The document summarizes a presentation on impact investing from a fiduciary perspective. It discusses the evolution of impact investing strategies, the role of fiduciaries, defining mission and values, implementing impact investing policies, and collaborating and networking. It provides examples of impact investment funds and case studies of foundations' approaches to impact investing.
Funding Your Social Enterprise: Approaches & Resources for NonprofitsMargaret Stangl
Third in a series, this webinar focused on Funding Your Social Enterprise: Approaches & Resources for Nonprofits
If you were wondering how and where to get additional funding for your venture, the panel of fundraising experts and practitioners discussed:
1. Types of funding available to nonprofit social enterprises
2. What foundations support social enterprise and what they look for
3. Innovative approaches to fundraising
Social Finance and Impact Investing in CanadaKarim Harji
Presentation at OISE - November 21, 2012
• An overview of the state of social finance and impact investing across Canada
• An analysis of why Canada is well positioned to become a leader globally
• A participatory discussion on the key issues such as:
-- The perceived trade-offs between social impact vs. financial return;
--- How philanthropy can complement social finance;
--- Measurement of social value creation;
--- Legislation and public policy; and
--- Bridging silos between sectors and organizations.
Group 1 has graciously agreed to share their presentation slides with all those who are passionate about making a positive difference for displaced Aboriginal foster children.
- Keeping children close to home
*All Rights reserved by the creators.
hopeFound: Finding the Way Through Data, Discipline & Dialogue (case study)Nonprofit Finance Fund
hopeFound: Finding the Way Through Data, Discipline & Dialogue
Measuring impact is an ongoing challenge that all nonprofits-- including NFF--are always thinking about. With the multitude of factors that tangle the trajectory from service delivery to long-term outcomes, impact is often a complex picture that doesn't immediately unfold in hard numbers.
Recently, however, we had the chance follow up on an amazing story of long-term impact with hopeFound, a nonprofit dedicated to preventing and ending homelessness in the greater Boston area. hopeFound came to NFF in 2005, in the midst of some serious financial challenges that were posing a threat to the critical services they offer to the community.
Using five years of hopeFound's financial data, we performed a complete business analysis to shed light on their financial situation and provide a road map towards improved organizational health. hopeFound used NFF's findings to transform into a sustainable nonprofit achieving more impact than ever before. Now, a little over 5 years later, hopeFound engaged NFF to perform a second business analysis to clarify their 10-year trajectory of success and help shape a plan for the future.
So how did hopeFound achieve this transformation, and what can all nonprofits learn from this story? Check out the case study below to see how hopeFound combined effective data collection, disciplined planning and decision-making, and transparent communication to take control of their organization's future.
Anjali Deshmukh, Marketing and Communications Manager
Guidebook for Impact Investors: Impact MeasurementPurpose Capital
Purpose Capital recently published Guidebook for Impact Investors: Impact Measurement, a guidebook for impact investors to help them enhance their use of social metrics.
The guide provides investors with with:
- A basic overview of social metrics for impact investing
- An outline of the issues and challenges of social impact measurement
-A summary of existing social impact measurement tools and a description of how they are being used
-A set of diagnostic tools to help you think through key questions and issues related to measurement and to select appropriate social impact metrics based on selected goals
For more information, visit: http://www.purposecap.com/portfolio/guidebook-for-impact-investors-impact-measurement/
Presentation on Impact Investing at the 2nd Annual Social Entrepreneurship Summit at Washington & Lee University's Williams School of Commerce, Economics and Politics.
Funding Your Social Enterprise: Approaches & Resources for NonprofitsMargaret Stangl
Third in a series, this webinar focused on Funding Your Social Enterprise: Approaches & Resources for Nonprofits
If you were wondering how and where to get additional funding for your venture, the panel of fundraising experts and practitioners discussed:
1. Types of funding available to nonprofit social enterprises
2. What foundations support social enterprise and what they look for
3. Innovative approaches to fundraising
Social Finance and Impact Investing in CanadaKarim Harji
Presentation at OISE - November 21, 2012
• An overview of the state of social finance and impact investing across Canada
• An analysis of why Canada is well positioned to become a leader globally
• A participatory discussion on the key issues such as:
-- The perceived trade-offs between social impact vs. financial return;
--- How philanthropy can complement social finance;
--- Measurement of social value creation;
--- Legislation and public policy; and
--- Bridging silos between sectors and organizations.
