Highlands

What Highlands does

Highlands SRI is a privately held socially responsible investment firm founded in 1995 and headquartered in Benicia, California. Originally established as a real estate investment company to invest in the Thoreau Center for Sustainability, the firm has evolved into a mission-driven capital provider focused on sustainable agriculture, forestry, renewable energy, and BIPOC-led community development enterprises. The firm utilizes an integrated capital approach, deploying equity, loans, convertible debt, and occasional grants through direct investments and co-investment partnerships.

Highlands SRI manages direct investments for its own portfolio and operates through several associated entities: the Tamalpais Trust (an international grantmaker focused on Indigenous-led initiatives), the Highlands 3:23 Fund (a Donor Advised Fund at Impact Assets opened in 2018 specifically to serve BIPOC-led organizations), and the Global Whole Being Fund. The firm explicitly does not seek external investors and does not accept unsolicited proposals, operating instead through curated relationships with social enterprises, CDFIs, and non-profits.

The firm's portfolio spans approximately 50 investees across four sectors — Sustainable Agriculture and Food Systems, Community Prosperity and Access to Capital, Community Infrastructure, and Forest and Fisheries — including Native CDFIs (via a $1.5M partnership with Tamalpais Trust and Oweesta), sustainable food companies (Lotus Foods, Beyond Good, Hudson Valley Harvest), renewable energy projects (Iluméxico, Navajo Power Home, SunFunder), and community development organizations. Leadership consists of Tom Sargent (President) and Ann Whittemore (Director of Social Investments), supported by a very small staff of 1-10 people.

Name

Highlands

Legal name

Highlands SRI

Website

https://highlandssri.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

1–10 employees

Short description

Highlands SRI is a privately held socially responsible investment firm founded in 1995 that deploys patient, low-cost integrated capital — equity, loans, convertible debt, and grants — into sustainable agriculture, forestry, renewable energy, and BIPOC-led community development enterprises across the US, Latin America, and Southeast Asia.

Ownership category

akta.pro rank

Product category

Socially Responsible Investment / Impact Investing

NAICS

Grantmaking and Giving Services (81321), Portfolio Management and Investment Advice (523940)

SIC

Investors, Nec (6799)

akta.pro primary industry

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

akta.pro secondary industries

Community Foundations (BPAGAKAB), SDG / Thematic Sustainable Investment Funds (FSANAJAN), Infrastructure, Housing & Community Development (BPAGABAL)

Keywords

• Socially responsible investing
• Impact investment funds
• Community development finance
• Sustainable agriculture investment
• BIPOC capital access

Headquarters

HQ city

Benicia

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Investment Returns: As a private socially responsible investor, Highlands SRI generates returns through equity investments, loans, convertible debt instruments, and occasional grants in social enterprises. They invest patient, low-cost capital in sustainable agriculture, forestry, renewable energy, and community building enterprises, with particular focus on BIPOC-led organizations. Returns support the organization's ongoing investment activities and mission.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Highlands SRI is a private socially responsible investment firm that deploys patient, low-cost integrated capital (equity, loans, convertible debt, and occasionally grants) into social enterprises, CDFIs, and non-profits working in sustainable agriculture, food systems, renewable energy, community infrastructure, and forest and fisheries conservation. Capital is prioritized for organizations led and/or owned by Indigenous, Black, and People of Color communities. The firm manages a direct investment portfolio and operates the Highlands 3:23 Fund, a Donor Advised Fund at Impact Assets opened in 2018 to provide integrated capital for BIPOC-led organizations.

Product overview

Highlands SRI is a socially responsible private investment firm offering a unified integrated capital investment approach. The core offering is their Highlands 3:23 Fund (Donor Advised Fund providing grants, low-cost loans, and equity investments) combined with direct portfolio investment management. They invest across four main sectors: Sustainable Agriculture and Food Systems, Community Prosperity and Access to Capital, Community Infrastructure, and Forest and Fisheries. The firm utilizes integrated capital tools including equity, loans, convertible debt, and occasionally grants to support businesses and non-profits led by Indigenous, Black, and People of Color communities.

Differentiator

Problem solved

Functional benefit

Products and services

• Highlands 3:23 Fund Donor Advised Fund providing integrated capital (grants, low-cost loans, and equity investments) for BIPOC-led businesses and non-profits, housed at Impact Assets in Baltimore and serving as Highlands SRI's primary vehicle for BIPOC-focused capital deployment.
• Direct Portfolio Investment Management Direct investment management utilizing an integrated capital approach (equity, loans, convertible debt, and occasional grants) deployed through long-term relationships with social enterprises, non-profits, CDFIs, and other organizations across four investment sectors.
• Sustainable Agriculture and Food Systems Investment Investment focus area supporting smallholder farms, food sovereignty initiatives, healthy foods, healthy soils, organic textiles, and local production enterprises, with preference for BIPOC-led organizations.
• Community Prosperity and Access to Capital Investment Investment focus area supporting Native and Black-owned businesses and non-profits, Native CDFIs, and access to capital for underfunded communities.
• Community Infrastructure Investment Investment focus area supporting renewable energy projects, community development, affordable housing, and household improvements including water filters, solar lamps, and off-grid solar systems.
• Forest and Fisheries Investment Investment focus area supporting local sustainable commercial fishing, forest planning and conservation, and ocean habitat restoration and ecosystems.

