The past, the present and the future of impact investing, A contemporary history surfing the world wide web in Dutch perspective

1. The past, the present and the future of impact investing,
A contemporary history surfing the world wide web in Dutch
perspective
Introduction
(My) Past, Present, Future, Impact indicator, A Dutch perspective.
The recent Past
Impact Investing is named, United Kingdom, Social Investment, European
Union. Academia, The impact investing industry, Public equity Impact
Investing, EVPA European Venture Philanthropy.
Meanwhile in The Netherlands
The Acces2Medicine index, Mission related Investing for charities, SNS Bank's
Impact Investment Asset Management, SOCAP Europe, Care Credit Fund,
Handbook impactmeasurement for charities, Global Real Estate Sustainability
Benchmark (GRESB), The Social Impact Fund, Social Impact Bond, 'A Billion to
Gain: The Dutch contributions to the micro finance sector’, Bankers oath.
Proof of concept
Development bank bonds, Community Development Bonds, Vaccine bonds,
Uridashi.
The present: 2014-2015
Academia, World class thinking, Practitioners, ESG integration, Impact indices
and measuring, Green, sustainable or Climate bonds, Corporate venturing CSR
2.0, From impact first to sustainable impact investing, Introducing Inclusive
Impact Investing, 2015: a wish for Mercer research.
Future
Impact investing arguments: Market failures, Philanthropy and public
spending, The entry of private capital, Corporate Venturing megatrends,
Suggestions and affirmations,
Introduction
Four years ago I started studying impact investing on line and I thus am
sort of reaching the Masters thesis time line. Without taking any exams, as
there is no official academic Impact Investing curriculum that I know of, just
about a 100 news &research blogs.
Time for a review of the road I traveled, which as any trip took me to
unexpected places, meeting interesting people, encountering inspiring
thoughts and steering me towards a personal focal point. I will use the past,
present and future as a road map for the introduction and this chronicle.
Past: my point of departure
First a short author profile because it explains why and how I started studying
impact investing in the first place. I read political contemporary history at the

2. University of Utrecht and Groningen graduation on strategies and trends in
Dutch Development Cooperation (1964-1984). After that I went to the (now
Erasmus) Institute of Social Studies in The Hague where I attended the
International Law and the Organization of Development Diploma course and
moved on to a Masters in Politics of Alternative Development Strategies.
Looking back they all seem to have prepared me for the field of Impact
Investing, but for about 20 years I worked for charities in public relations and
lobbying, marketing and fund raising (mass media campaigns).
The first 10 years I worked for National health charities and the last part for
the Dutch Protestant Church/ICCO&KerkinActie which works both for the
(local) church activities and welfare and international cooperation, emergency
aid and reconstruction. This is the one I most fondly remember, due to it's
ambitions, culture and unique perspective(s). It turns out they are one of the
Netherlands biggest impact investors investing with 20% of their assets in
Oikocredit, the world's leading micro finance fund. Which by the way is a spin
off of an idea launched at the World Council of Churches meeting in 1968.
Unaware if this, as my campaigns got bigger and bigger but a bit repetitive as
well, I started to doubt the realism and effectiveness of (all) charities
strategies and activities in the face of growing needs due to population growth,
aging, deteriorating health and environment and (inter)national conflicts. All a
bit Apocalyptic indeed, so probably I was just ready for a career shift anyway.
Present: Disruptive change
At the time I attended a course of wealth planning for dummies* organized by
my bank in which sustainable or socially responsible investment came up and
suddenly everything came together. I was going into impact investing: starting
from scratch and practice it as a micro income focused investor. To practice and
as I had only micro assets, I became a do-it-yourself investor. Even though
ready made sustainable investment products with impact investing elements
are easily available in the Netherlands. Practically all banks offer it, but the
Netherlands actually has a unique offer through it's two 'super' sustainable
banks: Triodos and ASN Bank. Banks with credible track records of 25 and 50
years and quite excellent results. Alas they stem from the exclusion** era,
focus on value investing, hardly pay dividends and (used to) charge fund fees
that made them unattractive for a micro income investor focusing on basic
needs and impact catalyst sectors. So I became a direct investor, with a
preference for (sustainable) companies bonds and took advantage of the rise
of exchange traded products for diversification, next to my best-in-class
companies investments in ''basic needs'' and impact sectors such as finance,
health, food and IT. This is how I am on my way to develop a portfolio and
asset management strategy for my impact investment ambitions.
The Future Who knows what it brings?
First: I hope to continue my missionary work in promoting impact investing as
a viable investment strategy and portfolio model for micro investors with
impact and income ambitions.
Second: I aim to inspire charities to discuss with their asset managers the
possibilities of impact or social investing to achieve their ambitions and not

3. think of impact investing as merely a private equity activity that is way to risky
for their fiduciary obligations. Also I hope look at income generating projects to
develop new means to achieve their ambitions and consider charity and social
impact bonds to finance upscaling of effective interventions.
Third: I want be a ''nudger'' for the financial and investment scene.
Stimulating asset managers and investment bankers to look into the
developments and possibilities of impact investing to meet their clientèle's
interests and demands. By improving risk assessment and returns based not
just on integration of ESG risk and opportunity, but looking into companies and
portfolio's in impact sectors.
The impact indicator for investment products is just a start***. It amazes
me that such a marketing tool was not developed before. Giving investors
insight in the impact of investment products at a glance to me seems the
ultimate marketing tool for sustainable and responsible investors. Because if it
can be done for risk -which is much more volatile and unpredictable- it surely
can be done for impact based on a simple analysis of sectors, companies
activities and investment products.
One explanation that it hasn't been done, is that impact is about 'doing good'.
Whereas typical exclusion or responsible investment strategies are merely
about 'doing less harm'. To me Impact investing is about moving sustainable
investors forward to the next, 2.0 level from doing less harm to doing good. Of
course sometimes quantifying impact reflects both results. By lowering
emissions or saving fresh water use. But if that saved water is not made
accessible to the bottom of the pyramid population that needs it as drinking
water or for sanitation it's impact is rather relative....
A Dutch perspective
You will find my regional perspective quite focused on the Eurozone and the
Low or Netherlands. Being Dutch obviously for currency risk and practical
reasons. Studying impact investing literature many a time I encountered Dutch
exemplary track records. Mentioned are our international development bank
FMO, our super sustainable banks Triodos and ASN and we have mainstream
banks that are innovative and proactive as are small(er) asset managers. We
have institutional investors developing their own impact measurement systems
and there are interesting initiatives such as indices for companies active in
basic needs such as health, nutrition and seeds looking at inclusive policies. A
few individuals/families have journeyed with their charities to move beyond
grants and charities to impact investing. In private equity I must mention TBLI
which organizes investors conferences and started a foundation to promote
impact investing. Our Association for Sustainable Development (for investors)
takes an interest in impact investing and it's director is also chairman for the
European Social Investment Forum. And we have Prof Harry Hummels, who is
nicknamed Mr Impact Investing in the Netherlands, you will learn why. So I
have added Meanwhile in the Netherlands to pay tribute to my countrymen
and women and their work in the field of impact investing.
*They did not call it that, but Mathijs Kanis author of the book with this title which I highly

