Legal Issues in Social Entrepreneurship and Impact Investing— in the US and Beyond

New York University School of Law Vanderbilt Hall, 40 Washington Square South, New York City June 5–6, 2018 Conference Speakers Conference Organizers:

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June 5–6, 2018 New York University School of Law #NYULawGrunin III Conference Speakers

IV Legal Issues in Social Entrepreneurship and Impact Investing—in the US and Beyond Conference Speakers

Abrams is an impact investing industry (2006) and Ernst & Young Entrepreneur pioneer and thought leader through of the Year in India—in the startup authorship of over 20 publications (2006) and business transformation and participation in 12 industry (2009) categories. He is a Young standards-setting groups, including Global Leader of the World Economic Julie Abrams the inaugural Global Impact Investing Forum and an Echoing Green Fellow. Network’s (GIIN) Impact Investing Founder and Managing Director, Akula is the founder of Vaya (www.vaya- and Reporting Standards (IRIS) Impact Investing Analytics india.com), which uses tablet-banking Financial Services Working Group Julie Abrams is founder and managing technology to deliver loans to low-in- and the Economist Intelligence Unit’s director of Impact Investing Analytics, come people in India. He is an angel Expert Panel on Financial Inclusion. a consulting firm specializing in impact investor in fintech startup ArthImpact, investing and innovative finance She was a fellow at the Lauder Institute which uses an app to provide credit globally, with a special focus on of Management and International to small entrepreneurs in India. He emerging and frontier markets. She Studies, where she earned an MBA is an angel investor in AgSri, which specializes in high-impact equity and from Wharton in finance and entre- helps small farmers in Africa and India debt impact investment transactions preneurial management, and an MA reduce water use. He is the founder of through the investment life cycle, risk in international studies focused on Bodhi School in India, which provides management, corporate governance, Latin America from the University of education for underprivileged children. financial and social impact perfor- Pennsylvania. She is a Certified Expert He has worked with McKinsey & mance, strategy, and training. Abrams in Risk Management by the Frankfurt Company and the Worldwatch has been involved in over $350 million School of Finance and Management, Institute, and he has authored Micro- in impact investing transactions in holds a BA from Oberlin College, and Meltdown: The Inside Story of the Rise, more than 40 countries. She serves is fluent in Spanish and Portuguese. Fall, and Resurgence of the World’s as a senior property rights innova- Most Valuable Microlender (Ben Bella tive finance consultant to Omidyar Books and Harper Collins, 2018) and A Network, which also appointed her Fistful of Rice: My Unexpected Quest to the MicroBuild Fund investment to End Poverty Through Profitability committee since fund inception. (Harvard Business Review Press, 2010). Abrams served on Calvert Impact He has a BA from Tufts University, Capital’s investment committee for Vikram Akula an MA from Yale University, and a 12 years. She conducted a feasibility Chairperson and Promoter, PhD from the University of Chicago, study for a Brazil-focused impact Vaya Financial Services; Founder and he was a Fulbright Scholar. investment fund and was senior due and Chairperson, Bodhi School diligence consultant at ImpactUs, a Vikram Akula has been at the forefront FINRA broker-dealer online impact of creating market-based solutions for investing marketplace. At PwC’s financial inclusion. He began working Strategic Management Services, she in rural development in 1990, initially consulted to Fortune 500 companies as a grassroots social worker in India. and governments, with a focus on In 1997, he founded Bharat Financial Rick Alexander global investment, including sell-side Inclusion (http://www.bfil.co.in) in Head of Legal Policy, B Lab equity and privatizations. Her prior India, which is one of the world’s Rick Alexander is the head of Legal experience includes living and work- largest microfinance companies and Policy at B Lab. In that position, he ing in Brazil, Women’s World Banking has disbursed more than $12 billion works with lawyers, companies, inves- in the early days of microcredit, and in microloans. In 2006, TIME mag- tors, legislators, and regulators around a Chicago community center pilot azine named Akula one of the 100 the world, seeking to create sustain- women’s employment program. She is most influential people in the world. able corporate governance structures. a board member of WAM International. His awards include Schwab Social Entrepreneur of the Year in India

June 5–6, 2018 New York University School of Law #NYULawGrunin 1 Conference Speakers

Prior to coming to B Lab, Alexander SMEs, social enterprises, and impact counsel for The Working World and practiced law for 26 years at Morris, investors. With the integration, Seed lives in Philadelphia. Prior to joining Nichols, Arsht & Tunnell, including by EY would be able to further scale The Working World, he taught and four years as managing partner. He its presence in Latin American markets, practiced law in Africa. He orga- remains counsel to the firm. During his leverage tech-based solutions for legal nized a master’s degree program in time at the firm, he was selected as services, and strengthen its system- Community Economic Development one of the ten most highly regarded ic-approach to pro bono initiatives. at the Open University of Tanzania on corporate governance lawyers behalf of the Southern New Hampshire Before attending Oxford University, worldwide, as Delaware Mergers & University, taught business law at the Alfaro joined the largest corporate law Acquisitions Lawyer of the Year, as Kampala International University-Dar firm in Central America. He worked Delaware Corporate Law Lawyer es Salaam, served as special counsel as coordinator of a multi-field legal of the Year, and as one of the 500 to Mkono & Co Advocates and served practice in corporate and commercial leading lawyers in the United States. as a legal consultant to the African law, real estate, trusts and estates, Development Bank in Tunisia. Before In 2015, Alexander prepared the mergers and acquisitions, and litigation venturing to Africa, Arrington served as initial drafts of both the Delaware and arbitration. There, he founded chair, general counsel, and capital coor- public benefit corporation legislation the Costa Rican Pro Bono Committee, dinator of Equal Exchange, Inc. He also and the ABA Benefit Corporation which familiarized him with such served on the boards of the ICA Group, White Paper. He now serves as special NGOs as Techo and Grameen Bank. the Social Venture Network, and the consultant for Benefit Corporations In 2009, at the age of 21, he launched Cooperative Fund of New England. to the ABA’s Corporate Laws s.e.e.d. He coordinates legal affairs of Committee. He is a founding member outstanding ventures in various fields of the Delaware Access to Justice of the impact investing spectrum, such Commission, chairs the Content as sustainability, clean tech, conserva- Committee of the American College tion, microfinance, fair trade, culture, of Governance Counsel, is a research education, volunteering, health, sports, fellow of the British Academy’s Future and development. He also actively pro- of the Corporation project, and is Stephanie J. Bagot motes socially responsible investments a member of the Commonwealth Senior Attorney, and the enhancement of the social Climate and Law Initiative Advisory FINCA Impact Finance business ecosystem in Latin America. Board. He also serves as a board Stephanie J. Bagot is a senior attorney member of the Transgender Legal After completing his MBA at Oxford, at FINCA Impact Finance and the lead Defense and Education Fund. Alfaro was selected for Global Shapers attorney for cross-border mergers and Community, a world economic forum. acquisitions in the network. Bagot has over 15 years of legal experience as an international attorney and was a senior associate in the Business section at Holland & Knight prior to joining FINCA. She earned a law degree José Miguel Alfaro from the University of Paris-X, an LLM Gomez Clark R. Arrington in International Law from American University, and an MA in International Founder and Partner, s.e.e.d. General Counsel, Affairs from Georgetown University. Alfaro is an attorney at law in Costa The Working World USA Bagot is admitted to practice law Rica and founder of s.e.e.d., a bou- [email protected] in New York, Washington, DC, and tique law firm targeted to social impact Clark R. Arrington is an experienced France. She is a native French speaker ventures in Costa Rica. In 2018, s.e.e.d. attorney and educator with degrees and has good knowledge of Spanish. became Seed by EY, EY’s business unit from Pennsylvania State University in charge of serving “strategic growth and the University of Notre Dame Law markets,” including startups, School. He currently serves as general

