DOCSLIB.ORG

Private Equity and Value Creation: a Fund Manager's Guide to Gender

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Private Equity and Value Creation: a Fund Manager's Guide to Gender PRIVATE EQUITY AND VALUE CREATION A FUND MANAGER’S GUIDE TO GENDER-SMART INVESTING About CDC CDC Group plc (CDC) is the world’s first impact investor with over 70 years of experience successfully supporting the sustainable, long-term growth of businesses in Africa and South Asia. CDC is a UK champion of the UN’s Sustainable Development Goals – the global blueprint to achieve a better and more sustainable future for us. CDC has investments in over 1,200 businesses in emerging economies with total net assets of £6.4 billion and a portfolio of £4.7 billion. CDC invests in companies in Africa and Asia with a focus on fighting climate change, empowering women and creating new jobs and opportunities for millions of people. CDC is funded by the UK Government and has a dual objective to support business growth that lifts people out of poverty and to make a financial return. All proceeds from its investments are reinvested to improve the lives of millions of people in Africa and South Asia. About IFC IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org COPYRIGHT NOTICE AND DISCLAIMER FOR CDC/IFC GUIDE ON GENDER-SMART INVESTING © International Finance Corporation 2020. All rights reserved. 2121 Pennsylvania Avenue, NW Washington DC 20433 U.S.A. © CDC Group Plc 2020. All rights reserved. 123 Victoria Street London SW1E 6DE United Kingdom International Finance Corporation (IFC) and CDC Group Plc (CDC) have agreed that the copyright and all related intellectual property rights in this Guide are jointly owned by them. This Guide has been produced solely for informational purposes to increase awareness of gender-smart investment strategies among investment fund managers, including elevating strategies that can be deployed to strengthen gender diversity within firms and portfolio operations or applied across investment operations. Copying and/or transmitting portions or all of this Guide without permission may be a violation of applicable law. IFC and CDC encourage dissemination of their work and will normally grant permission to reproduce portions of the work promptly, and when the reproduction is for educational and non-commercial purposes, without a fee, subject to such attributions and notices as may reasonably be required. Neither IFC nor CDC (which for all purposes herein includes their respective employees, representatives and affiliates) guarantees the accuracy, reliability or completeness of the content included in this Guide, or the conclusions or judgments described herein, and neither of them accepts any responsibility for any damage or liability which may arise from any omissions or errors or misleading statements (including, without limitation, typographical errors and technical errors) in the content whatsoever, or for reliance thereon. The findings, interpretations, and conclusions expressed in this Guide do not necessarily reflect the views of the Executive Directors of any members of the World Bank Group (WBG) or the governments they represent or CDC. Certain parts of this Guide may link to external Internet sites, and other external Internet sites may link to this Guide. IFC and CDC are not responsible for the content of any external references. The information, content and materials included in this Guide are for general informational purposes only. This Guide shall not constitute, and should not be construed as, an offer, a guarantee, an opinion regarding the appropriateness of any investment or investment strategy, a solicitation or invitation to buy or sell any securities, financial instruments or services the reference to which may be contained herein or as investment-related advice. This Guide is not intended to provide, and should not be relied upon as providing, financial, accounting, legal, regulatory or tax advice. The reader should rely solely on his or her own legal and other professional advisors in the relevant jurisdiction who alone can provide advice and assurances as to legal or investment matters. Neither IFC nor CDC shall have any liability to any of the recipients of this Guide, nor to any other party in connection with or arising in any way from, or in relation to, the information or any opinions expressed in the Guide, and accordingly, IFC and CDC do not accept any responsibility whatsoever for any action taken, or omitted to be taken by any party on the basis of any matter contained in, or omitted from, the Guide. IFC is an international organization established by Articles of Agreement among its member countries and a member of the WBG. CDC is a public limited company owned by the UK Government. All names, logos and trademarks of IFC and CDC are the property of IFC and CDC respectively and may not be used for any purpose without the express written permission of IFC or CDC as the case may be. Additionally, “International Finance Corporation” and “IFC” are registered trademarks of IFC and are protected under international law. 2 CONTENTS Foreword 4 Acknowledgements 5 Executive Summary 7 Abbreviations and Acronyms 9 Introduction 11 What is Gender-smart Investing? 