4. recommend, was one of our lecturers.
**I was quite disappointed to learn that the majority of sustainable investing actually does not
actively focus on sustainability themes, but is merely excluding sectors producing harmful
products such as Alcohol, Gambling, Tobacco, Adult Entertainment and Firearms. International
law added anti-personell mines and cluster ammunition to this list though not all countries
have enforced it yet, even in Europe! Also companies with environment, social and governance
policies can be labeled sustainable even though their core product is hardly that. Sustainable
investment products may thus offer companies producing products or services that have
nothing to do with basic needs or sustainability.
***The impact indicator for investment products resembles the risk barometer required by EU
consumer information laws. It comprises of 7 levels:
0 = I just care about financial returns.
1 = I do not invest in harmful industries and products.
2 = I care about financial returns and Environment, Social & Governance risks. 3 = I care
about Environment, Social & Governance opportunities.
4 = I care about global threats and solutions.
5 = I care about peoples basic needs.
6 = I want to invest in impact & am willing to give up return.
(Formally there could -1 = I'll invest in anything: even illegal weapon builders, totalitarian
regimes etc.)
The (recent) PAST
Though around for decades under different names with micro finance as the
biggest financial success and sector, the term 'Impact Investing' did not exist
under it's present marketing label until 2007.
Impact Investing is named
This quite cool and effective label was coined at the Belagio Conference Center,
an activity of the Rockefeller Foundation to 'establish new connections across
disciplines and geographies, encourage dynamic, small group interactions, and
promote innovative and creative thinking' i
.
The Rockefeller Foundation consequently launched it's first Impact Investing
Action Programme (2007-2012) ii
. It is now undertaking it's 2nd
Action
Programme implementing recommendations such as organizing collective
action, upscaling, building an infrastructure and research and advocacy iii
. In
2007 The Global Impact Investing Network was conceived when the
Rockefeller Foundation gathered a small group of investors, uniting charities,
impact investors and for profit financial institutions, to discuss the needs of the
emergent impact investing industry. It was founded officially in 2009 as a
global network of leading impact investors with the aim to develop a
standardized framework for assessing social and environmental impact, and a
development of a working group of investors focused on sustainable
agriculture in sub-Saharan Africa iv
.
In 2009 the GIIN asked the Monitor Institute (now Monitor Deloitte) to
research the potential of impact investing and it came up with a matrix of
ambitions, actors and activities and 17 priorities to promote acceleration of the
emerging industry. The famous prediction that impact investing could grow
from 50 to 500billion US$ in 2020, thus surpassing philanthropic grants and
supporting public spending in impact areas, comes from their report.v
The GIIN launched Impact Base: a search-able on line database of impact
investment funds. Also the metrics system IRIS: Impact Reporting Investment
Standards and GIIRS: the Global Impact Investing Ratings System, an

5. analytics and rating system for impact investment funds (comparable to
Morningstar) vi
. Today the GIIN is the source of the most comprehensive
collective data on impact investing publishing reports with JP Morgan Social
Finance vii
. It recently started training programmes Strengthening
Environmental, Social, and Governance (ESG) Management en Raising Impact
Investment Capital
In the summer of 2012 the GIIN appointed Harry Hummels director of Dutch
Bank SNS Impact Investing AM as one of their European liaisons. It paid off:
almost 20% of the GIIN Network members is Dutch: a mix of banks, wealth
managers, investors and (trust) funds viii
.
United Kingdom
Across the ocean, in the UK, the Big Society Bank launched it's investment
activities through BigSocietyCapital. Sir Ronald Cohen, ''the father of venture
capital'', is re-inventing himself as ''the father of social investment'' working
arduously to promote and develop social investment in the UK and later
through the G7. The funding of Big Society Capital came from legislation
creating access to 400million UK£ of unclaimed bank assets. 4 'High street'
banks brought another 200million UK£ to invest in the social sector ix
.
Another one of Sir Ronald's more hands on activities is Bridges Ventures, an
impact investor for Britain's poorest region's. It publishes her lessons of 10
years of thematic investment in Sustainable Growth (3 funds for SME's, Health
and Care, vocational training and the environment), Property (2 funds in
regeneration area's) and the Social Entrepreneurs Fund. It proves impact and
returns are no enemies and a trade off is not necessary x
. A reflection of Sir
Ronald's ambitions is his chairmanship of the G8, now 7xi
Social Investment
Taskforce. This meeting is organized next to the 2013 G7 meeting in London
to promote the concept and share experiences in a series of country reports to
be published in 2014. The United Kingdom report summarizes 10 years of
building an infrastructure for Social Investment and I highly recommend it and
it's recommendations. Adjoining the SI G7 the Impact Investing Policy
Collaborative (IIPC) meets and defines the London Principles for public
policy facilitating impact investing. The principles stress a clear focus and
realistic perspective, organizational capacity in the government, creation of
public and sectoral support, incentives for social entrepreneurs and universal
transparency xii
.
Social Investment has become a recognized industry in Britain after ten
years of government incentives (and investments). It launched the world's first
Social Impact Bond for Peterborough prison and British charities even have
their own bonds: one now has a listing on the London Stock Exchange (ORB)
xiii
. All kind of intermediaries are working to make social sector organizations
investment ready and local councils can get funds from a special government
budget. Nesta an innovation charity that helps people and organizations bring
great ideas to life surveys public interest in social investment amongst the well
off. Four realistic retail public equity products are presented: charity bonds,
community business share issues, a social enterprise property fund and / or
social investment funds xiv
. The (younger) private respondents are positive and

6. interested, don't mind lower returns (impact first) appreciate the diversification
and local investment opportunities. What are they waiting for...?
The European Union launches legal incentives for promote Venture Capital
(VC) funds and their expansion in the EU area. They promote innovative start
up SME's (Small Medium Sized Enterprises, EuVECA) and Social Enterprise
funds, EuSEF xv
. As SME's create 80% of new workplaces and Social
Businesses are 10% of the EU economy or 11% of the workforce these are
important incentives for impact investing as well. Funds must invest a
minimum of 70% of their assets in private equity and are open to institutional
and retail investors (with at least 100.000 Euro).
Academia
In the Spring of 2011 Antony Bugg Levine* en Jed Emerson published the
handbook Impact Investing, Transforming how we make money while
making a difference xvi
. It presents elaborate 'principles of additionality' for
impact investors to distinguish them from (impact washing) venture capitalists.
They point at the prospects of impact investing in health, social housing,
education, agriculture, utilities in developing countries, restructured social
spending and social bonds. The pioneering era is a closed chapter: it is time for
collaboration and defining roles and tasks in advocacy for public policies,
adoption of metrics and rating systems, training intermediaries and involving
education institutes. Although managing 100% impact investing portfolio's,
they (still) promote the 1% portfolio allocation to impact investing for those
not involved (yet). *Chairman of the GIIN board of Directors.
In December 2011 researchers at Harvard Business School present a
comparative analyses of 90 sustainable or responsible sector leaders to 90 Low
Sustainability firms. It is a retrospective study going back 18 years. The
Impact of Corporate Sustainability on Organizational Processes and
Performance. Leaders did 'significantly' better at the stock market: +4,8%
were less volatile and they showed better Returns on Assets and Equity xvii
.
Blogger: This is the academic first proof of best-in-class concept for me the
discussion about the costs of sustainability or CRS policies for best in class
strategies is closed.
McKinsey Consultant Alex Hamilton Chan wrote ''The responsible hand:
overcoming the shortcomings of impact investing'' xviii
for the Stanford
Social Innovation Review. He refers to the concept of Socially Responsible
Equity to overcome lack of incentives for impact continuity, impact
effectiveness and the trade of between return and impact. The concept
describes responsible share(holder)s agreeing (not) to cash in / exit merely on
return based arguments, but ensuring the earlier mentioned shortcomings of
the impact of investments.
In 2013 the 1e official Dutch academic impact analysis report is published by
Harry Hummels (theGIIN) and ECCE, the European Centre for Corporate
Engagement at the University of Maastricht. It is a case study and analyses a
project funded by St. DOEN (prime beneficiary of the Dutch commercial

