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aaa Tides Impact Investing Field Scan - 2011
Impact Investing Field Scan Landscape Overview and Group Profiles July 2011 Introduction to Impact Investing Impact investing uses profit-seeking investments to generate societal and environmental goodin addition to financial returns. The impact investing market sits at the nexus of philanthropy andcapital markets. It provides grant-makers and philanthropic institutions the opportunity to gobeyond contributions, memberships and grants, leveraging investment assets to further social-change and social-justice missions.As impact investors, these individuals and institutions make investments in social enterpriseentrepreneurs and social enterprises: mission-driven organizations that apply market-basedstrategies to achieve a social purpose. The social enterprise movement includes both non-profits that use business models to pursue their mission and for-profits whose primary purposesare to deliver positive change (jobs, micro-loans, positive environmental impacts, etc.).Impact investing is a distinct type of socially responsible investing that starts with a differentpremise than past “SRI” investment models. The SRI market has traditionally used either (1) a“negative screen” to filter out investments in companies that create societal harm (e.g. refusal toinclude tobacco companies in an investment portfolio) or (2) a shareholder activism model toattempt to positively influence corporate behavior.Impact investing starts in a different place: instead of a “do-no-harm” model, it uses a “do good”model that seeks investment opportunities that create societal benefits in addition to financialreturn. For the purposes of this overview, “negative screening” strategies are considered finance-first vehicles because their first goal is financial return, while impact investments arereferred to as impact-first opportunities and strategies. Purpose and Methodology This memo provides an overview of the field, highlighting several key sub-sectors and roles thatdifferent organizations and companies fulfill within this evolving landscape. Example groups arebriefly profiled within this memo to demonstrate different models and types of engagement inimpact investing. This piece also provides working definitions of key terms (highlightedthroughout the text in boldface type), the goal of which is to develop a common language foruse within Tides.The memo is based on a field scan of more than 30 leading groups in the field of impactinvesting -- from investment-product providers to philanthropic institutions and membershipassociations. This is a small percentage of the total number of groups in this industry, but ourpurpose is to provide a framework for assessing potential partnership opportunities for Tides,not to create a comprehensive snapshot of the field.The field scan is appended. Data for these profiles was compiled through publicly availablesources including websites, research reports, brochures, forms and membership affiliationprofiles, where available. The scan was conducted from July 11 - July 18, 2011. Impact Investing Field ScanPage 2 of 37 Convening Roles in Impact Investing Impact investing is a growing marketplace of tens of billions of dollars. A 2008 Monitor Institutereport, “Investing for Social and Environmental Impact,” estimates that the impact market couldtop $500B by 2018. Comparatively, this would be nearly double the amount of current annualphilanthropic giving in the U.S.To help create this marketplace, a handful of foundations -- led by the Rockefeller Foundation --have incubated and funded a variety of convening groups to create, support and evaluate thefield. Convening groups tend to serve one or more of three purposes:• Define the landscape of impact investing by studying its developments, creating andstandardizing investment and/or reporting metrics;• Support social-enterprise entrepreneurs by providing technical assistance (“T.A.”) to help manage and launch their business and connect them to investors; and• Support investors and institutions by researching developments in the field, vetting andproviding their members/constituents with information about investment opportunities.Several organizations provide leadership in these areas, and further information is provided forseveral of them in the appendix. A subset is profiled here as examples of key actors with whomTides may be able to partner. > PROFILE: THE GLOBAL IMPACT INVESTING NETWORK (GIIN) -- LANDSCAPE DEFINITION The GIIN is a 501c(3) public charity operating under the fiscal sponsorship of RockefellerPhilanthropy Advisors. The GIIN developed the Impact Reporting and Investment Standards(IRIS) Guidelines to serve as “a common social and environmental vocabulary” that can beused by social enterprise and investors to evaluate impact returns. Organizations that adoptthe IRIS definitions for their impact reporting can contribute data to the GIIN, which willproduce industry-wide benchmarks and support related analysis. While IRIS and other workfrom the GIIN is meant to be used by the general public, the organization’s primaryconstituency is its Investors Council, designed for investors with significant capital alreadyinvested with a clear social or environmental impact. Members range from major privatefoundations (Gates, W.K. Kellogg, Annie E. Casey) to multi-national financial servicescorporations (e.g. Citi, Deutsche Bank, TIAA-CREF). > PROFILE: INVESTORS CIRCLE (IC) -- CONVENER + T.A. FOR INVESTORS IC is a marketplace of investments. The non-profit organization supports a membershipnetwork of “150 angel investors, professional venture capitalists, foundations and familyoffices.” The organization, now merging with the SJF Institute (which convenes and providesT.A. to social enterprises), solicits prospectuses from early-stage enterprises. IC invitesselected organizations to present to the IC network at in-person and virtual Venture Fairs. Philanthropic Roles in Impact Investing More specific to the arena of foundation investment strategy is mission-related investing(MRI) , the practice of aligning a foundation’s asset investments with its mission. Manyfoundations rely on finance-first SRI vehicles to achieve market-rate returns (that is, financialreturns that are at least equivalent to the returns of the market as a whole) while avoidinginvesting money at cross-purposes to their philanthropic missions. Impact Investing Field ScanPage 3 of 37 Many mid-major and major foundations have developed multi-million dollar funds for program-related investments (PRIs) whose chief purpose is to advance the foundation’s mission. PRIsare impact-first investments: like grants, they make money available to organizations that areaddressing social or environmental concerns; unlike grants, PRIs are expected to be repaid,often at below-market rates of return. Once repaid, PRIs are typically reinvested in othercharitable activity. > PROFILE: PRImakers NETWORK -- CONVENER + T.A. FOR INVESTORS PRImakers is dedicated to raising awareness of PRIs as opportunities for philanthropicinstitutions to leverage their endowments and program funds into change beyond standardgrant-making. PRImakers is a non-profit membership association of 120+ foundations andfamily offices of all sizes and social-impact focus areas. For its members, PRImakersprovides the searchable PRI Activity Database that contains details of over 1750 past PRIsto inform future investments. The organization provides technical assistance, trainings andworkshops to educate its members on PRIs and social investing.The field is in the early stages of realizing the potential of investing donor-advised funding inimpact vehicles. The Rockefeller Foundation has begun a project to develop an impactinvestment toolkit for community foundations, some of whom are already offering their clientsimpact-first vehicles (e.g. the mission-based deposits program at Silicon Valley CommunityFoundation, the “Opportunity Fund” at the San Francisco Foundation, “Cincy Tech” ventureinvestments at the Greater Cincinnati Community Foundation, and many others). Other publiccharities, like RSF Social Finance, are leveraging existing donor advisory programs whilefinancial services professionals are creating donor-advised fund products to tap this market. > PROFILE: RSF SOCIAL FINANCE (RSF) RSF offers a $45MM mission investment program for donor advisors, with three investmentpools with various risk and return profiles. RSF advertises having over one-thousand clientswho direct investments through the foundation’s products and donor-advised program. > PROFILE: IMPACT ASSETS (IA) IA is a public charity that was incubated at the Calvert Foundation. The organization’ssignature product is the Giving Fund, through which it offers a variety of customizable impactinvestment products. These products include the Calvert Community Investment Notes (seeprofile, below), Calvert Investments’ SRI mutual funds, and the more aggressive GlobalImpact Ventures (GIV) Platform (also developed at Calvert Foundation). IA repots that it isdeveloping new products for its clients, and currently reports investments of over $50MMwith 400+ donors participating in its donor advised fund.Several 