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SOCIAL IMPACT INVESTMENT: 
NEW INVESTMENT APPROACHES FOR 
ADDRESSING SOCIAL AND ECONOMIC 
CHALLENGES 
OECD, Paris, France 
November 7, 2014 
Karen Wilson 
Science, Technology & Industry Directorate
What is Social impact Investment? 
• Social impact investment is the provision of finance with the explicit 
expectation of a social, as well as financial, return. 
– This could be provided through a range of financial products, from debt 
to equity. 
– Social impact investment instrument and markets are developing in 
parallel to the mainstream financial markets. 
• Critical areas in which social enterprises and investors engage 
include 
– Health, “at risk” populations, education, housing and other areas of 
public private sector partnerships. 
2
3 
The Investment Spectrum
4 
Sample of global funds investment by 
sector during 2011 
Source: Saltuk et al, 2011.
Why does it matter? 
• New models of public and private partnership are needed to fund, 
deliver and scale innovative solutions to social and economic 
challenges. 
• Social investment is increasingly relevant as social challenges have 
mounted and public funds have been under pressure in many 
countries 
• Innovative new ways to address social issues more efficiently are 
needed 
• Capital providers are increasingly interested in social investment as 
a way to pursue social as well as financial goals. 
5 
The Social Impact Investment Market is 
Evolving Rapidly
The increased need for social services: 
trends in social outcomes 
6 
The juxtaposition of the figures in Panel A, read alongside the evidence in Panel B, gives the strongest message for the need for innovative social 
enterprise in these countries. First, although LTC provision varies widely, the demand for these provisions is likely to be very similar across countries – 
and so there is unmet demand. Second, as the scale of dependency increases, demand for care will increase substantially relative to the working-age 
population in the coming decades. 
Panel A: Population aged 65 years and over receiving long-term 
care, 2011 (or nearest year) and prevalence of dementia among 
the population aged 60 years and over, 2009 
Panel B: Over 65 population as a ratio of working age population 
(15-64)
7 
Prisons in a number of countries are 
over-capacity 
Note: Prison occupancy rates United Kingdom data is for England and Wales only, data for Australia, England & Wales, 
France, Germany, and Italy are from 2013; 2012 in Japan and the United States, and 2009 in Canada. 
Source: Author’s calculations of national informant data (available on request).
Evolution of total public social 
expenditure 
8 
Evolution of total public social expenditure 
As a percentage of GDP 1980-2013 
Source: OECD (2012), Social Expenditure (SOCX) via www.oecd.org/els/social/expenditure 
10 
15 
20 
25 
30 
35 
1980 1985 1990 1995 2000 2005 2009 2010 2011 2012 2013 
Canada France Germany Italy United Kingdom United States Australia
Social protection, health, housing and 
education cover 60%+ of total spending 
Structure of general government expenditures by function (2011) 
Source: OECD Government at a Glance, 2013.
– Taskforce established at G8 Social Impact Investment 
Summit in London in June 2013 
• Chaired by Sir Ronald Cohen, 2 representatives per country 
(public + private) 
• Initial mandate for one year, meeting every two months: 
– US: October 2013, UK: December 2013, Germany: February 2014, 
France: April 2014, UK: June 2014, Italy: October 2014 
• Four taskforce working groups 
• G7 (+ Australia) National Advisory Boards 
• Set of Taskforce reports published on September 15, 2014 
– OECD Phase I report (to be published in December 2014) 
• Social Impact Investment expert meetings (March and June 
2014) 
• Overview paper published in July 2014 “New Investment 
Approaches to Addressing Social and Economic Challenges” 
10 
Social Impact Investment Taskforce and 
the OECD Report
1. Executive Summary 
2. Overview on Social Impact Investment 
3. Social Impact Investment Framework 
4. Characteristics and Attributes of Social Impact 
Investment 
5. Context Setting: Differences in social needs and 
service delivery across selected countries 
6. Social Impact Investment Market Data: Initial Findings 
7. Policy Actions and Implications 
8. Conclusions and Next Steps 
11 
OECD Phase I Report
• Work across various OECD Directorates 
– Innovation, entrepreneurship, financing, inclusive innovation and 
health (Science, Technology and Innovation Directorate) 
– Social entrepreneurship (Centre for Entrepreneurship) 
– Health, employment, labour and social policy (Directorate for 
Employment, Labour and Social Affairs) 
– Entrepreneurship indicators and better life initiative (Statistics 
Directorate) 
– Financing for development (Development Cooperation 
Directorate) and the role of foundations in development 
(Development Centre) 
– Long term investment, finance (Directorate for Financial and 
Enterprise Affairs) 
• Major cross-OECD initiatives (led by SG’s Office) 
– New approaches to economic challenges (NAEC) 
– Inclusive growth 
12 
Internal Meetings Linking to Related 
Work Across the OECD
Framing the Social Impact Investment 
Market
Characteristics & Attributes of Social 
Impact Investment
• Public and private aggregated data (top-down) 
– Identify key aggregates (e.g. National Accounts; investors’ assets) 
Key caveat: Strong assumptions required due to aggregation level 
• Legal form and register data (bottom-up) 
– Identify legal types associated with SII (e.g. Community Interest Company) 
Key caveat: Far from perfect match between legal form and SII 
• Surveys 
– Sampling frames and appropriate reporting incentives are needed to ensure 
representativeness and data quality. 