2 Legal Issues in Social Entrepreneurship and Impact Investing—in the US and Beyond Center, a commissioner emeritus of the Supreme Judicial Court’s Access to Justice Commission, and treasurer of the Boston Public Market. Bal graduated from Williams College and Northeastern University School of Law. Navjeet Bal Ranajoy Basu Managing Director and General Partner, Reed Smith Counsel, Social Finance Ranajoy Basu is widely recognized as Navjeet K. Bal is managing director one of the leading lawyers in cross-bor- and general counsel at Social Finance. der social impact finance structures, She is responsible for working with including social and development the Social Finance team to develop Marcio Mello Silva impact bonds, renewable energy, and and execute innovative financings Baptista green structured finance transactions. that bring together the public, private, Basu launched the firm’s Social Impact Partner, TozziniFreire Advogados and non-profit sectors to promote Finance Group and has advised on Head of TozziniFreire’s New York solutions to social needs. Bal brings some of the most innovative finan- office, Baptista’s practice is primarily over 25 years of experience as a public cial inclusion structures around the cross-border, focusing on mergers and finance attorney and a public official world, including the Educate Girls acquisitions, private equity transac- to Social Finance. As bond counsel to Social Impact Bond, which aims to tions, transnational contracts and joint the Commonwealth of Massachusetts improve the education of children in ventures. He has extensive experience and many public authorities through- India, and the recent groundbreaking representing clients in the US, Asia, out Massachusetts and New England, Utkrisht Impact Bond, which is aimed at Europe, and Latin America. He is one she was responsible for structuring reducing maternal and infant mortality. of the co-heads of the firm’s Corporate innovative bond financings to address Basu continues to advise foundations, Social Responsibility practice group. critical infrastructure needs. In addition, governments, NGOs, impact funds, The group was created in 2003 to serve she represented the Commonwealth and financial institutions on structur- as an instrument for the development of Massachusetts in negotiating and ing social impact finance solutions. of citizenship among low-income documenting its groundbreaking Pay youth in São Paulo. This group was for Success contracts addressing juve- given the duty of defining investment nile justice and chronic homelessness. strategies in social responsibility and Bal served as the commissioner of the guidelines related to this practice. Revenue in Governor Deval Patrick’s Currently, the group is composed of administration from 2008 through eight partners, and it embraces pro- 2011, where she was responsible for fessional practice in the coordination Anat Alon-Beck a 2,000-person agency with three and execution of activities. Guided by Jacobson Fellow in Law and Business, lines of business: Tax Administration, ethical conduct and transparency, the New York University School of Law Child Support Enforcement, and relationships of the group with the Anat Alon-Beck is the 2017-2019 the Division of Local Services. entities it supports are long term and Jacobson Fellow in Law and Business at have lasted for more than ten years. New York University School of Law. Her Bal has held many leadership positions research focus is in corporate law, gov- in legal, community, and professional Baptista joined TozziniFreire in 1989 ernance, entrepreneurship, and innova- organizations, including serving as a and became a partner in 1998; before tion, with an interdisciplinary emphasis member of the Boston Bar Association becoming a partner in TozziniFreire, on the intersection of law with business, Council, where she served on the he worked in New York for Cleary, management, finance, ethics, strategy, Executive Committee from 2011 to Gottlieb, Steen & Hamilton; Morrison & society, sustainability, and the natural 2014. She is a board member of the Foerster; and Morgan, Lewis & Bockius. environment. She is passionate about Legal Advocacy and Resource empowering women to advance in entrepreneurship and leadership positions in the business world.

June 5–6, 2018 New York University School of Law #NYULawGrunin 3 Conference Speakers