Group 1 has graciously agreed to share their presentation slides with all those who are passionate about making a positive difference for displaced Aboriginal foster children.
- Keeping children close to home
*All Rights reserved by the creators.
hopeFound: Finding the Way Through Data, Discipline & Dialogue (case study)Nonprofit Finance Fund
hopeFound: Finding the Way Through Data, Discipline & Dialogue
Measuring impact is an ongoing challenge that all nonprofits-- including NFF--are always thinking about. With the multitude of factors that tangle the trajectory from service delivery to long-term outcomes, impact is often a complex picture that doesn't immediately unfold in hard numbers.
Recently, however, we had the chance follow up on an amazing story of long-term impact with hopeFound, a nonprofit dedicated to preventing and ending homelessness in the greater Boston area. hopeFound came to NFF in 2005, in the midst of some serious financial challenges that were posing a threat to the critical services they offer to the community.
Using five years of hopeFound's financial data, we performed a complete business analysis to shed light on their financial situation and provide a road map towards improved organizational health. hopeFound used NFF's findings to transform into a sustainable nonprofit achieving more impact than ever before. Now, a little over 5 years later, hopeFound engaged NFF to perform a second business analysis to clarify their 10-year trajectory of success and help shape a plan for the future.
So how did hopeFound achieve this transformation, and what can all nonprofits learn from this story? Check out the case study below to see how hopeFound combined effective data collection, disciplined planning and decision-making, and transparent communication to take control of their organization's future.
Anjali Deshmukh, Marketing and Communications Manager
Guidebook for Impact Investors: Impact MeasurementPurpose Capital
Purpose Capital recently published Guidebook for Impact Investors: Impact Measurement, a guidebook for impact investors to help them enhance their use of social metrics.
The guide provides investors with with:
- A basic overview of social metrics for impact investing
- An outline of the issues and challenges of social impact measurement
-A summary of existing social impact measurement tools and a description of how they are being used
-A set of diagnostic tools to help you think through key questions and issues related to measurement and to select appropriate social impact metrics based on selected goals
For more information, visit: http://www.purposecap.com/portfolio/guidebook-for-impact-investors-impact-measurement/
Presentation on Impact Investing at the 2nd Annual Social Entrepreneurship Summit at Washington & Lee University's Williams School of Commerce, Economics and Politics.
Accelerating Impact Impact Investing & Innovative Financing for DevelopmentKarim Harji
The concept of innovative financing is a relatively recent addition to the development lexicon. Edward Jackson, a faculty member at the School of Public Policy and Administration at Carleton University, and Karim Harji, a co-founder and partner at Purpose Capital, will introduce the audience to innovative financing and impact investing through their report, Accelerating Impact: Achievements, Challenges and What’s Next in Building the Impact Investing Industry. The AKFC Seminars on Innovative Financing for Development, hosted by Aga Khan Foundation Canada in partnership with Carleton University’s School of Public Policy and Administration.
Presented at the ANSER Conference, 28th May, 2009
Based on a forthcoming paper on the social finance landscape in Canada, from an investor perspective. Download the paper from carleton.ca/3ci
A whitepaper making the case for, and suggesting a model for, the creation of an investment bank focused on the social venture space in Canada. Many of the ideas are applicable outside of Canada as well.
Measuring Social Enterprise Impacts and Benefits:Emerging Approaches and IssuesKarim Harji
Presentation at the CASC/ANSER conference, Ottawa, May 27, 2009
For many social enterprises, the important issues of accountability and performance often get funneled into a discussion around metrics and measurement. Yet the measurement of the “blended value” (financial, social and environmental) that is created by social enterprise is a relatively under-developed facet of the social finance marketspace. This session will present emerging approaches and methods to assess, manage and communicate the complexity of social and financial value creation. Drawing on Canadian and international examples, the potential contributions of these approaches to the broader debate around social impact measurement will also be examined.
