Social Impact Investing

More documents

Recommendations

Info

Cash Shorebank Deposit Program financial First Investor Investor Multiple Investors Profile: TIAA-CREF Cash ~2.5% return Impact Investment Vehicle Shorebank Area of Impact Community Banking Geography United States Multiple Investors Shorebank’s investor group consists of a varied group including financial institutions, corporations, foundations and high net worth individuals TIAA-CREF (http://www.tiaa-cref.org) TIAA-CREF (Teachers Insurance and Annuity Association - College Retirement Equities Fund) is one of the largest financial services companies in the United States, with ~$400B in assets under management Community Bank Deposit Program •• TIAA-CREF manages the largest, comprehensively screened social investment vehicle for individuals in the US with ~$9.6B of assets under management (2007), representing ~2.4% of total assets under management •• This investment is part of the firm’s Community Bank Deposit Program under TIAA-CREF’s Socially Responsible Investing initiative •• The motivation for the ShoreBank investment was that returns include a premium to 1 year treasury bond while the investment simultaneously yields a social return •• In addition to the investment in ShoreBank, TIAA-CREF has also invested $27MM in six other community banks in the US ShoreBank (http://www.shorebankcorp.org) •• In 2007, TIAA-CREF invested $22MM into ShoreBank of Chicago and ShoreBank Pacific of Ilwave, WA •• ShoreBank is considered the first and largest community development bank (CDB) in the US with $2.1B in assets -- Most CDBs in the US have special designations as to the social purposes their loans will be used for with 80% of the lending being done in underserved communities -- Loans are made to residential real estate (e.g. affordable housing), small businesses and conservation projects -- $445MM in total of mission investments were made in 2006 •• ShoreBank utilises CDARS (Certificate of Deposit Account Registry Service) to place its funds into insured certificates of deposit issued by banks in the network, allowing investments of up to $50MM to be insured by the Federal Deposit Insurance Corporation (FDIC), whose normal limit is $100K •• TIAA-CREF is in the process of identifying additional banks through which they can expand their overall investment in this program Impact social/environmental impact •• ShoreBank Corporation measures its success by the amount it invests to create economic prosperity and a healthy environment, as well as by its financial performance •• Cumulatively, ShoreBank has financed over $3.7 billion in missionrelated investments, with over $371 million in new mission loans in 2008. These include: -- conservation loans -- community development loans -- loans that achieved both •• Globally, ShoreBank International has provided management advisory services to the financial sector in over 60 developing countries and has lent $914 million financial impact •• Financial return is that of a 1-year treasury bond plus a premium -- The current rate is ~2.5% to TIAA-CREF’s CBD Program •• Deposits are made for one year with the option of annual renewals •• The investment horizon is much shorter and the risk level is much lower than TIAA-CREF’s typical investments 17
senior debt BlueOrchard financial First Investor Investor Multiple Investors Debt Loans IMPACT INVESTMENT FUND BlueOrchard Dexia Microcredit Fund Deal ACEP Cameroun S.A. Area of Impact Microfinance Geography Global 6-month Libor + 100 / 200bps “We have focused on microfinance because it has proven to be an efficient mechanism of socioeconomic inclusion by enabling entrepreneurship and value creation at the grassroots level in emerging markets. We believe that establishing successful and effective relationships between investors, asset managers, MFIs and their clients is the key to directing sustainable flows of capital to this growing and immensely rewarding industry.” Jean-Pierre Klumpp CEO BlueOrchard Finance S.A. Multiple Investors 60% of the investors in the BlueOrchard Dexia Micro-Credit Fund are institutional investors whereas 40% are high net worth