Social Impact Investing

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SOCIAL IMPACT INVESTMENT: BUILDING THE EVIDENCE BASE 7.42 The preliminary results of the SIB model show that it has been successful thus far, both in terms of attracting funding to address social needs, as well as in effectively tackling social issues. However, there are a number of challenges and risks that should be taken into consideration when designing and implementing a SIB or other SII models including incentives and risks of unintended consequences, spillovers and cross-sector gains, and measurement risks. 7.43 In areas that involve complex and expensive social issues, no single SIB commissioner can justify making all of the outcomes payments. In the UK, the Social Outcomes Fund was created to address challenges related to spillovers and cross-sector gains — i.e. the returns on the provision of social services can accrue in distinct social areas. This fund leverages the contribution of outcomes-based commissions such as SIBs. 7.4.3. Methodologies and challenges for evaluating outcomes 7.44 Once an outcome, or set of outcomes, has been identified as a desirable result of social impact investment the next challenge for assessing impact of an SII-backed intervention is designing an appropriate evaluation. 7.45 Below is a checklist of questions to take into consideration: What aspects to evaluate: Clarify whether the intervention as a whole or aspects of the intervention are to be evaluated. Adjust or developing appropriate outcome indicators and controls accordingly. Who to evaluate: Recipients of the interventions, control groups, and extended populations (e.g. families of recidivists, communities, the general population) depending on the nature of the target population and expected spillovers. When to evaluate: Depending on the intervention (childcare vs. elderly care for instance), the expected outcome (e.g. long-term life outcomes for childcare, shorter periods for service take-up goals?), and should be timetabled in advance of the intervention (as part of the SII business plan). How to evaluate: consider piloting in the first instance, and identifying suitable control groups for control trials (for details of this method see chapter 3 of OECD, 2014g), in absence of this tailored survey data pre, during and post interventions, or pre-existing surveys might allow for difference-in-difference tests. For expectation of long-term returns, longitudinal cohort data may be useful. Cost benefit analysis should be included as standard, as should contextual description of governance and implementation practice for the purposes of transferability. 122 © OECD 2015
SOCIAL IMPACT INVESTMENT: BUILDING THE EVIDENCE BASE References Addis, R., J. McLeod, and A. Raine (2013), “IMPACT Australia: Investment for Social and Economic Benefit”, Australian Government, Department of Education, Employment and Workplace Relations, November. Better Evaluation (2014a) “Cost Benefit Analysis”. Accessed at the Better Evaluation website 16 April 2014 http://www.betterevaluation.org. Better Evaluation (2014b) “Cost Effectiveness Analysis”. Accessed at the Better Evaluation website 16 April 2014 http://www.betterevaluation.org. O’Donohoe, N., C. Leijonhufvud and Y. Saltuk (2010), “Impact Investments: An Emerging Asset Class”, J.P. Morgan Securities plc, GIIN and Rockefeller Foundation, November. EuropeAid (2005) “Cost Effectiveness analysis”. Accessed at the EuropeAid website 16 April 2014 http://ec.europa.eu/europeaid/index_en.htm. HM Government, UK (2013c), “G8 Social Impact Investment Forum: Outputs and Agreed Actions”, UK Cabinet Office, London, July. HM Government, UK (2011), “Growing the Social Investment Market: A vision and strategy”, UK Cabinet Office, London, February. IIPC (2014), “Impact Investing Policy in 2014: A snapshot of global activity”, Impact Investing Policy Collaborative, November. Jackson, E.T. & Associates (2012), “Accelerating Impact: Achievements, Challenges and What’s Next in the Impact Investing Industry”, The Rockefeller Foundation, July. Johansson, P. (1992), “Altruism in Cost-Benefit Analysis” in Environmental and Resource Economics, 6(2): 605-13. Jolliffe, D. and C. Hedderman (2014) “Peterborough Social Impact Bond: Final Report on Cohort 1 Analysis”. Available at: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/341684/peterborough -social-impact-bond-report.pdf MoJ (2014) “Peterborough Social Impact Bond; HMP Doncaster; Payment by Results pilots: Final re-conviction results for cohorts 1” Statistics Bulletin, Ministry of Justice, London, August. NAB-AUS (2014), “Delivering on Impact”, National Advisory Board Report, Australia, Social Impact Investment Taskforce established by the G8, September. NAB-CAN (2014), “Mobilizing Private Capital for Public Good: Priorities for Canada”, National Advisory Board Report, Canada, Social Impact Investment Taskforce established by the G8, September. NAB-GER (2014), “Wirkungsorientiertes Investierenn: Neue Finanzierungsquellen zur Lösung gesellschaftlicher Herausforderungen”, National Advisory Board Report, Germany, Social Impact Investment Taskforce established by the G8, September. © OECD 2015 123
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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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The New York City Acquisition Fund
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Appendix Methodology The Investing
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Websites •• Bridges Ventures: h
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Cash Quasi Equity Public Equity Buy
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SOCIAL IMPACT INVESTMENT: BUILDING
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Page 301 and 302: Global Research 29 November 2010 Im
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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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Social Impact Investing

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