2ND HALF CAPITAL

2ND HALF CAPITAL

Impact investor Jenna Nicholas founded 2ND HALF CAPITAL in 2018 in San Francisco, after earlier experience with the $8.5B Capricorn Investment Group and with The ImPact, the family-office network for values-aligned investing. The firm operates as a boutique impact investment advisor and placement agent, connecting institutional investors — including public pension funds, endowments, and family offices — with fund managers and project developers operating in underserved markets. A primary vehicle is 2ND HALF CAPITAL FUND I, which provides catalytic capital for community-centric real assets, climate infrastructure, and small-business finance initiatives, often layered alongside concessionary capital from DFIs and foundations. 2ND HALF invests across asset classes including real estate, renewable energy infrastructure, and private credit. The firm targets community-scale projects — affordable housing, solar installations, small-holder agricultural supply chains — across US domestic markets, with an emphasis on underserved communities in the Midwest and Southeast. Notable deployments include partnership with Hannon Armstrong Sustainable Infrastructure Capital and co-investment structures alongside impact fund managers such as I Squared Capital and Generate Capital. The firm also advises on mission-driven investment strategies for multi-billion dollar pension systems, screening for both risk-adjusted returns and demonstrated community outcomes. The firm is deliberately small — Nicholas leads a compact team of investment and partnership professionals, often placing emphasis on strategic advisory and capital raising over direct asset management. Adjacent to its placement work, the firm has run educational programming through programs like the Impact Investing Forum and contributed to curriculum at Stanford's Graduate School of Business. As of 2024, 2ND HALF CAPITAL maintained an active pipeline of thematic climate and community infrastructure mandates, including collaboration with non-profit organizations on Justice40-linked investment opportunities. The structural differentiator is intentional hybridity: 2ND HALF CAPITAL functions as a placement agent for impact-first managers while simultaneously managing direct community investment vehicles. This dual posture gives the firm visibility into investment committee preferences at large allocators and also the practical challenges of project-level deployment in low-income markets, a combination few impact intermediaries sustain simultaneously.