Measuring the Blended Value of Corporate Social Responsibility and Social Ent...Karim Harji
Presentation to the Canadian Evaluation Society Annual Conference, Ottawa, June 2, 2009
Innovative evaluation methods and tools are emerging in the fields of corporate social responsibility (CSR) and social enterprise. The focus of these innovations is the measurement of the “blended value” (financial, social and environmental) that is created by CSR and social enterprise, which is of interest to social investors, “philanthrocapitalists” and governments.
This panel will summarize findings-in-process from ongoing applications in these spheres in Ontario, Ghana and other developing-world settings. There are advantages and challenges in applying “blended value” approaches that the presenters will examine. The panelists will also discuss the implications of these findings for the theory and practice of evaluation.
A presentation I did for a family foundation interested in adding impact investing to its strategies. Some content created in cooperation with the Impact Finance Center.
The Coordinating Impact Capital report by the Center for Science, Technology, and Society encompasses over 10 months of surveys and analysis with more than 45 investment organizations currently working in the field of impact investing. The intent of this project was to unearth actionable suggestions for the social impact community, and identify market mechanisms that can increase the efficiency of invested capital, resulting in greater liquidity opportunities for investors. The project was generously supported by the Aspen Network of Development Entrepreneurs. The lead authors and guest experts will discuss the landscape of impact investing and a foundation for vetting future social impact investment opportunities.
Accelerating Impact Impact Investing & Innovative Financing for DevelopmentKarim Harji
The concept of innovative financing is a relatively recent addition to the development lexicon. Edward Jackson, a faculty member at the School of Public Policy and Administration at Carleton University, and Karim Harji, a co-founder and partner at Purpose Capital, will introduce the audience to innovative financing and impact investing through their report, Accelerating Impact: Achievements, Challenges and What’s Next in Building the Impact Investing Industry. The AKFC Seminars on Innovative Financing for Development, hosted by Aga Khan Foundation Canada in partnership with Carleton University’s School of Public Policy and Administration.
Presented at the ANSER Conference, 28th May, 2009
Based on a forthcoming paper on the social finance landscape in Canada, from an investor perspective. Download the paper from carleton.ca/3ci
A whitepaper making the case for, and suggesting a model for, the creation of an investment bank focused on the social venture space in Canada. Many of the ideas are applicable outside of Canada as well.
Measuring Social Enterprise Impacts and Benefits:Emerging Approaches and IssuesKarim Harji
Presentation at the CASC/ANSER conference, Ottawa, May 27, 2009
For many social enterprises, the important issues of accountability and performance often get funneled into a discussion around metrics and measurement. Yet the measurement of the “blended value” (financial, social and environmental) that is created by social enterprise is a relatively under-developed facet of the social finance marketspace. This session will present emerging approaches and methods to assess, manage and communicate the complexity of social and financial value creation. Drawing on Canadian and international examples, the potential contributions of these approaches to the broader debate around social impact measurement will also be examined.
Measuring the Blended Value of Corporate Social Responsibility and Social Ent...Karim Harji
Presentation to the Canadian Evaluation Society Annual Conference, Ottawa, June 2, 2009
Innovative evaluation methods and tools are emerging in the fields of corporate social responsibility (CSR) and social enterprise. The focus of these innovations is the measurement of the “blended value” (financial, social and environmental) that is created by CSR and social enterprise, which is of interest to social investors, “philanthrocapitalists” and governments.
This panel will summarize findings-in-process from ongoing applications in these spheres in Ontario, Ghana and other developing-world settings. There are advantages and challenges in applying “blended value” approaches that the presenters will examine. The panelists will also discuss the implications of these findings for the theory and practice of evaluation.
A presentation I did for a family foundation interested in adding impact investing to its strategies. Some content created in cooperation with the Impact Finance Center.
