Impact Investing Report
Invested in Impact
Rooted in Values
AUGUST 2025
Invest with Intention
At the Federation, we believe philanthropy is more than giving—it’s an investment in the future we want to build together. Our Impact Investing program empowers fund holders to turn their generosity into ongoing action through investments that strengthen lives and communities in the Bay Area, across the U.S., and in Israel.
This program represents one of the boldest expressions of our values. Impact investing aligns philanthropic capital with our shared Jewish values—helping to build a more inclusive economy, protect the planet, and fortify Jewish communities, all while preserving resources for future giving.
As the top funder of Jewish causes in California and a leader in North America’s Federation network, we are proud to offer donors trusted and innovative ways to give. This report highlights how our collective investment is fostering equity, opportunity, and resilience in a rapidly changing world. Together, we are mobilizing philanthropic dollars to enrich Jewish life and make an impact today and for future generations.
Impact Investing at the Federation
Impact investing can take many forms, all with the overarching goal of positively impacting people and communities while potentially earning some financial return. At the Federation, dollars contributed to donor-advised funds and supporting foundations are put to work through impact-first investments that fill critical capital gaps and are focused on solving pressing community issues. Federation impact-first investments have the financial aim of preserving charitable assets while potentially earning a small return. Money invested is returned to Federation funds at the end of the term to be used again for investing or grantmaking.
$58 Million Invested for Impact
From 2019 through 2024, Federation donor-advised funds and supporting foundations invested more than $58 million in 28 nonprofits, mission-driven financial institutions, and impact-oriented funds. More than a third of the portfolio ($19.3 million) has bolstered the Jewish communities of the Bay Area and Israel. Across the United States, Federation impact investments have built affordable housing, funded renewable energy projects, and provided small business owners with affordable loans. Our investments contribute to fostering a stronger, more inclusive economy where traditional financial services fall short.
Investment by Region
Bay Area
$16,990,205
Israel
$6,302,600
California
(excluding Bay Area)
$1,459,625
USA
(outside of California)
$31,487,125
International
(excluding Israel)
$2,035,000
Impact Themes* in our Portfolio
Collective Impact from Our Investees in 2024
of all loans were made to People of Color*
of all loans went to low or moderate income beneficiaries*
of all loans were made to women*
Impact data is based on combined reporting provided by all mission-driven financial organizations in our portfolio. For more information about individual organizations and their respective impact, visit our Reports Library.
*Percentage calculated based on organizations reporting this information.
**Standard reporting method shown here is carbon emissions reduced over the lifetime of each clean energy project
A Huge Help for Small Businesses: Catalytic Capital for Israel
Small businesses are a vital part of Israel’s economy, employing nearly half of the workforce. Since the war began, these businesses have faced severe disruptions, including halted tourism, reservist call-ups, and the displacement of 140,000 citizens. By January 2025, the ongoing conflict had led to a 70% increase in business closures, highlighting the urgent need for financial support.
Less than a quarter of total business credit in Israel is available to small and medium businesses, and when the crisis began, there was no rapid, coordinated relief fund from banks or the government to address the widespread needs across sectors and regions.
“Thanks to our blended financial model, every contribution goes further, unlocking significantly more in loan capital.”
The Federation used its impact investing expertise to create the Catalytic Capital for Israel (CCI) loan offering. CCI provided loans to Ogen and Koret Israel Economic Development Funds (KIEDF), two Israeli social lenders, which then extended credit to small businesses to maintain operations and employment. Unlike grants, CCI loans are expected to be repaid to charitable funds, allowing recycling of funds into new grants or loans. By the end of 2024, the Federation had loaned over $1.63 million to Ogen and KIEDF.
“Philanthropy is what powers our ability to move quickly and reach people who can’t afford to wait. Thanks to our blended financial model, every contribution goes further, unlocking significantly more in loan capital and allowing us to provide real, immediate support where it’s needed most,” said Eldan Kaye, Ogen VP of Development and Partnerships.