501c(3) public charities use impact investment models as the primary method ofaccomplishing their philanthropic work. These organizations solicit donors and use those fundsto make PRIs, purchase impact investment products, fund micro-finance institutions or makedirect grants. Some go beyond traditional fundraising solicitation and offer donors theopportunity to place funds directly into the organization’s impact investment vehicles. > PROFILE: JEWISH FUND FOR SOCIAL JUSTICE (JFSJ) Like RSF, the Jewish Fund for Social Justice is one of several charitable institution that bothraises money (along the lines of a traditional non-profit organization) while offering itsdonors actual investment products and opportunities. For example, JFSJ has partnered with Impact Investing Field ScanPage 4 of 37 the Calvert Foundation to offer its Community Investment Notes product directly to donors,with a minimum investment of $1,000. Larger-capacity investors can “make a loan of$18,000 or more to [...] a national loan fund organized to pool investments from the Jewishcommunity and place the money into community development financial institutions.” JFSJdoes all of this with broadly-defined mission of social justice rooted in Jewish tradition. JFSJmakes direct grants, engages in service-learning projects, organizes synagogues -- andsees impact investing as a key to a portfolio of social-change activities. > PROFILE: ECHOING GREEN Echoing Green, another 501c(3) public charity, follows a more traditional model of socialventure philanthropy : Echoing Green raises money that it gives to social entrepreneurs asseed grants to start promising mission-driven enterprise. Like a venture-capital model,Echoing Green connects its grantees T.A., consultants and other grantees in the EchoingGreen network to ensure the impact of the enterprise; unlike venture capital, there is noexpectation of financial return to Echoing Green. The organization’s work is supported byprivate contributions from corporations, foundations, and individuals and in its nearly 25-yearhistory has invested over $30 million in seed funding to over 500 social entrepreneurs andinnovative organizations.For more information regarding some industry-leading philanthropic organizations with micro-lending foci, please see the field-scan appendix. Investment Products While the conveners are building the connective tissue between different parts of thismarketplace, a wide range of instruments , or types of investments, are available as newimpact-focused products come to market. The investment instruments are diverse and includethe following.(1) Deposits and CDs , protected by the FDIC, are low-risk investments that can have highsocial-impact returns when invested in Community Development Financial Institutions(CDFIs) -- local banks dedicated to making investments in communities and people whootherwise wouldn’t have access to common financial services like savings and checkingaccounts or small-business loans.(2) Debt investments operate like loans or mortgages -- the investor lends capital to a socialenterprise, often through an intermediary like Calvert Foundation using their CommunityInvestment Notes -- based on the promise that at the end of a specified period the moneywill be returned to the investor, usually with interest.(3) By purchasing equity an investor buys part of a company -- mostly commonly in the formof stock on the stock market but in the case of social enterprise this usually involvesprivate (non-traded) equity.(4) Start-up and “growth-stage” equity investments are commonly referred to as venturecapital , which involves both a higher risk for the investors (an enterprise hasn’t yet“proved” value) and higher return (both financial and social); given the risk and potentialrewards, social venture capital funding is marked by high levels of engagement between Impact Investing Field ScanPage 5 of 37 the start-up and the investors (or their intermediaries) to ensure the social impact as wellas the financial returns of the enterprise.Other investment vehicles and services (mezzanine capital deals, private-placements, tailoredportfolio structuring and more) are maturing. With limited exceptions, many of the morecomplicated deals and services are available only to high-net worth individuals and institutions,often through major financial services companies (e.g. J.P. Morgan Social Finance, Citi,Deutsche Bank, and others) whose roles in the SRI landscape tend to be finance-firstinvestments. Charitable activity at major financial institutions tends to focus on philanthropicmicro-finance grants and CDFI lending.More and more impact-first products are coming to market in a variety of forms and risk-profiles. > PROFILE: CALVERT FOUNDATION [COMMUNITY INVESTMENT NOTES, PRIs] The Calvert Foundation’s Community Investment Notes (“CI Notes”) product is offered toinvestors through Calvert Foundation and through partnerships with several philanthropicinstitutions, including many donor-advised funds. It is the most common impact-firstinvestment vehicle currently available, and investors can participate starting at $20. The CINote is a debt instrument, available in various terms and return-rates up to 2%. CalvertFoundation also offers small foundations and family offices a pre-packaged PRI programusing a selection of their CI Notes products, and their in-house consulting team (CommunityInvestment Partners) is available to work with large PRI funds to customize PRI investmentsand institutional initiatives. The Calvert Foundation incubated -- and provides back-officesupport -- for the ImpactAssets donor-advised fund. The Foundation has nearly $200 millioninvested in 250 community organizations in all 50 states and over 100 countries. Theportfolio comprises investment in a diverse mix of organizations across a range of socialcauses including affordable housing, micro-finance, small business development, charterschools and early-childhood education facilities. > PROFILE: SUSTAIN VENTURE CAPITAL [PATIENT CAPITAL COLLABORATIVE (PCC)] Sustain Venture Capital manages a portfolio of social venture (equity) funding through thePatient Capital Collaborative, or PCC. The fund invests in companies that apply for financingthrough Investors Circle, a convener of association of angel investors. PCC invests basedon a triple bottom-line analysis (that is, analysis of a company’s finances, economic andenvironmental impacts). Their social enterprise investments range from $500,000 to$5,000,000, and are for seed- or major-growth funding. > PROFILE: NONPROFIT FINANCE FUND LENDING [CDFI BOND FUND, CONSULTING, PRIs] NFF supports the entire continuum of the social enterprise field from nonprofits to investorsto philanthropists. The organization, a 501c(3), offers loans, consulting, research, PRI- anddeal-structuring in addition to the investment products it offers and manages. As a federally-recognized CDFI, NFF makes direct loans to nonprofits and social enterprises. For funders,NFF provides support with structuring of philanthropic capital and program-relatedinvestments, manages capital for investment in programs, and provide advice and researchto help maximize the impact of grants.The Nonprofit Finance Fund is among the most comprehensive approaches in the impact-investing landscape, offering consulting services in addition to loans and other support.Naturally there is an entire segment of the impact investing market that is being researched,developed and connected by investment advisors. While many investment advisors (especially Impact Investing Field ScanPage 6 of 37 those at major financial institutions) help clients explore impact-first opportunities, there is morelimited group that specializes in this field. Imprint Capital Advisors is one of these. > PROFILE: IMPRINT CAPITAL ADVISORS To help clients navigate the profusion of mission-investing approaches and opportunities,Imprint focuses their clients on two distinctive entry points: a finance-first model or animpact-first model that starts with an examination of mission objectives and searches forways to drive similar or greater impact than what would be achieved from a grant portfoliowhile generating some financial return. Past and current clients include individual social-enterprise investors and large philanthropic institutions (e.g. Rockefeller Foundation) forresearch and, presumably, highly tailored portfolio development. Impact Investing Field ScanPage 7 of 37 APPENDIX I: Field Scan Index The following pages profile several organizations and companies involved in the impactinvesting landscape. The profiles are organized alphabetically by organization/company name;this index provides information on which “primary” roles each group plays in the field. Pleasenote that several groups have multiple primary purposes, and have been identified as suchbased on available information. I. Convening & Technical Assistance Ashoka Landscape Definition B Lab (GIIRS standards)Fourth Sector NetworkGlobal Impact Investing Network (IRIS standards)Criterion Ventures For Investors, Institutions, etc. Good CapitalInvestors Circle (recently merged with SJF Institute)PRIMakers NetworkSocial Capital MarketsNon-Profit Finance Fund For Social Enterprise Entrepreneurs Root CapitalPacific Community