7. lotteries) in Ecovative Design LLC and presents A Stairway to successful
innovation. The company produces a 100% bio-degradable packing/isolation
material to replace polystyrene. It is thus a clear case of disruptive change in
sectors dominated by polystyrene. Ecovative is a classic impact investing case
study starting out with grants, gifts, awards then it attracted equity
investment. St DOEN put it up for analyses as a case study of catalytic impact
investing. The analysts present an impact ladder Enlightment, Adoption and
Goal attainment. They also present a set of impact success criteria such as
strategically siding with nature (abundance of resources, cradle to cradle
production) xix
. Blogger: What stuck with me most is that even when you have
a good product with positive impact: upscaling in a competititve market
-however environmentally unsound is an uphill battle.
In the Fall of 2013 I read Heinrich Liechtenstein and Uli Grabenwarter
(European Investment Fund on a sabbatical) paper In Search of Gamma -
An Unconventional Perspective on Impact Investing xx
at IESE Business
School, University of Navarra. To the authors the traditional approach of
impact first investment is merely a cocktail of investment and charity. The
acceptance of a lower return for impact is a mere subsidy or grant and leading
to an nontransparent market.
Blogger: For charities, philanthropists, development banks or catalytic (Star)
impact investors it is functional as it aligns with their broader mission
responsibility to achieve impact. Thus for instance putting up seed capital to
come to the stage where impact investors step in with growth capital. Maybe
even in the growth capital phase, where upscaling is critical to create a viable
market(share) and turn a market around. The authors stress the importance of
transparency and monitoring all costs (due diligence, impact assessment etc.).
The impact investing industry
Earlier the concept of catalytic impact investment had entered the thinking
about impact investing. To me in a series of blogs written by the Omydiar
Network xxi
for the Stanford Social Innovation Review. The Omydiar Network is
an important thematic impact investor. Thematic refers to their sectoral
approach. By doing that, they found that it is important to build the impact
investing market in such sectors from the bottom up to have investible
(growthcapital) opportunities. Like impact first investors they would give up
return for impact, but the impact was aimed at priming the pump, creating
impact investment in that specific sector.
In 2013 the GIIN published Catalytic First Loss Capital xxii
. The publication with
case studies describes Catalytic first-loss capital as socially- and
environmentally-driven credit enhancement provided by an investor or grant-
maker who agrees to bear first losses in an investment in order to catalyze the
participation of co-investors that otherwise would not have entered the deal.
Public equity Impact Investing
While attending a Club of Amsterdam conference about The Future of Impact
Investing in the Spring of 2013 I am introduced to Dr Maximillian Martin's
concept of Corporate Impact Venturing. Or public equity sectors or
corporations investing in activities with positive impact. Think ESG

8. Environment, Social and Governance policies or saving their capital resources
on expenditure for natural resources such as energy, water and raw materials,
personnel's health, turnover and human resource management and fines for
cartels, corruption, tax evasion or other forms of mismanagement. All
impactful activities with a capital gain. The blog with a review of Dr Martins
concept of Corporate Impact Venturing opening up a pathway to public equity
impact investing, is to date the most popular one at Impact Investing Nieuws
xxiii
.
An organization that I have not mentioned above but deserves special
attention is EVPA: the European Venture Philanthropy Association. It
'envisions a European philanthropic and social investment market that enables
efficient funding of Social Purpose Organizations (SPOs) at all stages of their
development, where venture philanthropy and social investment complement
and strengthen other forms of funding. Its mission is to be the natural home
as well as the highest-value catalytic network of European social investors,
venture philanthropists and foundations. Being a membership organization it
primarily serves those members, offers networking opportunities and sharing
experiences. It stresses all of these for impact investing and Venture
Philanthropy investments as well. It's accessible on line resource Knowledge
Center offers insight in the state of affairs and current developments in impact
investing (for charities and philanthropists) xxiv
.
Meanwhile in The Netherlands
From 2008 The Acces2Medicine index bi-annually publishes it's index of
inclusive pharmaceuticals. The index evaluates pricing policies, cooperation
and R&D activities for epidemic and endemic diseases in poor countries. The
Dutch initiative is sponsored by the Bill&Melinda Gates Foundation, Dutch
Developments NGO's and the Dutch ministry for Development xxv
.
The Dutch association for fund raising charities VFI offered a guide with
scenarios for responsible asset management. It included mission related
investing, the charities terminology for impact investment. From the first of
january 2011 charities had to comply or explain their choice not to. The guide
was written by Professor Harry Hummels who is also director of SNS Bank's
Impact Investment Asset Management department. It is first the Dutch
bank to open an Impact Investing department it caters to institutional
investors and High Net Worth Individuals. (But) It offers two (previously)
existing funds for micro finance.xxvi
It launches a third fund for SME's financing
cooperating with the Dutch Development Bank FMO in 2013 and a third Micro
finance fund in December 2014 xxvii
.
In Spring Amsterdam-based PYMWYMI, Put Your Money where your mouth is
run by impact first investor Frank van Beuningen, hosts SOCAP Europe. It is
the Social Entrepreneurs conference and it's first European event. A hundred
interested parties listen to seasoned impact investors in 50 presentations,
workshops and round tables xxviii
.
In September 2011 the super sustainable Triodos Bank and a charity for

9. handicapped children (NSGK) launch a 2million € Care Credit fund for which
the charity puts up 500.000€ xxix
. Other Dutch charities are still struggling to
define impact as opposed to output and the company of impact investing
charities is not much bigger than a dozen. Trust funds impact strategies are
underreported because on average they are not nontransparent. Regulation
linked to their fiscal privileges should improve this.
In the summer of 2013 the Dutch Bureau for Fundraising Charities (CBF)
publishes a guide with impact metrics models and characteristics it is a
Handbook impactmeasurement for charities xxx
. It aims to inspire them to
look at their work and the results in a new way and give them a toolkit for
impact measurement. Once impact is defined and recognized the foundation
for impact investing is ready. A charity can decide to either put up seed or start
up capital as grants or growth capital from it's assets depending on the
development phase.
In 2011 Global Real Estate Sustainability Benchmark (GRESB) is
launched, a Dutch initiative with mostly Dutch institutional investors as
partners and sponsors. It's mission: to enhance and protect shareholder value
by evaluating and improving sustainability practices in the global real estate
sector. 340 major real estate funds shared their data and GRESB evaluated:
Management, Policy & Disclosure, Risks & Opportunities, Monitoring & EMS,
Performance Indicators, Building Certification & Benchmarking and Stakeholder
Engagement. GRESB is a project of Maastricht Universities ECCE: European
Center for Corporate Engagement xxxi
. Blogger: Note that as GRESB measures
performance indicators it fits impact investing definitions. But as GRESB
mainly focuses on offices and shops, to me it is more about collecting data and
experience to be applied for social housing and public utility buildings purposes
in the (near) future.
In a survey published in November 2011 all major Dutch banks and wealth
managers claim to offer impact investment possibilities in a sector survey by
the Dutch Association for Sustainable Development, but it is all 'tailor made'
and no information is offered on line. At the same time Dutch charities express
clear interest in impact investing in a survey by the same organization, but
were awaiting specialized and experienced intermediaries to help them explore
the possibilities. The active number of impact investors remained at 13. (but)
Of Dutch religious organizations surveyed by the same organization 45 (49%)
reported having impact investments xxxii
.
Early in 2012 PGGM a Dutch institutional investor managing 110billion € assets
and serving mainly (large) pension funds, presented it's tailor made impact
metrics system for private equity investments. The Social Impact Fund
Factsheet. It is a joint production with the Erasmus University of Rotterdam
and Dr Karen Maas who wrote her PhD on impact metrics systems and a case
study of the Dutch Heart Foundation xxxiii
.
In March 2012 ING Bank publishes 'A Billion to Gain: The Dutch
contributions to the micro finance sector’. Micro finance is now a 80 billion
US$ market, with 4% growth in 2011 and a little under 30% foreign /

