Social Impact Investing

More documents

Recommendations

Info

Appendix Methodology The Investing for Impact: Case Studies Across Asset Classes report builds on the work previously developed by the Monitor Institute and also draws on the work conducted by Rockefeller Foundation and F.B. Heron Foundation on the Impact Investment sector. The report aims to educate key stakeholders and practitioners on the opportunities they have in Impact Investment. These groups include potential investors (High Net Worth Individuals, Foundations and Institutional Investors) and investment gatekeepers (private bankers and investment advisors). The report takes an empirical approach by mapping the Impact Investment market along two key dimensions: investor motivation (Financial First vs. Impact First) and asset class (as per traditional asset allocation). The paper proposes an Asset Allocation Framework (AAF) combining the two dimensions to illustrate a comprehensive perspective of the Impact Investment market using language familiar to investors. The report provides detailed case studies in each of the “cells” in the AAF, including profiles of an investor (LP), the Impact Investment fund (GP) and an underlying investment, as well as financial return and impact to society. The report was created after an extensive review of existing literature on Impact Investment as well as a large number of original interviews with sector participants. It reflects more than 40 interviews conducted with a range of investors - including foundations, high net worth individuals, institutional investors, advisors, consultants and family office representatives - about their experiences with Impact Investment and their motivations for particular investments made across various asset classes. The interviews were subsequently translated into case studies to provide concrete examples of the Impact Investments that are being developed in each asset class. Cases selected were from existing funds rather than the many that are currently in the fund-raising process. In each asset class, there are other compelling case studies that have not been covered and the authors do not seek to make investment recommendations through this report; rather they wish to illustrate the range and breadth that is emerging in the sector. Further Reading Research Papers •• Monitor Institute: Investing for Social & Environmental Impact, 2009 Examines the emergence of impact investing, exploring how it might develop and how leaders can accelerate the industry’s evolution http://www.monitorinstitute.com/impactinvesting/documents/InvestingforSocialandEnvImpact_FullReport_004.pdf •• Good Capitalist: February Newsletter, 2009 Update on social capital market including participants’ initiatives http://archive.constantcontact.com/fs047/1101902708153/archive/1102453118973.html •• UKSIF: Review of Activities, 2008 Review of UK Social Investment Forum’s 2008 activities including useful figures on the sector http://www.uksif.org/cmsfiles/uksif/UKSIF_Review_of_Activities_2008.pdf •• UKSIF: Sustainable Investment Opportunities for Pension Funds in Alternative Asset Classes, 2008 Aims to increase pension funds’ awareness of sustainable investment options available across asset classes http://www.uksif.org/cmsfiles/281411/SustainableAlternatives.pdf •• Boston College: Handbook on Responsible Investment Across Asset Classes, 2008 Aims to help investors understand sustainable investment and identify opportunities within it across asset classes http://www.cof.org/files/images/ExecEd/bcrespinvesthndbk.pdf •• Rockefeller Philanthropy Advisors: Solutions for Impact Investors: From Strategy to Implementation http://rockpa.org/ideas_and_perspectives/publications 37
•• Rockefeller Philanthropy Advisors: MRI - A Policy and Implementation Guide for Foundation Trustees, 2008 Policy and implementation guide for foundation trustees http://www.cof.org/files/images/ExecEd/RockefellerPhilAdvisors.pdf •• Stanford Social Innovation Review: The Power of Strategic Mission Investing, 2007 Suggests that foundations should make strategic mission investments to complement grant making http://www.ssireview.org/images/articles/2007FA_feature_kramer_cooch.pdf •• Commission of Unclaimed Assets: Social Investment Bank, 2007 Overview of the Third Sector and role of a social bank within it http://www.unclaimedassets.org.uk/downloads/CUA_report_FINAL.pdf •• F.B. Heron Foundation: Impact Across the Mission-Related Investment Portfolio, 2007 Illustrates a spectrum of asset classes within which mission-related investment can take place http://www.fbheron.org/documents/ar.2007.mri_gatefold.pdf •• Said Business School: From Fragmentation to Function, 2007 Paper on the social capital’s market structure, operation and innovation http://www.universitynetwork.org/sites/universitynetwork.org/files/files/Skoll_FromFragmentationtoFunction.pdf •• Jed Emerson: The Blended Value Map, 2003 Snapshot of international players and institutions within the social investment sector http://www.blendedvalue.org/media/pdf-bv-map.pdf •• New Economics Foundation: Mission Possible, 2008 Considers how foundations use part of their endowments for mission connected investment http://www.cof.org/files/images/ExecEd/NewEconomicsFoundation08.pdf •• Margaret Bolton: Foundations and social investment—making money work harder in order to achieve more, 2003 Providing foundations with information about social investment and its relevance to their goals and strategies http://www.esmeefairbairn.org.uk/docs/EFF_foundations_report.pdf •• Venturesome: Financing Civil Society, 2008 Practitioner’s view of the UK social investment market http://www.cafonline.org/pdf/Venturesome%20-%20Financing%20Civil%20Society%20-%20Sept%2008.pdf •• Venturesome: The Three Models of Social Enterprises, 2008 Examines how to create social impact through trading activities using three theoretical models http://www.cafonline.org/pdf/Ventursome%20-%203%20Models%20Of%20Social%20Enterprise_Part1%20-%20Jan%20 08.pdf and http://www.cafonline.org/PDF/Venturesome%20-%203%20Models%20Of%20Social%20Enterprise_Part2%20-%20 July%202008.pdf •• FSG: Aggregating Impact: A Funder’s Guide to Mission Investment Intermediaries Guide to mission investment intermediaries that foundations or funders may employ http://www.fsg-impact.org/ideas/section/277 •• Antony Bugg-Levine: Impact Investing - Harnessing Capital Markets to Drive Development at Scale Provides an overview of the proliferation of innovation occurring in the Impact Investment sector globally and addresses the structural causes and likely prospects of the sector’s growth in light of the current financial crisis http://www.rockfound.org/efforts/impact_investing/beyond_profit_bugg_levine.pdf 38 Investing for Impact: Case Studies Across Asset Classes
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 134 and 135: Cash Shorebank Deposit Program fina
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 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 204 and 205:
SOCIAL IMPACT INVESTMENT: BUILDING
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?