Quantifiable outcome

• Investments toward a green economy in non-extractive sectors, with preference for BIPOC-led organizations

Named customers4 records

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and minor.

• Highlands 3:23 FundcoreStrategic or Co-development Partner · 1 January 2018Highlands' own Donor Advised Fund housed at Impact Assets in Baltimore, opened in 2018 specifically to provide integrated capital for businesses and non-profits run by African American, Indigenous, and other People of Color including LatinX and Asian/Pacific Islanders.
• Tamalpais TrustcoreStrategic or Co-development PartnerAssociated organization that supports Indigenous-led initiatives, organizations, and global networks. Tamalpais Trust is a philanthropic organization and community investor that partnered with Highlands to facilitate direct investments into Native CDFIs through the Oweesta partnership.
• Global Whole Being FundminorStrategic or Co-development PartnerPrivate grantmaking fund that supports local, national and international programs serving forcibly displaced and receiving communities. Related organization through shared values and integrated capital approach.
• First Nations Oweesta CorporationcoreStrategic or Co-development PartnerOweesta partnered with Tamalpais Trust and Highlands to facilitate direct investment into Native CDFIs. The partnership developed an innovative loan package allowing $1.5M to be deployed to eight Native CDFIs using Oweesta's loan documentation template and existing due diligence.
• Seeds, Soil & Culture FundcoreStrategic or Co-development PartnerFund that supports transformation of local and regional food systems. Partnered with Highlands to help Urban Growers Collective invest in Green Era Sustainability LLC through equity ownership in a waste-food-to-energy project.
• Urban Growers CollectivecoreStrategic or Co-development PartnerChicago-based organization co-founded in 2017 operating eight urban farms on 11 acres, Fresh Moves Mobile Market, youth programs, and job training. Partnered to develop Green Era Chicago renewable energy and urban farm campus project.
• Beneficial ReturnscoreStrategic or Co-development PartnerImpact investment debt fund that supports social enterprises alleviating poverty and protecting natural environment in Latin America and Southeast Asia. Related DAF at RSF made a recoverable grant to Beneficial Returns to found and develop the Reciprocity Fund.
• Reciprocity FundcoreStrategic or Co-development PartnerInnovative fund providing debt financing to social enterprises building agency, community resiliency, and economic self-determination in indigenous communities. Founded by Ted Levinson (also CEO of Beneficial Returns). Highlands contributed a recoverable grant to seed this fund.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• RSF Social Finance: RSF Social Finance is a nonprofit financial intermediary that deploys integrated capital (loans, equity, grants) to social enterprises in sustainable agriculture, food systems, and BIPOC-led enterprises — nearly identical investment thesis to Highlands SRI, including use of Donor Advised Funds and the Just Economy Institute fellowship cited by Highlands.
• Renewal Funds: Renewal Funds is a Canadian impact venture capital firm investing in organics, environmental sustainability, and social enterprises in food and agriculture — directly overlapping Highlands' sustainable agriculture and food systems investment thesis with similar use of integrated capital.
• Calvert Impact Capital: Calvert Impact Capital is a leading nonprofit impact investing intermediary that pools capital from individual and institutional investors to fund social enterprises and community development. Comparable in deploying integrated capital across community development sectors served by Highlands.
• First Nations Oweesta Corporation: Oweesta is a Native CDFI intermediary providing capital, training, and technical assistance to Native CDFIs serving Native American communities. Highlands partnered directly with Oweesta to deploy $1.5M to eight Native CDFIs, making Oweesta both a key partner and the closest direct peer in the Native capital ecosystem.
• Impact Assets: Impact Assets is a nonprofit impact investing platform that houses Donor Advised Funds and pools capital for impact investments. Highlands 3:23 Fund is directly housed at Impact Assets, making it both a service provider and a comparable platform operator in the impact DAF space.
• EcoTrust Forest Management: EcoTrust Forest Management is a real asset investment manager investing in working landscapes including forests, farms, and ranches across the Americas — overlapping Highlands' forest and fisheries investment sector and featured in Highlands' portfolio.
• Beneficial Returns: Beneficial Returns is an impact investment debt fund providing revenue-producing equipment loans to social enterprises in Latin America and Southeast Asia — overlapping Highlands' portfolio (Ecofiltro, Iluméxico). Highlands contributed a recoverable grant to seed the Reciprocity Fund via Beneficial Returns, indicating deep structural alignment.

Broad incumbents

• Capital Impact Partners: Capital Impact Partners is a major national CDFI providing financing and capacity-building support to underinvested communities across affordable housing, community health, and economic development — a much larger incumbent operating in adjacent sectors that Highlands targets (community infrastructure, Native CDFIs).

Emerging players

• Kapor Capital: Kapor Capital is an impact venture fund focused on closing gaps of access, opportunity, and outcome for low-income communities and people of color. Listed as a Highlands 3:23 Fund investee, it shares Highlands' BIPOC-led investment focus while operating a venture rather than integrated capital model.
• Boston Impact Initiative: Boston Impact Initiative is a place-based impact fund focused on economic justice for those most oppressed by current economic systems, investing in BIPOC-led and underrepresented-led enterprises — directly overlapping Highlands' stated thesis and featured as a Highlands 3:23 Fund investee.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks2 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Highlands