11 Objectives, Audience and Methodology 12 The Investor’s Journey 15 Getting Started: Set a Focus 15 Five Gender-smart Investment Strategies 16 Firm Level 19 Strengthen Gender Diversity at the Firm/Fund Manager Level 19 Implement a Firm-wide Gender Strategy 32 Steps to a Successful Strategy 33 Portfolio Level 45 Select a Gender Lens 46 Gender-smart Investment Strategies 46 Apply a Gender Lens 47 Deal Origination 48 Due Diligence 51 Gender Analysis 56 Deal Structure and Terms and Levers 59 Measure a Gender Lens 68 Portfolio Management 68 Portfolio Measurement 74 Exits 77 Conclusion 80 Appendices 82 A: The Business Case for Closing Gender Gaps 82 B: Firm Level HR Indicators 84 C: Three Steps to Baseline 87 D: Deal Level Indicators 91 E: Deal Level Benchmarks 94 F: Resources on Gender-based Risks 97 G: Gender-smart Investing Tools 98 H: Sample Gender Action Plan 100 Key Gender Definitions and Terms 102 Boxes, Case Studies, Figures and Tables 103 Notes 105 3 FOREWORD Gender-smart Investing – a growing asset class that supports an inclusive and resilient private sector The ongoing COVID-19 pandemic has delivered a significant shock to the global economy, provoking deep recessions in many countries that are taking an enormous toll on millions of people’s lives and livelihoods. We know from previous economic shocks that the Private Equity (PE) industry will quickly contract as General Partners (GPs) stabilize their portfolios and investors hesitate to make new commitments. According to IFC research, GPs will have to contend with shifting valuations as demand and supply shocks lower the performance of businesses.1 However, the pandemic also provides an opportunity for the industry to transform its business model and support companies and economies differently. PE funds contribute to the growth of industries by providing not just capital, but also operational capabilities to firms. To ensure portfolio companies become resilient to future shocks, it is vital for PE funds to pursue strategies that focus on long-term sustainability and value creation. One approach that GPs and Limited Partners (LPs) are increasingly adopting is gender-smart investing – an investment strategy that seeks to use capital to address gender gaps between women and men which will ultimately expand the total addressable market size for private sector businesses. The uptake of investing with a gender lens is increasing: capital raised with a gender lens across private equity, venture capital, and private debt vehicles cleared $4.8 billion in 2019, up from $1.1 billion in 2017.2 This may be due to the compelling business case for gender focused private equity investments. IFC research conducted in 2019, Moving Toward Gender Balance in Private Equity and Venture Capital, found that PE and venture capital (VC) funds in emerging markets with gender-balanced senior investment teams generated up to 20 percent higher returns compared with other funds. Additionally, portfolio companies with gender-balanced leadership teams outperformed in valuation increases by as much as 25 percent compared to non-diverse teams. Given the evidence for value creation through gender-smart investing, and the fact that women around the globe have been impacted more severely by the pandemic, it is more important than ever for GPs and LPs to direct capital towards solutions that drive gender equality. While the opportunities are promising, more clarity is needed by investors to understand how to implement gender-smart investing. This Guide aims to help GPs and LPs sharpen their focus and scale up investments with a gender lens. It also provides Fund Managers with a road map to strengthen gender diversity within their firms, and incorporate a gender lens into investment decision-making. It synthesizes learnings from CDC and IFC’s experience and dialogues with more than 160 GPs and LPs, and draws on best practices with a series of case studies from stakeholders across the private equity industry. There has never been a more opportune time to adopt and implement gender-smart investing. At CDC and IFC, we are firmly committed to using our role as investors to help close gender gaps between women and men. We are confident this Guide will help Fund Managers to apply a gender lens to their operations, while uncovering new opportunities for inclusive value creation that ultimately results in higher investment returns.