10. international market share. Dutch banks and micro finance investors have 2,1
billion US$ invested or 8,4% of international micro finance. They were early
adapters, now experienced investors and active in promoting innovation and
transparency in the sector xxxiv
.
Once named the world most sustainable bank by the Financial Times the Dutch
ABNAMRO Bank opens a Social Impact Fonds xxxv
to invest growth capital in
Dutch sustainable social corporations. In it's first year it invest in a crowd
sourcing consumer platform (Nudge Nudge) and the Netherlands first Social
Impact Bond for youth unemployment in the City of Rotterdam together with
an employment trust fund: The Start Foundation xxxvi
. That works with the
profits of a privatized government temping agency and is is one of the rare
Dutch impact investing charities, revolving 20% of it's working capital through
loans to social enterprises.
2013 kicks off with hundreds of Dutch senior bankers meeting in the Grote
Kerk (big church) in The Hague to swear a bankers oath promising to uphold
their professional integrity and duly weigh all the interests of their bank,
clientèle, shareholders, employees and society xxxvii
. Blogger: Tunnel vision
makes me interpret this as avoiding negative impact and seeking positive
impact in financial transactions …. All banking employees are expected to
swear this oath in the coming years).
Proof of concept
This blog does not allow for a comprehensive review of public equity
investment products offered by international, regional and bilateral
reconstruction and development banks. Or the one of a kind vaccination bonds
to finance the end of massive children's mortality to preventable diseases xxxviii
.
Note that the latter are often private equity investments and that public equity
investments are mostly not inclusive or retail investments with a minimum
investment of a 100.000 €.
There are however the unique Japanese uridashi retail bonds for the
reconstruction of the Tsunami hit area's and Asian regional environmental
development xxxix
.
In the USA offerings of Community Development Bonds have developed rapidly
in recent years according to local impact investors such as KL Felicitas
Foundation, a public equity impact investing pioneer xl
. The concept of Social
Impact Bonds is taking root in the US and the legal foundations are laid out at
the national, state an local level. Worldwide 100 Social Impact Bonds are in
the pipeline including exiting innovations such as corporations investing on
health impact in countries where they are active.
Blogger: The relevance of these developments is not merely their impact, it is
also important to note that they are proof of concept with track records and
impressive numbers. For instance 23 years and 6,3 billion US$ of financing in
the case of vaccination bonds. They show that it is possible to finance impact
through public equity and not just private equity as impact investing has
somehow claimed to do.

11. The present: 2014-2015
2014 was the year that for me they pieces of the puzzle of public equity impact
investing were falling into their place. Probably not coincidentally the fourth
year of my research project. Market developments, academia and the result of
impact investors research projects by practitioners delivered my biggest
revelations.
Academia
In March Beiting Cheng, Ioannis Ioannou and George Serafeim published The
Impact of Corporate Social Responsibility on Investment
Recommendations xli
. They investigated whether superior performance on
corporate social responsibility (CSR) strategies leads to better access to
finance. It does.
Blogger: The critical concept of the role private capital and capital markets in
impact investing is supported by the mechanism they describe. CRS policies
and/or positive impact lead to upscaling and cheaper access to capital which
are an incentive for further innovation and R&D. If corporations and investors
can be 'nudged' towards impact sectors such as basic needs and impact
catalysts, this can be an immensely powerful driving force to solution for the
worlds challenges.
World class thinking
Academia/consultancy was also very inspiring. Capitalism Redefined in
Democracy: A Journal of Ideas was written by former McKinsey consultants,
Hanauer and Beibhocker, and McKinsey shared a summary in their third
Quarterly Insight for 2014s. The term impact investing does not come up.
(but) The authors present an analysis of capitalisms market failures and
suggest modern capitalism where corporation focus on developing solutions for
societal needs. It ensures to use the genius of capitalism to create, innovate
and scale up to a global level. All of this requires long term thinking and
planning of investments, but ensures better balancing of stakeholders interests
in developing solutions. To make sure one's solution is not someone else's
problem, the political system of democracy has the best track record in
balancing the interest of the majority of people and avoiding conflict xlii
.
Practitioners
The World Economic Forum in Davos always showed an interest in impact
investing and in it's 2014 meeting organized: From Ideas to Practice: Strategy
Solutions Insights in Impact Investing. One of the thought pieces in the
literature was a public equity portfolio methodology: Evolution of an Impact
Portfolio: From Implementation to Result. It is the brainchild of San
Fransisco based Sonen Capital and the KL Felicitas Foundation, a public equity
impact investing pioneer xliii
. A 'first in it's kind' portfolio impact measurement
method. In the folowing summer they published their 2013 Annual Impact
Report, Impact Investing in Public Markets: Methodology, Analysis and
Thought Leadership xliv
. The result in their own words: The net effect of our
overall framework is the ability to deliver multiple, different and mutually
reinforcing impact themes and sustainability approaches, all of which can be
qualified, monitored and reported at the strategy level. Sonen Capital is