ABA Delegation to Myanmar and documents, negotiation and drafting of Cambodia. She established and chairs agreements and side letters for venture the Government Lawyers Committee capital investments, and drafting of of the DC Bar’s Corporation, Finance, corporate resolutions. He is a founding and Securities Law Community and member of Reed Smith’s Social Impact previously served as vice chair of its Finance Group and a regular speaker Leila Bham Committee on Privately Held and on topics relating to impact investment. Senior Special Counsel, Emerging Business. She has also partic- He is also a co-founder of the Impact Office of Legal Policy, Office of ipated in consultations on Myanmar’s Investing Legal Working Group, a pro- General Counsel, US Securities Draft Investment Law and the World fessional network of lawyers who work and Exchange Commission Bank’s Country Partnership Framework in the field of impact investing for a [email protected] for Myanmar, and she leads rule of diverse array of organizations, including law initiatives through the ABA. impact investors, social enterprises, law Leila Bham is senior special counsel firms, nonprofit organizations, foun- at the US Securities and Exchange Bham is qualified to practice in New dations, and academic institutions. Commission, in the Office of General York, the District of Columbia, England, Counsel’s Office of Legal Policy. Since and Wales, and before the US Supreme joining the SEC in 2010, she has Court. She holds an A from Harvard advised on regulatory initiatives, includ- University and a JD from Georgetown ing under the Dodd-Frank Wall Street University Law Center. She speaks Reform and Consumer Protection Act, Burmese, French, and Spanish. and is a two-time recipient of the SEC’s Law and Policy Award. While in the Cassady (Cass) V. Division of Trading and Markets, Bham Brewer led part of the team drafting rules to Associate Professor of Law, implement the crowdfunding provisions Georgia State University of the Jumpstart Our Business Startups College of Law Act, and more recently has advised Aaron Bourke [email protected] on cryptocurrency matters. She has Associate, Reed Smith; Co-Founder Cassady V. “Cass” Brewer is an spoken widely, taught, and engaged in and Member, Impact Investing associate professor at Georgia State dialogue with numerous stakeholders Legal Working Group (IILWG) University College of Law in Atlanta. on the issue of leveraging technol- [email protected] Brewer teaches courses in basic federal ogy to enhance access to capital. income taxation, corporate taxa- Aaron Bourke is an associate in Reed Before joining the SEC, Bham provided tion, partnership taxation, the law of Smith’s Global Corporate Group, prac- legal counsel to the World Bank’s nonprofit organizations, and the law of ticing primarily in the area of private Financial Market Integrity Unit. She social enterprise. He researches and fund formation and counseling. In this began her career in London, where for writes extensively on the legal and role, he represents private equity and eight years she practiced as an associ- tax aspects of nonprofit organizations, hedge fund sponsors in a wide array of ate and senior associate at the law firm business organizations, and social transactions, including fund formations, Freshfields Bruckhaus Deringer, advis- enterprise organizations. Brewer also portfolio company transactions, and ing on global capital raisings by issuers is a frequent speaker at conferences financings. He also regularly advises based in Europe, the Middle East, Latin and workshops concerning corporate fund sponsors and other clients on America, and Asia. During this time, tax, partnership tax, nonprofit, and regulatory matters such as adviser she was also seconded to the Equity social enterprise topics. Prior to his registration and private placement Capital Markets team of J.P. Morgan. academic career, Brewer practiced law issues. While focusing his practice as a tax attorney in Atlanta for over 24 Bham served as co-chair of primarily on private funds, Bourke also years, the last 12 of which he served as the American Bar Association’s engages in general corporate repre- a partner and practice leader in the tax International Law Section 2017 sentations, including company forma- group of Morris, Manning & Martin. Spring Meeting, as well as on the tions and drafting of related governing

4 Legal Issues in Social Entrepreneurship and Impact Investing—in the US and Beyond pro bono civil rights legal community. He is widely recognized as one of “America’s Leading Business Lawyers” (Chambers USA; Best Lawyers in America; Lawdragon; Who’s Who)

and one of “The World’s Leading Allen Bromberger Insurance and Reinsurance Lawyers” Mary Rose Brusewitz Partner, Perlman & Perlman (Legal Media Group; International Member, Clark Hill [email protected] Who’s Who of Business Lawyers). Mary Rose Brusewitz is a member at the law firm of Clark Hill PLC. She Allen Bromberger is nationally rec- Brunner holds a JD from Yale and an concentrates her legal practice on ognized for his groundbreaking work AB cum laude from Columbia University. international matters and is active in on the development of nonprofit the areas of impact investing, sus- and for-profit legal structures that tainability, accountability, corporate support the simultaneous pursuit of governance, ESG compliance, and financial and social goals. Through his climate change. She supports impact legal practice, and as an author and investors in structuring, implement- lecturer, he has been at the forefront ing, administering, and exiting impact of fourth sector and social enter- Simon Brunschwig debt and equity investments globally, prise movements that have risen to General Counsel, International including in Latin America, Africa, prominence in recent years. From Committee of the Red Cross (ICRC) Asia, and Eastern Europe. Sectors in foundations and family offices to [email protected] which her clients are active include funds and entrepreneurs, Bromberger the microfinance industry, renewable offers counsel and serves as a trusted Simon Brunschwig is a Swiss national. energy, retail, sanitation, housing, advisor and connector for his clients. He holds a law degree from the and currency hedging. Brusewitz has Previously, he was president of Power University of Geneva (Switzerland, substantial experience in emerging of Attorney and executive director 2003) and an LLM from New York markets development and finance of Lawyers Alliance for New York. University School of Law (2010). and is active in project and structured After working as an attorney in a financing, private equity, cross-border large Swiss law firm in Geneva for investments and joint ventures, restruc- nearly seven years, he joined the turings, workouts, insolvencies, dispute International Committee of the Red resolution, mediation, and other areas. Cross (ICRC) in 2013 as legal counsel She is a pro bono supervising attorney

and became general counsel in 2016. with the International Transactions Thomas Brunner In his position, Brunschwig is based Clinic at NYU School of Law and was a Principal/General Counsel, in Geneva and is part of the Office of panel member and panel chair of the LeapFrog Investments the Director General. He is respon- independent accountability mechanism Tom Brunner works across LeapFrog sible for managing and overseeing at the Inter-American Development on legal and other projects and is institutional legal matters. He advises Bank. Brusewitz earned her JD from LeapFrog’s compliance officer. Through the ICRC on areas such as human UCLA School of Law and a BA in August, 2016, he served as LeapFrog’s resources and employment, contractual anthropology from UCLA. She speaks first general counsel. He previously matters, liability issues, governance, English, Spanish, and Portuguese. was founder and chair of the Insurance and intellectual property; represents Practice at Wiley Rein, one of the the ICRC in litigation proceedings leading insurance law practices in in Switzerland; and provides assess- the US, representing American and ments of legal risks to the Directorate international insurance carriers. He from an institutional perspective. was awarded the Wiley A. Branton Award for Civil Rights Advocacy in recognition of his commitment to the

June 5–6, 2018 New York University School of Law #NYULawGrunin 5 Conference Speakers

