Big Path Capital Co-Founder and Managing Partner Michael Whelchel is committed to challenging the status quo and raising expectations for how investment shapes an expansive economy founded on natural, social, and financial capital. In 2007, realizing the old economy driven by the single gear of profit maximization had reached a dead end in the financial crisis, Michael left a 15-year career in private equity to form Big Path Capital.
Since then, Big Path has worked with more than 220 impact and sustainable companies and funds — more than any firm in the sector — and created a number of first-in-class initiatives. Additionally, the company hosts several in-person annual convenings, including the MO Summit. MO brings together leading impact CEOs to engage, learn, and forge a new path on critically important topics.
In this Q&A, Michael shares his views on the current environment for impact finance, why interconnectedness is critical for the field, and what he’s looking forward to.
Since Big Path Capital’s founding in 2007, the world has seen intense political swings and increasingly daunting shared global challenges. How has Big Path navigated these shifts — and how has it stayed true to its values and mission while doing so?
We founded Big Path as a response to the financial crisis, so staying true to our values and mission during difficult times is in sync with how we were forged and where we come from. Back in ’08 or ’09, if you said you wanted to do something good with capital, most people assumed you were talking about charity, philanthropy. And right now, even though the markets have evolved to appreciate that you can expect more than one thing (i.e., financial and environmental/social return), there’s been a reversion to that kind of thinking.
We coined the term “SmarterMoney: Maximize Impact, Maximize Return.” It’s about opening people’s perspective of what’s possible and broadening the idea of who benefits — stakeholders beyond just shareholders. Doing that unlocks other kinds of returns that aren’t considered in a narrow profit-only frame. If you can get a similar return with impact investments, that’s where the smarter money invests, because otherwise, you’re leaving environmental and social returns on the table.
How have you seen connections and interdependence help people in impact navigate challenges and be more resilient?
Connections help all of us create the platform for our future. It’s norm-setting. The more we connect, the more we redefine what’s acceptable and what’s not. More than a decade ago, consumers started wanting to know the story behind their food. Now it’s the same with many types of products: What’s the story behind this? And today, we’re getting to that point with the financial system and investments. People want to know what their money is supporting.
Part of the goal of your convenings, including the MO Summit, is to bring people in the impact space together to build and strengthen connections. Why focus on events?
People need to see examples of what is possible. We highlight those examples at our events, like the MO Summit and the Impact Capitalism Summit. We’ve inspired people to move their entire careers from traditional finance into impact work after seeing how you can create a broader set of returns for a broader group of stakeholders.
Right now, we’re building on that idea of inspiration and interconnectivity by rolling out MO CEO peer circles — groups of six to eight CEOs with similar company size and growth trajectories will meet monthly around professional and personal development. People want to extend the value they get from MO. These groups will build strong relationships and add another layer of connectivity.
Given the current climate of polarization and uncertainty, what opportunities do you see for impact investing?
With the loss of our collective common sense on simple issues like clean air, clean water, DEI, and ESG, it can be hard to see immediate opportunities, but I believe the pendulum will swing and may lead to changes we didn’t think possible a few years ago. This may be a last gasp of “business as usual.” We continue to see great opportunities in the areas of better-for-you food and nutrition and climate solutions. There are growth dynamics that are bigger than any administration’s policies.
What’s the general attitude in the impact sector now, and where do you see it going?
People have a strong interest in talking about what’s next. Our next Impact Capitalism Summit, an event where investors and fund managers explore strategies to actively deploy capital for impact, will be next year in Charleston, South Carolina. We’re considering making the theme “State of the Industry, Future of the Industry.” I think the future is where people’s heads are at.
Help shape the future of the impact economy by participating in Big Path’s upcoming events, the MO Summit, March 16-18, 2026, in Asheville, NC, and the Impact Capitalism Summit, June 1-3, 2026, in Charleston, SC.