12. headed by Raul Pomares who wrote Solutions for impact investors: From
strategy to implementation xlv
in 2009, for the Rockefeller Philanthropy
Advisors. The solution offers an overview of relevant investments sectors with
impact, so an outline of a portfolio allocation for impact investors. The portfolio
model was the trigger for my impact indicator giving insight in the impact of a
investment product at a glance. Not the detailed impact metrics that the sector
is developing thporugh IRIS and other measurement systems, but a simple
applicable tool for the marketing of impact. In stark contrast to the jungle of
ethical, responsible and sustainable investment claims that never seem able to
come up with a clear answer to their doing good effect.
ESG integration
Another exiting development in 2014 was new SRI in Europe data xlvi
presented by Eurosif: the European Sustainable Investment Forum. This data
included ESG integration in sustainable investing which is over 40% of AuM.
When I was developing my impact indicator model I guessed the ESG levels of
risk and opportunity assessment were thin and crispy maybe panpizza, but it
turned out to be quite a fifth (my guestimate) of the impact investing pyramid.
Though exclusion and compliance(!) remain the main strategies, in the press
release the director of Eurosif Francois Passant states that ''Discussions are
shifting from whether SRI makes sense or not from a financial return
standpoint, to how its tangible impacts can be measured. Applying
Environmental, Social and Governance criteria covered 40% of sustainable
investments. Also 40% applies ESG systematically and this can mean three
things: 1 the investment analists have access to ESG data: so quite passive; 2
they apply ESG data systematically: which means they are mainly looking for
risks; or 3 they are obliged by investment mandates to work with ESG criteria
in investment decisions.
Blogger: It is clear that impact metrics discussions are not just a hobby of
'quant' (output and numbers) or 'qualit' (holistic effects) focused impact
investors, their accountants and consultants and metrics system developers.
Sustainable investors sometimes welcome impact investing, such as the Dutch
Triodos Bank. Others are hesitant and critical, I wont name names, but they
are taking notice of the importance of transparency of effects thus impact of
corporations for the environment and (all) their stakeholders i.e. society.
Impact Investing within sustainable investment
The field of impact investing in private or public equity remains a difficult area
to tackle for sustainable investment watchers. They (only) surveyed
institutional investors and development banks thus private AND public equity
impact investors. It grew rapidly +132% since 2011 to 20billion € thus a tiny
part of the almost 10 trillion € (mainly Western) European SRI market xlvii
. It's
main markets with 66% market share are the Netherlands with 8,8billion € and
Switzerland with 4 billion €. Half of it is (reported) in micro finance. Eurosif
does not regard impact investing as sustainable investing 2.0 BUT unique in it's
impact (measuring) ambitions.
Impact indices and measuring
In the fall of 2014 I dove into the world of transparency indices xlviii
. The earlier

13. mentioned Access2Medicine Index benchmarking inclusive pharmaceuticals has
inspired 3 followers The Access to Nutrition Index xlix
is functional and
effective by stimulating inclusive health initiatives. The Access to Seeds
Index l
and Responsible Mining Index li
have a draft methodology and are
organizing stakeholders consultation meetings.
Blogger: Though still few, the rise of such indices is a promising development
introducing impact metrics for public equity corporations. They are evaluated
on their ESG performance already, but their ''doing less harm'' performance
can be seen quite apart from their ''doing good'' performance as these indices
show.
At a company level an interesting development is the rise of agencies
developing ways to measure the real costs of production for society.
Accountant and consultants had been lobbying for awareness and expanded
ESG integration for a while. In the Netherlands I came across the Trueprice
initiative by Deloitte, EY and PwC lii
which is supported by the Association for
Sustainable Development (focused on investment). Concullega (competitor &
colleague) KPMG recently launched 'A new vision of Value', Connecting
corporate and societal value creation liii
.
Green, sustainable or Climate bonds
2014 is definitely the year of Green bonds whereas Social Stock Exchanges
reporting the impact of public equity corporations seem to grow in more
modest pace liv
. But green bonds grew so fast they attracted much attention
and followers as this surge already began in 2013 when corporate green bonds
suddenly took 20% market share from a market that was traditionally
dominated by development institutions and banks. Corporate bonds are
expected to grow to 50% marketshare in 2014, the data set has to be
collected and analysed. The green bond market is expected to grow 150% to
100.000 billion US$ this year.
Green bonds (expectations) became so big in 2014, that 10 major banks
defined the green bond principleslv
and two green bond indices were
launched to track their performance record. First by specialists such as
Solactive lvi
, but also by big players such as Barclays lvii
. 2014 closed off with
the announcement of two green bond listings in Oslo. One for (externally)
certified green bonds and one for green bonds without external certification.
Large multinationals with sustainable track records, such as Dutch-Britisch
Unilever (food&personal hygiene) and Dutch-French Unibail Rodamco
(property), did not get external certification for there (first) green bonds.
Maybe the Climate Bonds Initiative lviii
certification system was not up to date
as it is now, where renowned ESG research bureau's such as Sustainalytics are
official verifyers of the green claims in such bonds.
Blogger: Corporate green bonds can be as uninclusive as institutional
development bank bonds with a 100.000 denomination. But corporate green
bond shows much more promise to move into the retail market with attractive
returns and denominations. Thus hopefully attracting a following from other
corporations and traditional (development) banks. We have already seen a
innovative public equity bond offered by the World Bank and in the
Netherlands the Bank for Municipal Councils (Bank Nederlandse Gemeenten

14. BNG) offered a 500 million € bond to support best-in-class municipal bonds lix
.
Corporate venturing and CSR 2.0
The green bond surge almost seems an immediate response to the academic
proof that sustainable business practice allows for lower capital constraints.
Interest in these bonds was overwhelming and practically all were overwritten
many times. Some enlarged in the wake of such interest. Thus I was quite
surprised to read the Economist Schumpeters piece on the costs of CSR 2.0 lx
As opposed to CSR 1.0 that is about saving energy water, safety, human
employee expenses and compliance avoiding costs and fines thus financial
viable. Schumpeter closes off: The first wave of sustainability rewarded itself.
The new wave will not do that. It is more akin to investing now to have a
license to operate in future, when consumers, lobbyists and regulators will be
ever more demanding about the way firms behave. That does not mean the
new wave will not reward its adopters. But it will boost their long-term
competitive position, rather than their short-term profits. Unlike the rewards of
the superficial first wave, those of deeper sustainability could take years to
sink in.
Blogger: It seems Schumpeter totally missed both the financial crisis of 2008
leading to a stronger demand for long term business management policies
balancing stakeholders interests. Or the opportunity to financing CSR 2.0
cheaply through green bonds. The Economist wrote often about green bonds,
maybe he should read his own weekly more often.
2014 closed of with the announcement by German energy giant E on that it
will be split into a fossil fuel corporation including the closure of nuclear plants
(facing divesting campaigns) and a renewable energy corporation attracting
sustainable and impact investors. To me that this is very much a sign of the
times that ESG integrated and impact investing are shaping the future of
finance.
From impact first to sustainable impact investing
In the meantime the culture in the private equity impact investing market
market had shifted. The 125 biggest (private equity) impact investors in the
world were surveyed by the GIIN and JP Morgan Social Finance in Spotlight on
the Market 2014 lxi
. One third (Western) European investors and roughly 2
thirds North American. Over half of them reported a shift from impact first
to balancing impact and return in impact investing. ''With the remainder of
the sample evenly split between “below market rate returns: closer to market
rate” (23%) and “below market rate returns: closer to capital preservation”
(23%) lxii
.
Blogger: To me the upscaling aspect of impact investing is the most
important characteristic. It makes truly global implementation of solutions a
possibility and seems a more viable answer to growing demands which neither
governments or philanthropy can meet. But upscaling capital can only be
achieved when impact investing is financially sustainable and reaches market
based returns for initial investors and attracts new investors to the market.
Introducing Inclusive Impact Investing