Load more

Recommended publications
  • Limits and Contradictions of Labour Investment Funds
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by R-libre Managing Workers’ Capital? Limits and Contradictions of Labour Investment Funds Ian Thomas MacDonald is Assistant Professor in the School of Industrial Relations at Université de Montréal. His research interests include labour organizing strategies, labour politics and radical political economy. His work has appeared in Labor Studies Journal, Socialist Register, and the British Journal of Industrial Relations. He is the editor of Unions and the City: Negotiating Urban Change (Cornell ILR Press, 2017). Mathieu Dupuis: is Assistant professor in labor relations, TÉLUQ Montréal – University of Québec. He is conducting research on trade unions, comparative employment relations, multinational corporations, and the manufacturing sector. Recent publication: 2018. “Crafting alternatives to corporate restructuring: Politics, institutions and union power in France and Canada” European Journal of Industrial Relations, 24(1): 39-54. Abstract: Labour-controlled investment is often touted as an alternative, pro-worker form of finance. Since 1983, the province of Québec in Canada has experimented with workers participation in the form of workers funds controlled by the two major trade union federations. Drawing on research from secondary sources, archival material and semi-structured interviews, this paper offers a comprehensive portrait of one of Québec main workers’ funds, the FTQ Solidarity Fund. To date very little has been said about the impact of workers funds on firm governance, employment quality and labour relations. We argue that any attempt to use investment to shape firm behaviour in the interests of workers and local unions is a limited and contradictory project.
    [Show full text]
  • Financing Growth in Innovative Firms: Consultation
    Financing growth in innovative frms: consultation August 2017 Financing growth in innovative frms: consultation August 2017 © Crown copyright 2017 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]. Where we have identifed any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at www.gov.uk/government/publications Any enquiries regarding this publication should be sent to us at [email protected] ISBN 978-1-912225-08-8 PU2095 Contents Page Foreword 3 Executive summary 5 Chapter 1 Introduction 7 Chapter 2 The patient capital gap 9 Chapter 3 Strengths and weaknesses in patient capital 17 Chapter 4 Root causes (1): deployment of / demand for patient capital 29 Chapter 5 Root causes (2): supply of capital 35 Chapter 6 Current interventions 43 Chapter 7 Implications for policy 51 Annex A List of consultation questions 61 Annex B Terms of reference for the review 63 Annex C Terms of reference for and members of the Industry Panel 65 Annex D Data sources 69 1 Foreword Productivity is important. As I set out in my speech at the Mansion House earlier this summer, improvements in productivity ultimately drive higher wages and living standards. This makes it much more than just another metric of economic performance.
    [Show full text]
  • Impact Bonds in Developing Countries
    IMPACT BONDS IN DEVELOPING COUNTRIES: Early Learnings from the Field 2 | IMPACT BONDS IN DEVELOPING COUNTRIES IMPACT BONDS IN DEVELOPING COUNTRIES: Early Learnings from the Field SEPTEMBER 2017 Emily Gustafsson-Wright is a fellow at the Center for Universal Education at Brookings Izzy Boggild-Jones is a research analyst at the Center for Universal Education at Brookings Dean Segell is a manager at Convergence Justice Durland is a knowledge associate at Convergence ACKNOWLEDGEMENTS The authors would like to thank Brookings gratefully acknowledges many people for their contributions the program support provided to the to this study. First, Alison Bukhari, Center for Universal Education by the Toby Eccles, Safeena Husain, Jane Government of Norway. Newman, Peter Vanderwal and Maya Ziswiler for their helpful comments, Brookings recognizes that feedback and insight on earlier drafts the value it provides is in its of the report. In addition, we would absolute commitment to quality, like to thank all those who supported independence, and impact. Activities with data collection for the Deal Book, and provided real time updates on the supported by its donors reflect this factsheets for each deal. We would commitment. also like to acknowledge those who participated in the impact bonds workshop in London in November 2016, whose valuable insights have Convergence is an institution that formed the core of this report. We connects, educates, and supports are particularly grateful for the investors to execute blended finance contributions of stakeholders involved transactions that increase private in the contracted impact bonds with sector investment in emerging whom we have had more in-depth markets.