Key caveat: Extremely resource intensive, difficult to identify appropriate samples 
• Other strategies such as polls, community feedback 
mechanisms and open source data 
Key caveat: Challenging to control data quality 
15 
Approaches to SII data collection 
Data requirements vary depending on who is seeking the data (market 
players, academics, policy makers).
• Should policy makers intervene in the market? 
– Existence of market failures 
• Information asymmetries (moral hazard), imperfect market competition, externalities, absence 
of public goods 
– Is SII a better or additional solution? 
• Is it more efficient and/or effective in meeting social needs? 
• What is the appropriate role of policy? 
– Indirect (addressing legal and regulatory issues) 
– Direct (providing support through tax incentives, guarantees or subsidies) 
• The critical next step is to build the evidence base: 
– Developing common definitions 
– Building the necessary data infrastructure and coordinated data collection processes 
– Furthering efforts on the measurement of primary social outcomes 
– Evaluation of polices and broader social outcomes 
16 
Policy Issues and Questions
Karen.Wilson@oecd.org 
For further information see 
July 2014 publication: 
http://www.oecd-ilibrary.org/science-and-technology/new-investment- 
approaches-for-addressing-social-and-economic- 
challenges_5jz2bz8g00jj-en 
New publication forthcoming in December 
2014 or January 2015 
For further questions contact:

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Well-Being as Business Purpose?, Wilson

  • 1. SOCIAL IMPACT INVESTMENT: NEW INVESTMENT APPROACHES FOR ADDRESSING SOCIAL AND ECONOMIC CHALLENGES OECD, Paris, France November 7, 2014 Karen Wilson Science, Technology & Industry Directorate
  • 2. What is Social impact Investment? • Social impact investment is the provision of finance with the explicit expectation of a social, as well as financial, return. – This could be provided through a range of financial products, from debt to equity. – Social impact investment instrument and markets are developing in parallel to the mainstream financial markets. • Critical areas in which social enterprises and investors engage include – Health, “at risk” populations, education, housing and other areas of public private sector partnerships. 2
  • 3. 3 The Investment Spectrum
  • 4. 4 Sample of global funds investment by sector during 2011 Source: Saltuk et al, 2011.
  • 5. Why does it matter? • New models of public and private partnership are needed to fund, deliver and scale innovative solutions to social and economic challenges. • Social investment is increasingly relevant as social challenges have mounted and public funds have been under pressure in many countries • Innovative new ways to address social issues more efficiently are needed • Capital providers are increasingly interested in social investment as a way to pursue social as well as financial goals. 5 The Social Impact Investment Market is Evolving Rapidly
  • 6. The increased need for social services: trends in social outcomes 6 The juxtaposition of the figures in Panel A, read alongside the evidence in Panel B, gives the strongest message for the need for innovative social enterprise in these countries. First, although LTC provision varies widely, the demand for these provisions is likely to be very similar across countries – and so there is unmet demand. Second, as the scale of dependency increases, demand for care will increase substantially relative to the working-age population in the coming decades. Panel A: Population aged 65 years and over receiving long-term care, 2011 (or nearest year) and prevalence of dementia among the population aged 60 years and over, 2009 Panel B: Over 65 population as a ratio of working age population (15-64)
  • 7. 7 Prisons in a number of countries are over-capacity Note: Prison occupancy rates United Kingdom data is for England and Wales only, data for Australia, England & Wales, France, Germany, and Italy are from 2013; 2012 in Japan and the United States, and 2009 in Canada. Source: Author’s calculations of national informant data (available on request).
