How Michael Korengold, CEO of Enhanced Capital, Bridges Impact and Investment
On Friday, November 8, 2025, Michael Korengold, CEO of Enhanced Capital, delivered a seminar highlighting the transformative power of impact investing. He shared insights into his firm’s mission to align private capital with public policy goals, driving economic growth and social change in underserved communities. His discussion revealed the passion, challenges, and opportunities that define his leadership and Enhanced Capital’s innovative approach.
Reflecting on the early days of his career, Korengold credited pivotal mentors and experiences for shaping his leadership. “The founder of Enhanced Capital was a tremendous influence,” he shared. “He brought an investor’s mindset, while I contributed my legal background. The combination of these skill sets has been essential to our success.” This collaborative spirit remains central to Enhanced Capital’s operations, enabling the firm to raise over $6 billion, with $4 billion dedicated to impact projects.
What stood out about Enhanced Capital, Korengold emphasized, was the company’s commitment to prioritizing underserved communities. He described the firm’s role in financing projects that create jobs, promote equity, and revitalize economically disadvantaged areas. “Whether it’s a low-income community investment program or a renewable energy incentive, we take great joy in seeing businesses flourish and projects fulfill their mission,” he explained. An example includes Enhanced Capital’s involvement with Indian Energy, a program supporting renewable energy projects led by Native American communities. Korengold also highlighted initiatives aimed at job creation during critical moments, such as the aftermath of the George Floyd protests. “These programs aren’t just about financial returns—they’re about creating opportunities where they’re needed most,” he said.
Tax credits emerged as a cornerstone of Enhanced Capital’s strategy, with Korengold providing a clear explanation of their significance. “Tax credits are a proven way to direct private capital where it otherwise wouldn’t flow,” he explained. “For example, if a company owes $10 million in taxes, they can invest $9 million in a renewable energy project and get a tax credit. It’s a win-win — they save money, and the project gets funded.” This approach has fueled significant growth in sectors like climate finance. “We’ve financed massive solar fields, electric vehicle charging stations, and even waste-to-energy plants,” Korengold said. “These projects are transforming how we think about energy and sustainability.”
Korengold addressed the evolving optics of impact investing, noting how public understanding of the field has grown. “When we started out, very few people understood what we were doing. Today, it’s widely recognized that tax credits and incentives are the backbone of renewable energy and climate finance,” he said. He anticipates continued demand for Enhanced Capital’s work, even as competition in the space increases. “The more, the merrier,” he added. “This is about solving big problems, and we need as many players as possible.”
When asked about the potential impact of political changes on Enhanced Capital’s business, Korengold expressed cautious optimism. “Increased energy demand and a clear preference for renewable projects suggest a favorable environment for our work, regardless of broader macroeconomic trends,” he observed.
He also reflected on the challenges of navigating different administrations. “During the Trump administration, tax credits and incentives were generally supported, which benefited our work,” he explained. “We’re hopeful that this trend continues, as there’s a growing consensus around the importance of renewable energy.”
Korengold shared some of the most rewarding aspects of his career, emphasizing the human stories behind the numbers. “We’ve received letters from businesses we’ve supported, saying, ‘Your investment saved us,’” he recalled. “Those stories remind us why we do what we do. It’s about more than financial returns — it’s about making a real difference.”
Korengold closed his seminar by reflecting on the role of corporations in addressing societal challenges. “Should companies think beyond profits and consider their broader impact? I believe they can — and should,” he said. He also left attendees with a note of appreciation: “Anytime I speak to students, I’m blown away by how insightful and provocative the questions are. Today was no exception.”