The Coordinating Impact Capital report by the Center for Science, Technology, and Society encompasses over 10 months of surveys and analysis with more than 45 investment organizations currently working in the field of impact investing. The intent of this project was to unearth actionable suggestions for the social impact community, and identify market mechanisms that can increase the efficiency of invested capital, resulting in greater liquidity opportunities for investors. The project was generously supported by the Aspen Network of Development Entrepreneurs. The lead authors and guest experts will discuss the landscape of impact investing and a foundation for vetting future social impact investment opportunities.
There is an ever-increasing pressure for nonprofits to develop revenue models that are sustainable over the long-term. Funding continues to shift in this uncertain economy that, in turn, demands nonprofit leaders to intentionally assess, monitor and adapt their organizations’ revenue models in the changing environment. The goal of the session is to equip nonprofit leaders with the tools to plan, implement and adapt a revenue model that builds on the organization’s existing strengths and capacity.
Presentation by Jeff Rosen and Michael Lent of The Solidago Foundation and Veris Wealth Partners; at the Take Action! 2010 Impact Investing Conference in Boston.
How to Convert Community Stakeholders to Impact InvestorsTechSoup
Mission-driven organizations can now raise capital in alignment with their values. Changes in securities laws, new intermediaries, and new financial tech (fintech) solutions make it easier for organizations to engage their supporters, both wealthy and not, as impact investors.
This session, led by expert John Katovich, Co-Founder of Cutting Edge Capital and Principal of Bequia Securities, will feature an overview of new fundraising strategies that deepen community engagement while raising revenue.
This session will also introduce SVX.US, based on the Canadian impact investing marketplace launching in the U.S. in partnership with Bequia Securities and its first offering, TechSoup. This session will serve as a useful case study for new ways to raise capital from your community.
SUSTAINABLE INVESTING STRATEGIES: WHY INVESTOR INTEREST CONTINUES - Michael L...IFG Network marcus evans
Michael Lent, VERIS WEALTH PARTNERS - Speaker at the 2013 IFG Wealth Management Forum held in Phoenix, AZ, April 22-23, delivered his presentation entitled SUSTAINABLE INVESTING STRATEGIES: WHY INVESTOR INTEREST CONTINUES
Social Impact Measurement Use Among Canadian Impact InvestorsPurpose Capital
Purpose Capital recently published Social Impact Measurement Use Among Canadian Impact Investors, a report that identifies the needs and priorities for Canadian impact investors as they relate to social impact measurement.
The key objectives of the report were to:
- Determine investors knowledge about social impact metrics
- Assess investors’ reliance on social impact metrics to make investment decisions
- Identify the tools that investors use
- Identify frameworks to reduce barriers for greater investment
- Provide recommendations to government aimed at improving the use of social metrics
For more information, visit: http://www.purposecap.com/portfolio/social-impact-measurement-use-among-canadian-impact-investors/
LightCastle takes a look at the role of NGOs/NPOs in Impact Investment and how they can make a change in the journey of budding SMEs and small businesses.
The Intersection of Innovation & InvestmentsTakeAction
Scott Anthony,
Managing Director, Innosight Ventures.
Scott Anthony's presentation from the 2009 Take Action! Impact Investing Conference in San Francisco.
Joan Trant,
Executive Director, International Association of Microfinance Investors.
Joan Trant's presentation from the 2009 Take Action! Impact Investing Conference in San Francisco.
Presentation by Jenny Russell and Mark Peters of Merck Family Fund and Federal Street Advisors; at the Take Action! 2010 Impact Investing Conference in Boston.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
1. A Fiduciary’s Approach to
Impact Investing
Lauryn Agnew, Seal Cove Financial
Christa Velasquez, Annie E. Casey Foundation
Georgette Wong, Correlation Consulting/Take Action!
