Social Impact Investing

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SOCIAL IMPACT INVESTMENT: BUILDING THE EVIDENCE BASE Massachusetts, US Yes Recidivism 7 27 18 New York City, US Yes Recidivism 4 2.1 9.6 Employment for formerly incarcerated New York State, US Yes individuals 5.5 21.5 13.5 National, US No Workforce development N/A 20 N/A Massachusetts, US No Homelessness 3 25 N/A Salt Lake City, US Yes Early Childhood Development 1 N/A 7 California, US No Asthma Management N/A N/A N/A Neonatal care (Nurse Family South Carolina, US No Partnership) N/A N/A N/A Cape Town, South Africa No Criminal justice N/A N/A N/A Note: This table lists all the existing or announced SIBs by geography and social need as of 18, July, 2014. Figures on outcome payments and investment needed are expressed in millions of USD. Source: Instiglio, available at http://www.instiglio.org/en/sibs-worldwide/, accessed on 30 August, 2014. © OECD 2015 41
SOCIAL IMPACT INVESTMENT: BUILDING THE EVIDENCE BASE 4. DEFINITIONS AND CHARACTERISTICS OF SOCIAL IMPACT INVESTMENT This chapter discusses the challenges related to definitions in the social impact investment market and provides a working definition based on a set of criteria for determining what might or might not be included as social impact investment. This includes a discussion of the core characteristics and definitional attributes. 4.1. Existing definitions and challenges 4.1 While in the early stages of a market’s development, it can be difficult to have precise definitions, for purposes of scoping and sizing the market, it is essential to work towards a common understanding of what is meant by social impact investment and agree upon a working definition to clarify what is included and what is not. This is important for policy makers, researchers and practitioners as well as for the overall development of the market. 4.2 The term “impact investing” was coined in 2007 through an initiative coordinated by the USA’s Rockefeller Foundation and its use has spread more widely since then. According to the Global Impact Investing Network (GIIN), impact investments are defined as investments made into companies, organisations, and funds with the intention to generate social and environmental impact alongside a financial return. Impact investments can be made in both emerging and developed markets, and target a range of returns from below market to market rate, depending upon the circumstances. GIIN further defines the practice of impact investing by the following four core characteristics: Intentionality – The intent of the investor to generate social and/or environmental impact through investments is an essential component of impact investing. Investment with return expectations – Impact investments are expected to generate a financial return on capital and, at a minimum, a return of capital. Range of return expectations and asset classes – Impact investments generate returns that range from below market (sometimes called concessionary) to risk-adjusted market rate. Impact measurement – A hallmark of impact investing is the commitment of the investor to measure and report the social and environmental performance and progress of underlying investments. (GIIN, 2014) 4.3 The term social investment was established in 2000 by the UK’s Social Investment Taskforce and was more traditionally used in Europe until recently. In 2013, following the G8 Social Impact Investment Forum hosted by the U.K., the SIITF and others involved in the international process that followed began using the term social impact investment, defined as investments made into businesses and social sector 42 © OECD 2015
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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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The Office of Social Innovation pri
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of Management at UCLA; and launched
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Notes _____________________________
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Investing for Impact Case Studies A
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Contents What is Impact Investment?
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What is Impact Investment? Impact I
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A case study approach in an asset a
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Segments of Impact Investors High T
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Foundations Like high net worth ind
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in the developed and the developing
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By creating mechanisms through whic
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Asset Allocation Framework Asset cl
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Cash Shorebank Deposit Program fina
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Mezzanine/Quasi Equity Instruments
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Venture Capital Bridges Ventures CD
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Real Estate JP Morgan Urban Renaiss
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absolute return (hedge funds) BelAi
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senior debt Root Capital Impact Fir
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Venture Capital Aavishkaar Impact F
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eal estate Ignia Impact First Inves
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senior debt Root Capital Layered St
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Page 154 and 155: Appendix Methodology The Investing
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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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