15. On the impact investing innovation side two important publications focused on
inclusive impact investing. In June Judith Rodin, director of the Rockefeller
Foundation published 'The Power of Impact Investing' lxiii
. A review of 7
years Impact Investing Programmes. The title of an interview in Forbes lxiv
with
Rodin is 'impact investing is not just for billionaires'. Rodin stresses the
interest in impact investing by retail investors. She is referring to the
perception that impact investing is either micro lending through crowdfunding
or macro investing by institutional investors, family offices and charities. She
points at the 2010 HOPE consultancy survey Money for Good the Rockefeller
Foundation supported lxv
.
Later that year the EU representatives at the G7 Social Investment Taskforce
presented Impact investing for everyone, A blueprint for retail impact
investinglxvi
Written under the authority Peter Blom CEO of Dutch Triodos bank,
a bank with a small market share, but probably the biggest (double digit)
growth numbers since the crisis and for it assets management works with one
of the major banks ABNAMRO. As the report is written for G7 governments, the
report goes mostly into existing investment structures and public policy
incentives to make the impact investing market more inclusive.
Chronicle of 2014
A more elaborate chroncile and review of interesting developments in 2014 can
be found in Dutch at IINieuws 2014 Annual review:
http://impactinvestingnews.blogspot.com/2015/01/jaaroverzicht-2014.html
2015
As every January all ready a lot of exiting things are happening. It is to early
to assess the meaning and long term effect on the promotion and development
of impact investing so I will not go there.
I will put down one wish I have for 2015 and that is for catalysing research. In
my annual review I suggest an analysis of Impact Investing scenario's –
Implications for Strategic Asset Allocation' lxvii
. It is inspired by the 2011 Mercer
project for 'Climate Change Scenarios'. It gave Dutch institutional investor
PGGM insight into the complexity of the effects climate change could have on
the risk and return of our portfolio''... The report has inspired many
institutional investors according to speakers at the New York pre Climate
Summit. Repeating the exercise for public and private equity impact investing
opportunities could accelerate the progress of impact investing tremendously.
The Future
In spite of all the progress made in the last years, the case for impact
investing stands firmly:
Market failures create unacceptable paradoxes in basic needs satisfaction,
such as the over a billion people being undernourished and another billion
people being overweight. Children dying of lack of 25ct diarrhea treatments
and access to vaccination programmes and highly expensive cancer treatments

16. available to 'the haves'. I can go on. I wont's it is depressing but there are
ways to tackle this globally by upscaling solutions.
Philanthropy and public spending will never be able to fund or finance
(upscaling their) solutions to societies needs or accelerate their activities to
adapt to growing demand.
The entry of private capital opens floodgates of much needed growth capital
and can be an innovation accelerator through venture capital for seed and start
up capital. Also the (venture) investing culture cherishes innovation, supply
chain collaboration and disruptive change which are effective forces anywhere
in the economy, but especially for the more traditional development and social
sectors and charities.
As for the future corporate impact venturing I will refer to the work of Dr
Maximillian Martin on worldwide developments and mega trends in Making
impact investible lxviii
describing area's where corporate impact investing can
make a difference. Think:
- Basic needs fulfillment and the growing demand at the Base of the Pyramid:
the billion poorest people with a 5 Billion US$ budget.
– The need for radical resource efficiency for economic growth, cutting carbon
emissions and waste and protecting biodiversity. Also in the light of
urbanization or underpopulated and underserved living area's and the tripling
demand for renewable energy;
- Modernizing the Welfare state and public services to respond to ageing this
financing it and growing need in cure and care sectors;
- The rise of LOHAS: the Lifestyles of Health and Sustainability consumers
preferring sustainable lives and modest consumption.
I will end with suggestions and affirmations for:
Charities to clearly define their impact and overcome their wariness of profit
making activities to achieve scale, to consider impact investing in their asset
management, as a means for fund raising for income generating activities and
give grants as seed and start up capital for social entrepreneurs.
Philanthropists to search for goals whilst realizing some peoples and needs
will never be income generating or profitable and need gift support. But that
there are needs out there than can be helped with tools, instruments and
advice like the fisherman that got a net, maybe a boat and knowledge about
better fishing in stead of fish for a day. And then there are people out there
doing things that can make differences for many maybe for all of us and that
they need all the support we can give them.
Policy makers to make sure that impact investing keeps a focus on impact on
peoples basic needs and the environment. That it does not drift away on a
privatization path where (capital) efficiency rules and easy task are prioritized
and more complicated tasks are outsourced or 'left' out of the contract. To
create incentives and accelerators for impact investing by facilitating
regulation, being an impact investor and sharing experiences.
Institutional Impact Investors to undertake an analysis of Impact

17. Investing scenario's – Implications for Strategic Asset Allocation' following the
2011 Mercer project for 'Climate Change Scenarios' and to keep up the good
work :)
All Impact Investors to be clear about their ambitions in making sure
investments have (measured) positive impact. To be aware of strategic choices
such as impact or finance first, balancing Impact & Finance or Catalytic Impact
Investing and how it is reflected and revolving in the portfolio(s).
Impact investment funds to use standardized metrics and rating systems to
increase transparency in impact investing strategies results and developments
Social Enterprises to avoid mission drift and stay competitive, innovative,
true to their nature, but most of all ambitious. You are changing the world as
we speak.
Asset managers and Investment advisors to explore impact investment
opportunities and developments to fully serve their clientèles interests and
preferences for social investing (the Millennials are coming!).
Companies to guard both the impact and return of all activities, aim for
sustainable finances and organic growth and ambitions to be translated in both
here&now improvements and long term planning for innovation.
(Dutch) media to follow impact investing with interest and enthusiasm, to put
high profile cases in perspective with sectoral or thematic trends and progress
and the sector as a whole.
Thank you for yor interest and attention, if you have question, remarks or
would like to exchange ideas please contact me at:
impactinvestmentnews@yahoo.com
Signing off I will quote Cato the Elders affirmation I believe in the future of
inclusive impact investing
For a pdf of this article please send an email to
impactinvestmentnews@yahoo.com