One loan recipient, owner and pastry chef of Café Paris, Ruth Dvir, was evacuated north after her landmark patisserie took a direct hit from Gaza rocket fire. Ruth’s emergency loan of 100,000 NIS helped her return and reopen her café in late March 2024, after being closed for five and half months.
CCI loans are a testament to the critical role of the Federation’s philanthropic and impact investment collaborations designed to support Israeli small businesses. These creative solutions demonstrate both quantifiable success and meaningful human impact.
A Partnership for Success: The Federation and Hebrew Free Loan
During the COVID-19 pandemic, requests for zero-interest loans from Hebrew Free Loan — a Federation grantee — far outpaced what the venerable organization had available to lend. Requests for assistance poured in from people struggling with inflation, an unstable job market, high interest rates, and pandemic-depleted savings.
This situation opened a new chapter in the partnership between these two long-standing organizations, which was just what the community needed.
“The Federation did something smart, creative, and effective.”
Immediately, the Federation mobilized nearly $6M in philanthropic capital from 51 donor-advised funds (DAFs), two supporting foundations, and the Federation endowment for its first impact loan to Hebrew Free Loan.
Hebrew Free Loan used that money to make more than 450 loans, including 147 student loans and 52 business loans, quickly supporting thousands of people in the local Jewish community with flexible terms that met the needs of each recipient.
The Federation’s 2020 loan was the first time Hebrew Free Loan sought capital outside of its own balance sheet to directly support its lending. This loan signaled to DAF holders that tangible social change can be achieved by impact investing, where the same dollars go to work multiple times.
“The Federation did something smart, creative, and effective,” former Federation Board Chair Eileen Ruby remarked about the COVID-relief impact loan. Shelley Hebert said, “To perpetuate the continuous cycle of giving that interest-free lending enables…[is] an innovative way to increase community lending capacity when the needs [are] immediate and urgent.” Eileen and Shelley are two of the 51 DAF holders who loaned to Hebrew Free Loan in 2020.
Borrowers see these loans as transcending a financial transaction, and they feel obliged to succeed, repay their peers, and contribute to a thriving local Jewish community. Hebrew Free Loan’s COVID-relief borrowers have repaid their loans at a remarkably high rate of 99%, which means that nearly all Federation DAF loans will be recycled for future grants or loans.
Thanking Our Generous Investors
We express our gratitude to all of the funds participating in our Impact Investing program to date.
Agger Fund
Alexander M. & June L. Maisin Foundation
Aperture Fund
Arnheim Family Philanthropic Fund
Aron-Dine Family Fund
Behar Family Fund
Berelson Family Philanthropic Fund
Berler Family Philanthropic Fund
Block Family Charitable Fund
Brian & Karen Perlman Philanthropic Fund
Brill Family B Philanthropic Fund
Bulwik Family Philanthropic Fund
Burt Liss Charitable Fund
Carla and David Crane Foundation
Chad and Melissa Herst Philanthropic Fund
Chesed Philanthropic Fund
Connie and Bob Lurie Philanthropic Fund
Daniel Lapporte Family Charitable Fund
David Becker and Ann Peckenpaugh Becker Family Fund
David Rak and Oren Henry Family Fund
David Saxe Philanthropic Fund
Dena Maple Philanthropic Fund
Denise Beth Cohn Fund
Denise, Michael and Liora Jacob Philanthropic Fund
Diane and Howard Zack Philanthropic Fund
Drew Hoffman and Emily Wu Family Philanthropic Fund