  • 8. Evolution of total public social expenditure 8 Evolution of total public social expenditure As a percentage of GDP 1980-2013 Source: OECD (2012), Social Expenditure (SOCX) via www.oecd.org/els/social/expenditure 10 15 20 25 30 35 1980 1985 1990 1995 2000 2005 2009 2010 2011 2012 2013 Canada France Germany Italy United Kingdom United States Australia
  • 9. Social protection, health, housing and education cover 60%+ of total spending Structure of general government expenditures by function (2011) Source: OECD Government at a Glance, 2013.
  • 10. – Taskforce established at G8 Social Impact Investment Summit in London in June 2013 • Chaired by Sir Ronald Cohen, 2 representatives per country (public + private) • Initial mandate for one year, meeting every two months: – US: October 2013, UK: December 2013, Germany: February 2014, France: April 2014, UK: June 2014, Italy: October 2014 • Four taskforce working groups • G7 (+ Australia) National Advisory Boards • Set of Taskforce reports published on September 15, 2014 – OECD Phase I report (to be published in December 2014) • Social Impact Investment expert meetings (March and June 2014) • Overview paper published in July 2014 “New Investment Approaches to Addressing Social and Economic Challenges” 10 Social Impact Investment Taskforce and the OECD Report
  • 11. 1. Executive Summary 2. Overview on Social Impact Investment 3. Social Impact Investment Framework 4. Characteristics and Attributes of Social Impact Investment 5. Context Setting: Differences in social needs and service delivery across selected countries 6. Social Impact Investment Market Data: Initial Findings 7. Policy Actions and Implications 8. Conclusions and Next Steps 11 OECD Phase I Report
  • 12. • Work across various OECD Directorates – Innovation, entrepreneurship, financing, inclusive innovation and health (Science, Technology and Innovation Directorate) – Social entrepreneurship (Centre for Entrepreneurship) – Health, employment, labour and social policy (Directorate for Employment, Labour and Social Affairs) – Entrepreneurship indicators and better life initiative (Statistics Directorate) – Financing for development (Development Cooperation Directorate) and the role of foundations in development (Development Centre) – Long term investment, finance (Directorate for Financial and Enterprise Affairs) • Major cross-OECD initiatives (led by SG’s Office) – New approaches to economic challenges (NAEC) – Inclusive growth 12 Internal Meetings Linking to Related Work Across the OECD
  • 13. Framing the Social Impact Investment Market
  • 14. Characteristics & Attributes of Social Impact Investment
  • 15. • Public and private aggregated data (top-down) – Identify key aggregates (e.g. National Accounts; investors’ assets) Key caveat: Strong assumptions required due to aggregation level • Legal form and register data (bottom-up) – Identify legal types associated with SII (e.g. Community Interest Company) Key caveat: Far from perfect match between legal form and SII • Surveys – Sampling frames and appropriate reporting incentives are needed to ensure representativeness and data quality. Key caveat: Extremely resource intensive, difficult to identify appropriate samples • Other strategies such as polls, community feedback mechanisms and open source data Key caveat: Challenging to control data quality 15 Approaches to SII data collection Data requirements vary depending on who is seeking the data (market players, academics, policy makers).
  • 16. • Should policy makers intervene in the market? – Existence of market failures • Information asymmetries (moral hazard), imperfect market competition, externalities, absence of public goods – Is SII a better or additional solution? • Is it more efficient and/or effective in meeting social needs? • What is the appropriate role of policy? – Indirect (addressing legal and regulatory issues) – Direct (providing support through tax incentives, guarantees or subsidies) • The critical next step is to build the evidence base: – Developing common definitions – Building the necessary data infrastructure and coordinated data collection processes – Furthering efforts on the measurement of primary social outcomes – Evaluation of polices and broader social outcomes 16 Policy Issues and Questions
  • 17. Karen.Wilson@oecd.org For further information see July 2014 publication: http://www.oecd-ilibrary.org/science-and-technology/new-investment- approaches-for-addressing-social-and-economic- challenges_5jz2bz8g00jj-en New publication forthcoming in December 2014 or January 2015 For further questions contact: