Mission Related Investments: Our Investments

As of the end of 2007, our Foundation made three Mission Related Investments: Beartooth Capital Fund I, MicroVest I LP, and Sail Venture Partners. We intend to invest in at least 2 additional Mission Related Investments per year for the next 3 to 5 years.

Beartooth Capital Fund I

Beartooth Capital I, LP is a private real estate Fund investing in the ranch land market to generate strong financial returns through the restoration and protection of ecologically important land. The Fund focuses its work on ranch properties in the Western United States - primarily the Greater Yellowstone region of Wyoming, Idaho, and Montana, and selected markets in Colorado and California - working in partnership with conservation organizations, communities, and others to acquire ranches and create value through habitat restoration, land protection, ecologically appropriate limited development and other means. The Fund targets ranch properties in the range of 500 to 5,000+ acres with significant untapped value, for example:

• Properties currently valued for agricultural use, but with significant potential to be elevated to recreational property valuations;
• Properties with significant ecological value which can be monetized through the sale of conservation easments, mitigation credits or other ecosystem service payments;
• Properties with access issues or other problems which are resolvable and the resolution of which would add significant value.

We believe Beartooth Capital has taken land conservation to a new level. Their model incorporates a holistic approach: win-win-win for the environment, those who live and work in the area, and the investors; utilizes a hybrid approach, leveraging for and not-for-profit resources; and empowers rural communities by providing new economic opportunities through creative reuse of their natural resources.

MicroVest I, LP – Equity

MicroVest Capital Management has been developing the mainstream commercial market for microfinance by creating an instrument that offers significant return to investors while financing the working poor. MicroVest I is a private debt and equity fund that invests in carefully selected microfinance institutions.

MicroVest I invests through debt, subordinated debt, equity, and loan guarantees. In addition to equity investments, debt obligations in the form of renewable notes are offered as well. Based on the expected investment portfolio mix, MicroVest is targeting a gross portfolio yield of 10–11%, resulting in a yield of approximately 7-8% for its equity investors, and approximately 3-5% for its debt investors.

MicroVest I allocates capital to carefully selected Micro Finance Institutions supporting social entrepreneurs leading micro enterprises. This aligns nicely with our Foundation's mission which is to support social entrepreneurs worldwide.

Sail Venture Partners - WaterHealth International

Sail Venture Partners is a venture capital firm focusing on energy, water and advanced materials. Our Foundation is using Sail Venture Partners as a conduit to invest in WaterHealth International, Inc. (WHI). WHI is a health-centered company whose primary purpose is developing and marketing proprietary, decentralized water purification systems that provide affordable potable water to rural and urban communities worldwide. WHI's leverages breakthrough technology with innovative enterprise relationships and financing to reach the underserved and make a major impact on waterborne diseases.

WHI's triple bottom line approach serves to empower rural communities through economic and social change which is right in alignment with our Foundation's mission.