    [Show full text]
  • Accelerating Energy Access
    ACUMEN 2018 ACCELERATING ENERGY ACCESS: THE ROLE OF PATIENT CAPITAL ACUMEN WOULD LIKE TO ACKNOWLEDGE OUR PARTNERS THAT GENEROUSLY SUPPORT THE PIONEER ENERGY INVESTMENT INITIATIVE STEVE ROSS & THE BERNARD & ANNE SPITZER SHELLEY SCHERER CHARITABLE TRUST GLOBAL OFFICES SPECIAL THANKS ACCRA, GHANA Special thanks to our peer reviewers Saad Ahmad, David Aitken, Magdalena Banasiak, Morgan DeFoort, Fabio De Pascale, BOGOTÁ, COLOMBIA Christine Eibs-Singer, Peter George, Steven Hunt, Neha Juneja, KARACHI, PAKISTAN Jill Macari, Damian Miller, Jesse Moore, Willem Nolens, Steve Ross, LONDON, ENGLAND Peter Scott, Ajaita Shah, Manoj Sinha, Ned Tozun, Nico Tyabji, MUMBAI, INDIA Hugh Whalan, and David Woolnough NAIROBI, KENYA Special thanks to Carlyle Singer for her strategic guidance and NEW YORK, U.S.A. Harsha Mishra for his analytical research. Additional thanks SAN FRANCISCO, U.S.A. to the Acumen team: Sasha Dichter, Kat Harrison, Kate Montgomery, Jacqueline Novogratz, Sachindra Rudra, and Yasmina Zaidman Lead Authors: Leslie Labruto and Esha Mufti Table of Contents FOREWORD 02 EXECUTIVE SUMMARY 04 INTRODUCTION 06 1. ENERGY SNAPSHOT: 08 ACUMEN’S TRACK RECORD FOR INVESTING IN ENERGY ACCESS 2. THE PIONEER GAP: 12 HOW HAS THE INFLUX OF CAPITAL AFFECTED ENTREPRENEURS? 3. NEED FOR CAPITAL: 16 FILLING GAPS IN OFF-GRID ENERGY MARKETS TODAY 4. THE BIG PICTURE: 26 WHAT IS THE OPTIMAL MIX FOR SCALING ENERGY ACCESS COMPANIES? 5. REACHING THE POOR: 38 USING PATIENT CAPITAL TO ACCELERATE IMPACT 6. BEYOND CAPITAL: 46 WHAT DO ENERGY ACCESS STARTUPS NEED? 7. FACILITATING EXITS: 48 SENDING THE RIGHT MARKET SIGNALS 8. CONCLUSION: 56 WORKING TOGETHER TO CATALYZE ENERGY ACCESS APPENDIX 58 CASEFOREWORD STUDY Jacqueline Novogratz FOUNDER & CEO Dear Reader, I am pleased to share Acumen’s Accelerating Energy Access: The Role of Patient Capital report with you.
