Specialty

Impact Investing

40+ years of unparalleled experience

Foley Hoag has been a leader in the Impact Investing sector since the beginning, guiding first movers, innovators, asset managers and ecosystem builders navigate the complexities of creating social impact in the traditional business sector.

Well-known for its deep commitment to the sector and its skilled development of creative and practical solutions, our Impact Investing group has guided investors, entrepreneurs and seasoned business owners looking to make positive social and environmental impact alongside financial returns for the last four decades. 

Our work has spanned many areas of impact, including assisting investors and asset managers navigate the Socially-Responsible Investing arena, the Sustainability and ClimateTech sectors, the microlending industry, and various other adjacent areas, as well as working alongside social and sustainability-oriented enterprises developing and deploying impactful products and solutions.

Our team includes genuinely impact-minded lawyers that deeply understand their clients’ business goals and overall mission. Recently, our trailblazing work in the sector was recognized by Chambers when we were included in the first-ever listing of leading firms in Impact Investing.

Our team represents investors, investment managers and nonprofits, as well as traditional for-profit enterprises and nonprofit/for-profit joint ventures in maximizing the balance between return on investment and their social impact. We routinely advise clients on structuring transactions to maximize both financial returns and desired impact and assist with the development of venture funding strategies for clients seeking to attract investment from private foundations as program-related investments (PRIs) and mission-related investments (MRIs). The impact driven by our clients is not limited to specific missions. Instead, we assist our clients in achieving their social mission, whether in the environmental, educational, community development, public health or other responsible investing arenas.

On the private investment fund side, our extensive experience with structuring (both on the fund formation and investment side), tax and the private fund regulatory regime make our team uniquely situated to assist new or established investment managers looking to launch an impact or sustainability strategy making use of traditional as well as concessionary capital. We also have experience working with nonprofits looking to integrate more traditional fundraising models into their development strategies.

Areas of Focus

Our longstanding experience working on impact investing includes:
  • Working with investors and businesses in building enterprises and financing and exit transactions that support their impact goals
  • Structuring innovative investment vehicle involving chartable capital
  • Designing and implementing impact investing strategies
  • Advising on Program Related Investments, including forgivable loans and recoverable grants
  • Forming and advising on governance matters affecting social enterprises, including public benefit corporations and certified B Corps. 
  • Advising on innovative 501(c)(3) applications and ongoing governance and compliance
  • Advising on impact measurement and management – including ESG, sustainability and human rights reporting
  • Antitrust compliance counseling on collaborations, trade association activity and industry initiatives or pledges

Featured

Foley Hoag is a top-ranked firm in the 2025 edition of Chambers USA, with national recognition as a leader in the Impact Investing category. 
Foley Hoag has again been named among the most active law firms in venture capital financings in Pitchbook’s 2024 Annual Global League Tables. In addition to its Top 20 global recognition, the firm achieved high ranks in 20 other categories, covering a range of markets, sectors, and deal types, on both the company and investor sides. 

Experience

FUND FORMATION, INVESTMENTS & RELATED MATTERS
We provide tailored support to impact and sustainability funds with regard to fund formation and related matters, as well as in connection with their investments, including:

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SOCIAL VENTURES AND ENTERPRISES
  • ArkeaBio, an ag-biotech startup developing a vaccine to reduce livestock methane emissions
  • SparkCharge, the world's first mobile EV charging network
  • Dimagi, a global social impact organization and leader in frontline technology for public and community health
  • BlueWave Public Benefit Corporation, a pioneering renewable energy company that develops and owns solar and battery storage projects
  • Edacious Public Benefit Corporation, developer of a radical transparency-based food verification system aimed at creating a nourishing and sustainable agri-food system
  • SeaAhead, Inc., an incubator specializing in high potential ocean-focused technology startups 
  • CrossBoundary Access, Africa's first blended finance platform for mini grids
  • Greentown Collaborative, Inc., the largest climatetech incubator in North America
  • Florrent, a minority-owned startup building high energy density ultracapacitors from hemp biomass grown regeneratively by BIPOC farmers
  • Sightline Climate, climate-focused research company whose purpose is to increase information access for innovation and capital deployment towards solving the climate crisis
  • Guardian Agriculture, leading developer of electric Vertical Take-Off and Landing (eVTOL) systems for commercial-scale sustainable farming
  • Eyas Medical Imaging, developer of an MRI technology designed to serve neonatal patients
  • ShockTalk, a culturally tailored telemental health platform for Indigenous peoples
  • Voatz, a blockchain-based voting platform designed to make voting more accessible
HUMAN RIGHTS DUE DILIGENCE & IMPACT ASSESSMENTS
  • Conducted an independent Human Rights Impact Assessment (HRIA) commissioned by Microsoft that examined Microsoft’s licensing of cloud services, including those incorporating artificial intelligence (AI), to federal and state law enforcement and immigration enforcement agencies in the US, using the UNGPs on Business and Human Rights as a framework
POLICY & STANDARD DEVELOPMENTS
  • Advised the nonpartisan international affairs think tank the Carnegie Endowment for International Peace with respect to its cutting-edge Cloud Reassurance Project, which involved risk management in use of the cloud, and resulted in the drafting of Cloud Reassurance: A Framework to Enhance Resilience and Trust - an outline of what types of private sector practices and government policy could best protect the cloud’s security and resilience in the years to come
  • Assisted Yahoo! on the development of its cutting-edge Business and Human Rights program, including its participation in the Global Network Initiative, a multi-stakeholder group formed to protect and advance freedom of expression and privacy in the ICT sector, and establishment of the Yahoo! Human Rights Fund, which provides assistance funding in support of freedom of expression over the Internet