Social Impact Investing

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Impact Investments: An emerging asset class Global Research 29 November 2010 Appendix IV: GIIN Survey participants • Acumen Fund • Anne E. Casey Foundation • Bill & Melinda Gates Foundation • Bridges Ventures • Calvert Foundation • DOEN Foundation • E+Co • EcoEnterprises Fund • Equilibrium Capital Group • Gatsby Charitable Foundation • Gray Ghost Ventures • IGNIA • J.P. Morgan • LeapFrog Investments • Lundin for Africa • Omidyar Network • Prudential • The Rockefeller Foundation • Root Capital • Sarona Asset Management • SNS Asset Management • TIAA-CREF • W.K. Kellogg Foundation • Wolfensohn Fund Management L.P. 82
Impact Investments: An emerging asset class Global Research 29 November 2010 Appendix V: Additional returns data Figure 27: Sector distribution of notional MF 11% EI 12% SE 5% FT 1% AH 28% CDFI 43% Source: Calvert Foundation, J.P. Morgan. CDFI = Community development finance institution; AH = Affordable housing; MF = Microfinance; EI = Environmental initiative; SE = Social enterprise; FT = Fair trade In depth: US-based fixed income reveal a flat (but disperse) range of yields Characteristics of the data set: Instruments, sectors, geographies While the GIIN survey represents a broad spectrum of impact investments across sector and instrument type, we have also been granted access to a set of data on fixed income investments that spans a longer history. The data set, provided by Calvert Foundation 115 , covers 1,587 predominantly fixed-rate debt investments going back as far as 1990 and totaling $1.385bn in notional. There are three instrument types with enough data to explore, and the distribution of deals and notionals across instrument type is shown in Table 25. The investments themselves span sectors including community development finance initiatives (“CDFIs”), affordable housing, environmental initiatives, fair trade, microfinance, and social enterprise. Figure 27 shows the distribution of sectors across the data set, and Table 26 shows the data in terms of number of deals as well as notional. The geographic distribution of this data set is heavily focused on investments in the US, representing 91% of the deals and 94% of the notional in the database. The investments in the US tend to target companies in poor communities that either provide basic services such as housing to low-income families or hire underemployed people in these communities. Table 27 shows the number of deals and notional invested in the most commonly referenced countries in the database. After the US, Nicaragua, Ecuador, Azerbaijan and Bolivia are most frequently represented, albeit only by 1% of the total notional each. The remaining deals were done in 26 other countries. Table 25: Instrument distribution # of deals Notional (USD mm) Debt — Fixed Rate 1,492 1,228 Debt — Variable Rate 63 86 Debt — LOC 32 55 Total 1,587 1,369 Source: Calvert Foundation, J.P. Morgan. Table 26: Sector distribution # of deals Notional (USD mm) CDFI 870 588 Affordable Housing 225 386 Microfinance 195 146 Environment 165 161 Social Enterprise 80 72 Fair Trade 52 15 Total 1,587 1,369 Source: Calvert Foundation, J.P. Morgan. Table 27: Geographic distribution # of deals Notional (USD mm) United States 1,437 1,294 Nicaragua 29 11 Ecuador 27 19 Azerbaijan 20 9 Bolivia 11 10 Other 63 28 Total 1,587 1,369 Source: Calvert Foundation, J.P. Morgan. Illustrating the yield curves Based on our characterization above, we can see that this data set is a subset of the impact investment space focused on US-based fixed income investments. Given this context, we can now look at the financial information revealed by the data set. The most interesting characteristics are the interest rates charged across tenors for the various instruments. Essentially, by plotting the interest rates against tenor for the data sets by instruments in Figure 28, Figure 29, and Figure 30, we look to see whether an impact investment yield curve emerges. Interestingly, there is not much of a yield curve at all, but rather a fairly disperse range of interest rates. This 115 This is a set of transactions that borrowers from the Calvert Foundation have engaged in. 83
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6. 1 We disseminate Quarterly publi
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23 “His master replied, ‘Well d
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Domini, shareholder advocacy and co
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Two good things came out this resea
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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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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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Global Research 29 November 2010 Im
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Impact Investments: An emerging ass
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Social Impact Investing

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