    [Show full text]
  • Marxism and the Solidarity Economy: Toward a New Theory of Revolution
    Class, Race and Corporate Power Volume 9 Issue 1 Article 2 2021 Marxism and the Solidarity Economy: Toward a New Theory of Revolution Chris Wright [email protected] Follow this and additional works at: https://digitalcommons.fiu.edu/classracecorporatepower Part of the Political Science Commons Recommended Citation Wright, Chris (2021) "Marxism and the Solidarity Economy: Toward a New Theory of Revolution," Class, Race and Corporate Power: Vol. 9 : Iss. 1 , Article 2. DOI: 10.25148/CRCP.9.1.009647 Available at: https://digitalcommons.fiu.edu/classracecorporatepower/vol9/iss1/2 This work is brought to you for free and open access by the College of Arts, Sciences & Education at FIU Digital Commons. It has been accepted for inclusion in Class, Race and Corporate Power by an authorized administrator of FIU Digital Commons. For more information, please contact [email protected]. Marxism and the Solidarity Economy: Toward a New Theory of Revolution Abstract In the twenty-first century, it is time that Marxists updated the conception of socialist revolution they have inherited from Marx, Engels, and Lenin. Slogans about the “dictatorship of the proletariat” “smashing the capitalist state” and carrying out a social revolution from the commanding heights of a reconstituted state are completely obsolete. In this article I propose a reconceptualization that accomplishes several purposes: first, it explains the logical and empirical problems with Marx’s classical theory of revolution; second, it revises the classical theory to make it, for the first time, logically consistent with the premises of historical materialism; third, it provides a (Marxist) theoretical grounding for activism in the solidarity economy, and thus partially reconciles Marxism with anarchism; fourth, it accounts for the long-term failure of all attempts at socialist revolution so far.
    [Show full text]
  • Social Capital's Performance Vs the S&P
    Social Capital’s performance vs the S&P 500 Annualized Percentage Change Gross IRR In S&P 500 with dividends included 2011 - 2018................ 29.4% 13.5% 2011 - 2019................ 32.9% 15.0% Overall Gain 997% 325% To the supporters and stakeholders of Social Capital: This is the second of our annual letters where we discuss our investments and other thoughts on technology, markets, and our mission. Eight and a half years ago, we started Social Capital to tackle hard problems like cancer, space exploration and climate change at a time when few investors were doing so. While many investors fawned over social networks, photo-sharing apps, and other consumer-oriented investments, we invested in healthcare, education, and frontier technology businesses like space exploration and artificial intelligence. Many of the companies we backed were initially unable to raise money from other institutional investors until we stepped in to give them the long-term, patient capital they needed. We hoped that we would be rewarded for these bets in good time. In 2018, this hope started to become a reality and we concluded that the traditional approach of fund management and asset gathering wasn’t going to be enough. It would definitely generate huge fees to put in our pockets but, ultimately, not make a meaningful impact in achieving our mission. This is a difference that makes a difference in today’s increasingly complicated world and so we iterated. We closed ourselves to outside capital and became a technology holding company in mid 2018. As we write to you today, we look forward, optimistically, to the future despite its intermittent calamities.
    [Show full text]
  • How Private Capital in Education Is Increasing Access, Inspiring
    Driving Grades, Driving Growth: By Ashwin Assomull, How Private Capital in Education Maryanna Abdo, Roisin Pelley is Increasing Access, Inspiring Parthenon-EY Innovation and Improving Outcomes CONTENTS FOREWORD 3 EXECUTIVE SUMMARY 4 I- CONTEXT 12 II- THE ROLE OF PRIVATE CAPITAL 18 III- CASE STUDIES 32 IV- LESSONS FROM EXPERIENCE 66 V- CONCLUSION 78 GLOSSARY 80 ABOUT THE AUTHORS 82 ACKNOWLEDGEMENTS 83 REFERENCES 85 WORKS CITED 89 The views and opinions in this publication are solely those of the authors. FOREWORD Economic growth and quality education are strongly correlated. Economic growth leads to increased demand for quality education, which in turn contributes to higher levels of economic growth and so on. And yet for a large number of developing countries this virtuous cycle is under threat. Public education systems are over burdened and often lack the human and financial resources and capacities to deal with rapid increases in demand for more and better education. Private and philanthropic capital has stepped in to fill the void and as this report argues, these interventions should be largely welcomed and harnessed to improve education systems across the board. As the case studies presented reveal, privately funded education organizations have shown themselves to be more willing to take risks, are quicker to innovate and expand, and are more focused on outcomes. In this regard they have in general done a much better job in fulfilling the educational aspirations of the growing middle classes across emerging markets. While the report is supportive of private investment in education, it is also acutely aware of the risks involved when “private capital engages with public goods.” Among the acknowledged risks is the danger that profits take precedence over societal impact and that private investment in education will exacerbate inequality.