March 14, 2011
2. Bay Area Equity Fund I
$75M private equity fund
Invests in companies in low income communities of the Bay Area
Partnership with Bay Area Council for deal flow and workforce development
$1.65M Casey equity investment (PRI)
10 year partnership
Originally set PRI-like return expectation
of 10-12%
Now performing in top quartile and
expect 20+%
10 year goal of 1,500 new jobs created
Cumulative jobs created since inception
(2010Q1): 2,125
Cumulative jobs for low-income
individuals created: 1,224
3. Agenda
Evolution of Impact Investing Strategies
Role of the Fiduciary
Defining Mission and/or Values
Implementing Impact Investing Policies
Expectations of Return
Building Impact Portfolios
Collaborating and Networking
4. Who’s investing?
More than foundations Motivations
Asset Owners Financial
• Foundations • Looking for outperformance
• Individuals, Families & Family Offices • Qualitative signals
• Major Pension Plans – CalSTRS, CalPERS • Reduce risk
• Insurance Companies – Prudential • Transparency
Their Ecosystem
Social/Environmental
• Consultants/Financial Advisors
• Tangible Impact – beyond
• Philanthropic Consultants
intent
•Alignment with values
Asset Managers & Other Intermediaries
• Use all assets – financial and
• Across asset classes
non-financial
• Investment Banks – JP Morgan, Morgan
Stanley, Goldman Sachs
Interdisciplinary, Silo-Busting
Business, Finance, Nonprofits, Government
5. History of Impact Investing
Predominantly in the public equity space
Socially Responsible Investing: negative screening
South Africa Free/anti-apartheid
Faith based screening
Weapons, tobacco
CDFIs/Community Investing
ESG: Environmental, Social & Governance
Green themes, Workplace issues, Shareholder Activism/Proxy voting
Sustainable Investing – smarter company management yields
better returns?
Green, upstream & downstream influences
6. Impact Investing Terminology
Program Related Investing (PRI) specific for foundations
Primary motivation is social impact; financial return can vary
Mission Related Investing (MRI) specific for foundations
Supports mission
Returns can vary; greater emphasis on competitive returns
Impact Investing * ESG/Sustainable * Triple Bottom Line
Market Rate (or greater) Financial Return + Social Impact
7. Impact Investments & Themes
(Source: Solutions for Impact Investors: From Strategy to Implementation, Rockefeller Philanthropy Advisors, p. 64-65.)
8. Impact Investing Policy
Policy decisions
Across impact investing spectrum
Across asset classes
Ongoing program or opportunistic
Direct investments or through intermediaries
Create new product
Sole investor or with co-investors
In-house expertise or contracted
9. Impact Investing Process
Articulate Mission and Values
Create Program/Impact Themes
Define Desired Impact
Develop Impact Investing Policy
Generate Deal Flow
Analyze Deals
Evaluate Impact
Source: Solutions for Impact Investors: From Strategy to Implementation, Rockefeller Philanthropy Advisors
10. Case Studies
Annie E. Casey Foundation
Social investments complement grantmaking and provide
additional philanthropic tools
$125 million allocation of endowment
Flexible terms but always invest through financial
intermediaries
Leverage/co-investment requirement
Systems in place to track financial and social returns
11. AECF SOCIAL INVESTMENT TAXONOMY
MISSION INVESTMENT PORTFOLIO POSITIVE VALUES-DRIVEN
High Screened
impact PRI MRD MRI DBL SRI
PRI Deposits
Source of $: grant Source of $: Source of $: Source of $: Source of $: Positive Negative
endowment endowment endowment endowment
Very high-risk PRIs
Market rate Market rate
Below market rate Market rate
Tracked separately Proactive All non-SRI Source of $:
from SI portfolio Clear program link Clear program investments with endowment
Clear link to
(all program link (place social purpose
Casey mission Market rate
Below market rate areas) based, FES) but doesn’t have No specific No specific
to meet IRS connection to
Clear program link Meets IRS connection to
charitability Casey mission
(all program areas) charitability Casey mission
requirements
requirements
Meets IRS charitability
requirements
Example: Example: Example: Example: Example: Example:
EBDI ACCION Latino Credit Invest NW Clean-tech or Generation
Texas Union Green funds Community Inv. Index
12. Guidelines for Impact Investing
Fiduciary
A person to whom property or power is entrusted for the benefit of
another
Standard of Conduct
Fiduciary duty to act with care, skill, prudence and diligence
Prudent Person Standard
ERISA and UPMIFA
13. Strategic Considerations
General economic conditions
Inflation/deflation
Make decisions on a total portfolio basis
Allocate risk and return across the portfolio
Consider needs and resources to achieve both prudent
spending levels + capital preservation
14. Establishing Policies
Investment Policy
Asset Allocation
Due Diligence and Monitoring
Stable Spending Policy
Smoothing over time: rolling 12 quarters
Prudent levels of spending vs. asset allocation
Code of Fiduciary Conduct
Checks and Balances, no conflicts of interest
15. Integrating Impact Investing
Assess portfolio positioning
Which asset class (es)?
