Social Impact Investing

Impact Investments:
An emerging asset class
Global Research
29 November 2010
Acknowledgements
This report was made possible thanks to the contributions of many individuals and
organizations. However, one partner stands out for its dedication to this project. The
Global Impact Investing Network (the “GIIN”) collected a previously unseen set of
data on impact investments from its Investors’ Council. The work involved designing
and drafting the survey, choosing the respondents, and following up individually to
ensure data collection met with the tight timeline for this analysis. The team’s
rigorous work made possible one of the most exciting conclusions of this report – the
analysis of impact investors’ return expectations. For this significant contribution, we
extend our sincerest gratitude to Amit Bouri, Giselle Leung, Melody Meyer, Jacob
Samuelson and Camilla Seth. We would also like to acknowledge and thank
members of the GIIN Investors’ Council and the other survey participants for
participating in the impact investing survey and contributing valuable data to this
research. The full list of survey participants can be found in Appendix IV.
Several other organizations and individuals offered their time to provide ideas,
background and data, particularly in our sector sizing analysis. We thank the
following organizations for generously sharing their knowledge to inform this report:
B Lab, Calvert Foundation, Charity Bank, Global Impact Investing Rating System,
Consultative Group to Assist the Poor, Gray Ghost Ventures, Impact Investment
Exchange, Impact Reporting and Investment Standards, International Finance
Corporation, Microfinance Information eXchange, MicroVest Capital Management,
LLC, Monitor Inclusive Markets, Overseas Private Investment Corporation, The
Prudential Insurance Company of America, Root Capital, Social Finance, TIAA-
CREF, WaterHealth International, and World Resources Institute.
Our colleagues at J.P. Morgan and the Rockefeller Foundation also contributed their
time and energy. We thank in particular Renee Parker, Amy Bell, Mia Feldman, John
Buley, Fred De Mariz, Debbie Bobovnikova, Eduardo Lecubarri, Marco Dion,
Terence Strong, Brinda Ganguly and Justina Lai for their invaluable knowledge and
contributions toward our analysis. Jed Emerson of Blended Value Group and John
Goldstein of Imprint Capital have also been instrumental in helping us to develop our
understandings of the impact investing field, many of which build on Jed’s
pioneering work in this area.
J.P. Morgan and its analysts are solely responsible for the investment opinions and
recommendations, if any, contained in this report. Any errors or omissions are
J.P. Morgan’s, and the Rockefeller Foundation and GIIN expressly disclaim any
responsibility in the use of this report, including its potential distribution with any
other materials, for investment purposes or otherwise.
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