Ventures, Inc.SJF Institute (recently merged with Investors Circle) II. Philanthropic Calvert Foundation Donor Advised Funds Community FoundationsImpactAssetsRSF Social FinanceJewish Fund for Social Justice (CDFI bond fund, Calvert CI Notes) Offering Investment Products RSF Social Finance (Mezzanine funds, PRIs, loan funds)Acumen Fund Grants + TA to Social Entrepreneurs Echoing GreenNon-Profit Finance Fund Capital PartnersSkoll Foundation Impact Investing Field ScanPage 8 of 37 ACCION International, and affiliates Micro-lending Omidyar NetworkMicroPlace Crowd-sourced Micro-lending III. Investment Products Good Capital (Social Enterprise Equity Fund) Social V.C. + Community Development V.C. Pacific Community VenturesSJF VenturesSustain Venture Capital / Patient Capital CollaborativeACCION Frontier Investments Group (micro-lending) Investment Product Providers Calvert Foundation (Community Investment Notes)Domini Investments (CDFI bond fund; triple bottom-line mutual funds; shareholder activism)J.P. Morgan Social Finance (equity and debt investments, capital markets)Nonprofit Finance Fund Lending (CDFI bond fund)Pacific Community Ventures, LLC (equity investments, double bottom-line screen)Root Capital Loan Fund (debt fund for rural areas in developing countries)Arabella Philanthropic Investment Advisors Investment Advisors and Consultants Equilibrium CapitalInSight, part of Pacific Community VenturesImprint Capital AdvisorsJ.P. Morgan Social Finance Impact Investing Field ScanPage 9 of 37 APPENDIX II: Field Scan Profiles ACCION Shorthand +Website ACCIONhttp://www.accion.org / Legal structure 501c(3) Target Audience Philanthropists;investors Outputs / Products Equity investments:• Gateway Fund -emerging marketmicro-finance• FrontierInvestments -financialtechnology sectorto benefit the poor• ACCIONInvestments -micro-financeinstitutions“ACCION's Bridge Funds, Gateway, andFrontier Investment funds combinedrepresent $240 million under management.ACCION Investments has $86 million undermanagement.”“In the area of investing, ACCION providesearly-stage equity, quasi-equity financingand loan guarantees to help MFIs becomeindependent of donor funds, build theircapital base, attract deposits and attainfinancial leverage to expand their reach.” Outcomes / Goals Poverty-reduction Role(s) in Field INVESTMENT PRODUCTS: Fund Providers [Frontier Investments]PHILANTHROPIC: Micro-lending [ACCION International] Notes /Observations Members of the GIIN. Not clear that they are seeking investors to getinto their product line -- more emphasis is on the donors. The fundinvestors are mentioned very briefly as being US investors andgovernment entities. Impact Investing Field ScanPage 7 of 37 APPENDIX I: Field Scan Index The following pages profile several organizations and companies involved in the impactinvesting landscape. The profiles are organized alphabetically by organization/company name;this index provides information on which “primary” roles each group plays in the field. Pleasenote that several groups have multiple primary purposes, and have been identified as suchbased on available information. I. Convening & Technical Assistance Ashoka Landscape Definition B Lab (GIIRS standards)Fourth Sector NetworkGlobal Impact Investing Network (IRIS standards)Criterion Ventures For Investors, Institutions, etc. Good CapitalInvestors Circle (recently merged with SJF Institute)PRIMakers NetworkSocial Capital MarketsNon-Profit Finance Fund For Social Enterprise Entrepreneurs Root CapitalPacific Community Ventures, Inc.SJF Institute (recently merged with Investors Circle) II. Philanthropic Calvert Foundation Donor Advised Funds Community FoundationsImpactAssetsRSF Social FinanceJewish Fund for Social Justice (CDFI bond fund, Calvert CI Notes) Offering Investment Products RSF Social Finance (Mezzanine funds, PRIs, loan funds)Acumen Fund Grants + TA to Social Entrepreneurs Echoing GreenNon-Profit Finance Fund Capital PartnersSkoll Foundation Impact Investing Field ScanPage 8 of 37 ACCION International, and affiliates Micro-lending Omidyar NetworkMicroPlace Crowd-sourced Micro-lending III. Investment Products Good Capital (Social Enterprise Equity Fund) Social V.C. + Community Development V.C. Pacific Community VenturesSJF VenturesSustain Venture Capital / Patient Capital CollaborativeACCION Frontier Investments Group (micro-lending) Investment Product Providers Calvert Foundation (Community Investment Notes)Domini Investments (CDFI bond fund; triple bottom-line mutual funds; shareholder activism)J.P. Morgan Social Finance (equity and debt investments, capital markets)Nonprofit Finance Fund Lending (CDFI bond fund)Pacific Community Ventures, LLC (equity investments, double bottom-line screen)Root Capital Loan Fund (debt fund for rural areas in developing countries)Arabella Philanthropic Investment Advisors Investment Advisors and Consultants Equilibrium CapitalInSight, part of Pacific Community VenturesImprint Capital AdvisorsJ.P. Morgan Social Finance Impact Investing Field ScanPage 9 of 37 APPENDIX II: Field Scan Profiles ACCION Shorthand +Website ACCIONhttp://www.accion.org / Legal structure 501c(3) Target Audience Philanthropists;investors Outputs / Products Equity investments:• Gateway Fund -emerging marketmicro-finance• FrontierInvestments -financialtechnology sectorto benefit the poor• ACCIONInvestments -micro-financeinstitutions“ACCION's Bridge Funds, Gateway, andFrontier Investment funds combinedrepresent $240 million under management.ACCION Investments has $86 million undermanagement.”“In the area of investing, ACCION providesearly-stage equity, quasi-equity financingand loan guarantees to help MFIs becomeindependent of donor funds, build theircapital base, attract deposits and attainfinancial leverage to expand their reach.” Outcomes / Goals Poverty-reduction Role(s) in Field INVESTMENT PRODUCTS: Fund Providers [Frontier Investments]PHILANTHROPIC: Micro-lending [ACCION International] Notes /Observations Members of the GIIN. Not clear that they are seeking investors to getinto their product line -- more emphasis is on the donors. The fundinvestors are mentioned very briefly as being US investors andgovernment entities. Impact Investing Field ScanPage 10 of 37 Acumen Fund Shorthand +Website Acumen Fundhttp://www.acumenfund.org / Legal structure 501c(3) Public Charity Target Audience Individual donors,social enterpriseentrepreneurs Outputs / Products Patient capitalinvestments withreturns in 8-15 yearsAcumen recycles investment returns intonew business opportunities; there is noreturn to donors Outcomes / Goals Poverty-reduction Role(s) in Field PHILANTHROPIC: Grants / T.A. to Social Entrepreneurs Notes /Observations Member of the GIIN. Seems to be a huge enterprise. Ashoka Shorthand +Website Fourth Sectorwww.ashoka.org Legal structure 501c(3) Target Audience Social enterpriseentrepreneurs Outputs / Products Fellowships andsupport networksDevelop collaborativemodels with andbetween social-change enterprises“To ensure that the leading ideas for socialchange are fully developed and sustained,we have designed an approach that offerscritical interventions on three levels—theindividual, the group, and the sector.”Ashoka may also offer early-stage fundingthrough investments and grants. Outcomes / Goals Develop the field and provide technical assistance Role(s) in Field CONVENER + T.A.: Social Enterprise Entrepreneurs Notes /ObservationsAdditional Sub-sector(s) PHILANTHROPIC: Grants + T.A. to Social Entrepreneurs Impact Investing Field ScanPage 11 of 37 Arabella Philanthropic Investment Advisors Shorthand +Website Arabella http://www.arabellaadvisors.com Legal structure For-profit Affiliated with two subordinate publiccharities Target Audience Individual andinstitutionalphilanthropists Outputs / Products ResearchReportedly developinga new productCurrent work is a report on ImpactInvestment; there is also a staff member whois the “director of impact investing”: “ChristaVelasquez is Senior Associate for ImpactInvesting at Arabella Advisors and arecognized leader in the social investingspace. She spent nine years as Director ofSocial Investments at the Annie E. CaseyFoundation,” Outcomes / Goals Facilitate grants and investments in philanthropy Role(s) in Field INVESTMENT ADVISORS + CONSULTANTS Notes /Observations Has taken over BluePrint R+D, which has done research work forclients in the Impact Investing space. Impact Investing Field ScanPage 9 of 37 APPENDIX II: Field Scan Profiles ACCION Shorthand +Website ACCIONhttp://www.accion.org / Legal structure 501c(3) Target Audience Philanthropists;investors Outputs / Products Equity investments:• Gateway Fund -emerging marketmicro-finance• FrontierInvestments -financialtechnology sectorto benefit the poor• ACCIONInvestments -micro-financeinstitutions“ACCION's Bridge Funds, Gateway, andFrontier Investment funds combinedrepresent $240 million under management.ACCION Investments has $86 million undermanagement.”