Social Impact Investing

Impact Investments:
An emerging asset class
Global Research
29 November 2010
Table of Figures
Figure 1: Defining impact investing ............................................................................7
Figure 2: Business sectors for impact investments ......................................................7
Figure 3: Ways in which businesses can deliver impact..............................................8
Figure 4: Average return expectations by instrument and region ..............................10
Figure 5: Defining impact investing ..........................................................................14
Figure 6: Business sectors for impact investments ....................................................19
Figure 7: Ways in which businesses can deliver impact............................................20
Figure 8: Average return expectations by instrument and region ..............................32
Figure 9: Expected returns – Developed markets debt investments...........................33
Figure 10: Expected returns – Emerging markets debt investments ..........................33
Figure 11: Expected returns – Developed markets equity investments .....................33
Figure 12: Expected returns – Emerging markets equity investments.......................33
Figure 13: Realized returns – Developed market debt investments...........................34
Figure 14: Realized returns – Emerging market debt investments.............................34
Figure 15: Distribution of investment sizes across reported investments ..................35
Figure 16: Just the larger investments........................................................................35
Figure 17: Management fees......................................................................................36
Figure 18: Carry fees .................................................................................................36
Figure 19: Respondents’ impact measurement system ..............................................37
Figure 20: Local currency exposure...........................................................................37
Figure 21: Company vs. fund investments.................................................................37
Figure 22: Penetration rates by village size ...............................................................52
Figure 23: R-Jolad patients by income level..............................................................54
Figure 24: Average # of deliveries per month............................................................55
Figure 25: Cost of doctor per patient (USD)..............................................................55
Figure 26: Impact Value Chain..................................................................................72
Figure 27: Sector distribution of notional ..................................................................83
Figure 28: Fixed rate debt..........................................................................................84
Figure 29: Variable rate debt .....................................................................................84
Figure 30: Line of Credit ...........................................................................................84
Figure 31: Fixed-rate yield curve...............................................................................84
Figure 32: Private equity portfolio returns for IFC against benchmark .....................85
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