Strength in numbers: The ripple effect of co-investing through DAFs

Sea Forward and Heading for Change join forces to protect our ocean ecosystems

We believe tackling large-scale ocean challenges requires bold collaboration and the courage to explore new pathways for positive impact. 

Impact investing has emerged as a powerful tool for ocean conservation, offering an innovative way to address critical environmental challenges. By directing capital to projects that combine financial returns with measurable social and environmental impact, we can support sustainable solutions that protect our ocean for future generations. 

The recent co-investment into Circulate Capital’s Ocean Fund LAC between Heading for Change and Sea Forward is an example of what happens when two Donor Advised Funds (DAFs) combine their expertise, capital and strategies to drive deeper and more meaningful change. 

Circulate Capital’s Ocean Fund LAC is dedicated to fighting plastic pollution and advancing the circular economy in Latin America and the Caribbean — a sustainable approach where plastics are kept in use for longer, then reused and recycled at the end of their lifecycle. This not only mitigates plastic pollution and associated fossil fuel emissions; it also creates economic opportunities, particularly for women and other marginalized communities, and leads to better health outcomes.

Plastic waste is responsible for up to 80% of marine pollution and at least 10 million tons of plastic end up in the ocean each year. In regions where waste management and recycling is under-developed, the plastic crisis also has immense social impact, posing serious health and economic risks to vulnerable groups. A circular economy for plastics prevents habitat destruction, protects marine life from entanglement and ingestion, and reduces the impact of microplastics and toxic chemicals in the water, all while fostering social equity.

Driving change at the climate-gender nexus 

The co-investment between Heading for Change and Sea Forward highlights how through collaborative approaches, multi-DAF’s and the ocean impact industry can work together and combine their complementary approaches and lenses to strengthen and enhance the overall due diligence process, resulting in more robust, holistic and integrated outcomes.

Women, particularly in low-income countries, often face disproportionate impacts from climate change, and women and children are 14 times more likely to lose their lives than men when extreme weather disasters occur. According to the UN Environment, 80% of the people displaced by climate change are women or girls facing heightened risks of poverty, violence or unintended pregnancies as they migrate to safer locations.

At the same time, women are leading climate solutions across all sectors – as farmers, workers, consumers, household managers, activists, leaders, and entrepreneurs.

Investing at the climate-gender nexus and supporting women as key drivers of climate solutions is both a wise financial strategy and a crucial step toward effective climate action.

Grounded in partnership

Heading for Change’s Founder, Suzanne Biegel and Sea Forward’s Fund Director, Laura Francis first connected at a Toniic Impact Investing gathering in Big Sur in 2017, where they dove deep into their shared passions for investing, oceans, climate health and gender equality. By aligning Sea Forward’s deep expertise in ocean health with Heading for Change’s sharp focus on climate and gender equity, we are creating a holistic framework for addressing global challenges and supporting those most impacted by climate change. Together, we honor the rich legacy Suzanne has created while charting new paths for impact and championing inclusivity in the world of impact investing and climate health solutions.

Co-investing also allows for greater progress and broader impact when working together, rather than individually. Through a co-diligence process, we were not only able to benefit from sector-specific expertise and varying, diverse viewpoints, but also from leveraging each other’s resources, networks and contacts, leading to better decision-making and a stronger, more streamlined and enhanced investment process.

Building a strong ecosystem for ocean conservation together 

The success of this collaboration is a blueprint for what’s possible when DAF’s combine their strengths and invest in projects that align with their shared values.

Collectively, we are mobilizing more capital and building a strong ecosystem for ocean conservation, while also nurturing relationships and knowledge-sharing among like-minded organizations to create a platform for exchanging ideas, refining strategies and driving new initiatives. Fund managers, DAFs, nonprofits, and startups can work together to take on ocean challenges from multiple angles, whether it’s combating plastic pollution, restoring marine biodiversity, or addressing the effects of climate change.

Heading for Change and Sea Forward are proud to back Circulate Capital Ocean Fund LAC and the transformative work they are doing to advance the circular economy and prevent plastic waste from entering our ocean.

If you’re inspired by this collaborative approach and want to contribute to the investment or get involved, there is still time to do so before March 2025. We invite you to reach out to Sea Forward’s Fund Director Laura Francis at Laura@SeaForwardFund.orgor Heading for Change’s Head of Investments Natalie Shriber at natalie@headingforchange.org,to learn more.


This piece was co-authored by Heading for Change and Sea Forward.