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Causeway: MEIA Orienatation - 070625

Causeway: MEIA Orienatation - 070625



Causeway presentation given by Michael Lewkowitz

Causeway presentation given by Michael Lewkowitz



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    Causeway: MEIA Orienatation - 070625 Causeway: MEIA Orienatation - 070625 Presentation Transcript

    • CAUSEWAY a national collaboration Social Finance Orientation MEIA Presentation June 27, 2007 Prepared by: Michael Lewkowitz, start-up coordinator [email_address] -:- 416.607.5643
      • The sustainable flow of financial capital from sources to public benefit uses:
        • Affordable Housing
        • Bottom of the Pyramid
        • Clean Technology
        • Community Development
        • Education
        • Fair Trade
        • Green Building
        • Health
        • Media
        • Microfinance
        • Social Enterprise
        • Technology
        • Disability Supports
      What is “social finance”? Individuals Organizations Government
    • How does capital flow?
      • From the source
      • Into an organization
      • For use in either
      Financial Entities - managing other’s money Government Organizations Individuals Operations Programs Assets INVEST TAX DIRECT
    • Collaborative approaches and blended returns
      • Growing social and environmental pressures + government and market failure = the conditions for innovation
      Canadian non-profit income sources
    • Fields of innovation in social finance
      • Blended Returns
        • Spanning the continua of risk/return/focus
        • Includes MBI and PRI
          • Well developed in the United States
        • Social venture capital
          • A focus on the ‘hybrid’ universe
          • Well developed in the UK including ‘Community Interest Company’ legal structure and marketplace
      • Collaborative approaches
        • Complex requirements
        • Large asset classes
          • Affordable Housing
          • Community Energy and Efficiency
    • Provocative examples
      • Venture capital
        • Capital regional et coopérative Desjardins (CRCD ) is a $500 million venture capital fund created in 2001 by the Desjardins Movement with the help of a provincial tax credit . Individual investors can invest up to $3500 a year in shares with a 50% tax credit. Shares must be kept for a minimum of seven years. M ission : to provide capital, expertise and access to networks for businesses and cooperatives in all Québec’s regions
      • Local community development
        • The Columbus Foundation used $2 million to seed an $18 million low-cost housing fund to build 1,600 new units of affordable housing.
      • Startup or expansion capital in underserved communities
        • Deutsche Bank announced it will create an innovative $20 million investment fund to finance the expansion of eye care hospitals in developing countries. The Eye Fund I will provide loans and guarantees to support the development of affordable, sustainable and accessible eye care for the world's poor while providing a near-market return for investors
      • Debt mechanisms
        • Milestone achievement of $100m in loans to community finance institutions and social enterprises by Calvert Foundation’s Community Investment Note
      • Acquisition of assets
        • BC Pension Funds – 21 BC-based union and management pension funds pooled $27 M to form Concert Properties in 1989 (originally named VLC) with the objective of financing affordable rental housing in BC, and creating jobs in the unionized construction industry. Today the 100% pension plan owned real estate corporation has $800 million in assets , with a track record of creating 10 million hours of on-site employment for unionized construction workers.
    • The social finance conversation
      • Aligning interests to create innovative solutions
      Risk Restrictions Requirements Return Source Perspective Use Perspective Constructive Dynamic Constrictive Dynamic
    • Exampl e: Great Bear Rainforest
      • $120 million private-public fund conservation fund
      • Requirements
        • Comprehensive ecosystem-based community perspective
        • Conservation + culture + commerce…
      • Restrictions
        • Brought parties together to develop the model
        • Included key stakeholders from the outset
      • Risk
        • Shared risk between private and public investors
        • Building community’s stewardship capacity
      • Return
        • Seeking a sustainable, blended return for the region
        • Exploring venture returns
    • Example : Disability Savings
      • Federal program including DS Plan, Grant, and Bond.
      • Requirements
        • Deeply understood the funding requirements and need to broaden the community of funders
      • Restrictions
        • Worked within the existing tax framework and familiar models
        • Expanded ability for people to participate
      • Risk
        • Reduced risk of the primary investor (government) by encouraging private individual investment
      • Return
        • Created a return incentive to encourage others to participate
    • Example: P roposed Vancouver Homelessness LP
      • from Vancouver Homelessness Funding Model Report
    • CAUSEWAY a national collaboration A national collaboration working on new pathways for financial investment in public benefit .
    • CAUSEWAY a national collaboration Michael Lewkowitz Start-up Coordinator Phone: (416) 607-5643 (778) 329-0021 Email: [email_address] Tim Draimin Chair, Steering Committee Phone: (604) 647-6611 x244 (416) 481-8652 Email: [email_address] CONTACT Volunteer Contributor Jenny Zhu: jennyzhu33@yahoo.com