“In the area of investing, ACCION providesearly-stage equity, quasi-equity financingand loan guarantees to help MFIs becomeindependent of donor funds, build theircapital base, attract deposits and attainfinancial leverage to expand their reach.” Outcomes / Goals Poverty-reduction Role(s) in Field INVESTMENT PRODUCTS: Fund Providers [Frontier Investments]PHILANTHROPIC: Micro-lending [ACCION International] Notes /Observations Members of the GIIN. Not clear that they are seeking investors to getinto their product line -- more emphasis is on the donors. The fundinvestors are mentioned very briefly as being US investors andgovernment entities. Impact Investing Field ScanPage 10 of 37 Acumen Fund Shorthand +Website Acumen Fundhttp://www.acumenfund.org / Legal structure 501c(3) Public Charity Target Audience Individual donors,social enterpriseentrepreneurs Outputs / Products Patient capitalinvestments withreturns in 8-15 yearsAcumen recycles investment returns intonew business opportunities; there is noreturn to donors Outcomes / Goals Poverty-reduction Role(s) in Field PHILANTHROPIC: Grants / T.A. to Social Entrepreneurs Notes /Observations Member of the GIIN. Seems to be a huge enterprise. Ashoka Shorthand +Website Fourth Sectorwww.ashoka.org Legal structure 501c(3) Target Audience Social enterpriseentrepreneurs Outputs / Products Fellowships andsupport networksDevelop collaborativemodels with andbetween social-change enterprises“To ensure that the leading ideas for socialchange are fully developed and sustained,we have designed an approach that offerscritical interventions on three levels—theindividual, the group, and the sector.”Ashoka may also offer early-stage fundingthrough investments and grants. Outcomes / Goals Develop the field and provide technical assistance Role(s) in Field CONVENER + T.A.: Social Enterprise Entrepreneurs Notes /ObservationsAdditional Sub-sector(s) PHILANTHROPIC: Grants + T.A. to Social Entrepreneurs Impact Investing Field ScanPage 11 of 37 Arabella Philanthropic Investment Advisors Shorthand +Website Arabella http://www.arabellaadvisors.com Legal structure For-profit Affiliated with two subordinate publiccharities Target Audience Individual andinstitutionalphilanthropists Outputs / Products ResearchReportedly developinga new productCurrent work is a report on ImpactInvestment; there is also a staff member whois the “director of impact investing”: “ChristaVelasquez is Senior Associate for ImpactInvesting at Arabella Advisors and arecognized leader in the social investingspace. She spent nine years as Director ofSocial Investments at the Annie E. CaseyFoundation,” Outcomes / Goals Facilitate grants and investments in philanthropy Role(s) in Field INVESTMENT ADVISORS + CONSULTANTS Notes /Observations Has taken over BluePrint R+D, which has done research work forclients in the Impact Investing space. Impact Investing Field ScanPage 12 of 37 B-Lab Shorthand +Website B Labhttp://www.bcorporation.net / Legal structure 501c(3) Target Audience For-profit and non-profit business;legislators; generalpublic Outputs / Products Screening companieswith a social impactscreenDevelop GIIRSstandards to report onimpact to equityinvestorsLegislative actionCommunity of “BCorps” companiesThe Global Impact Investing Ratings System(GIIRS) should “drive institutional investmentto high impact global private equityinvestments.”Advance supportive public policies, includingcreation of a new corporate form andincentives for sustainable business. Outcomes / Goals (1) Developing and disseminating a legal framework to institutionalizestakeholder interests within existing corporate law; (2) certifying andrating B corporations; and (3) creating and promoting a powerfulunifying brand. Role(s) in Field CONVENER + T.A.: Landscape Definition Notes /Observations Incubated by a $2.5mm Rockefeller grant at Investors Circle. Additional Sub-sector(s) None Impact Investing Field ScanPage 13 of 37 Calvert Foundation Shorthand +Website Calvertwww.calvertfoundation.org Legal structure 501c(3) Target Audience Investors andPhilanthropists Outputs / Products Calvert CommunityInvestment Notes(debt instruments)“Starting at just $20, our CommunityInvestment Note is available in various termsand rates up to 2%. At maturity, you get yourmoney back with interest.” Outcomes / Goals Poverty reduction, loans to social enterprises Role(s) in Field PHILANTHROPIC: Donor Advised FundsINVESTMENT PRODUCTS: Fund Providers Notes /Observations “Calvert Foundation has nearly $200 million invested in 250community organizations in all 50 states and over 100 countries. Ourportfolio comprises investment in a diversified mix of high-impactorganizations whose missions cover a range of social causes andinnovations, including affordable housing, microfinance, Fair Trade coffee, small business development,and the establishment of essential community facilities such as charter schools, daycare centers and rehabilitation clinics.” Impact Investing Field ScanPage 14 of 37 Criterion Ventures Shorthand +Website Criterionhttp://criterionventures.com Legal structure For-profit Target Audience Investors andinstitutions Outputs / Products Events includingStructure Labs andinvite-only“Convergencegatherings” for socialchange thoughtleadersConsulting forphilanthropists, newventures“Criterion Ventures works in the socialchange space. Clients and partners includeindividuals and organizations creatingentities focused on creating a better world inareas such as health care, education,poverty and religion.” Outcomes / Goals Develop and support social-change projects Role(s) in Field CONVENER + T.A.: Investors, Institutions, Etc. Notes /Observations An equity partner (and the incubator of) Good Capital. Frequentappearance on conference and convening panels in the ImpactInvestment space. Impact Investing Field ScanPage 13 of 37 Calvert Foundation Shorthand +Website Calvertwww.calvertfoundation.org Legal structure 501c(3) Target Audience Investors andPhilanthropists Outputs / Products Calvert CommunityInvestment Notes(debt instruments)“Starting at just $20, our CommunityInvestment Note is available in various termsand rates up to 2%. At maturity, you get yourmoney back with interest.” Outcomes / Goals Poverty reduction, loans to social enterprises Role(s) in Field PHILANTHROPIC: Donor Advised FundsINVESTMENT PRODUCTS: Fund Providers Notes /Observations “Calvert Foundation has nearly $200 million invested in 250community organizations in all 50 states and over 100 countries. Ourportfolio comprises investment in a diversified mix of high-impactorganizations whose missions cover a range of social causes andinnovations, including affordable housing, microfinance, Fair Trade coffee, small business development,and the establishment of essential community facilities such as charter schools, daycare centers and rehabilitation clinics.” Impact Investing Field ScanPage 14 of 37 Criterion Ventures Shorthand +Website Criterionhttp://criterionventures.com Legal structure For-profit Target Audience Investors andinstitutions Outputs / Products Events includingStructure Labs andinvite-only“Convergencegatherings” for socialchange thoughtleadersConsulting forphilanthropists, newventures“Criterion Ventures works in the socialchange space. Clients and partners includeindividuals and organizations creatingentities focused on creating a better world inareas such as health care, education,poverty and religion.” Outcomes / Goals Develop and support social-change projects Role(s) in Field CONVENER + T.A.: Investors, Institutions, Etc. Notes /Observations An equity partner (and the incubator of) Good Capital. Frequentappearance on conference and convening panels in the ImpactInvestment space. Impact Investing Field ScanPage 15 of 37 Domini Investments Shorthand +Website Dominiwww.domini.com / Legal structure For-profit Target Audience Investors Outputs / Products Triple bottom-linescreen for mutual fundproductShareholder activismCDFI bond fund Outcomes / Goals Finance-first investments Role(s) in Field INVESTMENT PRODUCTS: Fund Providers Notes /Observations Most commonly-cited competitors are Calvert Investments, PAXWorld Mutual Funds. Echoing Green Shorthand +Website Echoing Green Legal structure 501c(3) Public charity Target Audience Entrepreneurs Outputs / Products Seed-funding grantsand state-up capitalinvestmentsFellowship programwith individual-levelgrants“Echoing Green’s work is supported byprivate contributions from corporations,foundations, and individuals. [...] Since ourfounding almost 25 years ago, EchoingGreen has invested over $30 million in seedfunding to over 500 social entrepreneurs andtheir innovative organizations.” Outcomes / Goals Social, environmental and economic change Role(s) in Field PHILANTHROPIC: Grants / T.A. to Social Entrepreneurs Notes /Observations Impact Investing Field ScanPage 16 of 37 Equilibrium Capital Shorthand +Website Equilibriumhttp://eq-cap.com / Legal structure For-profit Target Audience Social-enterpriseasset managersImpact-first andfinance-first investors“We work with our asset managers acrossthe above three phases to build a scalableorganization that can manage hundreds ofmillions of dollars of institutional capital. [...]We welcome our investors and clients toparticipate at any phase of our assetmanagers’ development to help create thedesired risk-return profile and impact.” Outputs / Products New financialproducts / assetmanagement vehiclesIndustry research”Our asset managers generate superiorreturns due to their operating expertise andunique investment