Maine is fertile ground – and water – for innovation. That’s why MaineCF is putting its primary pool portfolio to work; to invest in opportunities that blend return potential and support initiatives across the state. These investment returns are expected to boost fundholders’ portfolios to support their charitable activities while investing right here in the Pine Tree State.

MaineCF allocated 2% (approximately $14 million as of Dec. 2023) of its primary pool portfolio for investments in Maine industries. The initial focus is partnering with third-party investment managers to put money behind Maine-based opportunities.

The foundation’s primary pool portfolio is managed by investment staff, assisted by an outside consultant and supervised by a volunteer investment committee. The investment committee, which sets MaineCF’s investment policy, strategic asset allocation and overall strategy, approved investment opportunities in which the foundation can support local initiatives and generate a significant return on invested capital.

To date, MaineCF has committed $8.1 million to three initiatives in the state, including to Bold Ocean Ventures, a partnership between experienced venture capital investors and the Gulf of Maine Research Institute in Portland.

The fund aims to connect capital and science to grow the ocean economy and address the impacts of climate change in the Gulf of Maine and the North Atlantic. Targeted investments include aquaculture, the seafood supply chain, sustainable ocean operations, ocean data analysis and climate change solutions.

“We believe the ‘blue economy’ is a unique opportunity for Maine,” said Tim Agnew, Bold Ocean Ventures general partner. “We have a long maritime tradition and a lot of startups whose work will help to build our coastal economy. We’re interested in companies that are using innovative technology to improve the ocean and the ocean economy, and that have the potential for growth and attractive returns to our investors, including MaineCF.”

MaineCF is investing capital in crucial industries across the state. Projects include solar farms, land conservation and innovative coastal research.

The foundation has also committed capital to Aligned Solar Partners 6, a solar infrastructure investment fund that owns and operates solar projects in multiple rural locations throughout the state.

“Not only do these projects offer energy cost savings to homeowners and businesses, but they also create hundreds of construction and civil engineering jobs in Maine,” said Brendan Bell, chief operating officer of Aligned Climate Partners. “The property leases provide income streams to private or commercial landowners.”

A sustainable timber project near Moosehead Lake that is part of the Exemplary Forestry Investment Fund initiative will also benefit from a MaineCF investment. The investment helped secure the purchase of the 3,000-acre Scammon Ridge Headwaters, which encompasses several important ecosystems.

Conserving this land will ensure the habitats it provides remain undeveloped. The Scammon Ridge Headwaters is used year-round for recreational activities and contributes to the local forest products industry and economy.

In addition to providing capital for these projects, MaineCF hopes its investments will catalyze more support for Maine initiatives and bring new ideas for a sustainable future to life.

“These three initial investments reflect the foundation’s commitment to building a better Maine by putting money to work here,” said Mark Howard, MaineCF board member and chair of the Investment Committee.

Land Conservation

A wooded and wild 3,000-acre parcel near Moosehead Lake will remain undeveloped thanks to a MaineCF investment in the Exemplary Forestry Investment Fund. This is among the first of the foundation’s such investments to support Maine initiatives and industries. Isaac Crabtree photo.

Innovative Coastal Research

Bold Ocean Ventures aims to boost the ocean economy by investing in innovative maritime technologies, including aquaculture, sustainable ocean operations and solutions for climate change. Gulf of Maine Research Institute photo.

Solar Farms

Six solar projects across Maine offer energy savings, create jobs and boost local economies. Aligned Solar Partners 6 photo.