Diane Bui Deborah Burand Richard M. Cardillo Attorney-Advisor, US Agency for Associate Professor of Clinical Law, Partner, DLA Piper International Development (USAID) New York University School of Law Richard Cardillo is a partner at DLA Diane Bui is currently the deputy assis- [email protected] Piper. He advises institutional investors tant general counsel for Global Health on alternative investments, including Deborah Burand is an associate pro- within the US Agency for International private equity funds, venture funds, fessor of Clinical Law at NYU School of Development. She has served as an hedge funds, credit funds, infrastruc- Law, where she directs the International attorney advisor in the Global Health ture funds, and real estate funds, as Transactions Clinic and is the faculty and the Economic Growth, Agriculture, well as direct and syndicated co-invest- co-director of the Grunin Center for and Trade groups since 2005. During ments, customized investment vehi- Law and Social Entrepreneurship. that time, she has prepared agree- cles, and separate accounts. Cardillo ments and advised on implementation During 2010-2011, Burand served counts among his clients some of the of development projects involving as general counsel to the Overseas largest and most active participants in non-governmental organizations, public Private Investment Corporation, the alternative investments, including state international organizations, bilateral development finance institution of the and local pension plans, sovereign donors, partner country governments, United States. Earlier in her career, she wealth funds, endowments, foreign and the private sector. She has sup- worked in the environmental sector pension plans, insurance companies ported the development of innovative (Conservation International), micro- and other financial institutions, family legal frameworks and financing tools finance sector (FINCA International offices, and high net worth individuals. such as debt-for-nature swaps, Grand and Grameen Foundation), and US Challenges, results-based financing, government (Federal Reserve Board and a range of public-private part- and Department of the Treasury). She nerships. Prior to joining USAID, Bui also has worked in private practice was in private practice in the areas at a global law firm, where, among of corporate law, finance, and merg- other things, she supported, on a pro ers and acquisition with law firms in bono basis, the development of the Anne Choike Washington, DC. She received a JD world’s first debt-for-nature swap. Director, Business and Community degree from NYU School of Law and Burand is a member of the board Law Clinic, Assistant Clinical a BA degree from Duke University. and Investment Committee of the Professor, Wayne State MicroBuild Fund, an impact invest- University Law School ment fund sponsored by Habitat for Professor Anne Choike’s interests focus Humanity International. She is an on how community development is advisor to the Linked Foundation affected by the regulation of for-profit and Social Sector Franchise and nonprofit entities and the regulation Initiative. She co-founded the Impact of transactional lawyers. Most recently, Investing Legal Working Group her work has been published in the (IILWG) and Women Advancing Columbia Journal of Tax Law. She is the Microfinance (WAM) International. director of the Business and Community Law Clinic and an assistant professor Burand received her BA from (clinical) at Wayne State University DePauw University cum laude, and a Law School in Detroit. Her clinical law joint degree, JD/MSFS with honors, experience also includes teaching and from Georgetown University. conducting research at the University

6 Legal Issues in Social Entrepreneurship and Impact Investing—in the US and Beyond of Michigan Law School’s Community a Luce Scholar, a United Nations and Economic Development Clinic writing competition winner, a three- as a clinical fellow. She also received time TEDx speaker, and the inaugural $50,000 in grant funding in 2017 to recipient of a Women in Sports award. teach an international, interdisci- She speaks five languages and has plinary, experimental travel research worked with the United Nations, the studio in Detroit, Rio de Janeiro, and Flynn Coleman US federal government, international São Paulo, as a course instructor at Grunin Fellow, NYU School of Law corporations, charitable organiza- the University of Michigan Taubman Flynn Coleman is the founding Grunin tions, and social enterprises around College of Architecture and Urban Fellow at the Grunin Center for Law the world. She holds a BSFS from Planning’s Michigan-Mellon Project on and Social Entrepreneurship at New Georgetown University, a JD from Egalitarianism in the Metropolis. Prior York University School of Law. She is an UC Berkeley School of Law, and to entering academia, Choike practiced international attorney, social entrepre- an LLM from the London School of corporate law in New York City with neur, educator, author, public speaker, Economics and Political Science. Jenner & Block and Stroock & Stroock ethical fashion designer, former & Lavan. Choike earned her JD from competitive athlete, and a founder Michigan Law and her MUP from the and CEO. She has spoken, written, University of Michigan Taubman College and taught on issues of international of Architecture and Urban Planning. human rights, international trade law, She earned her BA from Cornell war crimes, truth commissions, political University College of Arts and Sciences. reconciliation, behavioral econom- ics, technology and artificial intelli- Catherine Colyer gence, innovations in legal education Director of Regulatory Compliance, and the legal industry, social impact WaterEquity and social enterprise, and improv- Catherine Colyer provides legal and ing access to justice and economic compliance oversight of WaterEquity’s development through innovation. business and the funds it manages. She is responsible for regulatory Peter M. Cohen Coleman clerked for President compliance, fund management, General Counsel, Partnership Fausto Pocar of the United Nations and governance, and she oversees Fund for New York City International Criminal Tribunal for outside counsel internationally. Peter M. Cohen is general counsel of the former Yugoslavia and for the the Partnership Fund for New York Honorable Donald C. Pogue, chief Prior to joining WaterEquity, Colyer City, a $120 million social impact judge of the United States Court of built and directed compliance man- venture fund focused on creating International Trade. She practiced agement systems for financial ser- jobs in New York City and growing at Willkie Farr & Gallagher in their vices companies and, while with an the local economy. The fund’s invest- New York, Paris, and Washington, DC, international law firm and then an ments range broadly—from projects offices, specializing in anti-bribery FCPA international accounting firm, assessed in inner-city neighborhoods that help law and internal investigations. She compliance, risk, and internal controls provide employment and better taught a curriculum on redefining suc- for dozens of other companies in the services to underserved populations cess at King’s College London Dickson US. She has extensive experience to those that catalyze the growth of Poon School of Law and has been a working with government regulations emerging tech sectors such as life faculty member at General Assembly and regulators and effectively bal- sciences and digital manufacturing. and The School of Life. She has ancing risk with business objectives. Previously, Cohen practiced law at Paul, worked as a legal deputy in Senegal She received a JD from the Weiss, Rifkind, Wharton & Garrison, and as a pro bono attorney with the University of Virginia School of where he represented publicly traded Institute for Justice and Democracy Law and a BA with honors in polit- companies, financial advisors and in Haiti. Coleman has been named ical science and English from the institutions, and private equity inves- a Designed Good Changemaker, a University of Wisconsin-Madison. tors in connection with a variety of Wisdom 2.0 scholarship winner, public and private transactions.

