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Director of Impact Investing

Website Lumina Foundation


Job Title:  Director of Impact Investing
Department:  Finance and Investments
Reports to: Chief Financial Officer
FLSA Status: Exempt
Location: Indianapolis, USA. The foundation is willing to consider other work locations within the contiguous United States. All staff located near a Lumina office work in the office at least three days per week.
Salary Range: $225,000- $250,000
Final pay is commensurate with experience.
 Include, but are not limited to, health insurance (medical, dental, and vision), 401(k), pension, vacation and sick time, paid leave, 100% employer-paid group life, and long-term disability.

Purpose and Background

Lumina Foundation has invested in early-stage education-focused ventures for over a decade, both directly and via dedicated investment fund managers. Investments have targeted new strategies, products, and innovations that increase access to and attainment of post-high school education, including two- and four-year degrees and valuable credentials. The foundation is committed to linking a portion of its endowment and a portion of the annual mission-focused budget to make additional investments aligned with its vision, mission, and strategies. Today, the foundation’s impact investment portfolio exceeds $91 million of committed capital in early-stage/start-up educational technology ventures and established impact-oriented funds.

The impact investment portfolio represents one tool in achieving the foundation’s broader remit of improving educational attainment and student outcomes, alongside traditional grant funding, research, communications, and other activities. The foundation’s leadership model of philanthropy has been recognized as highly effective and results-oriented and has leveraged significant outcomes for the nation. The portfolio aims to strengthen the foundation’s ability to pursue its vision, mission, and strategies while leveraging other investors into and alongside that same pursuit.

The foundation is reviewing its existing approach to mission- and program-related investments (MRIs and PRIs), and it is accepting applications for a new role, the director of impact investing. Reporting to the chief financial officer and working closely with the foundation’s grantmaking and outcomes-focused strategy teams, this individual will oversee approximately $91 million of existing direct and fund investments and approximately $30 million of new capital approved for investment over time.

The new director of impact investing will assess the strategy and execution of the MRI and PRI portfolios, considering mission alignment, liquidity, return hurdles, and other factors in collaboration with the executive team and program staff. The ideal candidate will have a finance, banking, or investments background, a strong understanding of the social/impact investing sector, and a passion for using capital to support Lumina’s goal. Programmatic or investment experience within the broader educational ecosystem would be highly valuable. A successful leader in this role will be someone who can bridge the discussion between mission and investments, drawing on the knowledge of internal experts and external partners, including peer mission-aligned investors and foundations.

At Lumina, how we approach the work is as important as what we accomplish. Candor, collaboration, and connection are the organization’s core values, and everyone at Lumina strives to live these values through their words and actions.

The Role 

Responsibilities include:

  • Advance Lumina’s commitment to ending systemic racism and barriers to learning beyond high school for Black, Latino, and Native American individuals.
    • Identify opportunities for Luminas Impact Investing work to promote racial and ethnic diversity in hiring, contracting, grantmaking, inclusive decision-making, and achieving fair and just outcomes.
    • Effectively communicate Lumina’s commitment to internal and external partners.
  • Tailor an impact investing practice to align with Lumina’s vision, mission, and strategies, and create the financial and impact parameters with the CFO, Executive Team, and Board.
  • Determine appropriate balance of MRIs and PRIs in the portfolio; develop risk/return guidelines, cash flow projections and requirements, and relevant and achievable impact measurement and evaluation tools.
  • Develop pipeline of new investments in collaboration with Lumina strategy staff; provide education and guidance on impact investment guidelines for Lumina finance and strategy staff.
  • Review and re-underwrite existing investments to determine value for inclusion in the continuing portfolio. Improve current underwriting and analytical reporting standards for existing and new investments. Monitor and evaluate performance on both a financial and strategic basis to ensure alignment with Lumina’s parameters.
  • Establish strong working relationships with fund managers, founders and CEOs, boards, and like-minded investors. Serve as a board observer on certain investments and oversee board observer program involving other Lumina staff.
  • Negotiate and structure terms and conditions of investments, and ensure appropriate transaction documentation, including underwriting, deal structuring, managing the closing process, and providing portfolio management.
  • Provide or recommend technical assistance to investees within the portfolio on financial projections, financing needs, project feasibility, etc.
  • Develop communications related to the portfolio with Lumina communications and strategy staff. Present status of existing portfolio and potential new investments to the Executive Team and to Lumina’s Board of Directors, as requested.
  • Represent the foundation in public forums and contribute to various publications as needed.
  • Manage the portfolio in compliance with applicable federal and state laws and internal policies. Review and develop appropriate internal policies with Lumina counsel.
  • Supervise staff:
    • Develop/refine the job description of the investment officer as appropriate
    • Provide guidance, direction, leadership and support necessary to ensure employees succeed in performing their jobs, achieve their goals and develop. Document job performance provide constructive input and act to correct performance as needed.
  • Understand, communicate, and apply organizational policies effectively and consistently.


  • MBA in Finance or Investments preferred, or other degree or certification in a relevant field.
  • Experience in early-stage investment strategies, which may include founding, operating, advising, or investing, either directly or indirectly via other managers. Experience in evaluating and underwriting desired.
  • Experience in the field of impact investing, preferably with established networks within or demonstrated interest in communities related to Lumina Foundation’s mission.

Skills, Competencies and Characteristics

  • A commitment to equity with the willingness/ability to recognize, support, and engage in work using an equity lens
  • Respect for diverse opinions; highly collaborative and able to engage colleagues across disciplines
  • Confident humility with a learning orientation; mission-driven and with a high level of integrity
  • Exceptional strategic planning skills; able to:
    • Provide clear direction by fostering common vision, setting priorities, and clarifying roles and responsibilities
    • Develop and execute strategic plans, effectively manage project budgets, and lead change management efforts
    • Advise operating leaders seeking to achieve ambitious organizational goals
  • Exceptional relationship and communication skills:
    • Solicits advice, support, championship, sponsorship and commitment to develop a smooth transition and the development of mutually acceptable solutions.
    • Works collegially and diplomatically across organizations and audience groups; able to both problem-solving and resolves conflict among multiple parties.
    • Coaches and develops others, including people that are not direct subordinates.
  • Professional who enjoys team-oriented collaboration and problem solving in a values-driven culture and dynamic work environment.
  • Strong interpersonal and communication skills and ability to engage multiple stakeholders to ensure strategic and impact outcomes are achieved.
  • Leadership skills essential to provide effective coaching, goal setting, mentoring, and ongoing performance management of staff.
  • Experience working across multiple priorities simultaneously.
  • Applicants must be permanently authorized to work in the United States on a full-time basis.

Work Environment and Physical Demands

  • Work is performed in an office environment, mostly sedentary.
  • Extensive use of various forms of technology.
  • Travels 20-30%, including overnight stays.

This description is only a summary of the typical job functions, not an exhaustive list of all possible responsibilities, and may be subject to change at any time due to reasonable accommodation or other reasons.

Applicants should send the following to the e-mail address below:

  • a letter of interest, and
  • a resume as an attachment outlining experience relevant to the position.

Human Resources
Equal Opportunity Employer