strategies, including:sustainable real estate, integrated landmanagement, water and wastewater, andenergy resource management.” Outcomes / Goals Develop marketplace by bringing new vehicles to market Role(s) in Field INVESTMENT ADVISORS + CONSULTANTS Notes /Observations Drummond Pike joined Equilibrium in Q2 2011. Impact Investing Field ScanPage 17 of 37 Fourth Sector Network Shorthand +Website Fourth Sector Legal structure http://www.fourthsector.net/ 501c(3) Fourth Sector and its tools are housed atCalvert Foundation (see “Donate”information for more) Target Audience Everyone in the space Offer opportunities to learn / engage “by role” Outputs / Products Crowd-sourcedlearning, discussiongroups, events-aggregator along witha growing onlinedirectory and legal-document libraryView the growing directory online athttp://www.fourthsector.net/directories/1- fourth-sector-directory Outcomes / Goals Map and connect the field Role(s) in Field CONVENER + T.A.: Landscape Definition Notes /Observations The site and its tools are primarily volunteer-driven. Impact Investing Field ScanPage 16 of 37 Equilibrium Capital Shorthand +Website Equilibriumhttp://eq-cap.com / Legal structure For-profit Target Audience Social-enterpriseasset managersImpact-first andfinance-first investors“We work with our asset managers acrossthe above three phases to build a scalableorganization that can manage hundreds ofmillions of dollars of institutional capital. [...]We welcome our investors and clients toparticipate at any phase of our assetmanagers’ development to help create thedesired risk-return profile and impact.” Outputs / Products New financialproducts / assetmanagement vehiclesIndustry research”Our asset managers generate superiorreturns due to their operating expertise andunique investment strategies, including:sustainable real estate, integrated landmanagement, water and wastewater, andenergy resource management.” Outcomes / Goals Develop marketplace by bringing new vehicles to market Role(s) in Field INVESTMENT ADVISORS + CONSULTANTS Notes /Observations Drummond Pike joined Equilibrium in Q2 2011. Impact Investing Field ScanPage 17 of 37 Fourth Sector Network Shorthand +Website Fourth Sector Legal structure http://www.fourthsector.net/ 501c(3) Fourth Sector and its tools are housed atCalvert Foundation (see “Donate”information for more) Target Audience Everyone in the space Offer opportunities to learn / engage “by role” Outputs / Products Crowd-sourcedlearning, discussiongroups, events-aggregator along witha growing onlinedirectory and legal-document libraryView the growing directory online athttp://www.fourthsector.net/directories/1- fourth-sector-directory Outcomes / Goals Map and connect the field Role(s) in Field CONVENER + T.A.: Landscape Definition Notes /Observations The site and its tools are primarily volunteer-driven. Impact Investing Field ScanPage 18 of 37 Global Impact Investing Network Shorthand +Website GIINwww.thegiin.org Legal structure 501c(3) The GIIN operates under the fiscalsponsorship of Rockefeller PhilanthropyAdvisors. Target Audience The GIIN puts specialemphasis on majorplayers in impactinvestingLearning / landscapeproducts are foreveryone in the spaceThe Investors Council targets “investors withsignificant capital already invested orintended for investment with a clear social orenvironmental impact.” Members areheavyweights in the field and include privatefoundations, public charities, financialservices and philanthropic investment firms. Outputs / Products Investors CouncilOngoing developmentof the ImpactReporting andInvestment Standards(IRIS) guidelinesInvestors Council activities includeconvenings, “field-building” activities,research and tailored support for members.IRIS: “A common social and environmentalvocabulary also enables the aggregation ofdata from different providers and datacollection systems.” Outcomes / Goals Develop the field; “Organizations that adopt the IRIS definitions fortheir impact reporting can contribute data to the GIIN, which willproduce industry-wide benchmarks and support related analysis byintermediaries, principal investors, academics, and enterprisesthemselves.” Role(s) in Field CONVENER + T.A.: Landscape Definition Notes /Observations “IRIS is working in conjunction with other efforts, including Pulse,aportfolio data management system developed by Acumen Fund andmanaged by App-X, and the Global Impact Investment Ratings System (GIIRS).” Impact Investing Field ScanPage 19 of 37 Good Capital Shorthand +Website GoodCapwww.goodcap.net Legal structure For-profit Target Audience Investors Outputs / Products Social enterpriseequity fund (SocialEnterprise ExpansionFund, LP)SoCap conference(incubated atGoodCap)HUBsf (shared socialenterprise space)“The Social Enterprise Expansion Fundprovides equity and equity-like growth capitalto social enterprises that are ready toexpand. We target social enterprises (bothfor profit companies and nonprofitorganizations with earned income) withscalable business models that have thepotential to create systemic and large-scalesocial change and generate an attractivereturn for investors who have the right kind ofhuman and financial capital.” Outcomes / Goals Build the marketplace of both ideas and capital in impact investing Role(s) in Field CONVENER + T.A.: Investors, Institutions, Etc.INVESTMENT PRODUCTS: Social V.C. + Community DevelopmentV.C. Notes /Observations As with Calvert Foundation’s CI Notes and GIV Platform,ImpactAssets and SoCap, Good Capital was founded by TimFruendlich. Impact Investing Field ScanPage 20 of 37 ImpactAssets Shorthand +Website IAhttp://www.impactassets.org / Legal structure 501c(3) Target Audience Philanthropists Outputs / Products Full-service donoradvised fund coupledwith impactinvestments at “TheGiving Fund”“What if your donor advised fund could doeven more? What if, in addition to offering aturnkey solution for your charitable activity, itallowed you access to highly customizableinvestment options from which you couldcreate better outcomes for people and theenvironment the world over?” Outcomes / Goals Provide impact investment services directly to philanthropists Role(s) in Field PHILANTHROPIC: Donor Advised Funds Notes /Observations The Giving Fund, its primary impact investment offering (“GlobalImpact Ventures,” or GIV, platform) and the bases for ImpactAssetswere all incubated at Calvert Foundation. The Giving Fund reportsinvestments of $50mm+ with 400+ donors. Investment optionsbeyond the GIV Platform are Calvert’s Community Investment Notesand SRI mutual funds. Donors with $500K+ accounts at IA can crafttheir own custom portfolios using their own financial advisors. IA isdeveloping new products. Impact Investing Field ScanPage 18 of 37 Global Impact Investing Network Shorthand +Website GIINwww.thegiin.org Legal structure 501c(3) The GIIN operates under the fiscalsponsorship of Rockefeller PhilanthropyAdvisors. Target Audience The GIIN puts specialemphasis on majorplayers in impactinvestingLearning / landscapeproducts are foreveryone in the spaceThe Investors Council targets “investors withsignificant capital already invested orintended for investment with a clear social orenvironmental impact.” Members areheavyweights in the field and include privatefoundations, public charities, financialservices and philanthropic investment firms. Outputs / Products Investors CouncilOngoing developmentof the ImpactReporting andInvestment Standards(IRIS) guidelinesInvestors Council activities includeconvenings, “field-building” activities,research and tailored support for members.IRIS: “A common social and environmentalvocabulary also enables the aggregation ofdata from different providers and datacollection systems.” Outcomes / Goals Develop the field; “Organizations that adopt the IRIS definitions fortheir impact reporting can contribute data to the GIIN, which willproduce industry-wide benchmarks and support related analysis byintermediaries, principal investors, academics, and enterprisesthemselves.” Role(s) in Field CONVENER + T.A.: Landscape Definition Notes /Observations “IRIS is working in conjunction with other efforts, including Pulse,aportfolio data management system developed by Acumen Fund andmanaged by App-X, and the Global Impact Investment Ratings System (GIIRS).” Impact Investing Field ScanPage 19 of 37 Good Capital Shorthand +Website GoodCapwww.goodcap.net Legal structure For-profit Target Audience Investors Outputs / Products Social enterpriseequity fund (SocialEnterprise ExpansionFund, LP)SoCap conference(incubated atGoodCap)HUBsf (shared socialenterprise space)“The Social Enterprise Expansion Fundprovides equity and equity-like growth capitalto social enterprises that are ready toexpand. We target social enterprises (bothfor profit companies and nonprofitorganizations with earned income) withscalable business models that have thepotential to create systemic and large-scalesocial change and generate an attractivereturn for investors who have the right kind ofhuman and financial capital.” Outcomes / Goals Build the marketplace of both ideas and capital in impact investing Role(s) in Field CONVENER + T.A.: Investors, Institutions, Etc.INVESTMENT PRODUCTS: Social V.C. + Community DevelopmentV.C. Notes /Observations As with Calvert