    [Show full text]
  • Jacqueline Novogratz
    Jacqueline Novogratz Meeting Urgent Needs with Patient Capital The past 20 years have seen an unprecedented rise in wealth, with new technolo- gies changing the economic landscape. But globalization has also increased the divide between rich and poor, creating a growing sense that something must be done to extend the benefits of the global economy to the 3 billion people—or half the world’s population—who live on less than $3 a day. This glaring inequality is a concern not only for ethical reasons, but also because of the implied economic and security risks associated with such an imbalance. Indeed, the future of capitalism must continue to fuel innovation and productivity while also ensuring opportuni- ty for those at the bottom of the economic pyramid. While the need to address global inequality becomes clearer, philanthropy is also rapidly changing. Foundations like Gates, Google.org, Skoll, Rockefeller and Cisco increasingly are exploring not only how to interact more effectively with markets, but also ways to harness private sector initiative and resources to solve tough, public problems. Moreover, foundations are not alone in this exploration: corporations and individuals are also considering how best to think about their philanthropy as a means of leveraging real change by working across the private, public, and citizen sectors, and promoting market-oriented solutions to solve social problems. Acumen Fund, a nonprofit venture capital fund for the poor established in 2001, reflects the growing interest in using markets to solve tough problems of poverty. The organization received seed financing from Rockefeller Foundation, Cisco Foundation and three Silicon Valley individuals, including Cate Muther (the former senior marketing executive at Cisco and founder of the Three Guineas Fund) and Stuart Davidson (a managing partner for Labrador Ventures)—repre- senting from the start a collaboration among a traditional foundation, a high-tech corporate foundation and individuals.
    [Show full text]
  • The Future of Growth Capital Report
    THE FUTURE OF GROWTH CAPITAL REPORT WITH SUPPORT FROM INVESTORS, INDUSTRY AND THE BUSINESS ACTION COUNCIL AUGUST 2020 THE FUTURE OF GROWTH CAPITAL REPORT THE FUTURE OF GROWTH CAPITAL REPORT Deloitte Innovate Finance ScaleUp Institute CONTENTS Deloitte is a leading global provider Innovate Finance is the independent The ScaleUp Institute is a private of audit and assurance, consulting, industry body that represents sector-led, not-for-profit organisation financial advisory, risk advisory, and advances the global FinTech focused on collaborating with policy tax, and related services. With community in the UK. Our mission makers, corporates, finance players, more than 150 years of hard work is to accelerate the UK’s leading educators and government at a local and commitment to making a real role in the financial services sector and national level. 03 Foreword difference, our organisation has grown by directly supporting the next 06 Executive Summary in scale and diversity - approximately generation of technology-led Our mission is to help the UK to 10 1. Investor And Growth Finance Landscape 286,000 people in 150 countries and innovators. become the best place in the world 19 2. The Market Failures territories, providing these services to grow a business as well as start one, 22 3. The Gap Explained - yet our shared culture remains the Innovate Finance’s membership ranges and enable our existing high-growth 23 3.1 The Structural Growth Capital Gap Pre-Covid-19 same. Our organisation serves four from seed stage startups and global businesses to scale up even further. 27 3.2 The Cyclical Growth capital gap due to the Covid-19 crisis out of five Fortune Global 500® financial institutions to investors, 30 3.3 New challenges and opportunities going forward companies.