individuals Dexia Micro-Credit Fund (DMCF) (http://www.blueorchard.com) •• Invests in debt instruments of up to 3 years in maturity issued by microfinance institutions (MFI) in Africa, Asia, Eastern and Central Europe, and Latin America •• Over 10 years in existence and nearly $500MM in assets under management •• Lends to microfinance institutions that have a minimum 3-year track record, have their accounts externally audited and rated, possess a minimum of $1MM in assets and are operationally self-sustainable and profitable •• Loan maturity ranges between 18 months and 3 years and most loans are renewed on expiration •• As of May 2009 there had been no defaults on any loan made by the Fund to MFIs •• The micro loans (provided by MFIs to micro-entrepreneurs) ranged from $50 to $8,000 with an average of $1,584, and only 3.2% of the loan repayments to MFI lenders were delays over 30 days as of March 31, 2009 •• The Fund is a Luxembourg SICAV and has a minimum investment of US $10,000, or CHF 15,000. It is now available to US accredited investors with a minimum investment of the USD equivalent of £125,000 (~$175,000) ACEP CAMEROUN S.A. •• MFI that targets urban micro-entrepreneurs in 3 regions of Cameroon •• Launched in 1999 as a government project and transformed into a private company in 2005 •• As of February 2009, ACEP had a portfolio of $12M in which -- There were 7.439M clients -- 34% of the clients were women, who often borrow in groups of 3-5 and receive between $105 - $325 6-month loans -- Many of them have now “graduated” to single loans, highlighting the positive impact of the micro-loans •• ACEP’s performance showed a 5.8% ROA and
Page 2 and 3:
Turning the Improbable Into the Exc
Page 4 and 5:
Page 4 of 140
Page 6 and 7:
Page 6 of 140
Page 8 and 9:
6. 1 We disseminate Quarterly publi
Page 10 and 11:
Page 10 of 140
Page 12 and 13:
Page 12 of 140
Page 14 and 15:
23 “His master replied, ‘Well d
Page 16 and 17:
Page 16 of 140
Page 18 and 19:
Domini, shareholder advocacy and co
Page 20 and 21:
Two good things came out this resea
Page 22 and 23:
Fund Azzad Ethical Mid Cap Fund Bri
Page 24 and 25:
Fund Fund A Praxis Growth Index Fun
Page 26 and 27:
development in the US, or are made
Page 28 and 29:
concern, and submitting and voting
Page 30 and 31:
sustain land trusts, to a meeting o
Page 32 and 33:
Page 32 of 140
Page 34 and 35:
that are often excluded from market
Page 36 and 37:
Some organisations that have used S
Page 38 and 39:
it helps identify the critical sour
Page 40 and 41:
Page 40 of 140
Page 42 and 43:
and shareholder trust through posit
Page 44 and 45:
Approaches Some commentators have i
Page 46 and 47:
Wieland and Handfield (2013) sugges
Page 48 and 49:
EthicalQuote (CEQ) tracks reputatio
Page 50 and 51:
Displaying commitment to CSR is one
Page 52 and 53:
Brand Differentiation CSR can help
Page 54 and 55:
takes health and safety, diversity
Page 56 and 57:
advance with the practice of CSR wh
Page 58 and 59:
Stakeholder Influence One motivatio
Page 60 and 61:
Regulation Fifteen European Union c
Page 62 and 63:
jurisdictions. E.g., some jurisdict
Page 64 and 65:
"Impact investments can be made in
Page 66 and 67:
venture capital community. Investor
Page 68 and 69:
countries via local intermediaries.
Page 70 and 71:
determining views of affected commu
Page 72 and 73:
Another measure of economic impact
Page 74 and 75:
Page 74 of 140
Page 76 and 77:
The Board for the CCEG was to inclu
Page 78 and 79:
17 Love Relationship Online dating
Page 80 and 81:
Social Value Act 2012 legislation.
Page 82 and 83:
Development released a report outli
Page 84 and 85: Benefits and Costs of Social Impact
Page 86 and 87: UK On 18 March 2010, Secretary of S
Page 88 and 89: US Massachusetts: The second of two
Page 90 and 91: US Federal: The U.S. Department of
Page 92 and 93: would establish a five-year pilot p
Page 94 and 95: We are dedicated to finding ways to
Page 96 and 97: In the past, public monies have oft
Page 98 and 99: indicate that more Americans want t
Page 100 and 101: Youth" to "Opportunity Youth" in or
Page 102 and 103: income must file a Form 990. The fo