Foundation’s CI Notes and GIV Platform,ImpactAssets and SoCap, Good Capital was founded by TimFruendlich. Impact Investing Field ScanPage 20 of 37 ImpactAssets Shorthand +Website IAhttp://www.impactassets.org / Legal structure 501c(3) Target Audience Philanthropists Outputs / Products Full-service donoradvised fund coupledwith impactinvestments at “TheGiving Fund”“What if your donor advised fund could doeven more? What if, in addition to offering aturnkey solution for your charitable activity, itallowed you access to highly customizableinvestment options from which you couldcreate better outcomes for people and theenvironment the world over?” Outcomes / Goals Provide impact investment services directly to philanthropists Role(s) in Field PHILANTHROPIC: Donor Advised Funds Notes /Observations The Giving Fund, its primary impact investment offering (“GlobalImpact Ventures,” or GIV, platform) and the bases for ImpactAssetswere all incubated at Calvert Foundation. The Giving Fund reportsinvestments of $50mm+ with 400+ donors. Investment optionsbeyond the GIV Platform are Calvert’s Community Investment Notesand SRI mutual funds. Donors with $500K+ accounts at IA can crafttheir own custom portfolios using their own financial advisors. IA isdeveloping new products. Impact Investing Field ScanPage 21 of 37 Imprint Capital Advisors Shorthand +Website Imprinthttp://www.imprintcap.com/ Legal structure For-profit Target Audience Investors: finance-firstand impact-first“To help clients navigate the profusion ofmission investing approaches andopportunities, we focus them on twodistinctive entry points:• Market-led: Start with an existing financialobjective and asset allocation and searchfor strategies and managers that fit withinthese parameters, while also havingpositive mission impact.• Mission-led: Start with a mission objectiveand search for ways to drive similar orgreater impact than what would beachieved from a grant portfolio whilegenerating some financial return.” Outputs / Products Tailored portfolios andinvestment plansImprint Capital Advisors is an impactinvestment firm. We build and managedeeply customized mission investmentportfolios for institutional investors. Outcomes / Goals A balance of financial returns and social change Role(s) in Field INVESTMENT ADVISORS + CONSULTANTS Notes /Observations Possible that Imprint would be good partners. Past and current clientsinclude large philanthropic institutions (e.g. Rockefeller) for researchand, presumably, portfolio development. Impact Investing Field ScanPage 22 of 37 Investors Circle Shorthand +Website IChttp://www.investorscircle.net / Legal structure Non-profit Target Audience Investors “A network of 150 angel investors,professional venture capitalists, foundationsand family offices,” two-thirds of IC membersare individuals and one-their are institutional. Outputs / Products Convenings brandedas “Venture Fairs”Circulating stream ofinvestmentopportunities into for-profit, sustainablecompanies“We invite early-stage entrepreneurs to applyto present to our network of sociallyresponsible angel investors, venturecapitalists, foundations, and family offices atour next Venture Fair” Outcomes / Goals Catalyze early stage capital investments Role(s) in Field CONVENER + T.A.: Investors, Institutions, Etc.See also: Listings for SJF Institute and SJF Ventures Notes /Observations Incubator of B Lab, Patient Capital Collaborative, and Slow Money.Formerly ran an investment portfolio, Capital Commons, through theIC Foundation. Impact Investing Field ScanPage 21 of 37 Imprint Capital Advisors Shorthand +Website Imprinthttp://www.imprintcap.com/ Legal structure For-profit Target Audience Investors: finance-firstand impact-first“To help clients navigate the profusion ofmission investing approaches andopportunities, we focus them on twodistinctive entry points:• Market-led: Start with an existing financialobjective and asset allocation and searchfor strategies and managers that fit withinthese parameters, while also havingpositive mission impact.• Mission-led: Start with a mission objectiveand search for ways to drive similar orgreater impact than what would beachieved from a grant portfolio whilegenerating some financial return.” Outputs / Products Tailored portfolios andinvestment plansImprint Capital Advisors is an impactinvestment firm. We build and managedeeply customized mission investmentportfolios for institutional investors. Outcomes / Goals A balance of financial returns and social change Role(s) in Field INVESTMENT ADVISORS + CONSULTANTS Notes /Observations Possible that Imprint would be good partners. Past and current clientsinclude large philanthropic institutions (e.g. Rockefeller) for researchand, presumably, portfolio development. Impact Investing Field ScanPage 22 of 37 Investors Circle Shorthand +Website IChttp://www.investorscircle.net / Legal structure Non-profit Target Audience Investors “A network of 150 angel investors,professional venture capitalists, foundationsand family offices,” two-thirds of IC membersare individuals and one-their are institutional. Outputs / Products Convenings brandedas “Venture Fairs”Circulating stream ofinvestmentopportunities into for-profit, sustainablecompanies“We invite early-stage entrepreneurs to applyto present to our network of sociallyresponsible angel investors, venturecapitalists, foundations, and family offices atour next Venture Fair” Outcomes / Goals Catalyze early stage capital investments Role(s) in Field CONVENER + T.A.: Investors, Institutions, Etc.See also: Listings for SJF Institute and SJF Ventures Notes /Observations Incubator of B Lab, Patient Capital Collaborative, and Slow Money.Formerly ran an investment portfolio, Capital Commons, through theIC Foundation. Impact Investing Field ScanPage 23 of 37 Jewish Funds for Social Justice Shorthand +Website JFSJhttp://www.jewishjustice.org / Legal structure 501c(3) Public charity Target Audience Philanthropists Organization also targets grassroots donorsin the Jewish community, but investmentproducts are at the $1K+ mark Outputs / Products TEDF, a national poolof investments thatputs money intargeted CDFIsJFSJ CommunityInvestment Initiative, aCalvert CI NotesproductInvestors can “make a loan of $18,000 ormore to [...] a national loan fund organized topool investments from the Jewish communityand place the money into communitydevelopment financial institutions.”Invest $1,000 or more in the JFSJCommunity Investment Initiative, a sociallyresponsible investment program [...] TheInitiative is facilitated through the purchase ofCalvert Foundation's Community InvestmentNote.” Outcomes / Goals Economic and social justice, broadly defined Role(s) in Field PHILANTHROPIC: Offers Investment Products Notes /Observations On a broader level, the organization makes direct grants, engages inservice-learning projects, organizes synagogues -- and sees impactinvesting as a key to a portfolio of social-change activities Impact Investing Field ScanPage 24 of 37 J.P. Morgan Social Finance Shorthand +Website JP Morgan SFhttp://www.jpmorgan.com/pages/jpmorgan/in vestbk/solutions/ssf Legal structure For-profit No clear documentation Target Audience Finance-first Individualand institutionalinvestors Outputs / Products Equity and debtinvestmentsCapital markets(private placements,fund structuring)Research services“Social Finance aims to help scale theimpact investing market by investing thefirm's own capital in social impactinvestments, creating and distributing impactinvestment products for other investors,providing thought leadership and researchon the market” Outcomes / Goals Finance-first products Role(s) in Field FINANCIAL SERVICES PROVIDERS Notes /Observations Provide direct philanthropic support to various micro-finance andsocial entrepreneurship organizations. Founding sponsor of GIIN,participants in the development of the GIIRS (Global Impact InvestingRatings System). Impact Investing Field ScanPage 25 of 37 MicroPlace Shorthand +Website MicroPlace Legal structure https://www.microplace.com/ 501c(3) Target Audience Low-dollar investors Aggregates individual investments (as low as$20) to direct through issuers of micro-finance projects in the developing world Outputs / Products Platform for makinginvestments with debtinstruments primarilyoffered by Oikocredit,FINCA and Calvert CINotes“Simply stated, MicroPlace enables you tomake investments in the fight againstworldwide poverty -- a $300 billion problem.*” Outcomes / Goals Poverty-reduction with a global focus Role(s) in Field PHILANTHROPIC: Crowd-sourced micro-lending Notes /Observations This is a PayPal company. MicroPlace is the marquee sponsor of theSoCap 2011. Impact Investing Field ScanPage 25 of 37 MicroPlace Shorthand +Website MicroPlace Legal structure https://www.microplace.com/ 501c(3) Target Audience Low-dollar investors Aggregates individual investments (as low as$20) to direct through issuers of micro-finance projects in the developing world Outputs / Products Platform for makinginvestments with debtinstruments primarilyoffered by Oikocredit,FINCA and Calvert CINotes“Simply stated, MicroPlace enables you tomake investments in the fight againstworldwide poverty -- a $300 billion problem.