    [Show full text]
  • International Development
    INTERNATIONAL DEVELOPMENT Subject paper of the International Development Working Group SOCIAL IMPACT INVESTMENT TASKFORCE Established under the UK’s presidency of the G8 September 2014 Contents Summary 03 Introduction: The Changing Landscape of Development Finance 04 Challenges for the Impact Investing Market in International Development 11 Working Group Recommendations 13 Conclusion 19 References & Related Resources 20 TABLE OF ACRONYMS 01 TABLE OF ACRONYMS G7 The Group of Seven SIB Social Impact Bond G8 The Group of Eight UK United Kingdom G20 The Group of Twenty US United States CGAP Consultative Group to Assist the Poor IFF Impact Finance Facility DIB Development Impact Bond GIZ German Federal Enterprise for International DAC Development Assistance Committee (OECD) Cooperation DFIs Development Finance Institutions IDA International Development Association BoP Base of Pyramid IFC International Finance Corporation IDB Inter American Development Bank MDG Millennium Development Goals KfW KfW Bankengruppe GRI Global Reporting Initiative MiFA Microfinance Initiative for Asisa OPIC Overseas Private Investment Corporation DFID Department for International Development GIIRS Global Impact Investing Rating System (United Kingdom) ILO International Labor Organization USAID United States Agency for International IDC Industrial Development Corporation Development FICA Flemish International Cooperation Agency GIIN Global Impact Investing Network SOCAP Social Capital Markets THE SOCIAL IMPACT INVESTMENT TASKFORCE INTERNATIONAL DEVELOPMENT WORKING GROUP The International Development Working Group is one of on social issues in developing countries. Working Group four thematic Working Groups of the independent Social members agree that there is an opportunity for impact Impact Investment Taskforce established in June 2013 investment, in conjunction with public, private and under the UK’s presidency of the G8.
    [Show full text]
  • Foundations for Social Impact Bonds How and Why Philanthropy Is Catalyzing the Development of a New Market
    Mobilizing Investment Capital to Drive Social Progress Foundations for Social Impact Bonds How and Why Philanthropy Is Catalyzing the Development of a New Market SUPPORTED BY 1 n Acknowledgements This report reflects the contributions of many people. First and foremost, we would like to thank all of the individuals who took the time to share their perspectives on this new market with us. Their thoughtful observations provided significant insight into how philanthropy perceives this space. Second, those with whom we shared initial drafts provided astute guidance, which we strived to reflect in the following pages. In particular, we would like to thank Nancy Barrand, Peter Berliner, Paul Brest, Phil Buchanan, David Carrington, Shawn Cole, Kristina Costa, Alnoor Ebrahim, Michael Etzel, Ian Galloway, Steven Godeke, John Goldstein, Jacob Harold, Alisa Helbitz, Simon Jawitz, Georgia Levenson Keohane, Woody McCutchen, Mario Morino, Sonal Shah, Nadya K. Shmavonian, Laura Tomasko, and David Wood. Third, this paper would not be possible without the support and insight of our colleagues at Social Finance, who were instrumental to its completion. Tracy Palandjian, Rebecca Leventhal, Kate Manning Kennedy, Olga Berlinsky, Blake Meulmester, and Madeleine Smith added considerably to the paper. Finally, we are grateful to the Rockefeller Foundation, Omidyar Network, and The Pershing Square Foundation for their financial support of this report. We deeply appreciate the guidance and wisdom of Kippy Joseph, Amy Klement, and Paul Bernstein. Any errors or
    [Show full text]
  • The Impact of Patient Capital on Job Quality, Investments and Firm Performance: Cross-Country Evidence on Long-Term Finance
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Sommer, Christoph Working Paper The impact of patient capital on job quality, investments and firm performance: Cross-country evidence on long-term finance Discussion Paper, No. 6/2021 Provided in Cooperation with: German Development Institute / Deutsches Institut für Entwicklungspolitik (DIE), Bonn Suggested Citation: Sommer, Christoph (2021) : The impact of patient capital on job quality, investments and firm performance: Cross-country evidence on long-term finance, Discussion Paper, No. 6/2021, ISBN 978-3-96021-143-3, Deutsches Institut für Entwicklungspolitik (DIE), Bonn, http://dx.doi.org/10.23661/dp6.2021 This Version is available at: http://hdl.handle.net/10419/228839 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence.
    [Show full text]