Ellen and Gerald Saliman Philanthropic Fund
Eskenazi Family Philanthropic Fund
Exceptional Judaica Educator’s Fund
Frederick J. Isaac Philanthropic Fund
Friend Family Philanthropic Fund
Gale Mondry and Bruce Cohen Philanthropic Fund
Ganz Family Philanthropic Fund
Gary and Dana Shapiro Philanthropic Fund
Gary and Sue Schwartzman Family Tzedakah Fund
GoldKatz Family Fund
Grossman/Gerard Family Philanthropic Fund
H. and J. Ullman Philanthropic Fund
Harry and Carol Saal Family Fund
Heeger Brothers’ Fund
Helene G. & George W. Ettelson Philanthropic Fund
Hershey Baer Fund
Ilana T. Gauss Philanthropic Fund
Ingrid D. Tauber Philanthropic Fund
Inspiration Fund
Ira and Leonore Gershwin Designated Philanthropic Fund
Jaclyn and Daniel Safier Family Fund
James Heeger and Daryl Messinger Philanthropic Fund
Jeanne Miller Giving Fund
Jewish Community Federation and Endowment Fund
Jim and Emily Scheinman Family Philanthropic Fund
JL Charitable Fund
Joan and Robert Sinton Families Fund
Johnson Rebuild Fund
Joseph J. Levin Philanthropic Fund
Josh Breuner Philanthropic Fund
Joshua and Siobhan Korman Philanthropic Fund
Joyce & Kenneth Polse Family Fund
Julia and David Popowitz Philanthropic Fund
Kessler Family Foundation
Kevin L. Waldman Philanthropic Fund
King Family Fund
KM Tandowsky Family Fund
Laura and Gary Lauder Philanthropic Fund
Lenvin Fund
Leslie Philanthropic Fund
Libitzky Family Foundation
Libitzky Family Foundation Fund
Linker Family Philanthropic Fund
Lynn Brinton and Daniel E. Cohn Philanthropic Fund
Madeline Chaleff and David Arfin Family Philanthropic Fund
Marc and Ellen Brown Family Philanthropic Fund
Mark Schneiderman and Adrian Hill Family Fund
Melisse Leib Philanthropic Fund
Miasnik Family Charitable Fund
Michael Harris/Barbara Inwald Family Fund
Michelle & Sue Kletter Family Fund
Miller Family Fund
Mirbach Family Philanthropic Fund
Moldaw Philanthropic Fund
Morton and Amy Friedkin Supporting Foundation
Moss Family Charitable Fund
Nancy and Ken Rudin Philanthropic Fund
Nutik Zitter Family Philanthropic Fund
Paul and Susan Sugarman Family Philanthropic Fund
Philip & Cynthia Strause Philanthropic Fund
Rabbi Mark Cohn & Rabbi Amy Wallk Fund
Randall-Musser Family Fund
Richard Fiedotin Philanthropic Fund
Richard M. Kaplan and Susan L. Kaplan Philanthropic Fund
Rob and Eileen Ruby Philanthropic Fund
Robbins Family Philanthropic Fund
Robert and Jan Newman Philanthropic Fund
Roland-Goldberg Philanthropic Fund
Ronen Family Fund
Rory and Jamie Weinstein Family Fund
Rothenberg Family Philanthropic Fund
Ruach Philanthropic Fund
Rubin Family Philanthropic Fund
Sandy Monteko-Sherman Fund
Sarnat-Hoffman Philanthropic Fund
Sarosi-Kanter Family Fund
Saslow Family Fund
Schwartzman Family Endowment Fund
Sebago Philanthropic Fund
SheBeSki Fund
Sheldon and Rhoda Wolfe Family Philanthropic Fund
Shelley and John Hebert Philanthropic Fund
Silton Listgarten Philanthropic Fund
Stahl Family Fund
Stamper Family Philanthropic Fund
Steirman Family Philanthropic Fund
Stephen and Sonya Hurst Philanthropic Fund
Sun Family America Fund
Susan Moldaw Philanthropic Fund
Taxy Family Fund
The Barney and Rachel Gottstein Charitable Foundation
The Blackstone Brody Philanthropic Fund
The Irving and Varda Rabin Foundation
The Opaline Fund
Tikvah Philanthropic Fund
Toby Risman Philanthropic Fund
Tresenfeld-Waldrup Philanthropic Fund
Trubowitch-Cohn Philanthropic Fund
Twin Oak Philanthropic Fund
Ulman-Rubinstein Family Fund
Valerie Joseph Philanthropic Fund
Valli Benesch and Bob Tandler Philanthropic Fund
Wachter Family Philanthropic Fund
Waldman Family Philanthropic Fund
Wendy Cohn Feldman Family Fund
Wendy Tonkin Philanthropic Fund
Wenger Family Fund
Zubaty Family Fund
