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A Short Guide to Impact Investing About the Author A SHORT GUIDE TO IMPACT INVESTING ABOUT THE AUTHOR Sean Greene wrote “A Short Guide to Impact Investing” while serving as Entrepreneur in Residence at the Case Foundation. In this role he supported the Foundation’s efforts to identify new approaches to inspire, educate and mobilize capital in the impact investing space. Greene currently serves as a Managing Director at Siguler Guff, a multi- strategy private equity firm, and has more than 20 years of experience as an entrepreneur and investor. Previously, Greene was appointed by President Obama to run the Investment and Innovation programs at the U.S. Small Business Association (SBA). At the SBA, Greene directed the Small Business Investment Company program, a growth capital program with approximately $20 billion of assets under management. He also led SBA’s efforts focused on stimulating high-growth entrepreneurship. Greene previously worked as a management consultant at McKinsey & Company, founder and CEO of the Away Network and as seed stage investor. WELCOME TO THE CASE FOUNDATION’S “A SHORT GUIDE TO IMPACT INVESTING” —A BASIC PRIMER TO HELP INDIVIDUALS BETTER UNDERSTAND HOW BUSINESS CAN DRIVE SOCIAL CHANGE AND CREATE SOCIAL IMPACT. TABLE OF CONTENTS CHAPTER CHAPTER A CALL TO ACTION IMPACT INVESTING: PAGE 1 A (SHORT!) DEFINITION 01 02 PAGE 3 CHAPTER CHAPTER A FLEXIBLE FRAMEWORK YOUR CENTER OF PAGE 9 GRAVITY 03 04 PAGE 13 CHAPTER CHAPTER WHY: IMPACT SECTORS WHAT: IMPACT ACROSS PAGE 17 ASSET CLASSES 05 06 PAGE 19 CHAPTER CHAPTER WHERE: EMERGING IMPACT FUNDS AND MARKETS TO DEVELOPED DIRECT INVESTING ECONOMIES PAGE 25 07 PAGE 23 08 CHAPTER CHAPTER CHOOSE YOUR RISKS – SOCIAL RETURNS: AND RETURNS MEASURING IMPACT 09 PAGE 27 10 PAGE 31 CHAPTER CHAPTER FINANCIAL RETURNS: MOVING FORWARD TRACKING PAGE 39 PERFORMANCE 11 PAGE 35 12 APPENDIX RESOURCES GLOSSARY PAGE 42 PAGE 43 PREFACE A movement is afoot that represents a significant My colleagues at the Case Foundation and I opportunity for businesses and markets to have had hundreds of conversations over the drive social value. By allocating assets toward past year with investors, philanthropists and products, services and companies that generate others experts, some of whom identify with positive social impact, the movement toward the impact investing movement and many who “impact investing” has the potential to create real don’t. “What are the bottlenecks?” we wanted value both for investors and for society. to know. “How do we get people to stop kicking the tires and ‘Just Do It’?” The term “impact investing” dates only to 2008, but already there has been significant growth in WHAT HAVE WE HEARD? the number of companies, funds and individual We heard that a lot of work is still needed: efforts created in support of the concept. A cottage industry of associations, conferences, research • A robust pipeline of investable deals; efforts, advisors, consultants and platforms has • Better data on business and fund grown up around the world. performance; • Expanded opportunities for exits and the And yet, many savvy and sophisticated investors return of capital; remain on the sidelines, looking for ways • Actionable research on impacts and to invest. Many high net worth individuals, outcomes; and institutional investors, financial and wealth • More products and easier “on ramps” for advisors and even philanthropists are anxiously people to get started. waiting for new opportunities to deploy capital in exciting companies and growing markets with We also picked up a recurring theme: many people entrepreneurs and managers who are proving they are confused. What exactly is impact investing? can deliver both financial and social returns. How is it different from what I’m already doing? “YOU SAY YOU WANT A REVOLUTION, WELL, YOU KNOW, WE ALL WANT TO CHANGE THE WORLD.” – JOHN LENNON There are also the pioneers of impact investing who The guide builds on the work of great champions are clamoring for less talk, more action. We agree. for this movement. The Rockefeller Foundation, Omidyar Network and many others have been A SHORT GUIDE TO IMPACT pioneers in supporting the development of the field. INVESTING This guide is intended to help bring newcomers We hope that this guide will inform, pose into the game. We hope it helps high net worth questions, provide some answers and develop a individuals, family offices and others to know some robust conversation. We now invite you to help of the questions, if not the answers, to determine build the future of impact investing by sharing your what’s right for them and what to do next to move experiences and comments to make the guide toward meaningful, measureable impact. more helpful. We kept it short and, we hope, fun to read. We - Sean Greene, Entrepreneur in Residence, the developed a flexible framework and a simple Case Foundation taxonomy to help people get their arms around impact investing. We have also included several profiles of impact ventures, funds and investors that you can see at ImpactAlpha (impactalpha.com). CHAPTER 01 A CALL TO ACTION 1 A SHORT GUIDE TO IMPACT INVESTING Inner city warehouses hum with production of • Entrepreneurship unleashed is powerful. We healthy lunches for schoolchildren. Silicon Valley need all hands on deck, all oars in the water. entrepreneurs ramp up manufacturing of solar lanterns to meet consumer demand for cheap, • Private capital markets reward scalable safe power in the developing world. Credit flows to models that sustain growth, attract talent and small businesses and farmers adopting sustainable drive cash flows. techniques to feed a hungry world. We know how to make smart investments. We A growing number of companies, including know how to maximize returns. We know how to Revolution Foods, d.light and TriLinc, are make money. Now it’s time to make money more… committed to doing well by doing good. They have Let’s make money more effective at creating value, explicit social goals and strategies and measure for every shareholder and every stakeholder. their impact. Providing capital to such companies Let’s make money more fearless in delivering on that are aligned with those intentions is what its disruptive potential. Let’s make money more impact investing is all about. willing to take real risks for real returns. We start with the hypothesis that business and In our giving, let’s give money more purpose, more capital markets can be a tremendous force for power, more impact. It’s charitable to donate; it’s positive social change. transformative to invest in the future you want for our children’s children. CONSIDER: • We face urgent challenges of poverty, If the head has been making investments and the inequality, health and climate change, heart giving it away, it’s time to unite the head and domestically and around the world. the heart and make money more. • Neither government, nor philanthropy, even combined, are equipped to solve these problems alone. “NOW I’M A BELIEVER… NOT A TRACE OF DOUBT IN MY MIND.” – THE MONKEES A SHORT GUIDE TO IMPACT INVESTING 2 CHAPTER 02 IMPACT INVESTING: A (SHORT!) DEFINITION 3 A SHORT GUIDE TO IMPACT INVESTING “A ROSE BY ANY OTHER NAME WOULD SMELL AS SWEET.” – WILLIAM SHAKESPEARE Amid all the excitement about impact investing, we “Impact investments are investments made found a fair bit of confusion. into companies, organizations, and funds with the intention to generate measurable We found that people are confused by similar social and environmental impact alongside a sounding concepts: venture philanthropy, financial return.” socially responsible investing, corporate social responsibility, ESG (for environmental, social and The figure on the following page deconstructs this governance reporting) and more. statement further. We realized that first impressions matter. People’s Impact investing focuses on both for-profit perceptions were shaped by their first exposure to companies that have an explicit intent to have an impact investment, be it cook stoves in Africa, social impact via their business model or practices clean tech in California or community development (which we called for-profit “social” enterprises) in Detroit. “Well, that’s not really right for me,” was and nonprofits with revenue and earned a natural reaction to specific opportunities. income streams (which we called “enterprising nonprofits”). So let’s take a step back. The definition developed by the Global Impact Investing Network (GIIN), the closest thing the field has to a trade association, provides a good starting point: A SHORT GUIDE TO IMPACT INVESTING 4 AN IMPACT INVESTING OVERVIEW IT’S AN INVESTMENT ACROSS A BROAD WITH A FOCUS ON ACROSS RANGE POSITIVE IMPACT ORGANIZATIONAL FORMS Unlike a grant, there’s an Impact investments exist The intention to generate Impact companies, expectation of a return across: measureable social or organizations and funds of capital and a range environmental impact can be for-profit or of possible returns on • All asset classes puts an explicit focus nonprofit entities, which capital. Those expended • Many sectors on positive impact. can return capital as returns could range from That distinguishes the simple loan repayments concessionary to market • All geographies practice from “negative or as shares of revenues. rate, or even to “impact screens” used in socially alpha.” responsible investing (SRI), where investors filter out sectors in which they do not wish to invest, such as tobacco. 5 A SHORT GUIDE TO IMPACT INVESTING NONPROFIT FOR-PROFIT SOCIAL FOCUS PROFIT FOCUS Traditional “Enterprising Double/Triple Traditional nonprofits nonprofits” bottom line for-profit businesses companies Enterprise Organization/ Funder Philanthropy Impact Investing Traditional Investor $ Investor/ Certainly, large public companies generate both There are plenty of other nuances and terms to negative and positive impacts, and it’s possible consider. Impact investments, for example, may to steer portfolios away from the former and deliver “blended value” or a “triple bottom line.” toward the latter.
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