*” Outcomes / Goals Poverty-reduction with a global focus Role(s) in Field PHILANTHROPIC: Crowd-sourced micro-lending Notes /Observations This is a PayPal company. MicroPlace is the marquee sponsor of theSoCap 2011. Impact Investing Field ScanPage 26 of 37 Nonprofit Finance Fund Shorthand +Website NFFhttp://nonprofitfinancefund.org / Legal structure 501c(3) Target Audience EntrepreneursInvestors, Institutions Outputs / Products Consulting andtechnical support,including CapitalAccess Services forfunders and nonprofitsNFF CDFI loan fundFor funders, we provide support withstructuring of philanthropic capital andprogram-related investments, managecapital for guided investment in programs,and provide advice and research to helpmaximize the impact of grants.Since 1980 NFF has made over $235 millionin loans to nonprofits in support of over $1.3billion in projects. Outcomes / Goals Support the entire continuum from nonprofit to philanthropy offeringloans, consulting, research, PRI- and deal-structuring Role(s) in Field CONVENER + T.A.: Investors, Institutions, Etc.CONVENER + T.A.: Social Enterprise EntrepreneursINVESTMENT PRODUCTS: Fund Providers [CDFI loan fund] Notes /Observations Impact Investing Field ScanPage 27 of 37 Omidyar Network Shorthand +Website Omidyar Networkwww.omidyar.com Legal structure LLC + 501c(3) PF Target Audience Entrepreneurs Outputs / Products Grants and PRIsAccess to capital andinvestments in tech“We invest in for-profit entities through ourLLC. [...] We believe that business cancreate extraordinary opportunity and value,and that market-based solutions cangenerate significant social returns. We makegrants and program-related investmentsthrough our 501(c)(3) entity.” Outcomes / Goals Focus on micro-finance, accountable government, connectedcitizenry Role(s) in Field PHILANTHROPIC: Micro-lending Notes /Observations Member of the GIIN. Included in this list not because they offerproducts, but because of their involvement in so many networks. Impact Investing Field ScanPage 28 of 37 Pacific Community Ventures Shorthand +Website PCVhttp://www.pacificcommunityventures.org Legal structure 501c(3) Target Audience CA-based social-enterpriseentrepreneurs Outputs / Products T.A. to smallbusinesses that matchthe job-creation / LMIscreen“Through its cornerstone service, theBusiness Advisory Program, PCV utilizes thevast experience and enthusiasm ofexperienced professionals looking formeaningful, effective ways to contribute theirown skills and resources to developenterprises and strengthen LMI communitiesin California. [...] Other services available toentrepreneurs in PCV's advised and financedportfolios include: Strategy Roundtables,Educational Workshops, and One-on-OneAdvising.” Outcomes / Goals CA-based job creation Role(s) in Field CONVENER + T.A.: Social Enterprise Entrepreneurs Notes /Observations Affiliated with PCV InSight and PCV LLC, the social venture capitalprovider. Impact Investing Field ScanPage 29 of 37 Pacific Community Ventures Venture Funds Shorthand +Website PCV Venture Fundshttp://pcvfund.com Legal structure LLC Target Audience Investors Outputs / Products Equity investments inCalifornia smallbusinesses, usingdouble bottom-linescreen (for jobcreation inlow/moderate income[LMI] areas)Pacific Community Ventures, LLCspecifically targets companies in need ofcapital and resources that have the potentialto grow through one or more of the followingstrategies:• Broadening distribution channels andproduct lines• Geographic expansion• Improving systems infrastructure andbusiness processes to allow for greaterscale• Expansion of operational capacity• Acquiring complimentary businesses Outcomes / Goals Socially responsible investing in CA business Role(s) in Field INVESTMENT PRODUCTS: Social V.C. + Community DevelopmentV.C. Notes /Observations Affiliated with PCV InSight and PCV Inc. Impact Investing Field ScanPage 30 of 37 PCV InSight Shorthand +Website InSighthttp://www.pacificcommunityventures.org/insi ght/ Legal structure 501c(3) ?? - No clear documentation Target Audience Major institutions(philanthropic,governmental)Prominent investment and philanthropicinstitutions,” including Rockefeller,CalEndow, CalPERS, Annie E. Casey andNorthwest Area Foundation Outputs / Products Consulting services:Impact evaluation andpolicy researchInsight “recommends policy changes to clearthe way for effective impact investing,performance measurement, and smallbusiness needs and development” Outcomes / Goals Develop the field Role(s) in Field INVESTMENT ADVISORS + CONSULTANTS Notes /Observations Affiliated with PCV Inc. and PCV Venture Fund. InSight is “thethought-leadership practice” at PCV; it may be an earned incomestream for PCV Inc. Impact Investing Field ScanPage 29 of 37 Pacific Community Ventures Venture Funds Shorthand +Website PCV Venture Fundshttp://pcvfund.com Legal structure LLC Target Audience Investors Outputs / Products Equity investments inCalifornia smallbusinesses, usingdouble bottom-linescreen (for jobcreation inlow/moderate income[LMI] areas)Pacific Community Ventures, LLCspecifically targets companies in need ofcapital and resources that have the potentialto grow through one or more of the followingstrategies:• Broadening distribution channels andproduct lines• Geographic expansion• Improving systems infrastructure andbusiness processes to allow for greaterscale• Expansion of operational capacity• Acquiring complimentary businesses Outcomes / Goals Socially responsible investing in CA business Role(s) in Field INVESTMENT PRODUCTS: Social V.C. + Community DevelopmentV.C. Notes /Observations Affiliated with PCV InSight and PCV Inc. Impact Investing Field ScanPage 30 of 37 PCV InSight Shorthand +Website InSighthttp://www.pacificcommunityventures.org/insi ght/ Legal structure 501c(3) ?? - No clear documentation Target Audience Major institutions(philanthropic,governmental)Prominent investment and philanthropicinstitutions,” including Rockefeller,CalEndow, CalPERS, Annie E. Casey andNorthwest Area Foundation Outputs / Products Consulting services:Impact evaluation andpolicy researchInsight “recommends policy changes to clearthe way for effective impact investing,performance measurement, and smallbusiness needs and development” Outcomes / Goals Develop the field Role(s) in Field INVESTMENT ADVISORS + CONSULTANTS Notes /Observations Affiliated with PCV Inc. and PCV Venture Fund. InSight is “thethought-leadership practice” at PCV; it may be an earned incomestream for PCV Inc. Impact Investing Field ScanPage 31 of 37 PRImakers Network Shorthand +Website PRImakershttp://primakers.net Legal structure Membershipassociation Target Audience Foundations Members include 120+ foundations of allsizes and focus areas Outputs / Products PRI Activity databasefor membersConvening / networking, includingworkshops,educational forums,and the PRI InstitutePRI Activity Database containing historical data on more than 1,750 PRIs.The Network also hosts a PRI Institute,anintensive, 2.5 day workshop on PRIs andsocial investing. Outcomes / Goals Build PRI space so philanthropic money can leverage more change Role(s) in Field CONVENER + T.A.: Investors, Institutions, Etc. Notes /Observations Impact Investing Field ScanPage 32 of 37 Root Capital Shorthand +Website Root Capitalhttp://www.rootcapital.org/index.php Legal structure 501c(3) Target Audience Entrepreneurs,investors Outputs / Products T.A. for businessdevelopmentRoot Capital LoanFund” (debtinstrument)“We provide capital, deliver financial training,and strengthen market connections for smalland growing businesses that buildsustainable livelihoods and transform ruralcommunities in poor, environmentallyvulnerable places.” Outcomes / Goals Sustain rural business economies in developing countries Role(s) in Field CONVENER + T.A.: Social Enterprise EntrepreneursINVESTMENT PRODUCTS: Fund Providers Notes /Observations Referenced as grantees of many corporate and financial servicesfoundations. The loan fund is regularly mentioned in other providers’portfolios. Impact Investing Field ScanPage 33 of 37 RSF Social Finance Shorthand +Website RSFwww.rsfsocialfinance.org Legal structure 501c(3) Target Audience InvestorsEntrepreneurs Outputs / Products Mezzanine fund toprovide major growthcapital, PRI funds,direct grant-making,debt instrumentsDonor Advised Fund“Today, RSF offers investing, lending, andgiving services to individuals and enterprisescommitted to improving society and theenvironment. We currently have over onethousand clients who are creating enormouspositive impact by helping us redirect theflow of money from global capital markets tolocal ones.” Outcomes / Goals Social-impact investment, lending and direct grant-making Role(s) in Field PHILANTHROPIC: Donor Advised FundsPHILANTHROPIC: Offering Investment Products Notes /Observations Among the most comprehensive approaches in the field. Impact Investing Field ScanPage 32 of 37 Root Capital Shorthand +Website Root Capitalhttp://www.rootcapital.org/index.php Legal structure 501c(3) Target Audience Entrepreneurs,investors Outputs / Products T.A. for businessdevelopmentRoot Capital LoanFund” (debtinstrument)“We provide capital, deliver financial training,and strengthen market connections for smalland growing businesses that buildsustainable livelihoods and transform