18. i http://www.rockefellerfoundation.org/bellagio-center/conferences
ii Accelerating Impact: Achievements, Challenges and What's Next in Building the
Impact Investing Industry, E.T. Jackson&Associates, Karim Harji and Edward T. Jackson
(juni 2012, 86 pag). Link: (pdf)
http://www.rockefellerfoundation.org//uploads/images/fda23ba9-ab7e-4c83-9218-
24fdd79289cc.pdf or Accelerating Impact: Achievements, Challenges and What's Next in
Building the Impact Investing Industry of The Executive Summary Review In Dutch
http://impactinvestingnews.blogspot.nl/p/gelezen-bronnen-2013-2010.html).
iii Catalyze platforms for collective action that enable leading impact investors and
intermediaries to coordinate efforts; Support the development of scaled intermediation
vehicles that help absorb impact investments at a scale; Build industry-wide infrastructure that
enables broader and more effective participation in the impact investing industry; en Support
research and advocacy efforts that promote an analytical understanding of the impact
investing industry Link http://www.rockefellerfoundation.org/our-work/current-work/impact-
investing/our-strategy
iv The GIIN is operating under the fiscal sponsorship of the Rockefeller Philanthropy Advisors
(RPA) for its 501(c)3 charitable status under US law and collects fees from its diversified
members structure.
v Investing for social and environmental impact: A design for catalyzing an emerging
industry', Monitor Institute (2009) Link http://monitorinstitute.com/downloads/what-we-
think/impact-investing/Impact_Investing.pdf (pdf, 86 pag.)
vi http://www.impactbase.org/, https://iris.thegiin.org/metrics and http://www.giirs.org/
vii 'Spotlight on the Market 2014' door theGIIN en JPMorgan Social Finance. Link:
theGIIN.org/research Report: Spotlight on the market, the Impact Investor Survey2014 (pdf,
52 pag.) Review In Dutch http://impactinvestingnews.blogspot.nl/p/gelezen-bronnen-2013-
2010.html 'Insight into the Impact Investment Market, An In-Depth Analysis of
Investor Perspectives and over 2,200 Transactions'. JP Morgan Social Finance & the
Global Impact Investing Network (14dec11, update of the 2010 report) Link
http://www.thegiin.org/cgi-bin/iowa/download?row=334&field=gated_download_1
Review In Dutch http://impactinvestingnews.blogspot.nl/p/gelezen-bronnen-2013-2010.html
JP Morgan (global research) 'Impact Investing: an emerging asset class'. 1100
investments (2010). Link http://www.thegiin.org/cgi-bin/iowa/resources/research/151.html
Review In Dutch http://impactinvestingnews.blogspot.nl/p/inlezenin-impact-investing.htm
viii http://www.thegiin.org/cgi-bin/iowa/aboutus/globalliaisons/index.html
http://www.thegiin.org/cgi-bin/iowa/network/members/index.html
ix http://www.bigsocietycapital.com/about-big-society-capital
x http://bridgesventures.com/wp-content/uploads/2013/01/Bridges_10_Year_Report_final.pdf
(19 pag. Dutch review on http://impactinvestingnews.blogspot.com/2013/03/impact-investing-
nieuws-15-maart-2013_7609.html
xi Russia is suspended
xii http://iipcollaborative.org/london-principles/
Review in Dutch http://impactinvestingnews.blogspot.com/2013_09_01_archive.html
xiii http://www.londonstockexchange.com/exchange/prices-and-markets/retail-
bonds/company-summary.html?fourWayKey=XS0731910765ZZGBPUKCP

19. xiv Nesta/Summary How do individuals become social investors, (pdf, 14pag.) Nesta/investing
for the good of society, (pdf, 61pag.)
xv europa.eu/press http://europa.eu/rapid/press-release_MEMO-13-209_en.htm?locale=en
and http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/intm/136377.pdf
xvi(7 sept. 2011, Wiley ed., 306p.) Review In Dutch
http://impactinvestingnews.blogspot.com/p/gelezen-bronnen-2013-2010.html or
http://impactinvestingnews.blogspot.com/2011_10_01_archive.html
xvii The Impact of Corporate Sustainability on Organizational Processes and Performance by
Robert G. Eccles, Ioannis Ioannou and George Serafeim Link
http://www.hbs.edu/faculty/Pages/item.aspx?num=47307
xviii Explanatory blog by Chan:
http://www.ssireview.org/blog/entry/the_responsible_hand_overcoming_the_shortcomings_
of_impact_investing article by Chan I could not find his article online but I have it for you.
Recently Chwodry, davies and water worked on this concept Intensivizing Impact Iinvesting
32 pdf http://issuu.com/bhagwanchowdhry/docs/iii or
http://www.anderson.ucla.edu/faculty/bhagwan.chowdhry/iii.pdf
xix http://www.corporate-engagement.com/research/93 A stairway to successful
innovation (pdf, 131 pag.) Ex Sum pag 10-15. Review in Dutch in
http://impactinvestingnews.blogspot.com/2013/06/impact-investing-nieuws-1juli-2013.html
xx papers.ssrn.com (abstract and link to pdf, 64 pag.) or EVPA/IESE_impact-investing. Dutch
review in http://impactinvestingnews.blogspot.nl/2013_09_01_archive.html
xxi 5 blogs by the Omydiar Network's Matt Bannink, managing partner and Paula Goldman who
leads efforts to accelerate the development of the impact investing industry. (Sept/Oct 2012)
http://www.ssireview.org/blog/entry/sectors_not_just_firms;
http://www.ssireview.org/blog/entry/embracing_the_full_investment_continuum;
http://www.ssireview.org/blog/entry/gaps_in_the_impact_investing_capital_curve;
http://www.ssireview.org/blog/entry/do_no_harm_subsidies_and_impact_investing;
http://www.ssireview.org/blog/entry/government_matters (Review in Dutch in
http://impactinvestingnews.blogspot.nl/p/gelezen-bronnen-2013-2010.html
xxii Catalytic First Loss Capital, the Global Impact Investing Network (Oktober 2013)
Description http://www.thegiin.org/cgi-bin/iowa/resources/research/552.html Report
http://www.thegiin.org/binary-data/RESOURCE/download_file/000/000/552-1.pdf (pdf, 36
pag.)
xxiii Dr Martin academic work can be found on
http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=794432. His consultancy is Impact
Economy, based in geneva Switzerland: http://www.impacteconomy.com His cinsultancy
publications, such as conference presentations can be found here
http://www.impacteconomy.com/en/publications.php PS he speaks 6 languages, even Dutch
(!).
xxiv http://evpa.eu.com/research-and-policy/knowledge-centre/knowledge-center-research/
xxv http://www.accesstomedicineindex.org/what-index
xxvi https://www.actiam.nl/en/product-services/microfinance-funds Again for institutional
investors. Note that SNS AM was renamed ACTIAM in mid 2014.
xxvii https://www.actiam.nl/nl/producten-en-diensten/sme-finance-fund

20. xxviii Europe.socialcapitalmarkets.net Reports on www.nextbillion.net
xxix In Dutch: https://www.nsgk.nl/doe-een-aanvraag/aanvraagprocedure-lening/indienen2
Nederlandse Stichting voor het Gehandicapte Kind.
xxx Handreiking impactmeting in de praktijk van en voor goede doelen in Nederland.
http://www.cbf.nl/Nieuws/4000/CBF-publiceert-handige-toolkit-Resultaat--en-Impactmeting
(pdf, 104 pag.) Review in Dutch http://impactinvestingnews.blogspot.com/2013/07/impact-
investing-nieuws-15-juli-2013.html
xxxi Corporate-engagement Report Download the 2011 GRESB Report
xxxii http://www.accesstomedicineindex.org/what-index Review in Dutch: Latest index 2014:
http://impactinvestingnews.blogspot.nl/2014/12/impact-investing-nieuws-1-december-
2014.html Methodology: http://impactinvestingnews.blogspot.com/2012/03/impact-investing-
nieuws-1-maart-2012.html
2012 Index: http://impactinvestingnews.blogspot.com/2012/11/impact-investing-nieuws-15-
november-2012.html
2010 Index: http://impactinvestingnews.blogspot.com/2011/12/impact-investing-nieuws-1-
december-2011.html
xxxiii Description for PRI http://www.pggm.nl/wat-vinden-we/Documents/ESG-themed-
investing-case-study-PGGM.pdf
xxxiv www.ing.nl/Images/A_Billion_to_Gain_tcm7-104604.pdf
xxxv Press Release http://www.abnamro.com/en/newsroom/newsarticles/abn-amro-launches-
social-impact-fund.html Update mid 2014
http://www.abnamro.com/en/newsroom/newsarticles/social-impact-fund-number-of-
investments-is-growing.html
xxxvi http://www.startfoundation.nl/english/about_us?session=v78qrvlhrjg160ftqgol4silh1
xxxvii http://www.nibc.com/investor-relations/dutch-banking-code/bankers-oath.html (the
text in English)
http://www.lexology.com/library/detail.aspx?g=cb3342ff-b711-4a58-a1bf-70d47bf02994
(legfal history and explanation)
https://www.nvb.nl/en/media/document/001840_Future-oriented%20Banking.pdf (pdf, 17
pag.)
xxxviii http://www.iffim.org/about/overview/
xxxix http://en.wikipedia.org/wiki/Uridashi_bonds
xl I will describe the work of the KL Felicitas Foundation and it asset manager Sonen Capital in
the Present paragraph.
xli Cheng, Ioannou and Serafeim: The Impact of Corporate Social Responsibility on
Investment Recommendations. We investigate whether superior performance on corporate
social responsibility (CSR) strategies leads to better access to finance. We hypothesize that
better access to finance can be attributed to a) reduced agency costs due to enhanced
stakeholder engagement and b) reduced informational asymmetry due to increased
transparency. Using a large cross-section of firms, we find that firms with better CSR
performance face significantly lower capital constraints. Moreover, we provide evidence that
both of the hypothesized mechanisms, better stakeholder engagement and transparency
around CSR performance, are important in reducing capital constraints. The results are further
confirmed using an instrumental variables and a simultaneous equations approach. Finally, we
show that the relation is driven by both the social and the environmental dimension of CSR