Carve out % or 100%?
Time Frame
Risk and Return Expectations
Impact Expectations
Measuring Impact
Deal flow and other investment opportunities
Collaborations and Structuring deals
16. Impact Investments & Themes
(Source: Solutions for Impact Investors: From Strategy to Implementation, Rockefeller Philanthropy Advisors, p. 64-65.)
17. Case Studies
United Way of the Bay Area
Mission: Cut Bay Area poverty in half by 2020
• Themes: affordable housing, community development
100% Impact portfolio across all asset classes
• Attractive to donors for permanent gifts
• Spending from the endowed portfolio goes to support operations
-> cuts need for fundraising for operations
• Asset allocation being developed
– Liquidity needs may affect asset class choices in the near term
– Measuring impact and developing policies
18. Collaborations and Co-investors
Deal Structures can be creative
Unique risk and return expectations for each investor, collaborations
provide liquidity
Collaborating for Impact
Community Foundations
Private and quasi-public foundations and charities
Public funds: redevelopment, agency or district funds
Community development financial institutions
Conferences, networking and databases
19. Example: Initial Deutsche Bank
Eye Fund Structure
(Source: Deutsche Bank Global Social Investment Funds & Community Development Finance Group)
36% first-loss protection, 1% loan loss reserves, 6-month interest reserve
20. Example: Living Cities Catalyst Fund
The Integration Initiative
Restricted fund in Catalyst
$55M bank debt
$80M invested in 5 cities LIBOR + 250-300 bps
Designated financial
intermediary in each city
Flexible resources to
integrate change across $17.3M PRI
• Disciplines 3.5%
• Geographies (can be but not always subordinate)
• Sectors
• Funding sources 10% grant funded
equity
21. Impact Investing Resources
Not-For-Profits
Confluence Philanthropy: www.confluencephilanthropy.org
Global Impact Investing Network (GIIN): www.thegiin.org
Initiative for Responsible Investment: www.hausercenter.org/iri
Investors’ Circle: www.investorscircle.net
More for Mission Campaign: www.moreformission.org
Rockefeller Philanthropy Advisors: www.rockpa.org
Social Investment Forum: www.socialinvest.org
22. Impact Investing Resources
Monitor Institute: www.monitorinstitute.com
FSG Social Impact Advisors: www.fsg-impact.org
Other impact investors:
FB Heron Foundation: www.fbheron.org
KL Felicitas Foundation: www.klfelicitasfoundation.org
PRI Makers Network: www.pri-makers.net
Foundation Center: www.fdncenter.org (PRI Directory)
Grantcraft: www.grantcraft.org (PRI grantcraft guide)
23. Biographies
Georgette Wong, Correlation Consulting/Take Action!
Georgette is the Creator & Curator of the Take Action! Impact Investing Conference series and President of
Correlation Consulting. Georgette currently is assisting the US State Department, the Board of Governors
of the Federal Reserve System and the Federal Reserve Bank of San Francisco’s Center for Community
Development Investments to catalyze impact investing across the government, private and public sectors.
