My guest today is Nancy Pfund, the visionary founder and managing partner of DBL Partners. She invested in Tesla when others ridiculed the idea of electric cars transforming the auto industry.
DBL was among the first to see Tesla's potential, driven by a commitment to decarbonize transportation and create jobs in an industry most believed would never succeed. Today, they’re not just an investor but a pioneer in the field of impact investing, proving that financial success and social impact can indeed go hand in hand.
Nancy's journey into impact investing began with a strong foundation in anthropology and a unique career path that led her through policy advocacy and tech innovation. Before founding DBL, Nancy was a managing director of venture capital at JPMorgan. Previously, Nancy worked at Intel Corporation, the State of California, Stanford University, and the Sierra Club.
This experience paved the way for her pioneering work at DBL, where she has managed over a billion and a half dollars in assets, backing transformative companies like SolarCity, The RealReal, and, of course, Tesla.
DBL Partners invests across diverse fields such as cleantech, sustainable products, and information technology, all while maintaining a strong focus on climate impact and economic inclusivity. DBL’s approach is centered on their “trifecta” strategy:

• eliminating excess carbon in industries
• achieving substantial impact
• investing in sectors that have historically been carbon-intensive

Join me today as we explore Nancy's career, the evolution of impact investing, and how DBL Partners is reshaping industries with a focus on innovation and sustainability.
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About the SRI 360° Podcast: The SRI 360° Podcast is focused exclusively on sustainable & responsible investing. In each episode, I interview a world-class investor who is an accomplished practitioner from all asset classes. In my interviews, I cover everything from their early personal journeys to insights into how they developed and executed their investment strategies and what challenges they face today. Each episode is a chance to go way below the surface with these impressive people and gain additional insights and useful lessons from professional investors.
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Key Takeaways:
Nancy Pfund’s background (00:00)
Education and early career (09:10)
Transition to venture capital (23:40)
Early success in solar energy and initial investment in Tesla (32:54)
Establishing DBL Partners (38:12)
DBL's mission, approach, and theory of change (43:10)
Aligning impact results with financial returns and impact assessment (01:00:42)
Policy engagement’s influence on DBL’s portfolios (01:17:38)
Advice for impact investors (01:22:48)
Rapid fire questions (01:30:40)
Contact info (01:34:55)
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Additional Resources:

DBL Partners website
Connect with Nancy:

• LinkedIn
• X
• Email: nancy@dbl.vc