
• Solar LandscapecoreStrategic or Co-development Partner · 1 January 2020Enhanced Capital financed several solar projects developed by Solar Landscape, a family-owned business, consisting of three community roof-top solar systems with 8.6 megawatts of renewable energy generating capacity in designated Qualified Opportunity Zones in New Jersey.
• Alembic Community DevelopmentcoreStrategic or Co-development Partner · 1 January 2020Enhanced Capital collaborated with Alembic Community Development on the McDonogh 19 Elementary School redevelopment project in New Orleans' Lower Ninth Ward.
• Leona Tate Foundation for Change (LTFC)coreStrategic or Co-development Partner · 1 January 2020Enhanced Capital collaborated with Leona Tate Foundation for Change (LTFC) to support the McDonogh 19 Elementary School's redevelopment into the TEP Center (Tate, Etienne & Prevost) in New Orleans' Lower Ninth Ward.
• ForeFront PowercoreStrategic or Co-development Partner · 1 May 2019Enhanced Capital provided financing to ForeFront Power, a solar and energy storage company, to develop a solar portfolio consisting of 13 projects representing 34.5 MWdc combined capacity.

Scale indicators15 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• WNC & Associates: WNC is one of the largest tax credit syndicators in the U.S., specializing in Low-Income Housing Tax Credits (LIHTC), NMTC, and Historic Tax Credits. Directly comparable to Enhanced Capital's tax credit equity and syndication business.
• Calvert Impact Capital: Calvert Impact Capital is a nonprofit Community Development Financial Institution (CDFI) that raises capital from institutional investors and deploys it into impact loans and tax credit investments across the U.S. and globally. Directly comparable to Enhanced Capital in deploying mission-driven private credit across housing, community facilities, and small businesses.
• Generate Capital: Generate Capital is a sustainable infrastructure financier that provides capital-as-a-service for distributed energy, storage, water, and transportation projects. Directly comparable to Enhanced Capital's sustainable infrastructure financing strategy, including C-PACE and ITC-related projects.
• Self-Help Ventures Fund: Self-Help is a CDFI providing financing to small businesses, nonprofits, and affordable housing developers in underserved communities. Comparable to Enhanced Capital's small business and rural lending programs, particularly in the Carolinas and Southeast.
• Reinvestment Fund: Reinvestment Fund is a CDFI that finances housing, community development, healthcare, education, and energy efficiency projects across the U.S. It is one of the largest NMTC allocators in the country. Directly comparable to Enhanced Capital in mission, deployment model, and NMTC strategy.
• Capital Impact Partners: Capital Impact Partners is a CDFI providing capital and capacity-building support for underserved communities, with a focus on healthcare, education, and community development projects. Highly comparable to Enhanced Capital's project finance, NMTC, and small business lending strategies.
• Coastal Enterprises Inc (CEI): CEI is a CDFI serving rural and economically distressed communities in Maine and beyond with small business loans, tax credit investments, and project financing. Comparable to Enhanced Capital's small business lending and community development focus.
• Monarch Private Capital: Monarch Private Capital is a tax credit equity firm focused on placing federal and state tax credits (Historic, LIHTC, Solar ITC) with institutional investors. Several Enhanced Capital alumni previously held senior roles at Monarch, indicating direct competition for similar mandates.
• Community Reinvestment Fund, USA: CRF is a national CDFI providing capital to underserved small businesses and mission-driven organizations. Comparable to Enhanced Capital's small business lending arm and NMTC community development strategy.

Broad incumbents

• KKR Global Impact: KKR Global Impact is the impact investing platform of KKR, investing across private equity, infrastructure, and credit in areas such as climate, inclusion, and sustainable infrastructure. Operates with significantly greater capital, broader mandate, and global reach than Enhanced Capital, but overlaps in tax credit equity and clean energy financing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/EnhancedCaptl

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments31 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Enhanced Capital Partners