She is considered a leading speaker and advisor on trends in impact investing. Georgette's most recent
work has been published in Community Development Investment Review (Federal Reserve Bank of San
Francisco), Solutions for Impact Investors: From Strategy to Implementation (Rockefeller Philanthropy
Advisors), Private Asset Management, and Financial Planning Magazine.
Over the last eighteen years, she has: advised families, foundations and Fortune 100 businesses on public and
private investments; developed and funded early stage companies; and created organizations focused on
strategic philanthropy and partnerships between the business and social sectors. Before starting
Correlation Consulting, Georgette was: a Director of Client Relationships for Sterling Stamos, a multi-
billion dollar private investment firm; a Financial Advisor at Piper Jaffray; and the Development Director
for the Asian Law Caucus, the nation’s oldest legal and civil rights organization for Asian Pacific Americans.
Georgette is a graduate of the Anderson School of Management at the University of California, Los
Angeles (MBA) and Amherst College (BA magna cum laude).
24. Biographies
Christa Velasquez, Anne E. Casey Foundation
Christa is Director of Social Investments for the Annie E. Casey Foundation, a private charitable organization
whose principal mission is to help build better futures for disadvantaged children and families. She is
responsible for managing the foundation's $125 million social investment fund. Her work encompasses all
aspects of social investing, including program design, developing investment strategies, underwriting and
structuring investments and portfolio management. She is a leader in the social investing field and helped
found the More for Mission Campaign and the PRI Makers Network. Prior to joining the Foundation,
Velasquez spent six years at the consulting firm Brody-Weiser-Burns, specializing in social investing,
community development financing and business planning for social ventures. Her current and former
board experience includes: The National Writing Project, TRF Urban Growth Partners, the American
Visionary Art Museum, Catholic Charities of the Archdiocese of Baltimore and Goodwill Industries of the
Chesapeake. She received a Bachelor's degree in Latin American Studies from the University of Chicago
and an MBA from the Yale School of Management.
25. Biographies
Lauryn Agnew, Seal Cove Financial
With nearly three decades of experience in developing and implementing strategies in the institutional
investment industry, Lauryn Agnew provides leadership and insight to public fund trustees, non-profit
boards and committees, and to investment consulting and advisory firms.
Lauryn serves not only as a resource to non-profit organizations for investment consulting services and
provides fiduciary education and trustee training for public fund and non-profit board and committee
members, she also offers strategic marketing analysis and recommendations to firms with specialized
investment strategies.
Currently, Lauryn is a Trustee on the Board of the San Mateo County Employees’ Retirement Association
(SamCERA), is Chair of both investment committees at the United Way of the Bay Area and the Girl Scouts
of Northern California, and is a member of the finance committee of the Immaculate Conception Academy
of San Francisco. Lauryn has a Bachelor of Arts degree in Economics from Whitman College in Walla Walla,
Washington and an MBA in Finance from the University of Oregon. She is a member of the CFA Society of
San Francisco and the Financial Women's Association of San Francisco.
27. UPMIFA
Uniform Prudent Management of Institutional Funds Act
(Source: www.upmifa.org)
UPMIFA requires a charity and those who manage and invest its funds to:
1. Give primary consideration to donor intent as expressed in a gift instrument,
2. Act in good faith, with the care an ordinarily prudent person would exercise,
3. Incur only reasonable costs in investing and managing charitable funds,
4. Make a reasonable effort to verify relevant facts, (due diligence)
5. Make decisions about each asset in the context of the portfolio of investments,
as part of an overall investment strategy,
6. Diversify investments unless due to special circumstances, the purposes of the
fund are better served without diversification,
7. Dispose of unsuitable assets, and
8. In general, develop an appropriate investment strategy for the fund and the
charity.
28. UPMIFA
Uniform Prudent Management of Institutional Funds Act
Prudent Person Standard for Non-Profits
No conflict of interests
Expectation of higher standard of behavior
Updates financial concepts
Total return, portfolio risks, diversification
Aligns investment policies with spending policies
Asset allocation strategies, stable spending, purchasing power
protection