HOW IT WORKS
Capital designed to repair, not extract.
The Tepal Fund blends grants, patient loans, and technical assistance into one stack. Partners get capital on their own timelines. Investors get a clear structure. Communities get care infrastructure they own.
THE EVERGREEN MODEL
Capital that comes back and goes out again
Evergreen means the fund doesn't close after a set period. As partners repay, that capital is redeployed to new
organizations, year after year. We start with a $15M initial raise and are building toward $75M–$100M over 20 years.
01
Raise
Grants, notes, and donor-advised gifts come into one blended stack.
02
Invest
5–7 investments a year of $250K–$1M each, every one paired with a capacity-building grant and TA.
03
Repay
Partners repay on patient, non-extractive terms built around their stage of growth.
04
Redeploy
Repaid capital recycles into the next community-led organization.
THE CAPITAL STACK
Three note tiers and a philanthropic layer work together. The foundation holds everything up.
Four layers, each with a role
Regenerative
Senior position. Paid first. Returns and recycles: the finish work people see.
Notes or
recoverable grants
Catalytic
The bridge layer. Enables other capital to come in: the wiring and plumbing.
Notes or
recoverable grants
Restorative
No-cost capital. Secures flexibility and time, and sits behind the senior layers as an added buffer.
Notes or
recoverable grants
Reparative
The foundation. Philanthropic capital that absorbs first losses and protects the fund's evergreen goals.
Grants or
guarantees
$12M of $15M
More reparative than not. Nearly $12M of the initial raise is reparative grants or no-cost restorative capital. That's not an accident. It's the architecture of a fund that centers repair.
Note terms, interest, and seniority are detailed in the offering materials, available to verified accredited investors.
Learn about investing →
WHERE CAPITAL GOES
Three focus areas for community-led care
ROOTING IN PLACE
Land & real estate
Capital to acquire land and property
that anchors care and wellness centers, secures
long-term sustainability, and prevents displacement.
Up to 60% of portfolio | $250K–$1M
GROWING COLLECTIVE POWER
Workforce development & sustainability
Working capital for care provider networks to grow the workforce and build new financial models that sustain them.
Up to 40% of portfolio | $250K–$750K
SEEDING CARE SYSTEM INNOVATION
Tech & services
Sustainable financing for social enterprises that speed the delivery of quality, accessible care and build economic power.
Up to 20% of portfolio | $250K–$500K
CAPITAL TOOLS Term Loans Bridge Loans Revenue-based financing Credit enhancements
Investing across the US, with hyperlocal technical assistance.
HOW WE LEND
Loans that grow with our partners
We match each loan to where an organization is in its growth. Every loan comes with a
reparative capacity-building grant and technical assistance.
ROOTING
EARLY STAGE
0%
Restorative
10-year term
Building the foundation. No cost and the most time. The organization's timeline is ours.
SEEDING
EARLY GROWTH
1%
Non-extractive
10-year term
Piloting and refining the model. Capital that asks little while the work gets built.
BUDDING
STEADY GROWTH
2%
Catalytic
9-year term
Building community ownership infrastructure, ready to layer with co-investors.
BLOOMING
MATURE & STABLE
3%
Regenerative
8-year term
Capital that honors what has already been built and meets partners at their scale.
Rates shown are for loans to partner organizations.
HOW WE ASSESS
Character-based lending
Banks look at collateral. We look at mission alignment, reputation, and deep ties to community, alongside financial readiness. Financial readiness matters. It's one part of a more complete picture.
Self-determination. Is decision-making power held by the community the organization serves?
Economic power. Does the investment build community ownership and lasting collective resources?
Care impact. Does it root care in places that need it and disrupt health inequities?
Every investment is reviewed by our community-led Investment Advisory Committee.
MANAGING RISK
Risk, named and structurally managed
No investment is risk-free. Ours is understood, named, and built into the structure in layers. And we
ask a bigger question too: what is the risk of continuing not to invest in these communities?
01
First-loss capital
$4.875M in philanthropic grants
absorbs losses before any note investor
is affected.
04
Portfolio limits
No single organization receives more than $2M or 20% of committed capital.
02
A junior buffer
Restorative notes sit last in line, adding a further buffer for senior noteholders.
05
Technical assistance
Support alongside capital strengthens organizations and de-risks investments before problems arise.
03
Cash reserve
A reserve for loan-loss protection, funded from grant and restorative capital.
06
A clear payment order
If there's a default, a payment waterfall prioritizes senior noteholders.
WHEN A PARTNER HITS A HARD SEASON
Repair over punishment
If a partner can't pay on schedule, we start with a conversation, not enforcement. The fund has the flexibility to extend grace periods or restructure terms when a community faces a crisis.
Engage. We talk with the partner to understand what
happened.
Adjust. We weigh temporary forbearance, revised repayment, or restructured terms.
Mediate. If it's still unresolved, we take further steps under our credit policy, including a neutral third-party mediator.
Last resort only. Traditional enforcement, guided by harm-reduction principles and good-faith resolution.
SIX SHARED AGREEMENTS
Most funds have terms and conditions.
Tepal has terms and commitments.
No investment is risk-free. Ours is understood, named, and built into the structure in layers. And we
ask a bigger question too: what is the risk of continuing not to invest in these communities?
01
We communicate openly
Transparency as a baseline, with twice-yearly check-ins that go beyond the numbers to community impact and relational support.
04
We prioritize community well-being
Capital should strengthen, not extract. In a crisis, we can extend grace periods or restructure terms.
02
We resolve conflict with care
Repair over punishment. A neutral third-party mediator is available when needed.
05
We honor overlooked leadership
We invest in leaders and organizations that traditional capital markets overlook.
03
We share responsibility for risk and outcomes
Some capital may be revenue-based, with repayment tied to an organization's health rather than fixed deadlines.
06
We measure success together
Thriving communities, resilient organizations, equitable outcomes. Reports pair financial updates with stories of impact.
The pilot proved it. Tepal makes it last.
See how the fund turns these lessons into a lasting, evergreen structure.