The Shenandoah Valley Revolving Water Fund (Shenandoah RWF) operates across seven counties in Virginia, bound to the east by the majestic Blue Ridge Mountains and to the West by the George Washington National Forest, in the Potomac River Watershed within the Chesapeake Bay Basin.

With development funding from the National Fish & Wildlife Foundation, the Shenandoah RWF was founded in 2021 as a joint partnership between i2 Capital, the Conservation Innovation Fund (CIF) and Alliance for the Shenandoah Valley (ASV), working through the Shenandoah Valley Conservation Collaborative (SVCC). Together these entities have deep expertise in conservation science and conservation finance, and expansive on-the-ground breadth across Shenandoah Valley's agricultural and conservation communities.

According to Virginia Department of Environmental Quality's latest Water Quality Assessment Integrated Report, published in 2020, the state has assessed 1,804 miles of rivers and streams in the Shenandoah watershed. About 73 percent (1,308 miles) of these assessed miles are listed as impaired because they are unfit for recreation, fish consumption, and/or aquatic life due to pollution. The SVCC, administered by ASV, works to accelerate land and water conservation around shared goals in water quality, agricultural vitality and protected rural landscapes. The SVCC includes a tight network of 15 collaborative partners, including Soil & Water Conservation Districts, Land Trusts, Easement Authorities, conservation organizations, "friends of" conservation groups and NRCS working to align efforts across the Shenandoah Valley to drive priority conservation agendas.

Together, i2 Capital, CIF, ASV, SVCC, Alliance for the Chesapeake Bay, the Virginia Soil Health Coalition and the Maryland-Virginia Milk Producers Cooperative Association are working to integrate the RWF model into the broader Shenandoah Valley conservation agenda, thereby creating additional funding capacity and targeted practice implementation behind the protection of this beautiful scenic valley and headwaters for more than 5 million downstream users. Further, in partnership with Ecosystem Services Market Consortium, the Shenandoah RWF is piloting a corporate carbon offtake program that stacks water and carbon assets to produce maximum benefits for regional producers while achieving corporate sustainability objectives in line with global carbon quantification and reporting standards.