Navigating
Affordability
in the U.S.
Improving Job Quality
to Support Sustainable
Livelihoods
2025 ANNUAL IMPACT REPORT
“In a time when affording everyday life feels increasingly out of reach, investing in quality jobs is one of the most practical ways to support workers while strengthening businesses and communities.”
About HCAP Partners
Founded in 2000, HCAP Partners’ mission is to generate top-quartile returns while driving a positive impact for underserved businesses¹ and their communities. With over $670 million managed across four funds, HCAP provides mezzanine debt and private equity to lower-middle market companies across the United States.
HCAP has a longstanding track record of deploying capital to underserved businesses¹ and collaborating with companies to improve job quality for low- to moderate-income (LMI) workers through the Gainful Jobs Approach™. The firm also actively contributes to the impact investing ecosystem by sharing best practices, demonstrating the business case for quality jobs, engaging in research, shaping policy, and advancing industry standards.
HCAP is a founding member of the Global Impact Investing Network (GIIN) and Impact Capital Managers (ICM), and has been recognized as an ImpactAssets (IA) 50 Fund—one of the top impact funds worldwide—every year since 2014, and holds IA 50 Emeritus designation.
TARGET INVESTMENTS
Investments of $5M to $35M
Investments in small businesses with $10M to $100M in revenues
Capital for expansion, growth, recaps, acquisitions, and management or private equity buyouts
KEY INDUSTRIES
Business Services
Healthcare
Manufacturing
Technology
IMPACT FOCUS
Providing capital to support underserved businesses to drive growth, job creation, and economic opportunity in LMI communities
Enhancing business performance and creating quality jobs through the Gainful Jobs Approach™
Investing in healthcare companies to expand access to care, reduce cost of care, and improve quality of care
Sharing data and insights to help businesses and investors improve job quality for frontline workers
OUR SUSTAINED COMMITMENT
Total capital invested by HCAP in underserved businesses (as of 12/31/25)
670M+
Capital Managed²
70+
Investments Across 4 Funds
12,950
Employees Across Portfolio
69%
LMI Workforce
INDUSTRY AFFILIATIONS
¹ Underserved businesses are defined as businesses located in low- to moderate-income (LMI) communities or businesses that employ a majority of employees who are LMI individuals.
² Across four funds (HCAP II, III, IV, and V), includes active and exited companies. Data as of 12/31/25 or last period of data collection prior to exit.