Orrick Advises on Launch of Open Road Impact Fund


Orrick has advised Open Road Alliance on the launch of its Open Road Impact Fund, which provides short-term bridge loans ranging from $100,000 to $1 million to social impact organizations that encounter unexpected obstacles in obtaining timely funding. The Fund closed a $10.5 million round on March 13 with investments by family offices and foundations and anticipates raising $40 million in total.


“The Open Road Impact Fund is a great example of how organizations are striving to address investor, community and organizational challenges in this new environment. COVID-19 has severely impacted mission-driven enterprises and having a financing resource such as Open Road to provide liquidity to help them through this challenging time is vital to their survival,” said Quinn Moss, who advised Open Road on this matter.


Over the first five years of operation, Open Road estimates that the Fund will disburse $100 million in short-term loans across 200 organizations, leveraging grants and other support from philanthropic organizations and government agencies of up to $1 billion in capital allocated toward impact matters as well as providing investors with a financial return.


The Orrick team advising Open Road includes Quinn, Perry Teicher, Sean Carfi, Bill Haft, John Narducci and Meredith Dawson.