Investment Spotlight: Apis & Heritage: Legacy Fund I
The Rockefeller Foundation’s Zero Gap Fund invested $3 million in first close of Apis & Heritage’s first fund, Legacy Fund 1 (June 2021). The Fund has since raised nearly $60 million and announced final close in September 2022. The Legacy Fund 1 seeks to convert 8-10 businesses to ESOPs via LBO, establishing independently-managed ESOP Trusts to transfer firm ownership to employees over time. The strategy aims to enable asset ownership and job preservation for low-income and BIPOC workers in the United States through employee ownership.
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