The T25 2026

About The T25

T25 2025

T25 2024

T25 2023

T25 2022

T25 2021

The Transformative 25

2026 Report is out now!

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2026 Cohort Stats

BIPOC-led

Percentage of 2026 funds that identify as Black, Indigenous and People of color-led.

Women-led

Percentage of 2026 funds that identify as women-led (cis and trans), femme-led or gender-expansive leadership.

Indigenous-led

Percentage of 2026 funds that identify as Indigenous-led.

Emerging

The fund has a thesis, has raised funds from at least two investors, and identified potential borrowers. The fund is in the early pilot stage, with under 3 years of experience.

Growth

The fund has raised and placed capital according to its thesis and has met initial goals, and is raising additional capital. The fund may or may not have repaid capital, but is on track to fulfill commitments.

Mature

The fund has raised, placed, and returned capital and collectived metrics that demonstrated impact. The fund is actively expanding its scope or supporting others. Often 6+ years of experience.