Illumen Capital raises $27.5M for third impact fund of funds
What's the deal? Illumen CapitalDealroom has a profile for this one. Try Dealroom →, an Oakland, California-based funds-of-funds manager, has raised at least $27.5 million toward a $200 million target for Illumen Capital III LP, according to a new SEC filing. The firm secured backing from nine investors for the vehicle, which allocates capital to impact and next-generation managers.
What's the endgame? Illumen's flagship funds of funds commit to growth equity, private equity, and venture capital funds, then work with them to reduce racial and gender bias in investment decisions. Its themes span climate and sustainability, education, financial inclusion, and health and wellness.
The track record: The firm, which manages roughly $294.9 million in assets, had backed more than 40 funds as of February 2026. These include Ulu Ventures Fund IV LP, from Latina-led seed specialist Ulu Ventures, and MaC Venture Capital II LPDealroom has a profile for this one. Try Dealroom →.
Why now? The firm's previous flagship vintage closed on $168 million in May 2023, surpassing its $150 million target by some 12 percent. That fund drew philanthropic backers including the Ford Foundation and the W.K. Kellogg FoundationDealroom has a profile for this one. Try Dealroom →.
A separate "Catalyst" fund family targets first-time managers, particularly those from underrepresented backgrounds, alongside early-stage co-investments. Illumen disclosed in November 2024 that it had raised at least $32.75 million for that vehicle, against a $125 million target.
The firm: Founded in 2017 by managing director Daryn Dodson, Illumen runs an eight-person team across Oakland and New York City. Dodson previously managed private investments for the board of the Calvert FundsDealroom has a profile for this one. Try Dealroom →, a socially responsible mutual fund group. The team includes principal Octavio Sandoval, who helped establish an emerging manager program at insurer MassMutualDealroom has a profile for this one. Try Dealroom →.
Executives were unavailable for comment by the time of publication.
The signal: By channeling capital toward impact-focused and first-time managers, Illumen is building infrastructure for underrepresented fund operators who often struggle to attract institutional backing. Its $200 million target marks a step up from prior vintages, testing appetite for the strategy at larger scale.
Read more: lpallocator.com
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