Looking for patient capital? 15 foundations actively investing in impact VCs

Fundraising for venture capital globally hit an eight-year low last year, as a tough LP market constrained allocations. For impact VCs, the environment was even more challenging, with many investors rotating away from climate-focused strategies toward sectors like AI and defence.

That shortage of LP capital has left many impact fund managers increasingly reliant on patient sources of capital – among them, foundations.

The value of foundations for impact VCs

Often sitting on generational wealth and guided by explicit social or environmental mandates, foundations can be uniquely valuable LPs for funds tackling the world’s biggest challenges.

Many foundations are willing to accept below-market or flexible returns from the funds they invest in. In some cases – particularly with philanthropic foundations – capital is given, without any expectation for a return on investment.

Foundations also frequently play a catalytic “first check” role: anchoring early closes, de-risking funds for other investors, and helping emerging managers reach minimum viable scale.

Beyond capital, they bring networks and credibility, opening doors to policymakers, NGOs, and corporate partners – a critical advantage for impact funds operating in complex, systems-driven sectors.

How we arrived at this list

To unearth which foundations are most actively backing impacts VCs, we analysed the LP bases of more than 100 impact funds raised across Europe over the past 12 months.

After cross-checking data from Dealroom, PitchBook, and direct outreach to fund managers, we identified 15 foundations we believe are among the most active backers of European impact VC today.

As LP commitments are not always publicly disclosed, this list is not exhaustive. But it offers what we believe to be the most comprehensive snapshot of the foundations playing an outsized role in shaping the region’s impact investing landscape right now.

Prince Albert II of Monaco Foundation 🇲🇨

Founded in 2006 by Monaco's reigning Prince Albert II, the foundation concentrates on environmental protection, climate change, renewable energies, and biodiversity – working primarily on the Mediterranean sea.

How they invest:

The foundation philanthropy with impact investment, and is a prominent LP in impact funds. It also directly invests, primarily through its ReOcean Fund.

Recent LP investments:

Una Terra's €50m circular economy growth fund, SWEN Capital Partners' €160 m ocean fund, and Katapult Ocean's new €50m Nordic fund, which Impact Loop revealed earlier in March.

Chr. Augustinus Fabrikker 🇩🇰

A former Danish tobacco company, now the investment arm of the Augustinus Foundation – one of Denmark's largest cultural foundations, with roots dating to 1750.

How they invest: Invests over the long-term with a strong Danish commercial focus. Has moved aggressively into European impact VC in recent years.

Recent LP investments:

UK-based VC firm 2150, which closed a €210m fund for urban climate tech in January 2026, as well as backing Unconventional Ventures's €50m first close and The Footprint Firm's €76m fund, announced in January.

Builders Vision 🇺🇸

The investing and philanthropy platform of Lukas Walton, grandson of Walmart founder Sam Walton, with more than $4bn in assets across a direct investing arm, asset management, and philanthropy.

How they invest: A mix of grant-making and equity investing. Focused on food, ocean health, and energy transition. Makes direct investments alongside fund LP positions.

Recent LP investments:

SWEN Blue Ocean and Katapult Ocean

BMW Foundation Herbert Quandt 🇩🇪

Founded in 1970 and backed by BMW's majority shareholders Stefan Quandt and Susanne Klatten.

How they invest:

Primarily philanthropic – focused on responsible leadership, climate, and urbanisation. Since 2018, the foundation has focused more on VC fund investments. More than 10% of its endowment is in impact investments, all ESG-aligned toward the Paris Agreement.

Recent LP investments:

Ananda Ventures, Planet A Ventures, and 2150.

Norrsken Foundation 🇸🇪

Founded and partly funded by Klarna co-founder Niklas Adalberth, Norrsken is a Stockholm-based non-profit foundation backing entrepreneurs solving the world’s biggest challenges across climate, health, poverty, and food systems. It operates globally through venture funds, accelerators, and startup hubs.

How they invest:

Primarily through venture capital, combining direct startup investing with managing its own cohort of specialist impact VC funds and accelerators. Focused on backing high-growth companies that deliver both financial returns and measurable positive impact.

Recent LP investments:

Operates its own funds rather than acting as a traditional LP. Those include Norrsken VC (early-stage impact), Norrsken22 (Africa-focused growth fund), and Norrsken Evolve, which closed a €57m fund last year.

King Baudouin Foundation 🇧🇪

Established in 1976 on the occasion of King Baudouin’s 25th anniversary on the throne, this Brussels‑based public benefit foundation invests in areas like social justice, democracy, health, education, and sustainable development.

How they invest:

Mainly invests equity and is a prominent impact investor.

Recent LP investments:

Two Belgian impats funds, Kampani and Incofin.

Mercator Foundation Switzerland 🇨🇭

A European philanthropic foundation focused on democracy, education, diversity, and climate action. Originally endowed by the Schmidt family’s philanthropic foundations and named after the cartographer Gerhard Mercator.