ruralcommunities in poor, environmentallyvulnerable places.” Outcomes / Goals Sustain rural business economies in developing countries Role(s) in Field CONVENER + T.A.: Social Enterprise EntrepreneursINVESTMENT PRODUCTS: Fund Providers Notes /Observations Referenced as grantees of many corporate and financial servicesfoundations. The loan fund is regularly mentioned in other providers’portfolios. Impact Investing Field ScanPage 33 of 37 RSF Social Finance Shorthand +Website RSFwww.rsfsocialfinance.org Legal structure 501c(3) Target Audience InvestorsEntrepreneurs Outputs / Products Mezzanine fund toprovide major growthcapital, PRI funds,direct grant-making,debt instrumentsDonor Advised Fund“Today, RSF offers investing, lending, andgiving services to individuals and enterprisescommitted to improving society and theenvironment. We currently have over onethousand clients who are creating enormouspositive impact by helping us redirect theflow of money from global capital markets tolocal ones.” Outcomes / Goals Social-impact investment, lending and direct grant-making Role(s) in Field PHILANTHROPIC: Donor Advised FundsPHILANTHROPIC: Offering Investment Products Notes /Observations Among the most comprehensive approaches in the field. Impact Investing Field ScanPage 34 of 37 SJF Institute Shorthand +Website SJFI http://sjfinstitute.org Legal structure 501c(3) Target Audience Entrepreneurs andinvestorsFocus on environmental-impact and good- jobs creation Outputs / Products T.A. includingmentorship, writtenresources andworkshops“In summary, the world’s challenge is tocreate good jobs while preserving theenvironment.” Outcomes / Goals Support green-jobs economy Role(s) in Field CONVENER + T.A.: Social Enterprise Entrepreneurs Notes /Observations SJFI has merged, and is now managing, Investors Circle after yearsof partnership. SJF Ventures Shorthand +Website SJF Ventures http://www.sjfventures.com / Legal structure For-profit Target Audience Investors Outputs / Products Venture fund forclean-tech, businessand Web-enhancedservices, andpremium consumerproducts“Through its investment funds, the firmprovides equity financings from $1MM to$10MM, solo or in syndicates, to companiesseeking expansion capital” Outcomes / Goals Build clean, sustainable jobs economy Role(s) in Field INVESTMENT PRODUCTS: Social V.C. + Community DevelopmentV.C. Notes /Observations Allied with 501c(3) SJF Institute. Limited partnerships with majorfinancial services corporations including Credit Suisse, DeutscheBank, Macquarie, Wells Fargo, Calvert Investments, Merrill Lynch / BoA, Citi, Key Bank, MetLife along with private foundations,accredited individual investors and asset management companies. Impact Investing Field ScanPage 35 of 37 Skoll Foundation Shorthand +Website Skollhttp://www.skollfoundation.org / Legal structure 501c(3) Private foundation Target Audience Entrepreneurs Outputs / Products GrantsVarious types ofinvestments andcapitalConvenings includingthe Skoll World Forumconference and theSocial Edge onlinecommunity“For Skoll Awardees with earned revenueand/or for-profit business models, we mayaugment grant funding with below-marketinterest rate loans or guarantees when thereis an opportunity to significantly increaseprogrammatic impact or scale. We alsoinvest in financial intermediaries whoaccelerate access to capital and otherresources to those in underserved markets.” Outcomes / Goals Peace and prosperity focus Role(s) in Field PHILANTHROPIC: Grants / T.A. to Social Entrepreneurs Notes /Observations Social Capital Markets Shorthand +Website SoCaphttp://socialcapitalmarkets.net / Legal structure For-Profit No clear statement Target Audience Everyone in the space Outputs / Products Conferences In addition to conferences, SoCap hostsmicroconferences designed to secureinvestments for invited projects Outcomes / Goals Map and connect the field Role(s) in Field CONVENER + T.A.: Investors, Institutions, Etc. Notes /Observations Good Capital claims credit for incubating SoCap. The annualconferences are regularly referenced on funds’ sites. Impact Investing Field ScanPage 36 of 37 Sustain Venture Capital Shorthand +Website SustainVChttp://www.sustainvc.com Legal structure For-profit Target Audience Individual investors Outputs / Products Patient CapitalCollaborative (PCC),which invests in triplebottom-line seed andgrowth capital“PCC invests in companies that apply forfinancing through Investors' Circle,anassociation of accredited investors whoprovide 'Patient Capital for a Sustainable Future.' Through PCC, SustainVC investsas the lead or participant in rounds of equityand equity-related securities as small as$500,000 and as large as $5,000,000.” Outcomes / Goals Investments target health, sustainability, community and internationaldevelopment, education. Role(s) in Field INVESTMENT PRODUCTS: Social V.C. + Community DevelopmentV.C. Notes /Observations Note the connections between Investors Circle (PCC receivesapplications for funding through IC) and B Lab (which was incubatedat IC; also, PCC is one of the first funds to receive a GIIRS ratingdeveloped by B Lab). Impact Investing Field ScanPage 35 of 37 Skoll Foundation Shorthand +Website Skollhttp://www.skollfoundation.org / Legal structure 501c(3) Private foundation Target Audience Entrepreneurs Outputs / Products GrantsVarious types ofinvestments andcapitalConvenings includingthe Skoll World Forumconference and theSocial Edge onlinecommunity“For Skoll Awardees with earned revenueand/or for-profit business models, we mayaugment grant funding with below-marketinterest rate loans or guarantees when thereis an opportunity to significantly increaseprogrammatic impact or scale. We alsoinvest in financial intermediaries whoaccelerate access to capital and otherresources to those in underserved markets.” Outcomes / Goals Peace and prosperity focus Role(s) in Field PHILANTHROPIC: Grants / T.A. to Social Entrepreneurs Notes /Observations Social Capital Markets Shorthand +Website SoCaphttp://socialcapitalmarkets.net / Legal structure For-Profit No clear statement Target Audience Everyone in the space Outputs / Products Conferences In addition to conferences, SoCap hostsmicroconferences designed to secureinvestments for invited projects Outcomes / Goals Map and connect the field Role(s) in Field CONVENER + T.A.: Investors, Institutions, Etc. Notes /Observations Good Capital claims credit for incubating SoCap. The annualconferences are regularly referenced on funds’ sites. Impact Investing Field ScanPage 36 of 37 Sustain Venture Capital Shorthand +Website SustainVChttp://www.sustainvc.com Legal structure For-profit Target Audience Individual investors Outputs / Products Patient CapitalCollaborative (PCC),which invests in triplebottom-line seed andgrowth capital“PCC invests in companies that apply forfinancing through Investors' Circle,anassociation of accredited investors whoprovide 'Patient Capital for a Sustainable Future.' Through PCC, SustainVC investsas the lead or participant in rounds of equityand equity-related securities as small as$500,000 and as large as $5,000,000.” Outcomes / Goals Investments target health, sustainability, community and internationaldevelopment, education. Role(s) in Field INVESTMENT PRODUCTS: Social V.C. + Community DevelopmentV.C. Notes /Observations Note the connections between Investors Circle (PCC receivesapplications for funding through IC) and B Lab (which was incubatedat IC; also, PCC is one of the first funds to receive a GIIRS ratingdeveloped by B Lab). Impact Investing Field ScanPage 37 of 37 ADDENDUM: Major Foundations Involved in Impact Investments Financial information from GIIN Investors Council RockefellerFoundation Comes up over and over again; seems like the heart of thephilanthropic move towards impact investing. Major funders of almostall thought-leaders in the space (according to current scan), with workdone by foundation staff as well. $20mm+ in PRI allocations. Bill and MelindaGates Allocated $400mm in PRI in 2009. Early PRI investments from thispool of capital include $10mm loan to Root Capital to scale operationsin sub-Saharan Africa. Annie E. Casey Established a social investments program in 2002, and increased theallocation of the endowment dedicated to social investments to$125mm in 2010. Ford Invested more than $550mm in PRIs since 1970. Current PRI Fund isapproximately $280mm, invested in the form of equity investmentsand long-term loans, primarily through intermediaries. David & LucillePackard Current PRIs top $180mm in the form of loans, guarantees and equityinvestments. The foundation is also open to making mission-relatedinvestments but PRIs have been the most suitable tool to date,according to self-reported information. W.K. Kellogg Allocated $100mm of its endowment assets for a pilot program inmission-related investing. $75mm is targeted to opportunities in theUS, $25mm currently allocated for investments in southern Africa.Foundation invests across three asset classes -- cash, fixed income,and private equity -- with an expectation of market-rate returns. MORE http://www.informationclearinghouse.info/article3995.htm MORE http://www.readwriteweb.com/enterprise/2011/12/why-hasnt-google-responded-to.php |
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