Social Impact Investing

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Websites •• Bridges Ventures: http://www.bridgesventures.com/ •• Rockefeller Foundation: http://www.rockfound.org/ •• Generation IM: http://www.generationim.com/ •• Global Impact Investing Network: www.globalimpactinvestingnetwork.org •• Skoll Foundation: http://www.skollfoundation.org/ •• Heron Foundation: http://www.fbheron.org/ •• Annie E. Casey Foundation: http://www.aecf.org/ •• More for Mission Investing: http://www.moreformission.org/ •• Working with legislators to encourage passage of L3C acts: http://www.americansforcommunitydevelopment. org/ •• Non-profit organisation offering interesting research perspectives: http://www.lightyearsip.net/index.shtml •• UK Social Investment Forum: http://www.uksif.org/ •• US Social Investment Forum: http://www.socialinvest.org/ •• European Social Investment Forum: http://www.eurosif.org/ •• European Foundation Centre: http://www.efc.be/ •• International Association of Microfinance Investors: http://www.iamfi.com/ 39
Appendix: Market Benchmarking Impact Investors, whether they are Financial First or Impact First in their motivations, have a keen interest in measuring and reporting the financial and social returns on their investments. It is critical to benchmark these returns against commonly accepted standards as this facilitates meaningful comparisons between investments and, moreover, allows for judgement of the extent of impact or relative success of an investment. On the financial returns side, investment returns are typically measured against benchmark indices corresponding to specific asset classes. The indices are typically composites of representative investment instruments in that asset class; for example, the MSCI World Index is a market capitalisation weighted index of public equities in 23 developed countries. The year on year change of the representative index provides a measure of ‘market rate’ returns on average for that asset class; the growth in the MSCI World Index provides a measure of the average return of investing in a public equity strategy in a developed market. It is important to note that for most asset classes, the market return benchmark can vary significantly with geography and the actual sector in which the investment is made. The return rate for a real estate investment can be quite different depending on whether the investment was made in a developed or developing country and an agricultural commodity can yield significantly different returns as compared to a precious metal. There can also be cases where no meaningful benchmark exists. When Omidyar Network was considering investing in Ignia, a Mexican Venture Capital firm that makes investments in businesses that cater to the low income segment of the population, Omidyar found that there were insufficient precedents of Latin American Venture Capital firms investing in social enterprises. Says Matt Bannick, Managing Partner at Omidyar, “We found that there were no historical datasets corresponding to our investment space and as a result there was no benchmark to draw from. We built our own financial model and by testing the sensitivity of our assumptions, narrowed down to a target range for financial return.” On the social and environmental impact front, the metrics used to measure return vary quite widely. Common metrics include jobs created and extra income and carbon offsets generated. But the lack of standardisation of these metrics renders the process of benchmarking social and environmental returns difficult. However efforts such as those by the B Lab, Veris, Rockefeller Foundation, Global Impact Investing Network and Acumen are underway to create standardised metrics and this will help make benchmarking social impact feasible. The following table provides the average upper and lower bounds of 5-year compounded annual growth rates of benchmark indices 4 in each asset class by decade. It must be reiterated that the market return benchmarks presented here may not be applicable across all geographies and sectors. 4 Benchmark Returns/Indices used: Cash: 3 month discount rate on US Treasury bills Quasi Equity, Buyout, VC: Cum. Vintage Year Return, US Private Equity Performance Index, Thomson Financial Public Equity: MSCI World Index Real Estate: Dow Jones Wilshire US REIT Index Commodities: Dow Jones AIG Commodity Index 40 Investing for Impact: Case Studies Across Asset Classes
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Fund Azzad Ethical Mid Cap Fund Bri
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Fund Fund A Praxis Growth Index Fun
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development in the US, or are made
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concern, and submitting and voting
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sustain land trusts, to a meeting o
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that are often excluded from market
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Some organisations that have used S
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it helps identify the critical sour
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and shareholder trust through posit
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Approaches Some commentators have i
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Wieland and Handfield (2013) sugges
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EthicalQuote (CEQ) tracks reputatio
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Displaying commitment to CSR is one
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Brand Differentiation CSR can help
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takes health and safety, diversity
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advance with the practice of CSR wh
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Stakeholder Influence One motivatio
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Regulation Fifteen European Union c
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jurisdictions. E.g., some jurisdict
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"Impact investments can be made in
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venture capital community. Investor
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countries via local intermediaries.
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determining views of affected commu
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Another measure of economic impact
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The Board for the CCEG was to inclu
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17 Love Relationship Online dating
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Social Value Act 2012 legislation.
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Development released a report outli
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Benefits and Costs of Social Impact
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UK On 18 March 2010, Secretary of S
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US Massachusetts: The second of two
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US Federal: The U.S. Department of
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would establish a five-year pilot p
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We are dedicated to finding ways to
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In the past, public monies have oft
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indicate that more Americans want t
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Youth" to "Opportunity Youth" in or
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income must file a Form 990. The fo
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In its first three years, SIF has a
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Page 112 and 113: Notes _____________________________
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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
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Page 154 and 155: Appendix Methodology The Investing
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Page 164 and 165: SOCIAL IMPACT INVESTMENT: BUILDING
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SOCIAL IMPACT INVESTMENT: BUILDING
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Global Research 29 November 2010 Im
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Impact Investments: An emerging ass
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Advocacy Foundation Publishers The
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XVI for Drug-Free Communities Landm
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Vol. VIII 2022 ComeUnity ReEngineer
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Vol. XV 2029 Inner-Cities Revitaliz
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The e-Advocate Journal of Theologic
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Issue Title Quarterly Vol. I 2015 I
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The e-Advocate Juvenile Justice Rep
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2018 - The Theological Law Firm Aca
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About The Author John C (Jack) John
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