Jenny Abramson and Heidi Patel's Rethink Impact has closed its third fund at a staggering $250 million, nearly doubling their assets under management to over half a billion. This comes despite venture fundraising facing challenges this year.
Rethink Impact founder Jenny Abramson and her fellow managing partner, Heidi Patel , have raised more than a half billion to invest in women-led startups. Jenny Abramson and Heidi Patel have signed up investors such as Melinda French Gates and UBS for their third Rethink Impact fund, boosting assets under management to more than half a billion.enny Abramson was a Stanford sophomore in 1997 when her mother, Patty, launched the Women’s Growth Capital Fund.
While the median time for venture firms to close new funds has, in recent quarters, stretched to 15 months, Abramson and Patel raised their Fund III in just one summer. Among the limited partners:investing firm, Pivotal Ventures, and a slew of institutional investors. “Getting to this size meant that we really had to cross the chasm into institutional LPs, and that's what we did,’’ says Patel.
This track record paved the way for an oversubscribed fund II in 2020 . Now, just four years later, Abramson, 47, and Patel, 48, have added a quarter billion in dry powder. Erin Harkless Moore, managing director of investments at Pivotal, which is an LP in Rethink’s Fund II as well as its new one, attributes its recent quick fundraising success to “the hustle, the grit, the determination that Jenny and Heidi have had, how they’ve been building relationships.
Some investors and academics also argue concentrating on a smaller segment of the market means missing out on returns that can be obtained by investing in male-led startups or companies without a mission-oriented lens. “When we talk about limiting an investment to a pool of only sustainable practices or only women owned businesses, yeah, we are limiting the financial return,” says Jim Wolfe, entrepreneur-in-residence and professor at George Mason University’s Costello College of Business.
“They are very clear that this isn't charity, this isn't concessionary,” says Pivot’s Harkless Moore. Congress has also been a help to Candidly. In 2022, it passed the Secure 2.0 Act, allowing employers to treat workers’ student debt payments as 401 contributions for the purposes of the employer match. Candidly expanded its platform to facilitate those payments.
Rethink Impact Venture Capital Female Founders Investment Heidi Patel Jenny Abramson
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