Social Impact Investing

More documents

Recommendations

Info

SOCIAL IMPACT INVESTMENT: BUILDING THE EVIDENCE BASE Box 6.3. Benchmarking SII: EngagedX EngagedX collects SII transaction data with the objective of aggregating it into time-series market data that can be used to benchmark the performance of individual investments, funds or capital managers. Anonymised transaction data is being shared by leading SII intermediaries and fund managers in the UK, with plans to scale globally. EngagedX has been commissioned by the Social Investment Research Council (comprising Big Lottery Fund, Big Society Capital, the Cabinet Office, Citi and The City of London Corporation) to assemble a dataset of historic performance of the UK market. This dataset will bring together comparative data about outturn risk and returns of investments in relation to capital pricing. Data is collected and normalised according to a reporting framework developed collaboratively by EngagedX and industry practitioners. This helps categorise and compare transactions according to a number of characteristics, including product type, risk banding, sectors, investor and investee characteristics as well as the nature of social outcomes. The figure below depicts the high level architecture of the EngagedX data model. Source: EngagedX Investment STandards (EXIST), Version 2.2.2 (5 June 2014) The resulting information will help showcase the risk-return profiles of SII in relation to mainstream capital markets. It will also identify the different drivers of social and financial performance in SII as well as how risk-return benchmarks vary across different social areas, geography or other relevant market segmentation. Source : http://www.engagedinvestment.com, accessed on July 18, 2014 6.35 Surveys have also been used to gather information on intermediaries. An example can be found in the Impact Investing 2.0 initiative (see Box 6.5), in which 30 out of 350 funds analysed met the criteria to be considered social impact investment, and 12 were selected for in-depth analysis. The samples are small and not necessarily representative of the market, but these efforts are useful in helping to build the evidence base. 6.36 As noted earlier, associations and sector networks can play an important role as data providers. Establishing the parallel to the venture capital market discussed earlier in this paper, most of the current transaction data sources are venture capital associations (e.g. EVCA in Europe or NVCA in the US). These © OECD 2015 91
SOCIAL IMPACT INVESTMENT: BUILDING THE EVIDENCE BASE associations collect data directly from the venture capital firms. Some national angel investment associations also play a data collection role. 6.37 Even though data from some of these venture capital associations or angel investor networks can be fairly comprehensive, usually it only covers information obtained from members or associates. This caveat is even more important in areas where the association\network might only represent a small share of the market players. This is, for example, the case of business angel associations and networks. The case with SII is even more challenging given the varying views on definitions and the potential incentives for investors to classify themselves as social impact investors when they might not qualify. Rapidly growing SII-related associations such as Venture Philanthropy Associations (e.g. EVPA in Europe or AVPN in Asia) will certainly be important in future data collection efforts. 6.38 The main challenge in sourcing data from intermediaries is that it is usually collected to address investor needs. Data disaggregation, in terms of social areas, relevant to a policymaker might be very different from the breakout and labels that would be appealing to an investor. It is important to distinguish the data requirements of investors, researchers and policymakers as outlined in Section 6.2. For example, while data collected for investors should reflect mostly financial characteristics (e.g. risk-return profiles, investor perspectives and investor practices, track record), data for policymakers should make the link with social outcomes and collected in such a way to provide the basis for informed policy action. Further work is needed to obtain data in a way that can provide insights for policy guidance. 6.4. Current Approaches to Data Collection 6.39 Various approaches might be used to collect SII information depending on which parts of the market are being assessed. However, none of the currently available approaches are optimal. The first is a top-down approach where key national aggregates are identified that allow the estimation of the SII market conditional on (strong) assumptions. The second is to compile information from players that have a common legal form directly linked to SII. The third is to collect data via surveys from market actors. Data requirements can also vary depending on who is seeking the data (market players, academics, policy makers). The details, advantages and disadvantages of each approach are described below. 6.4.1. Top-down approach 6.40 Some of the components of the SII framework can be estimated using a top-down approach. Within this approach, the first step is to obtain data on national aggregates. Since this data are highly aggregated, it combines a myriad of different information sets that go beyond SII. Therefore, the key is to single out the SII components. For this exercise a number of (rather strong) assumptions are required. First, it requires that some (rough) idea of the shares of the SII component, which needs to be based either on perceptions or historical information. 6.41 While using shares based on perceptions can be misleading, depending on historical data assumes that it is: i) representative of the SII market; and, ii) there are no structural shifts, and thus percentages remain the same. On one hand, significant challenges still remain in terms of sizing the market. On the other hand, the SII market is evolving and growing rapidly, which means that assuming stable shares of the SII component might be unrealistic. In addition, it is important to note that even if shares provide a good representation of reality in one country, it will likely not be the case in different countries with different social systems. As a result, this approach has significant limitations. Although it can be useful to provide rough estimates of the market and foresights of demand and supply in the coming years, it does not allow effective measurement of SII demand or supply, nor is it able to provide insights into SII deal flows. 92 © OECD 2015
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 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 166 and 167:
Page 168 and 169:
Page 170 and 171:
Page 172 and 173:
Page 174 and 175:
Page 176 and 177:
Page 178 and 179:
Page 180 and 181:
Page 182 and 183:
Page 184 and 185:
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: SOCIAL IMPACT INVESTMENT: BUILDING
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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?