HBS Impact Investment Fund

The HBS Impact Investment Fund was born out of student and faculty efforts in spring 2020 and evolved into a full Harvard Business School course combining classroom learning with real venture investing. The fund seeks to expand access to affordable, flexible capital for entrepreneurs building businesses that create social change. Managed through ImpactAssets, the fund pursues dual goals of reasonable investment returns and social impact, focusing on Black, Brown, and Immigrant-owned businesses facing historical capital barriers.

The HBS Impact Investment Fund aims to provide flexible capital to entrepreneurs who are often excluded from traditional funding sources. By focusing on Black, Brown, and Immigrant-owned businesses in the Boston area, the fund addresses historical barriers to capital access while pursuing both financial returns and social impact.

Designed for Students, Founders, Investors, Fund Managers. The program is in person. Participation is generally part time.

For Investment Considerations:
- Minimum $250K in revenues
- Location preference: Boston area and greater New England
- Business ownership: Black, Brown, or Immigrant-led
- Viable path to profitability and social impact

For HBS Students:
- HBS MBA enrollment
- Participation in the Impact Investment Fund course
- Faculty endorsement or mentorship relationship required

Open to HBS MBA students who enroll in the Impact Investment Fund course and secure faculty endorsement.

• $25K-$50K flexible capital investment
• Option to invest as standalone or as part of larger funding round
• Partnership with Boston impact investing ecosystem
• Professional due diligence support from HBS faculty and student teams
• Access to HBS network and advisor relationships
• Course integration (students learn by doing on real deal flow)
• Tax-deductible contributions (501c3 structure)

The program runs as a semester course, typically lasting around 16 weeks.

HBS’s Fall 2025 overview reported 13 investments in 12 companies, with $475,000 disbursed, $40,000 returned, and one $50,000 write-off. It separately listed $175,000 in approved future investments, not as capital already disbursed. These are historical figures reported in that overview.