Impact Investing and Philanthropy: How the Northern Forest Center Raised $35 Million Across Four States

In this episode of All About Capital Campaigns, Andrea Kihlstedt talks with Rob Riley, President of the Northern Forest Center, about how his organization raised $35 million through a unique blend of philanthropy and impact investing.

Spanning 30 million acres across Maine, New Hampshire, Vermont, and New York, the Northern Forest Center set out to revitalize rural communities while protecting the largest continuous forest east of the Mississippi. Rob shares how the organization structured its first capital campaign to combine traditional fundraising with investment opportunities tied to real estate redevelopment, housing, and community revitalization projects.

Listeners will learn how the Northern Forest Center:

• Balanced philanthropic gifts with investment capital to strengthen local economies and fund conservation initiatives
• Overcame challenges tied to multi-state fundraising and community-based giving
• Built a fundraising team that grew from two staff members to five while tripling the organization’s budget
• Designed campaigns that engaged both donors and investors, with 75% of participants contributing in both ways
• Used feasibility studies, case statements, and clear messaging to gain support for complex projects
• Celebrated milestones with community events that inspired reinvestment and long-term engagement

Rob also highlights the role of volunteer leadership, the lessons learned from structuring matches and incentives, and the importance of celebrating success to keep momentum alive. From board development to donor cultivation, this conversation offers insights into what it takes to raise transformational capital for large-scale, place-based initiatives.

Whether you are leading a nonprofit campaign, exploring impact investing, or looking for creative approaches to engage donors across regions, this episode offers practical takeaways and inspiring strategies.

To ensure your campaign ends in a celebration, download our free Capital Campaign Step-by-Step Guide & Checklist. This intuitive guide breaks down each step of your campaign, and the timeline allows you to visualize your whole campaign, from start to finish!