Today we announce that ICA Fund’s Chief Investment Officer for the past 5 years, John Gough, is leaving ICA Fund to expand his own venture. John started at ICA in 2020 to help build out ICA Fund’s innovative impact investing practice. Inspired by the incredible potential of small businesses, John took ICA’s investing work to new heights, quadrupling our total assets and growing investments from five to 65 companies. Along the way he led the creation of ICA Fund’s own investing tool, the ICA Impact Note, and mentored emerging and midcareer impact investors on the team. “John brought a relentless positivity to our work that was contagious. His laugh will be missed as much as his leadership” said ICA Fund CEO, Allison Kelly. We congratulate John on his new venture as founder and managing partner of True North Capital Management LLC and wish him the very best. ICA Fund is looking forward to building off this exciting growth and continuing to expand our mission and impact. This transition comes at an ideal time, we are five years into the current iteration of ICA Fund’s impact investing practice, and the established, experienced team is well primed for new leadership. Learn more about the new CIO role here.We thank John for his incredible contribution to ICA Fund and the founders we work with.
We caught John for a few questions to look back at these past 5 years at ICA Fund:
What was the most surprising about entering the impact investing space when you started at ICA Fund?
When we created the investment thesis and strategy for our inaugural $10M ICA Growth Fund, we anticipated 4 years as the time frame to raise capital from endowments and foundations.In reality it only took 18 months (!) given the incredible institutional support from our early investors – Living Cities, SF Foundation, Sobrato, CA Wellness, SH Cowell, JP Morgan’s ‘Entrepreneurs of Color’ Fund, and Wells Fargo’s ‘Open for Business’ Fund.
We don’t pick favorites, but what is a memorable deal from your time at ICA Fund?
It has been a huge honor to work alongside the ICA team. We have accomplished so much – launching the Growth Fund, Seed Capital, the ICA Impact Note, and funding over $13.5 million in total investments to 65 companies. From Cupcakin’ Bake Shop (Lila Owens) to Fonda Technologies (Daniel Hernandez), from Pilotly (James Norman) to Renegade Running (Victor Diaz), these founders have the passion, growth mindset, resilience, and desire to create wealth for themselves and their employees.
What are your hopes and dreams for the organization for the next phase of growth?
ICA’s total assets have grown to $23.8 million, compared to $6 million five years ago. This growth has allowed us to double down on our investments and support entrepreneurs in growing the value of their small businesses. Going forward I dream that other institutions will join us on this journey for economic justice. That we ‘open source’ our model and create a new asset class. That ICA does not walk alone, but rather is arm-in-arm with other institutions across this great country, to close the racial and gender wealth gaps. That ICA is not satisfied until economic freedom is achieved for our entrepreneurs and founders.
And, finally, what will you miss most about working at ICA Fund?
I will greatly miss the ICA team (shout out to the Investment team!), the local community of Oakland, and all of ICA’s amazing founders. Thankfully, I’m not going far, and look forward to continuing to advise ICA companies, and come back for ICA events.
ICA Fund provides coaching, connections and capital to grow Bay Area businesses and close the gender and racial wealth gap. Since 2012 ICA has accelerated more than 125 Bay Area businesses and invested over $12M with 84¢ of every dollar going to women or people of color. We are now hiring for ICA Fund’s next Chief Investment Officer, to continue to build and refine our innovative impact investing practice. Learn more about the role here.
