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The Edge Between REconomy and Impact Investing

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Cyril Gouiffès of European Investment Fund @ REconomy practitioners guest speaker online event, 24.8.2017.

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The Edge Between REconomy and Impact Investing

  1. 1. EIF - Impact Investing Tools 24th August 2017 - The edge between REconomy and Impact Investing
  2. 2. SME Development Stages DEVELOPMENT HIGHER RISK LOWER RISK Public Stock Markets Incubator/Accelerator-linked funds Technology Transfer Microcredit VC Early Stage Portfolio Guarantees & Credit Enhancement VC Lower Mid-market & Mezzanine Funds PRE-SEED PHASE SEED PHASE START-UP PHASE EMERGING GROWTH Social Impact Funds Business Angels Payment-by-Results investment schemes Social Impact Accelerator (SIA) €243m EFSI Social Impact window min. €150m Impact Investing: Mainstream Activity at EIF
  3. 3. Social Impact Accelerator Social Impact Venture Capital Fund Social SME Social SME Social SME Social SME Social SME Investment Targets Final beneficiaries Crédit Coopératif Fund-of-funds Investors SITRA Bulgarian Development Bank Social Impact Venture Capital Fund Social Impact Venture Capital Fund Across the EU, Candidate Countries and Potential Candidate Countries Public-Private Partnership EUR 243m Investment Capacity Social Impact Accelerator (SIA) – Structure Social Impact EIB/EIF Deutsche Bank 3
  4. 4. 4 Europe’s leading social impact fund investor Since 2014: 10 fund investments €104.6m* (43%) committed 38 final beneficiaries ** Funds: Impact Partenaires III & Impact Creation 1 ** * Exchange rate GBP/EUR on 31 Dec. 2016
  5. 5. New tools for impact investing: EFSI Equity Instrument 5 New tools for impact investing Investments in/alongside intermediaries linked to incubators/accelerat ors targeting social enterprises Investments in business angels funds or co- investments alongside business angels targeting social enterprises Payment by Results investment schemes targeting social sector organizations at large
  6. 6. EFSI Investment Criteria(*) Independent Management team EIF ranks (at least) pari passu Max commitment: € 50m 7.5% ≤ ticket size ≤ 50% (typically) 2X – 2/3 rule Eligible beneficiaries: SMEs, Small mid-caps, SocEnt 15 years +3 (*) non-exhaustive list 6
  7. 7. Investment in/alongside Financial Intermediaries linked to incubators/ accelerators 7 EIF as (co-)investor Private/Institutional Investors Financial Intermediary (Typically venture capital funds) Portfolio of Social Enterprises (and other eligible beneficiaries) established or operating within the EU ranging from pre commercial stage up to early growth Incubators/ Accelerators Min: 7.5% Max: typically up to 50% Max: EUR50m Equity/Preferred Equity/ Hybrid Debt-Equity/ Other mezzanine financing Services
  8. 8. Co-investment with Business Angels 8 EIF as (co-)investor Business Angels/ Business Angels Funds Co-investment vehicle/agreement with Business Angels Portfolio of Social Enterprises (and other eligible beneficiaries) established or operating within the EU ranging from early stage to growth stage Min: 7.5% Max: typically up to 50% Max: EUR50m Equity/Preferred Equity/ Hybrid Debt-Equity/ Other mezzanine financing
  9. 9. Payment-by-Results 9 EIF as (co-)investor Private/ Institutional Investors/ PbRManager Financial Intermediary (Typically through special purpose vehicles) Social Enterprises/Social Sector Organisations established or operating within the EU Min: 7.5% Max: typically up to 50% Max: EUR50m Equity/Preferred Equity/ Hybrid Debt-Equity/ Other mezzanine financing/ Debt
  10. 10. Impact measurement 10 1 SOCIAL OBJECTIVE STAKEHOLDER ANALYSIS IMPACT 2 3 4 5 6 7 8 elaboration of change theory identification of social issue definition of stakeholder- specific metrics analysis of stakeholder expectations stakeholder selection stakeholder mapping definition of stakeholder- specific objectives measurement/reporting of social impact performance 10 Intermediary’s financial reward is linked to the achievement of social impact across the portfolio 2-3 Impact KPI’s per investee (except for PbRs, where impact- reward link is captured in the tool’s structure)
  11. 11. Social Business Models Traditional Business Models Run in a Social Way Geographically- Focused Business Models Business Models Social Enterprise Business Models MyChoicePad helps children, young people and adults who have speech, language or communication needs. Autistic individuals receive the opportunity to contribute their skills to the IT sector (e.g. Software Testing) and to independently fund their lives. The Gym provides low cost health and fitness facilities in purpose-built gyms which are open 24 hours a day.
  12. 12. What do we look for? 12 Team or BA Investme nt Strategy Market opportunity or need Vehicle structure and size Downside Protection Terms & Conditions Impact Thesis, Theory of Change Active pipeline Alignment of interest Relevant dealflow
  13. 13. Contact Details 13 Cyril Gouiffès Investment Manager Impact Investments Technology & Innovation Email: c.gouiffes@eif.org Web: www.eif.org http://www.eif.org/what_we_do/equity/sia/index.htm http://www.eif.org/what_we_do/microfinance/easi/index.htm?lang=-en http://www.eif.org/what_we_do/efsi/equity/index.htm For further information on SIA, EaSI and EFSI Equity for social impact please visit:
  14. 14. 14 Disclaimer ▪ This document is for information purposes only and is intended to provide an outline of the main terms for the products described therein, which are indicative, non-exhaustive and subject to change ▪ This document does not constitute a recommendation, a solicitation, an offer or a binding commitment – either implicit or explicit – on the part of the EIF ▪ This document and any information contained therein may not be circulated and/or reproduced in part or in full without the prior written consent of EIF

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