1. © 2015 Boardwalk Capital Management
Unleash the 95%
Competitive Performance with Social impact
June 2015

2. 2© 2015 Boardwalk Capital Management.
While each foundation has a unique
mission, every foundation has a
purpose to serve the “greater good”.
Stephen Viederman, President (Ret.)
Jessie Smith Noyes Foundation

3. 3© 2015 Boardwalk Capital Management.
Each individual, celebrity or family office
has the same opportunity as a
foundation:
Creating a unique social brand.

4. 4© 2015 Boardwalk Capital Management.
“If you could invest with a better
footprint, and earn the same returns,
why wouldn’t you?”
Scott Sadler, Founder
Boardwalk Capital Management

5. 5© 2015 Boardwalk Capital Management.
The Typical Foundation
95%
5%
Retained
Investments
Targeted
Grants
Unleash the 95% to do some good.

6. 6© 2015 Boardwalk Capital Management.
When bonds yielded 10% and stocks 3%...
Distributing 5% was easy.
Foundations had to rethink how to meet their
distribution requirements.
Now they are rethinking the
definition of “impact” as more than
grantmaking.
Today’s Conundrum

7. 7© 2015 Boardwalk Capital Management.
Today’s investors are demanding
something different:
Competitive Returns
with
Positive Social Impact
Impact Investing is now one of the industry’s fastest growing segments
 Returns are competitive with conventional investing styles
 Social Impact is significant and measurable
In the United
States today,
$2 out of $10
under
professional
management
employs a
sustainable
investment
process.
Impact investing is a fast-growing segment

8. 8© 2015 Boardwalk Capital Management.
Investing for Return and Impact
We need to earn returns to meet our future liabilities
Charitable grants Operating expenses Retirement Education Lasting legacy
The World needs help with a variety of challenges
Clean Water Poverty Energy
Climate Change Agriculture Access to finance
Product safety Workers rights Animal welfare
Education Housing Health
New investment risks must be mitigated
Water Scarcity Climate risk Emissions regulation
Consumer attitudes Social media Ethics and corruption
Investing for Impact brings these elements together.
Foundations are uniquely positioned to utilize these philosophies.

9. 9© 2015 Boardwalk Capital Management.
Most asset types can be Impact assets
Fixed
Income
Quality of life
bonds
Sustainable corporate and “green” project bonds
Community lending, housing finance, microfinance
Hospital, greenspace, school, water munis
Private
equity
“Impact”
investments
Clean technology and renewable energy
Real estate: Brownfield remediation, organic farmland
Base-of-the-pyramid social impact equity
Large Cap
Equity
Global
Sustainability
Leaders
Smaller carbon footprint and declining emissions
Worker-friendly employment practices
Greater philanthropic activity
Superior transparency and governance
Large Cap
Equity
Global
Sustainability
Leaders
Large Cap
Equity
Global
Sustainability
Leaders
Becomes
Social impact is achieved when:
Becomes
Becomes

10. 10© 2015 Boardwalk Capital Management.
Theme: Sustainability Leaders
Global Sustainability Leaders Equity
• Leaders in environmental stewardship, policies
and controls
• Best corporate citizens
• Transparency and high ethical standards
• Best places to work
• Diversity and gender equity in management
and on boards

11. 11© 2015 Boardwalk Capital Management.
Theme: Agriculture
Farmland LP
• Strategic land purchases within driving
distance of urban farmers markets
• Convert conventional farmland to organic
over three year period
• Rent acreage to successful farmers
• Shortage of organic farmland vs. demand
• Rising profitability per acre from
conventional to “grass fed” to organic
• Successful record for investors, farmers
and consumers

12. 12© 2015 Boardwalk Capital Management.
Theme: Access to Finance
BlueOrchard Microfinance Fund:
• Invests in debt instruments issued by
microfinance institutions located in Africa,
Asia, Eastern Europe and Latin America.
• Maximum maturity of three years
“Offer access to financial services to low-
income groups often unserved by
mainstream banks, thus enabling them to
develop and grow income-generating
activities.”

13. 13© 2015 Boardwalk Capital Management.
Theme: Renewable Energy
CEA Utility Income Fund IV:
• Solar PV farms constructed with investor
money
• Low correlation with other investment types
• Long term Power Purchase Agreements
with major utility companies
• Energy price for fixed decades
• Renewable energy credits 30%
• 11% IRR (unleveraged)
• Insured by major insurers (Chubb, Travelers)
• Possible leverage (BB&T)

14. 14© 2015 Boardwalk Capital Management.
Thank you
Unleash the 95%

15. © 2015 Boardwalk Capital Management
www.BoardwalkCM.com
404-343-2026
info@BoardwalkCM.com
Boardwalk Capital Management is an active
member of the Green Chamber of the South.
Follow us on:
Boardwalk Capital Management is a
Certified B Corporation.