Impact Investing Report
Strength in Community
AUGUST 2026
Over the past six years, we have built the leading impact investing program in the Jewish community, matching donor interests to loan opportunities that address some of society’s most pressing needs. Today, more than 140 funds and foundations — plus, for the first time, a local congregation — have joined the Federation in this effort, investing capital across geographies to address a wide range of issue areas.
Impact investing lets us put our philanthropic resources to work in ways that mirror our core Jewish values, all while sustaining our capacity to give for years to come. Our investments are helping advance a more equitable economy, safeguard the environment, and strengthen Jewish communities.
Thank you for partnering with us. Together, we are finding innovative ways to use philanthropy for tikkun olam, the ongoing work of repairing the world.
$67M Invested for Impact
From 2019 through 2025, Federation donor-advised funds and supporting foundations invested more than $67 million in 30 nonprofits, mission-driven financial institutions, and impact-oriented funds. Federation impact investments have bolstered the Jewish communities of the Bay Area and Israel, built affordable housing and renewable energy projects across the United States, and provided small business owners with fair and affordable loans. These investments contribute to fostering a stronger, more inclusive economy where traditional financial services fall short.
Bay Area
$17,145,205
Israel
$6,382,600
California
(excluding Bay Area)
$1,459,625
USA
(outside of California)
$40,638,925
International
(excluding Israel)
$2,035,000
Impact Themes* in our Portfolio
*Impact Themes (other than Thriving Jewish Communities) align with the IRIS+ Thematic Taxonomy, developed by the Global Impact Investing Network (GIIN).
Collective Impact from Our Investees in 2025
Out of the Federation’s impact investing portfolio, there were 7 mission driven financial institutions that reached small and micro-businesses in the U.S in 2025. Collectively, they accomplished the following:
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
Case Study: Investing with Intention
For nearly five decades, San Francisco’s Congregation Sha’ar Zahav — Hebrew for “Golden Gate” — has been a trailblazer. Founded in 1977 as a Reform congregation with explicit outreach to the LGBTQ+ community, the synagogue has never shied away from pushing boundaries in service of its values. So, when Sha’ar Zahav’s leadership began exploring how to make its endowment fund work harder, both financially and ethically, their approach was very much in character. Working with the Federation, Sha’ar Zahav’s endowment committee made a first-of-its-kind impact investment by a congregation.
A Growing Endowment, A Growing Responsibility
“As our financial resources grew, we had to ask ourselves, ‘What’s the purpose of all this money?’” says Deborah Levy of the congregation’s endowment committee. “Obviously, it’s to ensure our own survival as a community. But we can do more with it, and I believe that our Judaism asks us to.”
The Federation helped Sha’ar Zahav identify Grameen America as its first impact loan — a natural fit for a congregation whose mission centers on inclusion and equity. Grameen America, the U.S. arm of the Nobel Prize-winning Grameen Bank model, provides small loans to low-income women to start and grow businesses.
For Sha’ar Zahav, the affinity was immediate. “There’s a way to invest with your values in mind, without taking on significant risks to your investment or sacrificing returns. We were able to get the best of both worlds.” says Michael Chertok of the congregation’s endowment committee. “This isn’t some fly-by-night venture,” he continues. “We’re confident that we’ll be paid back for the money that we lend.” For Sha’ar Zahav, tikkun olam (repairing the world) has always been a guiding value. Now, it’s an investment strategy, too.
THANKING OUR GENEROUS INVESTORS
We express our gratitude to all of the funds participating in our Impact Investing program to date.
Afergan Family Fund
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
Congregation Sha’ar Zahav
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
Dolphin 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
Hechtman 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
Contact Us
Email us for more information about impact investing at philanthropy@jewishfed.org.