Staying the Course: Candide 2025 Reflections & Impact

In a year of incredible turmoil and volatility, we have had to figure out how to remain effective at our mission while enduring the constant flow of tragedies in our country and around the world. In times like these, our partners need us more than ever, but it is easy to feel like there is little we can do to overcome its inevitable triumph. “When the going gets tough…” it reveals the content of our team’s character and the measure of our resolve.

I am so happy that we have stayed on task, our hand to the plow, working hard to find more partners and resources and to increase our presence and support for funds and entrepreneurs that we believe will help create a more just future for all people.

The ability to be empathetic and involved in the struggle without being distracted and overwhelmed has not come easy, but I am proud to say that we have done a great job of “sticking to it” in the middle of the storm.

This too will pass and I fully expect that our work will help our nation rise to the occasion to drive meaningful impact in communities across the country. And with our collective work and partnership, we will have planted the seeds of a new and more promising direction for our society for years to come.

In solidarity,

George Ashton

CEO of Candide Group

2025 By The Numbers

2025 was a watershed year for Candide. Amid ongoing social, political, and economic uncertainty, we significantly expanded our ability to support families and foundations, and directed capital to organizations working on the front lines of justice, resilience, and long-term systems change.

At a moment when much of the world retreated from equity and inclusion, we remained committed to supporting our clients in moving capital in alignment with our shared values.

$14.5M deployed on behalf of Candide clients across 25 transactions through impact-focused and mission-aligned portfolios.
$13M+ deployed by Afterglow Climate Justice Fund to five climate justice organizations.
Over 90% of the companies and funds supported across Candide’s portfolio had Black, Indigenous and People of Color or Women represented in their leadership as of our latest impact survey.

These numbers reflect more than scale; they represent a sustained commitment to equity, accountability, and the belief that values-aligned capital can help lay the groundwork for a more just future.

Impact Vertical Deal Spotlights

Behind every dollar deployed is a set of real organizations, communities, and outcomes. The following deal spotlights offer a closer look at how capital can move in practice across Candide’s impact verticals:

Enterprise Renter Wealth Creation Fund

The Renter Wealth Creation Fund innovatively provides renters the wealth building opportunities traditionally limited to homeowners by aiming to turn rent into wealth for renters.

Obran Cooperative

Obran Cooperative believes that everyone should own their most precious asset: their time. Obran is one of the first worker-owned conglomerates. Leveraging its portfolio of small businesses, the cooperative empowers its workers through ownership and education.

RE-Volv

RE-volv is a climate justice nonprofit that, in turn, supports nonprofits in historically excluded communities across the country go solar, all while raising awareness about equitable climate solutions and training the next generation of clean energy leaders. To date, RE-volv has developed and financed solar projects for over 70 nonprofits in 18 states, collectively saving them $24M on their electricity bills, allowing them to better serve their 70,000 beneficiaries.

SteelSky Ventures

SteelSky Ventures is a visionary technology venture fund revolutionizing women’s healthcare by backing groundbreaking companies that unlock new markets and redefine the industry.

The People Behind the Work

Behind every investment, partnership, and decision was a team navigating a complex year with care and passion. In closing out 2025, we asked our team to reflect on what they were most proud of accomplishing - both individually and together. Here’s what they had to say:

Olga Afonina, Portfolio Operations Manager

“This year I’ve really enjoyed stepping into my role in Investment Operations for Olamina and Afterglow. It’s been meaningful to take on greater responsibility supporting the operational side, strengthening systems and ensuring things run smoothly behind the scenes. I’ve appreciated the opportunity to learn and help build a strong foundation that supports both funds as they grow. Being part of this evolution has been rewarding.”

George Ashton, Partner & CEO

“I am really proud of the work we have done to lean into the deep expertise required to responsibly invest into the systems and communities we care about. We have committed ourselves to pursuing a more directional journey towards aggregated change in the areas of impact that we care about most. I am excited to see where this focus takes us in 2026.”

starkey baker, Digital Communications Manager

“My biggest win was taking over the processes of collateral development and shepherding the impact survey and report. While these are areas where I was previously involved, this year, I feel as if I’ve come into my own and I am able to continue helping and supporting team members develop and share their work with the world.”

