At Heron, most of our investments are made through money managers. Our investments in public equity, private equity, mezzanine and debt funds are focused on impact oriented managers who integrate financial and social considerations into their analysis and performance measurement.
As the above chart shows, since 2012, we have made fewer than 34 investments in total either directly or in funds -- 14 of which were grants. This approach helps us engage more deeply with each investment.
When we invest directly, either via a recommendation from a fund manager or through our own due diligence process, the kinds of enterprises in which we invest tend to:
Have a multi-year track record, a solid management team and a reliable operating model;
Have a large geographic footprint or can show broad market influence;
Have identified a substantial growth or change opportunity that will lead to greater impact, increased revenue and sustainable operations;
Have a clear business plan that documents past financial activity and projected financial growth;
Articulate how a capital infusion from Heron and other providers will help them seize this growth or change opportunity; and
Be well positioned to attract and retain other investors.