Page 104 and 105: In its first three years, SIF has a
Page 106 and 107: The Office of Social Innovation pri
Page 108 and 109: of Management at UCLA; and launched
Page 110 and 111: Page 110 of 140
Page 112 and 113: Notes _____________________________
Page 114 and 115: Page 114 of 140
Page 116 and 117: Investing for Impact Case Studies A
Page 118 and 119: Contents What is Impact Investment?
Page 120 and 121: What is Impact Investment? Impact I
Page 122 and 123: A case study approach in an asset a
Page 124 and 125: Segments of Impact Investors High T
Page 126 and 127: Foundations Like high net worth ind
Page 128 and 129: in the developed and the developing
Page 130 and 131: By creating mechanisms through whic
Page 132 and 133: Asset Allocation Framework Asset cl
Page 136 and 137: Mezzanine/Quasi Equity Instruments
Page 138 and 139: Venture Capital Bridges Ventures CD
Page 140 and 141: Real Estate JP Morgan Urban Renaiss
Page 142 and 143: absolute return (hedge funds) BelAi
Page 144 and 145: senior debt Root Capital Impact Fir
Page 146 and 147: Venture Capital Aavishkaar Impact F
Page 148 and 149: eal estate Ignia Impact First Inves
Page 150 and 151: senior debt Root Capital Layered St
Page 152 and 153: The New York City Acquisition Fund
Page 154 and 155: Appendix Methodology The Investing
Page 156 and 157: Websites •• Bridges Ventures: h
Page 158 and 159: Cash Quasi Equity Public Equity Buy
Page 160 and 161: Page 116 of 140
Page 164 and 165: SOCIAL IMPACT INVESTMENT: BUILDING
Page 184 and 185:
SOCIAL IMPACT INVESTMENT: BUILDING
Page 186 and 187:
Page 188 and 189:
Page 190 and 191:
Page 192 and 193:
Page 194 and 195:
Page 196 and 197:
Page 198 and 199:
Page 200 and 201:
Page 202 and 203:
Page 204 and 205:
Page 206 and 207:
Page 208 and 209:
Page 210 and 211:
Page 212 and 213:
Page 214 and 215:
Page 216 and 217:
Page 218 and 219:
Page 220 and 221:
Page 222 and 223:
Page 224 and 225:
Page 226 and 227:
Page 228 and 229:
Page 230 and 231:
Page 232 and 233:
Page 234 and 235:
Page 236 and 237:
Page 238 and 239:
Page 240 and 241:
Page 242 and 243:
Page 244 and 245:
Page 246 and 247:
Page 248 and 249:
Page 250 and 251:
Page 252 and 253:
Page 254 and 255:
Page 256 and 257:
Page 258 and 259:
Page 260 and 261:
Page 262 and 263:
Page 264 and 265:
Page 266 and 267:
Page 268 and 269:
Page 270 and 271:
Page 273 and 274:
Page 275 and 276:
Page 277 and 278:
Page 279 and 280:
Page 281 and 282:
Page 283 and 284:
Page 285 and 286:
Page 287 and 288:
Page 289 and 290:
Page 291 and 292:
Page 293 and 294:
Page 295 and 296:
Page 297 and 298:
Page 299 and 300:
Page 118 of 140
Page 301 and 302:
Global Research 29 November 2010 Im
Page 303 and 304:
Impact Investments: An emerging ass
Page 305 and 306:
Page 307 and 308:
Page 309 and 310:
Page 311 and 312:
Page 313 and 314:
Page 315 and 316:
Page 317 and 318:
Page 319 and 320:
Page 321 and 322:
Page 323 and 324:
Page 325 and 326:
Page 327 and 328:
Page 329 and 330:
Page 331 and 332:
Page 333 and 334:
Page 335 and 336:
Page 337 and 338:
Page 339 and 340:
Page 341 and 342:
Page 343 and 344:
Page 345 and 346:
Page 347 and 348:
Page 349 and 350:
Page 351 and 352:
Page 353 and 354:
Page 355 and 356:
Page 357 and 358:
Page 359 and 360:
Page 361 and 362:
Page 363 and 364:
Page 365 and 366:
Page 367 and 368:
Page 369 and 370:
Page 371 and 372:
Page 373 and 374:
Page 375 and 376:
Page 377 and 378:
Page 379 and 380:
Page 381 and 382:
Page 383 and 384:
Page 385 and 386:
Page 387 and 388:
Page 389 and 390:
Page 391 and 392:
Page 393 and 394:
Page 395 and 396:
Page 397 and 398:
Page 120 of 140
Page 399 and 400:
Advocacy Foundation Publishers The
Page 401 and 402:
XVI for Drug-Free Communities Landm
Page 403 and 404:
Vol. VIII 2022 ComeUnity ReEngineer
Page 405 and 406:
Vol. XV 2029 Inner-Cities Revitaliz
Page 407 and 408:
The e-Advocate Journal of Theologic
Page 409 and 410:
Issue Title Quarterly Vol. I 2015 I
Page 411 and 412:
The e-Advocate Juvenile Justice Rep
Page 413 and 414:
2018 - The Theological Law Firm Aca
Page 415 and 416:
About The Author John C (Jack) John
Page 417:
Page 140 of 140
show all

Social Impact Investing

Create successful ePaper yourself

Delete template?

Save as template?