The Pursuit of Financial Return and Societal Benefit JUNE 2017 AN EXAMINATION OF PENSION FUND ECONOMICALLY TARGETED INVESTMENTS PREPARED BY INSIGHT AT PACIFIC COMMUNITY VENTURES Authors THIS RESEARCH WAS CONDUCTED BY INSIGHT AT PACIFIC Lauren F. Dixon COMMUNITY VENTURES AS PART OF THE ACCELERATING Tom Woelfel IMPACT INVESTING INITIATIVE (AI3) The authors would like to thank John Griffith from Enterprise Community Reader comments and Partners for his leadership on the AI3, as well as Katie Grace Deane, Erin ideas are welcome. Please Shackelford, and David Wood from the Initiative for Responsible Investment, direct correspondence to:
[email protected] who served as research advisors for this project. We would also like to thank Kendra Berenson for her research and contributions to this project—this report would not have been possible without her efforts. We are also indebted to the many pension fund managers, researchers, ETI experts, and investors who have shared their knowledge and ideas with us in interviews and subsequent conversations. This report is a direct result of their insights, feedback, and thoughtful direction. Finally, we are deeply grateful for the continued insight and support from the Ford Foundation and Omidyar Network, who have funded this project. PRODUCED BY THE ACCELERATING IMPACT INVESTING INITIATIVE (AI3) The AI3 is a partnership between Enterprise Community Partners and InSight at Pacific Community Ventures, with research support from the Initiative for Responsible Investment. Enterprise works with partners nationwide The Initiative for Responsible Investment PCV InSight is the impact investing to build opportunity, creating and at the Hauser Institute for Civil Society research and consulting practice at advocating for affordable homes at Harvard University is an applied Pacific Community Ventures.