Nathan Cummings Foundation

The Nathan Cummings Foundation (NCF) is a multigenerational family foundation rooted in the Jewish tradition of social justice, focusing on climate change and inequality. In 2017, NCF committed to aligning 100% of its $443 million endowment with its mission, transitioning to a full impact investing strategy. This bold move aimed to ensure that all investments support social and environmental change, expanding beyond traditional grant-making to leverage the entire endowment for impactful purposes.

However, several challenges remain in implementing this strategy. Operationalizing and integrating a mission-driven investment approach requires changes in investment management practices, staff training, and possibly reevaluating existing partnerships. NCF must establish robust metrics to measure and track the progress and success of impact investments, balancing financial returns with social outcomes. The Foundation needs to address diverse viewpoints among board members and advisors about the pace and extent of the transition, ensuring a unified approach. Furthermore, exploring whether there is indeed a tradeoff between financial returns and social impact is essential, with the field of impact investing still evolving and definitions of success varying widely among stakeholders.