In January 2023, HCAP Partners launched its Employee Assistance Fund in partnership with Canary, a technology platform created to provide individuals with money at pivotal moments in their lives. Designed to provide a safety net for HCAP portfolio company employees and their families during difficult times, funds can be used to cover expenses such as unexpected medical bills, childcare, and other essential needs.
The Fund is a charitable vehicle seeded by the HCAP team and presently made available to all current and future HCAP Partners V, L.P. portfolio company employees. Portfolio company employees can request up to $1,500 per year for eligible financial hardship events via a website hosted by Canary. Grants are non-taxable with no expectation of repayment and are a complement to HCAP’s existing work through the Gainful Jobs Approach™️ to improve job quality for frontline and LMI workers.
Resources to Support Frontline Workers
“The ongoing wellbeing of our portfolio company employees is foundational to their personal lives and career development as well as the economic success of the businesses we invest into.”
– Tim Bubnack, Managing Partner of HCAP Partners
HCAP Employee Assistance Fund
Fund Goals
- Provide timely support to help workers manage unexpected health, family, and personal needs during HCAP’s investment
- Create an additional safeguard for workers during periods of financial difficulty or recession
- Innovate on the private equity model to pilot new and non-extractive approaches that are worker-centered and contribute to improved job quality
- Support workers experiencing a wide range of financial hardships including: COVID-19, natural disasters or catastrophes, medical issues, car issues, evictions or forced moves, death in the family, home or property issues, domestic issues, robbery or burglary, significant and involuntary loss of income, or other forms of financial hardship
Canary’s online platform provides a confidential, easy-to-use portal for portfolio company employees to apply for assistance and track the status of their application.
Data from employee assistance funds administered by Canary, September 2021 through September 2022.
Source: Canary 2022 Impact Report.