June 5–6, 2018 New York University School of Law #NYULawGrunin 7 Conference Speakers

Connolly was named “Lawyer of the Year” at the 2017 TrustLaw Awards, the Thomson Reuters Foundation’s annual celebration of outstanding pro bono work. Adam Connaker Constanza (Connie) Senior Program Associate, The Connolly Rockefeller Foundation Senior Associate, Beccar Varela Adam Connaker joined The Rockefeller [email protected] Foundation in 2014. As a senior pro- Constanza Connolly is senior associate gram associate, he manages relation- at Beccar Varela. Her practice areas Amy Cobb Curran ships with current and prospective include corporate law and merg- Partner, Chapman and Cutler grantees throughout the grantmaking ers and acquisitions. She has broad Amy Cobb Curran is a partner at process, coordinates foundation work expertise in the design of startup Chapman and Cutler, where she is with partners, and conducts research and entrepreneurship businesses, as a member of the National Public in support of strategic development well as businesses seeking positive and Health & Education Finance and execution of foundation initiatives. social and environmental impact. Department and the Social Finance and His work supports the foundation’s Impact Investing cross-disciplinary team. innovative finance portfolio, specifically At Sistema B’s proposal, she focusing on how innovative finance can co-founded Grupo Jurídico B, an orga- Her practice focuses on tax-exempt be harnessed to mobilize private cap- nization that drafted the bill of law that conduit financings for nonprofit ital for social and environmental out- aims to regulate the B Corporations hospitals, health care systems, senior comes, where he leads the vetting and in Argentina (“Sociedades de living facilities, continuing care diligence of prospective grant projects. Beneficio e Interés Colectivo”). retirement communities, universities, and infrastructure projects. She has Prior to joining the founda- Connolly was elected president of the served as bond counsel, underwrit- tion, Connaker worked as a pri- Latin America Committee that brings er’s counsel, and borrower’s counsel vate equity analyst for Wayzata together the B Lawyers of the region in financings and related transac- Investment Partners, covering a to promote the B Companies. She is tions and has structured, negotiated, broad range of industries but dedi- a member of the task force created drafted, and implemented fixed cating a significant portion of those by Argentina-Uruguay to promote rate, variable rate, multimodal, and efforts to energy investments. impact investment in Argentina. put bond financing structures. Connaker received his master’s degree She has authored several articles More recently, Cobb Curran has drawn in global affairs with a focus on interna- about corporate law and has been a on her public finance experience in tional development and humanitarian speaker at various conferences. Her representing social service providers, assistance from New York University most recent publications include: investors, municipal entities, and inter- and his bachelor’s degree in finance “Legal Guide for Social Ventures in mediaries in “pay for success” financ- from the University of Minnesota. Argentina: Which is the Most Suitable ings for early childhood education, Structure to Create a Social Company?” homelessness reduction, juvenile ser- (Thomson Reuters Foundation, 2016). vices, and recidivism reduction projects. She contributed to the manual, In addition, she has advised clients “Emprender con Impacto” (2017) regarding post-issuance compliance prepared by the Social Innovation with both tax-related statutes and reg- Laboratory of the Entrepreneurship ulations and bond document covenants. Directorate of the City of Buenos Aires and ENI, Di Tella University.

8 Legal Issues in Social Entrepreneurship and Impact Investing—in the US and Beyond Cobb Curran has a JD from He teaches and lectures on the topic Chicago-Kent College of Law of lawyers as social innovators and and a BA from the University of advises law schools and law firms Oklahoma. She is admitted to prac- in developing social impact prac- tice law in Illinois and Minnesota. tices. Crain’s Chicago Business called the class he teaches one of “the coolest classes for law students.” Jeffrey Davis Writer, Speaker, Consultant, and Founder of Tracking Wonder Consultancy [email protected]

Scott M. Curran Jeffrey Davis is a writer, speaker, and CEO, Beyond Advisers consultant, known for his views on Scott Curran is a strategic counselor Stephanie Dangel creative mastery, meaningful work, to social innovators. He founded Executive Director, Innovation and branding with integrity. Davis Beyond Advisers, a social impact Practice Institute heads up the team at Tracking Wonder consultancy, to help nonprofits, social [email protected] Consultancy as veteran strategist, enterprises, and businesses grow their helping accomplished professionals, Stephanie Dangel is the executive organizations and initiatives for impact. entrepreneurs, and business leaders director of the Innovation Practice Beyond Advisers simplifies professional shape stories into captivating brands Institute (IPI) at the University of services for the social sector and helps that enrich a part of the world. They do Pittsburgh School of Law (Pitt Law the private sector design, build, and that through private consulting, their School). The mission of the IPI is to grow meaningful and measurable ArtMark™ Brand Story academy, and train law students to be and to serve social impact within its businesses. their live Brand Artistry Labs series. innovators and entrepreneurs, with a Prior to starting Beyond Advisers, special emphasis on social innovation Through the Tracking Wonder podcast, Curran served as general counsel and impact investing. Prior to joining Davis interviews creative innovators, for the Clinton Foundation. During Pitt, Dangel enjoyed successful careers scientists, and social psychologists to a decade of service to the Clinton as a practicing lawyer, social entrepre- discover how innovators flourish in Foundation, he established, grew, neur, and documentary filmmaker. She times of challenge and change. He also and led the legal team that sup- graduated from the Wharton School at writes for outlets such as Psychology ported over 2,000 staff and volun- the University of Pennsylvania, Yale Law Today online and The Creativity Post. teers working in 36 countries on School, and Oxford University, where He lives with his wife and two more than a dozen initiatives. she was a Rhodes Scholar. Early in her daughters in a farmhouse in the legal career, she had the honor of clerk- Curran has counseled dynamic lead- Hudson Valley of New York. ing for Judge Pierre Leval at the US ers, teams, and cross-sector partners District Court in the Southern District of in developing initiatives that spur New York and Justice Harry Blackmun social and economic change around of the US Supreme Court. Dangel also the world. These initiatives span practiced law as an associate at K&L global health, climate change, inter- Gates in Pittsburgh. She then pursued national development, commercial an interest in social entrepreneurship agriculture, supply chain innovation, and entertainment, which resulted in Barbara Day childhood obesity, small business her producing two documentaries and Former General Counsel, mentoring, post-disaster relief, globally holding leadership positions at the Overseas Private Investment focused conferences, and museum Steeltown Entertainment Project, a Corporation (OPIC) and special event operations. Pittsburgh-based social enterprise. Barbara Day is former vice president and general counsel of the Overseas Private Investment Corporation (OPIC), the US government’s development