21. http://www.hbs.edu/faculty/Pages/item.aspx?num=43095 March 2014.
xlii Dutch review in http://impactinvestingnews.blogspot.com/2015/01/jaaroverzicht-
2014.html
http://www.mckinsey.com/insights/corporate_social_responsibility/redefining_capitalism?
cid=other-eml-nsl-mip-mck-oth-1411 The complete article can be found in the
http://www.democracyjournal.org/31/capitalism-redefined.php?page=all
Eric Beinhocker, alumnus of McKinsey’s Washington, DC en London, at present executive
director of the Institute for New Economic Thinking at the Oxford Martin School, University
of Oxford. Nick Hanauer is an entrepreneur, venture capitalist and author.
xliii It is described in Evolution of an Impact Portfolio: From Implementation to Results (pdf,
70 pag.)
xliv Impact Report, Impact Investing in Public Markets: Methodology, Analysis and Thought
Leadership. (pdf, 60 pag.)
xlv http://www.rockpa.org/document.doc?id=15 (pdf, 138 pag. A5)
xlvi http://www.eurosif.org/our-work/research/sri/european-sri-study-2014/ and
http://www.eurosif.org/publication/download/european-sri-study-2014
(pdf, 72 pag.) Review in Dutch in http://impactinvestingnews.blogspot.com/2014/10/impact-
investing-nieuws-15-oktober-2014.html
xlvii Ibidem 10 trillion Euro s the total in the from most left column in the table on page 21.
Ibidem
xlviii Review of all three in Dutch in http://impactinvestingnews.blogspot.com/2014/08/1-
september-2014.html
xlix http://www.accesstonutrition.org/objectives-0
l http://accesstoseeds.org/seed-challenge/
li http://www.responsiblemining.net/
lii http://trueprice.org/wp-content/uploads/2014/04/The-Business-Case-for-True-Pricing-
Consultation-Report.pdf (draft consultation (pdf, 50 pag.)
liii http://www.kpmg.com/ES/es/ActualidadyNovedades/ArticulosyPublicaciones/Documents/a-
new-vision-of-value-2014.pdf (pdf, 116 pag.) Description
http://www.kpmg.com/global/en/topics/climate-change-sustainability-services/pages/a-
new-vision-connecting-corporate.aspx
liv http://www.forbes.com/sites/ashoka/2014/03/27/stock-exchanges-for-social-enterprises-
heres-where-you-can-find-them/
lv https://www.rabobank.com/en/press/search/2014/greenbondprinciples.html
lvi http://www.solactive.com/indexing-en/indices/bonds/?index=DE000SLA0FS4
lvii
http://www.msci.com/resources/pressreleases/Barclays_MSCI_Green_Bond_Index_7114.pd
f
lviiihttp://www.climatebonds.net/standards/certification/get-certified
lix http://www.bng.nl/smartsite.shtml?id=74626 Unfortunately BNG has removed all relevant

22. documentation from its website. If have downloaded relevant pdf's.
impactinvestmentnews@yahoo.com Review in Dutch in
http://impactinvestingnews.blogspot.com/2014/10/impact-investing-nieuws-15-oktober-
2014.html
lx http://www.economist.com/news/business/21614152-few-pioneering-businesses-are-
developing-sustainability-policies-worthy-name-new
lxi Description and link to the survey on: http://www.thegiin.org/cgi-bin/iowa/resources/research/489.html
(free registration required) and/or http://www.thegiin.org/binary-data/2014MarketSpotlight.PDF (pdf,
52 pag.) Review in Dutch in http://impactinvestingnews.blogspot.nl/2014/05/impact-investing-nieuws-15-
mei-2014.html
lxii Idem Executive Summary page 5.
lxiii http://www.rockefellerfoundation.org/blog/7-things-weve-learned-about-impact?
utm_source=Social%20Media&utm_medium=Twitter&utm_campaign=RF%20Blog
Preview http://www.rockefellerfoundation.org/uploads/files/a548ee39-47c2-44ae-bde2-
c662977e6b2f-impact.pdf Book http://wdp.wharton.upenn.edu/books/impact-investing/?
utm_source=rfblogpost&utm_medium=web&utm_campaign=impactinvesting
Review in Dutch on http://impactinvestingnews.blogspot.com/2014/05/impact-investing-
nieuws-15-mei-2014.html
lxiv Article on Forbes http://www.forbes.com/sites/eshachhabra/2014/06/04/impact-investing-
not-just-for-billionaires/
lxv http://www.hopeconsulting.us/moneyforgood#reports Review in Dutch in
http://impactinvestingnews.blogspot.com/2014/02/impact-investing-nieuws-15-februari-
2014.html
lxvi http://www.socialimpactinvestment.org/reports/Triodos-Bank-report-on-Impact-
investing.pdf (pdf, 24 pag.) Review in Dutch
http://impactinvestingnews.blogspot.nl/2014_11_01_archive.html
lxvii The public version of the 'Climate Change Scenarios – Implications for Strategic Asset
Allocation' can be found at http://www.calpers.ca.gov/eip-docs/about/video-web-
center/videos/pension-investments/mercer-study-allocation.pdf (pdf, 132 pag.) Short
summary at
http://www.ifc.org/wps/wcm/connect/9ebee300488552f7ad04ff6a6515bb18/IFC_Brief_Mercer
_web.pdf?MOD=AJPERES (pdf, 4 pag.) Review in Dutch at
http://impactinvestingnews.blogspot.nl/2014/10/impact-investing-nieuws-1-november-
2014.html
lxviii Blog on Stanford Social Innovation Review with William Burckart on 23rd
of Aug. 2013:
http://www.ssireview.org/blog/entry/impact_investing_from_headlines_to_fundamentals
Dr Martin's website http://www.impacteconomy.com/making_impact_investible report:
http://www.impacteconomy.com/download/Impact%20Economy%20-%202013%20-
%20Making%20Impact%20Investible.pdf (pdf, 36 pag.) Prepublication for the G8
https://www.gov.uk/government/publications/status-of-the-social-impact-investing-market
(pdf. 13 pag.)