How they invest: Primarily through philanthropic grant‑making – funding and initiating projects and partnerships that drive systemic change.

Recent LP investments:

Ananda Impact Ventures, which marked the first close of its fourth fund at €73m in January.

Guy’s and St Thomas’ Foundation 🇬🇧

Founded in 2008, the Foundation is the independent charitable arm of Guy’s and St Thomas’ NHS Trust in London. It builds on a long tradition of philanthropy linked to the two historic hospitals Guy’s Hospital, founded 1721, and St Thomas’ Hospital, with roots back to the 12th century.

How they invest:

Combines traditional endowment management with a growing impact investment portfolio, with a specific focus on health tech and sustainability.

Recent LP investments:

Put £2.5m towards Eka Venture's £68m Article 9 fund, and made a separate £5m investment in the social outcomes fund of British impact investor Bridges Fund Management.

Novo Holdings 🇩🇰

The wholly owned holding company of the Novo Nordisk Foundation – the world's largest charitable foundation by assets, managing over €142bn. Its mission spans scientific research, global health, and sustainability.

How they invest: Life sciences-first, now expanding into planetary health. Manages assets to fuel Novo Nordisk Foundation's philanthropic objectives.

Recent LP investments:

2150 (urban climate tech); Forbion BioEconomy Fund I (biotech-enabled sustainability); The Footprint Firm.

Gatsby Africa 🇬🇧

The African arm of the UK's Gatsby Charitable Foundation, founded by David Sainsbury of the UK supermarket dynasty. Focused on inclusive economic development in East Africa, with deep experience in aquaculture and industrial ecosystems.

How they invest:

Invests in and supports the development of high-potential sectors in East Africa.

Recent LP investments:

Aqua-Spark Africa – a dedicated African aquaculture impact fund under Dutch impact firm Aqua-Spark, targeting $250m by final close.

Visa Foundation 🇺🇸

Visa's philanthropic arm, focused on financial inclusion and community impact since 2017.

How they invest:

Combines $80m in grants with $140m in impact investments, with a focus on gender-diverse and underserved small businesses.

Recent LP investments:

Partech's debut impact fund, which just closed at €300m, and Ring Capital, a Paris-based impact investing firm, who's CEO we recently interviewed.

IMAS Foundation 🇳🇱

The investment arm of the INGKA Foundation, owner of Ingka Group (which operates most IKEA stores globally). Returns from the foundation's investments support the IKEA Foundation's grant-making on poverty and climate change.

How they invest:

Not a philanthropic foundation, IMAS is committed to delivering high returns while acting on the climate crisis, prioritising hard-to-abate sectors. It has over €15bn assets under management (AUM), according to recent reports.

Recent LP investments:

UK-based Climate Fund Managers, which closed a $1bn blended finance vehicle for renewable energy late last year. IMAS has also made direct investments, including in Qvantum, a Swedish heat pump manufacturer, and Swedish green steel unicorn Stegra.

RAG-Stiftung 🇩🇪

The state-backed foundation created to manage the long-term environmental and financial liabilities of Germany’s former coal mining industry.

How they invest: RAG-Stiftung invests through strategic equity ownership and a diversified multi-asset portfolio to generate long-term returns for funding perpetual mining liabilities. An increasingly active LP in European tech.

Recent LP investments:

It is a repeat investor in Claret Capital – a London-based venture debt specialist which closed its fourth fund at €350m last year to invest in European tech and life sciences scale-ups.

Grameen Foundation 🇺🇸

The US branch of the Grameen microfinance network founded by Nobel laureate Muhammad Yunus.

How they invest: Invests in companies, funds, and joint ventures to create capital for social enterprises whose products and services benefit the poor. Both philanthropic and investment-oriented.

Recent LP investments:

Belgium impact investor Incofin.

TrygFonden 🇩🇰

TrygFonden is a Danish non-profit foundation focused on improving safety, health, and well-being in Denmark. It is owned and financed by TryghedsGruppen, a Danish member-owned group linked to the insurance company Tryg.

How they invest: Investment returns from Tryg fund both TrygFonden's grant-making and TryghedsGruppen's financial commitments. One of the more active Danish institutional anchors in Nordic impact VC.

Recent LP investments:

Unconventional Ventures (Fund II); The Footprint Firm (Footprint Fund I).

Pictured: Dr Ryan Scheler, BMW Foundation Herbert Quandt; Morten Rudebeck, Chr. Augustinus Fabrikker; Sarah Kawa, King Baudouin Foundation; Cristin Pacifico, Builders Vision; Najada Kumbuli, Visa Foundation; Katia Weibel, Mercator Foundation; Geert Peetermans, Incofin; Remi Said, Partech; Maria Velkova, Aqua-spark; Niklas Adalberth, Norrsken; Raji Rajan, Gatsby Africa; Morten Beck Jørgensen, Novo Holdings.