June 5–6, 2018 New York University School of Law #NYULawGrunin 9 Conference Speakers

finance institution. During her 17-year of the Bank of Israel. He is a former With a BS degree in business career at OPIC, Day served in a variety platoon commander and operations administration from Bucknell of capacities, including as project officer of the Israel Defense Forces’ University, deVries’ certifications and attorney, associate general counsel Armored Corps, where he commanded memberships include Chartered for Investment Funds and Political Risk soldiers in training and combat. Financial Analyst and Chartered Insurance, acting vice president/head Alternative Investment Analyst. Deutsch graduated from the Hebrew of Investment Funds, and deputy gen- University of Jerusalem with a bach- deVries resides in Malvern, eral counsel. Before joining OPIC, Day elor’s degree in philosophy, polit- Pennsylvania, with his wife was in private practice in Washington, ical science, and economics and and three daughters. DC, where she was a partner in the expects to complete his MBA at the law firm Zuckerman Spaeder. She is a Wharton School of the University of graduate of Notre Dame Law School Pennsylvania in the spring of 2019. and earned an LLM in International and Comparative Law at Georgetown University Law Center before joining OPIC in 2000. Day retired from OPIC in June 2017 and lives in Virginia, where Edward Diener she splits her time between Old Town General Counsel, Skoll Foundation Alexandria and the Northern Neck. She Edward Diener has been general currently advises on selected matters Mark deVries counsel and secretary for the Skoll related to development finance and Director, Tiedemann Foundation since 2005, providing serves on the Advisory Board of the Wealth Management expertise and leadership regarding University of Michigan Law School’s Mark deVries has direct responsibility legal, governance, risk management, International Transactions Clinic. for managing client relationships. He and tax matters. He also supervises works closely with clients to under- Skoll’s $20+ million portfolio of stand their goals and objectives; program/mission-related investments manage their investments, includ- (PRIs) and is recognized nationally as a ing impact investing; and integrate leading practitioner in that field. Prior their investment strategy, philan- to working at Skoll, Diener was in 2003- thropy, and estate planning into a 2004 the vice president of Finance Avi Deutsch cohesive wealth management plan. and Administration at the Omidyar He is also a member of the firm’s Foundation (predecessor to the Principal, Vodia Capital; Internal Investment Committee. Omidyar Network). From 1996 to 2002, Director, LAVAN he worked at the Packard Foundation Avi Deutsch is a principal at Vodia He joined Tiedemann when the firm in senior legal and finance positions. A Capital, where he works with indi- merged with the Threshold Group, California attorney and Certified Public viduals and institutions to align where he served as director of Accountant, Diener practiced com- their investment decisions with Manager Research, overseeing the mercial and corporate law for 17 years their values. Prior to joining Vodia research analysis team with respon- prior to entering the philanthropic Capital, he was the CEO of LAVAN, sibility for evaluating and selecting sector. His degrees are in account- which he co-founded in 2015 and managers for clients. He also main- ing (Bowling Green State University, continues to serve on the board. tained analyst responsibilities and 1976) and law (UC Berkeley, 1979). advised multiple clients, ranging from Deutsch’s previous experiences include multi-generational families to founda- business development manager at tions, addressing their wealth manage- Boundless Impact Investing, a market ment and financial planning matters. intelligence platform for impact investors, a counselor at the Agahozo- Shalom Youth Village in Rwanda working with at-risk orphaned youth, and analyst at the monetary team

10 Legal Issues in Social Entrepreneurship and Impact Investing—in the US and Beyond environmental, social, and governance (ESG) issues relating to fund formation and fundraising, side letter negotiation, RI policies and procedures, ESG due diligence, and ESG reporting to limited partners. Esposito previously was an David Dowling associate at Drinker, Biddle & Reath. Jay Gary Finkelstein Associate, Ropes & Gray Partner, DLA Piper [email protected] Jay Gary Finkelstein, a partner at DLA Piper (US), has practiced corporate David Dowling is an associate in and securities law for over 30 years, the private equity group of Ropes focusing on international and domestic & Gray, primarily advising private negotiated transactions, mergers and equity investors on M&A transactions. acquisitions, joint ventures, securi- Dowling also has a wide range of Vanina Farber ties offerings, corporate structuring, experience advising clients on corpo- Chair, Social Innovation, strategic contractual relationships, and rate governance matters, structuring, IMD, Switzerland general corporate law. His practice has and management incentivisation. Vanina Farber is an economist and involved matters in a wide variety of political scientist specializing on social He is a founding member of Ropes industries, including hospitality, finan- innovation, entrepreneurship and & Gray’s impact investing working cial services, franchised businesses, and corporate social responsibility, with also group. In that capacity, he is coordi- high-tech. He also represents numerous almost 20 years of teaching, research- nating the firm’s expertise in relation international nonprofit organizations ing, and consultancy experience, to socially driven investments. He is as part of DLA’s pro bono practice. working with academic institutions, also a member of the Impact Investing multinational corporations, and interna- Finkelstein holds adjunct law fac- Legal Working Group and is working tional organizations. She is the holder ulty positions at Stanford, Berkeley, to establish IILWG in London. Dowling of the Elea Chair of Social Innovation. University of Pennsylvania, and also maintains an active pro bono prac- Her research focuses on scaling up Georgetown and has been teaching tice and founded Pro Bono Community, social businesses and on innovations international business negotiations a charity that trains law students and in inclusive value chains, especially since 2003. His teaching focuses on lawyers in areas of social welfare law. last-mile distribution. She is also introducing law students to transac- He is a lecturer on private equity interested in education and pedagogy. tional legal practice through expe- finance on the International Financial riential and collaborative pedagogy Prior to IMD, Farber was professor and Law LLM at the King’s College London involving an extended simulation of a chair of Sustainable Entrepreneurship and is also working to develop impact negotiated international transaction and Social Inclusion at Universidad del investing-specific legal education. that immerses students in the legal Pacífico, Peru, where she also was dean aspects and process of negotiating and of the Graduate School of Business documenting the business deal. He from 2014 to 2016. From 2005 to 2017, has been a guest professor at interna- she was also an adjunct professor for tional law schools on five continents IE Business School, Spain, where she and has conducted numerous negoti- taught economic environment and ations trainings through the DLA New country analysis in blended pro- Perimeter program for government Robert T. Esposito grams and designed and co-directed lawyers throughout East Africa. Associate, Paul, Weiss, Rifkind, the training course for professors, Wharton & Garrison “Leadership in Blended Education.” He is the co-author (with Professor Rob Esposito is a private funds asso- Farber has worked as a researcher and Daniel Bradlow) of Negotiating ciate in the New York office of Paul, consultant for different international Business Transactions: An Extended Weiss, Rifkind, Wharton & Garrison. He organizations and national institutions Simulation Course (Wolters Kluwer, counsels private equity fund clients and in Switzerland, Spain, and Peru. 2013) and “Training Law Students their portfolio companies in connec- to be International Transactional tion with responsible investing (RI) and