Aner Ben-Ami, Partner, CIO & Co-Managing Director, Afterglow

“It's hard to pick a single milestone to be proud of this year. I'm proud to see Afterglow's growing impact and recognition in the climate justice space. I'm excited that we are at the forefront of employee ownership innovation and educating investors on how they can make an impact in the space. Most of all, I'm proud to see the team working collectively to deliver great quality work week in and week out.”

Kimberli Cavazos Haywood, Investment Director

“This year I've enjoyed working on high-impact opportunities that seek to address the racial wealth gap — a vast and persistent inequity that will take just as much effort and time to correct as it did to create.”

Christina Oakes, Client Services Manager

“I’m proud of the work I’ve done since joining Candide — collaborating with our amazing team to provide the best possible client experience. Being able to combine my love of building relationships with strengthening operational processes — and seeing tangible, positive results — encourages me to strive for the very best each day.”

Neal Parikh, Co-Managing Director, Afterglow

"Despite significant efforts this year by the federal government to stall the clean energy transition, I'm really proud that Afterglow increased the size of our fund and continued to deploy capital to underserved communities."

James Pippim, Investment Manager, Afterglow

“At a time when many are pulling back their support of climate projects serving communities on the margins, I am proud of the Afterglow's Climate Justice fund's increased investment in communities and developers left out of the Climate Transition.”

Morgan Simon, Partner & CCO

“This year I most enjoyed learning about the incredible power of…muni bonds! As we wrestle with the role of a federal government that feels like it’s acting against the American people and our global community every day, financing local municipalities to do extraordinary work on education, climate and housing becomes extraordinarily important.”

Emily, Ziethen, Director of Operations

“This year, I’ve really enjoyed working with the team to strengthen our internal systems, processes, and tools. It’s been a collaborative effort that’s helped us be more responsive to our clients' needs, welcome incredible new colleagues, and set a strong foundation for continued growth. I love that operations is always evolving in a growing firm, and I’m excited by the momentum and progress we’ve created together.”

Welcoming New Voices to the Team

As part of a year that welcomes sustained change and commitment, we welcomed two new team members whose experiences and perspectives strengthen our ability to support clients, partners, and communities. In 2025, we were excited to onboard Client Services Manager Christina Oakes and Olamina Managing Director Rupal Patel.

Christina Oakes, Client Services Manager

Christina brings over 20 years of client services experience in the investments industry to Candide Group. She is dedicated to building relationships which, coupled with her background in investment operations, allows her to create an enhanced client experience.

Christina has a unique professional path, including roles at both buy and sell-side firms spanning private equity and venture capital, family office, and alternative investments. She launched her career in Silicon Valley, first with a venture capital firm, transitioning later to supporting the investments team at Capricorn Investment Group/Skoll Foundation.

Rupal Patel, Managing Director, Olamina

Rupal brings over 20 years of impact investing and fund management experience to her role as Managing Director of Olamina Fund. Most recently, she served as Executive Director of EcoShift Collective, where she built and deployed an integrated capital climate impact investing platform while designing operational infrastructure, governance policies, and performance tracking systems from the ground up.

As Founder and General Partner of Good Scout Capital, Rupal championed employee ownership models and developed innovative lending products in partnership with CDFIs serving BIPOC communities. At RRG Capital Management, she managed diverse portfolios in clean energy and agriculture, delivering strong realized returns while advancing ESG and sustainability initiatives, demonstrating her ability to achieve both financial performance and mission impact.

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Disclosure: The information contained in this document is intended for educational and information purposes only and should not be considered investment tax or legal advice or a recommendation to buy or sell any particular security. Please consult with your tax and legal advisors regarding your particular circumstances. Certain statements contained herein may constitute projections, forecasts, and other forward-looking statements, which do not reflect actual results and are based primarily upon a hypothetical set of assumptions applied to certain historical financial information. Certain information has been provided by third-party sources, and, although believed to be reliable, it has not been independently verified, and its accuracy or completeness cannot be guaranteed. Any opinions, projections, forecasts, and forward-looking statements presented herein are valid as of the date of this document and are subject to change. To see the last 12 months of recommendations, please email ops@candidegroup.com with your request. Please allow up to five business days for a response. For more information about Candide, please see our Form ADV, Part 2A.