BlackRock’s flagship social impact investment platform, enabling clients to invest in direct private market opportunities that accelerate positive economic outcomes for undercapitalized communities. BIO seeks to generate strong risk-adjusted market-rate returns by focusing on investment themes that are drivers for economic growth.
BlackRock Impact Opportunities
How We Invest
BIO employs a rigorous process to identify compelling investment opportunities that can deliver attractive risk-adjusted returns while driving meaningful socio-economic change at scale.
Investing in Economic Mobility
Seeking to unlock latent economic growth through investments in undercapitalized communities
Powered by BlackRock
Leveraging the investment expertise, scale, and convening power of the BlackRock Platform to deliver capital solutions
Active Partnership
Collaborating with management teams and stakeholders to accelerate the growth of high-potential mission-driven companies
Passion for Performance
Committed to targeting differentiated risk-adjusted financial returns and durable social impact for our investors
BlackRock’s purpose is to help more and more people experience financial well-being. We designed BIO to pursue opportunities that have historically been undercapitalized and, as a result, may offer differentiated sources of return. We are committed to being part of the solution, and a force for change – on behalf of our clients, our employees, our shareholders, and our communities.
Larry FinkCEO, BlackRock
Impact Themes
Our team has identified six themes that represent the overlap between social megatrends that are drivers of economic growth, the needs of undercapitalized communities, and the most compelling opportunities in capital markets. While we focus most of our efforts on these themes, these are not exclusive.
Impact Measurement and Management (IMM)
BIO’s impact measurement and management framework is consistent with BlackRock’s approach to impact investing in seeking to generate positive, measurable outcomes alongside a financial return. By integrating data-driven insights and stakeholder feedback, we measure the effectiveness of our initiatives' and continuously refine our approach.
Transparency
We seek to ensure that our IMM process is transparent, repeatable, and auditable.
Measurable
We aim to identify measurable impact indicators throughout the investment process.
Industry-aligned
We adopt evolving industry-leading frameworks wherever relevant to our investment approach.
IMM Frameworks
Among the many measurement frameworks available, we have integrated four into our IMM practice. We view the four frameworks as highly complementary to each other, providing a powerful, unified tool for impact assessment.1
OPIM Signatory
As signatories of the IFC’s Operating Principles of Impact Management, we ensure impact considerations are integrated throughout the investment lifecycle.
5 Dimensions of Impact
To evaluate our contributions to impact, we have adopted Impact Frontiers’ Five Dimensions of Impact, which reinforce our philosophy and practice. These dimensions offer a consistent framework for impact assessment across companies.
UN SDGs
Given their significance in impact investing, we also track our investments’ alignment with the United Nations Sustainable Development Goals (SDGs). These 17 aspirational goals, with 169 targets, serve as a global call to action for positive change.
GIIN IRIS+
Our KPI measurements incorporate the Global Impact Investing Network’s (GIIN) IRIS+ System, which offer a common taxonomy of standardized metrics across impact themes. We specifically utilize the IRIS+ Core Metrics Set.
Strategy in Action
Explore our investment strategy in action. These videos demonstrate the significant impact our portfolio companies are making within their respective communities.
Portfolio: Conexon | Closing the digital divide for rural communities
Portfolio: Indian Energy | Affordable renewable energy for Native American communities
Portfolio: MACRO | Building a multi-platform inclusive media company
Portfolio
View BIO’s seven most recent investments below, each exemplifying our dedication to creating long-term value, operational excellence, and making a meaningful impact in undercapitalized communities nationwide.2
GHI JV
Joint venture to finance the construction of affordable multifamily housing
Industry: Real Estate
Headquarters: Omaha, NE
Invested: 2024
Impact Theme(s): Housing
IGS Energy JV
Joint venture to deploy residential solar energy projects in underserved communities
Industry: Renewable Energy
Headquarters: Dublin, OH
Invested: 2024
Impact Theme(s): Inclusive Transition
Conexon
Builder and operator of Fiber-to-the-Home networks in rural America
Industry: Digital Infrastructure
Headquarters: Kansas City, MO
Invested: 2023
Impact Theme(s): Digital Connectivity
Lone Peak Dental Group
Pediatric Dental Service Organization focused on underserved communities
Industry: Dental Care
Headquarters: Englewood, CO
Invested: 2023
Impact Theme(s): Health & Wellness
Heritage Grocers Group
Grocery retailer focused on providing healthy, affordable produce in food deserts
Industry: Grocery Retail
Headquarters: Ontario, CA
Invested: 2023
Impact Theme(s): Health & Wellness
Indian Energy
Utility-scale renewable energy generation and long duration battery storage
Industry: Renewable Energy
Headquarters: Alpine, CA
Invested: 2023
Impact Theme(s): Inclusive Transition
MACRO
Award-winning, diversified media company dedicated to storytelling that defines culture
Industry: Media & Entertainment
Headquarters: Los Angeles, CA
Invested: 2022
Impact Theme(s): Inclusive Media, Financial Inclusion
News
Opifex-Synergy Acquires Equipment Finders, Inc.
Retro Fitness announced a new gym in Stafford Texas, opening December 2025. The fitness company is known for its high-value, low-price approach, focusing on innovative fitness programs, state-of-the-art equipment and an inviting atmosphere.
Heritage Grocers Celebrates Hispanic Heritage Month
Heritage Grocers Group, one of the leading Hispanic food retailers in the country, is proud to celebrate Hispanic Heritage Month across its portfolio of companies through launching the "de tu tierra a tu mesa" campaign.
Retro Fitness to Open New Location in Stafford, TX
Retro Fitness announced a new gym in Stafford Texas, opening December 2025. The fitness company is known for its high-value, low-price approach, focusing on innovative fitness programs, state-of-the-art equipment and an inviting atmosphere.
HGG Launches First Annual Candelaria Tamale Celebration
Acelero Learning has been awarded a five-year grant by Office of Head Start to provide Head Start services in Delaware. Acelero Learning will provide high-quality Head Start programs for 421 children in Kent and Sussex counties.
Lone Peak Adds Three Dental Leaders to Board
Denver-based Lone Peak Dental Group has added three dental leaders to its board of directors. Jillian Wallen, BDS, Carolyn Brown, DDS, and Susie Qian have joined the DSO’s board.
Lone Peak Announces New Board Member Appointment
Lone Peak is pleased to announce the appointment of Pat Bauer to its Board of Directors. With more than 35 years of leadership in dental and healthcare operations management, Pat currently serves as the President and CEO of Heartland Dental.
Acelero Awarded Five-year Head Start Grant in Delaware
Acelero Learning has been awarded a five-year grant by Office of Head Start to provide Head Start services in Delaware. Acelero Learning will provide high-quality Head Start programs for 421 children in Kent and Sussex counties.
Conexon Connect Expands Footprint Across Rural Florida
In partnership with Madison-based Tri-County Electric Cooperative (TCEC), Conexon has successfully completed its second broadband network in the state and seventh nationwide.
"Opus" Premieres at Sundance
"Opus", produced by MACRO for A24 and starring Ayo Edebiri and John Malkovich premiered at the 2025 Sundance Film Festival. The movie opens March 14th in theaters.
We are all in
At BlackRock, not only are we committed to our clients’ needs but also to the communities in which we operate. As investors, fiduciaries, and members of society, we believe it is our duty to combine our investment expertise with this focus to generate long-term prosperity. We are committed to being part of the solution. Reach out to learn more.