June 5–6, 2018 New York University School of Law #NYULawGrunin 11 Conference Speakers

Lawyers” in Pepperdine Journal of the president of Social Ventures, as Business, Entrepreneurship and the well as co-founder of a Community Law, 2007. He is the author of “Practice Dispute Resolution Center and a in the Academy: Creating ‘Practice community microfinance program. Aware’ Law Graduates,” Journal of In addition, he has also served on the Legal Education, Vol. 64, No. 4 (May local school board, working to elimi- 2015) and “Barriers to Entry: Putting Jonathan Fulcher nate race and socio-economic status it Together School by School,” Journal Partner, HopgoodGanim Lawyers; as a predictor of student success, and of Experiential Learning (Spring 2017). Professor, TC Beirne School of Law, is an advisor to the Dorothy Cotton University of Queensland Finkelstein is a graduate of Princeton Institute, Alliance of Family Justice, and [email protected] University (AB magna cum laude, Economic Hardship Reporting Project. 1975) and Harvard Law School Jonathan Fulcher has a fractional (one Alongside his other commitments, (JD magna cum laude, 1978). day a week) appointment as profes- Furman is on the board of the Oakland sor of law at the TC Beirne School Institute and currently is helping of Law, University of Queensland, with the Poor People’s Campaign. Brisbane, Australia, responsible for the International Minerals and Energy Law Program. He teaches native title law as well. His day job is partner Luke Fletcher and divisional head of Resources and Energy at HopgoodGanim Lawyers Partner, Bates Wells Braithwaite in Brisbane. Fulcher has worked in Luke Fletcher is a partner at the English Jessica Cassel native title in Australia for 25 years, law firm Bates Wells Braithwaite. He Galimberti and has been a resources lawyer for advises a wide range of clients making Assistant General Counsel, 12 years. He is also lucky enough a difference in society in the UK and ACCION International to be married to a Canadian Senior overseas, often by combining profit Jessica Galimberti is assistant general Anthropologist, Michele, and has two with purpose. Clients vary from interna- counsel at Accion, a global non-profit children, James, 25, and Elizabeth, 23. tional NGOs, household name charities, working to advance financial inclusion. governments, major corporations, and She has more than 11 years of experi- investment banks, to purpose-driven ence providing legal advice and sup- businesses, impact investors, entre- port to a range of non-profit, for-profit, preneurs, and philanthropists. Many and government actors. Her respon- clients need bespoke, tailored advice. sibilities at Accion include providing legal advice on cross-border corporate, Fletcher has worked on a number Jeff Furman transactional, and compliance matters. of significant developments in the Chairman of the Board, She also works closely with financial growing impact economy, including Ben & Jerry’s Ice Cream inclusion and regulatory experts to working in the UK government on Jeff Furman served on the Ben & develop best practice resources and the design of social investment tax Jerry’s corporate board for almost conduct trainings to promote strong relief, making the argument for a new 40 years, providing in-house legal financial consumer protection laws statutory social investment power for counsel and fostering many of the and regulations, and she chairs the charities, and designing and launching company’s social initiatives. His Partnership for Responsible Financial Purposely to help businesses embed current role is chair of the Board of Inclusion’s Consumer Protection and purpose in different ways. He is cur- Directors, a role he is happy to fulfill Regulatory Engagement working group. rently the president of the European alongside being a trustee of the Ben Social Enterprise Law Association. & Jerry’s Foundation. Furman resides in Ithaca, New York, and locally is

12 Legal Issues in Social Entrepreneurship and Impact Investing—in the US and Beyond Prior to joining Accion, Galimberti of Houston and did post-graduate served as in-house counsel for a pass- non-degree work in economics at port and ID solutions provider, where Harvard Extension, Harvard University. she advised management and staff on In 2013, Gately worked as a consultant international contracting, compliance, for a six-month credit union law/regula- and corporate restructuring matters. tion project in Mongolia with the Asian She also assisted in the prosecution Brian Gately Development Bank, traveling with of consumer and securities fraud CEO, Brian Gately Credit examiners for on-site training, and in class action cases before law school. Union Consulting Services Ulan Bator with policies and procedures [email protected] Galimberti earned her JD from with the national regulatory authority. Boston College Law School and her Brian Gately, CEO of Brian Gately He has also worked extensively BA cum laude in political science Credit Union Consulting Services, was with Native American credit unions, and business studies from New York until September 2011 the technical involved with the chartering of Lakota University. She is admitted to practice assistance director, National Federation Federal Credit Union (Pine Ridge, in New York and Massachusetts. of Community Development Credit South Dakota) and Northern Eagle Unions. He joined the federation Federal Credit Union (Bois Forte, in March1997. He has worked with Minnesota). He also has worked with credit unions since 1973, first with Native American credit unions in cooperatives in Colombia, South Wisconsin, Arizona, and Oklahoma. America, as a Peace Corps volunteer, and then with the National Credit Christopher Garner Union Administration (NCUA) as an examiner, principal examiner, prob- Senior Counsel, Private Equity/ lem case officer, and supervisory Funds and Equity Investments, examiner for the New York City area, FMO (Netherlands Development until 1991, when he joined the World Finance Company) Council of Credit Unions (WOCCU). Dorcas R. Gilmore Christopher Garner is an English solici- For two years, he was NCUA’s New Principal, Gilmore Khandhar tor with 16 years of experience working York and New England regional CDCU Dorcas R. Gilmore is a principal of on cross-border transactions in emerg- specialist. Gately won the NCUA’s Gilmore Khandhar, a solidarity econ- ing and frontier markets. He currently administrator’s award for organiz- omies law firm, representing social heads the private equity legal team at ing five credit unions when he was enterprises, businesses, and nonprofit the Dutch development finance insti- examiner for the Caribbean area. organizations at startup and growth tution, FMO, focusing on investments phases. She was a visiting associate in private equity and venture capital From 1993 to 1997, he was director professor in the Small Business & funds, joint venture, M&A, and direct for WOCCU’s (World Council of Credit Community Economic Development equity. Prior to joining FMO, Garner Unions) Bolivia, South America, microf- Law Clinic at The George Washington worked for English magic circle firm inance project, and is fluent in Spanish University Law School and practi- Slaughter and May, as well as in the and French. His interests are microfi- tioner in residence in the Community corporate and energy teams of White & nance and aviation. He worked with the Development Law Clinic at American Case and Skadden Arps. Between 2014 Central Bank of Suriname concerning University Washington College of Law. and 2017, he assisted the GIIN-ISLP developing a safety and soundness Before clinical law teaching, Gilmore Legal Practitioners group’s initiatives program for banks and credit unions. was an assistant general counsel for and was a regular speaker at confer- He is also on the Advisory Board the NAACP, representing the national ences, and in November 2017 he was of FONKOZE, a nongovernmental office and its over 1,000 local and state awarded a place on the Legal500 GC organization that works in Haiti in affiliates as in-house corporate coun- Powerlist ranking of most influential microfinance. He grew up in Texas, has sel and advocacy counsel focused on and innovative lawyers working in the an undergraduate degree in interna- economic and environmental justice. African region. He holds a doctorate tional business from the University Gilmore began her legal career as a degree from the University of Oxford.

