Social Impact Investing

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Appendix Methodology The Investing for Impact: Case Studies Across Asset Classes report builds on the work previously developed by the Monitor Institute and also draws on the work conducted by Rockefeller Foundation and F.B. Heron Foundation on the Impact Investment sector. The report aims to educate key stakeholders and practitioners on the opportunities they have in Impact Investment. These groups include potential investors (High Net Worth Individuals, Foundations and Institutional Investors) and investment gatekeepers (private bankers and investment advisors). The report takes an empirical approach by mapping the Impact Investment market along two key dimensions: investor motivation (Financial First vs. Impact First) and asset class (as per traditional asset allocation). The paper proposes an Asset Allocation Framework (AAF) combining the two dimensions to illustrate a comprehensive perspective of the Impact Investment market using language familiar to investors. The report provides detailed case studies in each of the “cells” in the AAF, including profiles of an investor (LP), the Impact Investment fund (GP) and an underlying investment, as well as financial return and impact to society. The report was created after an extensive review of existing literature on Impact Investment as well as a large number of original interviews with sector participants. It reflects more than 40 interviews conducted with a range of investors - including foundations, high net worth individuals, institutional investors, advisors, consultants and family office representatives - about their experiences with Impact Investment and their motivations for particular investments made across various asset classes. The interviews were subsequently translated into case studies to provide concrete examples of the Impact Investments that are being developed in each asset class. Cases selected were from existing funds rather than the many that are currently in the fund-raising process. In each asset class, there are other compelling case studies that have not been covered and the authors do not seek to make investment recommendations through this report; rather they wish to illustrate the range and breadth that is emerging in the sector. Further Reading Research Papers •• Monitor Institute: Investing for Social & Environmental Impact, 2009 Examines the emergence of impact investing, exploring how it might develop and how leaders can accelerate the industry’s evolution http://www.monitorinstitute.com/impactinvesting/documents/InvestingforSocialandEnvImpact_FullReport_004.pdf •• Good Capitalist: February Newsletter, 2009 Update on social capital market including participants’ initiatives http://archive.constantcontact.com/fs047/1101902708153/archive/1102453118973.html •• UKSIF: Review of Activities, 2008 Review of UK Social Investment Forum’s 2008 activities including useful figures on the sector http://www.uksif.org/cmsfiles/uksif/UKSIF_Review_of_Activities_2008.pdf •• UKSIF: Sustainable Investment Opportunities for Pension Funds in Alternative Asset Classes, 2008 Aims to increase pension funds’ awareness of sustainable investment options available across asset classes http://www.uksif.org/cmsfiles/281411/SustainableAlternatives.pdf •• Boston College: Handbook on Responsible Investment Across Asset Classes, 2008 Aims to help investors understand sustainable investment and identify opportunities within it across asset classes http://www.cof.org/files/images/ExecEd/bcrespinvesthndbk.pdf •• Rockefeller Philanthropy Advisors: Solutions for Impact Investors: From Strategy to Implementation http://rockpa.org/ideas_and_perspectives/publications 37
•• Rockefeller Philanthropy Advisors: MRI - A Policy and Implementation Guide for Foundation Trustees, 2008 Policy and implementation guide for foundation trustees http://www.cof.org/files/images/ExecEd/RockefellerPhilAdvisors.pdf •• Stanford Social Innovation Review: The Power of Strategic Mission Investing, 2007 Suggests that foundations should make strategic mission investments to complement grant making http://www.ssireview.org/images/articles/2007FA_feature_kramer_cooch.pdf •• Commission of Unclaimed Assets: Social Investment Bank, 2007 Overview of the Third Sector and role of a social bank within it http://www.unclaimedassets.org.uk/downloads/CUA_report_FINAL.pdf •• F.B. Heron Foundation: Impact Across the Mission-Related Investment Portfolio, 2007 Illustrates a spectrum of asset classes within which mission-related investment can take place http://www.fbheron.org/documents/ar.2007.mri_gatefold.pdf •• Said Business School: From Fragmentation to Function, 2007 Paper on the social capital’s market structure, operation and innovation http://www.universitynetwork.org/sites/universitynetwork.org/files/files/Skoll_FromFragmentationtoFunction.pdf •• Jed Emerson: The Blended Value Map, 2003 Snapshot of international players and institutions within the social investment sector http://www.blendedvalue.org/media/pdf-bv-map.pdf •• New Economics Foundation: Mission Possible, 2008 Considers how foundations use part of their endowments for mission connected investment http://www.cof.org/files/images/ExecEd/NewEconomicsFoundation08.pdf •• Margaret Bolton: Foundations and social investment—making money work harder in order to achieve more, 2003 Providing foundations with information about social investment and its relevance to their goals and strategies http://www.esmeefairbairn.org.uk/docs/EFF_foundations_report.pdf •• Venturesome: Financing Civil Society, 2008 Practitioner’s view of the UK social investment market http://www.cafonline.org/pdf/Venturesome%20-%20Financing%20Civil%20Society%20-%20Sept%2008.pdf •• Venturesome: The Three Models of Social Enterprises, 2008 Examines how to create social impact through trading activities using three theoretical models http://www.cafonline.org/pdf/Ventursome%20-%203%20Models%20Of%20Social%20Enterprise_Part1%20-%20Jan%20 08.pdf and http://www.cafonline.org/PDF/Venturesome%20-%203%20Models%20Of%20Social%20Enterprise_Part2%20-%20 July%202008.pdf •• FSG: Aggregating Impact: A Funder’s Guide to Mission Investment Intermediaries Guide to mission investment intermediaries that foundations or funders may employ http://www.fsg-impact.org/ideas/section/277 •• Antony Bugg-Levine: Impact Investing - Harnessing Capital Markets to Drive Development at Scale Provides an overview of the proliferation of innovation occurring in the Impact Investment sector globally and addresses the structural causes and likely prospects of the sector’s growth in light of the current financial crisis http://www.rockfound.org/efforts/impact_investing/beyond_profit_bugg_levine.pdf 38 Investing for Impact: Case Studies Across Asset Classes
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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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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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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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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
Page 122 and 123: A case study approach in an asset a
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Page 126 and 127: Foundations Like high net worth ind
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Page 134 and 135: Cash Shorebank Deposit Program fina
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Page 146 and 147: Venture Capital Aavishkaar Impact F
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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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Social Impact Investing

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