WASHINGTON, D.C., June 24, 2025 — Apis & Heritage Capital Partners (A&H), a leading investment  manager specializing in employee ownership transitions, announced the initial close of its second  fund, Legacy Fund II, securing commitments of up to $85 million—four years to the day after the launch  of A&H’s inaugural Legacy Fund I on Juneteenth 2021. In addition, A&H also announced a strategic  financing partnership with Calvert Impact, one of the nation’s longest standing impact investment firms.  Together, these developments look to advance A&H’s mission to empower American workers with  wealth-building opportunities while delivering competitive private credit returns to investors. 

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Legacy Fund II First Close 

Legacy Fund II’s $85 million in commitments, some of which are subject to A&H reaching additional  fundraising milestones, marks a major milestone for the Apis & Heritage Capital Partners team. This  figure both exceeds the total capital commitments for the firm’s inaugural $58 million Legacy Fund I, which created more than 400 new worker-owners, and represents more than one-third of the team’s $250  million target for Legacy Fund II. 

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“Our Legacy Fund I fundraise was special—it took place during a historic time and marked the beginning  of the A&H story. However, this raise is shaping up to be groundbreaking in its own respects,” said Todd  Leverette, Co-Managing Partner at A&H. “We are keenly aware of the difficult fundraising environment that all managers are currently in. That’s why we feel extremely blessed and humbled to see so many of  our Fund I investors not just increase their support for our team, model, and mission through Legacy Fund  II, but also bring others along with them. It's evidence that there’s a growing world of investors who, like  us, believe in the ability of worker ownership to reshape not just individual businesses or individual lives,  but to reshape our economy as a whole.  

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Leverette added that the team looks forward to sharing its next fundraising update in October, which is  National Employee Ownership Month. “Awareness and excitement around employee ownership in this  country continue to grow—and enthusiasm for Legacy Fund II is growing in step. We’re fielding interest  from new and uncommon investors every week and are really excited for our Employee Ownership  Month update and, hopefully, a final close in early 2026." 

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Strategic Financing Partnership with Calvert Impact 

Separately, A&H also announced a new strategic financing partnership with Calvert Impact subsidiary  Calvert Impact Capital, to anchor and lead the syndication of a senior debt side-car facility of up to $50  million to support the senior credit tranches of A&H’s Employee-Led Buyout (ELBO) transactions under  Legacy Fund II. 

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The facility will enhance A&H’s ability to execute its unitranche lending model with greater efficiency,  speed, and certainty of close—ensuring a more effective allocation of investor capital and stronger  support for mission-aligned transactions. 

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“Calvert Impact has a 30-year track record as a pioneer in impact investing, mobilizing more than $5 billion to undercapitalized communities,” said Catherine Godschalk, Chief Investment Officer. “We hope this facility accelerates A&H’s innovative strategy to convert companies to employee ownership. Their  model aligns with our vision of delivering more equitable financial outcomes for working people.” 

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Phil Reeves, Co-Managing Partner at A&H, added: “We help business owners exit on fair terms while  ensuring their employees inherit the long-term value of the company. Calvert Impact’s flexible capital 

brings critical ‘dry powder’ that strengthens our ability to close deals and deepen our impact. We’re  excited to build a long and productive partnership.” 

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Skoll Foundation 2025 Award for Social Innovation 

These announcements come close on the heels of A&H being honored in May in Oxford, UK, with  the prestigious 2025 Skoll Award for Social Innovation. A&H was one of just five global winners—and  the only recipient from North America. 

The Skoll Foundation recognized A&H for its groundbreaking work in addressing two of the most  pressing challenges in the U.S. economy: the widening wealth gap for working families and the looming  succession crisis facing millions of small business owners. Skoll’s leadership emphasized A&H’s  transformative impact on how businesses are sold and who benefits. The entire A&H team is deeply  grateful for Skoll’s recognition and support—and remains inspired to scale this work to even more  communities in the years ahead. See the Skoll Foundation’s award video of A&H here and A&H’s award  acceptance speech here. 

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Apis & Heritage Capital Partners (A&H) uses a novel "employee-led buyout" (ELBO) credit model to  give workers in essential industries access to the nation’s most powerful wealth-building tool: equity in a  thriving business. A&H finances the acquisition of profitable companies and transitions them to 100% employee ownership through the Employee Stock Ownership Plan (ESOP) structure. Focused on closing  the wealth gap, A&H targets businesses with large hourly workforces delivering essential goods and  services—ensuring future profits benefit those doing the work. Together with its nonprofit partner, the  Democracy at Work Institute (DAWI), A&H fosters a strong ownership culture across each enterprise,  aligning management and frontline employees around long-term growth, profitability, and workplace  satisfaction. Through Legacy Fund I, A&H has invested in five companies, created over 450 new worker owners, and transferred more than $65 million in enterprise value into employee trusts.  

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About Calvert Impact: The Calvert Impact group is a global impact investment firm that helps  everyday investors and financial professionals invest in solutions that benefit people and the planet.  Calvert Impact uses its unique position to ensure communities are better served by capital markets  through a range of products and partnerships. Since 1995, Calvert Impact has mobilized more than $5  billion to grow mission-driven funds and organizations. More at calvertimpact.org. 

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For further information, contact Tobi Adewodu at A&H Capital or Michael Brownrigg. For further information on Calvert Impact, contact: Greg Joslyn.