June 5–6, 2018 New York University School of Law #NYULawGrunin 13 Conference Speakers

Skadden Fellow and staff attorney at He is also an adjunct assistant profes- Company, Financial Times, Forbes, the Community Law Center, Inc., creat- sor at Georgetown University, where Fortune, The Hill, Inc., Los Angeles ing a Youth Entrepreneurship Initiative he teaches on economic diplomacy Times, Mashable, New York Times, to provide business legal services to and international trade in the master’s NPR, Politico, Roll Call, San Francisco youth-led businesses, organizations, program for the School of Foreign Chronicle, TechCrunch, Telemundo, and social ventures and an Equitable Service. He sits on the Board of Time, USA Today, U.S. News and Development Project to assist commu- Governors at Georgetown University World Report, Vox, Washington nities in developing and negotiating and Board of Directors of NewDEAL, Post, and The Wall Street Journal. community benefits agreements. a national network of progressive Steve was born in Michigan, raised state and local elected leaders. Gilmore is a 2012-2013 Wasserstein in California, and now lives with his Public Interest Fellow at Harvard Law Glickman previously served in the wife, Christen, and their son, Elliott, School and 2013 American Express Obama administration from 2009 to in Washington, DC. He is a tire- NGen Fellow. She is the chair of 2013, most recently as a senior eco- less fan of Chicago Cubs baseball, the ABA Business Law Section’s nomic advisor at the White House, Georgetown Hoyas basketball, and Community Economic Development where he focused on international Michigan Wolverines football. Committee and former Governing trade and investment, financing, man- Committee member of the ABA ufacturing, and small business policies Forum on Affordable Housing and for the National Economic Council and Community Development Law. National Security Council. Earlier, he was deputy associate counsel at the She is the co-editor of the ABA White House, and chief of staff for the publication Building Community US and Foreign Commercial Service Resilience Post-Disaster: A Guide for Lorraine Grace, CFA at the Department of Commerce. Affordable Housing & Community Head of Socially Responsible Economic Development Practitioners Prior to his service in the Obama Investment Research, Close and a forthcoming book, Investing administration, Glickman worked Brothers Asset Management for Social and Economic Impact: A on Capitol Hill as counsel to Lorraine Grace is the head of Socially Guide for Lawyers and Practitioners. Chairman Henry Waxman on the Responsible Investment Research at House Committee on Oversight and Close Brothers Asset Management in Government Reform and legislative London. She was previously an equity aide to then-Congressman Ed Markey. analyst covering the consumer dis- He also served as a trial attorney cretionary and mining sectors. She is and special assistant US attorney the founder of the My World Project at the US Department of Justice charity, which has connected and Steve Glickman and as investigative counsel at the taught peaceful conflict resolution Democratic National Committee. techniques and photography skills to Co-Founder and CEO, children in the Middle East, Cambodia, Economic Innovation Group Glickman received his BA and Costa Rica, Switzerland, and the US. Steve Glickman is the co-founder MA in American government and chief executive officer of the from Georgetown University, a JD Grace is the UK ambassador for Economic Innovation Group (EIG), a from Columbia Law School, and NEXUS, a global next-generation bi-partisan, non-profit research, policy, LLM from the London School of network focused on bridging the and advocacy organization focusing Economics. He is a Council on Foreign worlds of wealth and social impact. She on revitalizing distressed communi- Relations term member, Atlantic is a member of the Wise Foundation ties through private investment and Council Millennium Fellow, and New Gen Council, YPO YNG, Women improved access to capital, supporting Truman National Security Fellow. for Women International Junior entrepreneurship and the growth of Leadership Circle, and The ImPact’s His work has been featured in the new businesses, and championing Next Gen Leadership Council and Atlantic, AP, BBC, Bloomberg, Business a more innovative US economy. is a board member of the USC Insider, Chicago Tribune, CCTV, Alumni Association of London. Daily Beast, The Economist, Fast

14 Legal Issues in Social Entrepreneurship and Impact Investing—in the US and Beyond John Grossman Jay Grunin David Guenther Managing Director and Co-Founder and Chairman, Assistant Clinical Professor and General Counsel, Third Sector Jay and Linda Grunin Foundation Director, International Transactions Capital Partners, Inc. In 1964, Jay Grunin graduated, with Clinic, University of Michigan John Grossman is a managing director honors, from Brooklyn College. He Law School and the general counsel at Third Sector knew he wanted to be a lawyer from [email protected] Capital Partners, a nonprofit consult- the time he was 12 years old (medicine David B. Guenther is the director of the ing firm, where he leads initiatives was also an option, but he was dis- International Transactions Clinic and throughout the United States that are abused of that career track when he clinical assistant professor of law at the driving measurable change in the lives was too squeamish to dissect a frog University of Michigan Law School. He of people who are most in need by in high school). represents social enterprises in interna- rethinking the way the $1 trillion-plus At NYU Law School, Grunin was an tional financing and other international spent by government on social services editor of the NYU Law Review and transactions. Prior to joining the law each year is deployed. Among his was selected as a John Norton school, Guenther was a partner at projects are the Massachusetts Juvenile Pomeroy Scholar. Conlin, McKenney & Philbrick in Ann Justice Pay for Success Pilot that raised Arbor, where his practice focused pri- $18 million in impact funding and After his second year of law school, marily on US and international transac- the Salt Lake County Pay for Success he worked for the summer at a major tions, financing, corporate governance, project portfolio, the first time a juris- Wall Street law firm. Upon graduation, and succession planning for privately diction launched more than one social and while awaiting his call to military held companies. He is experienced in impact bond simultaneously. He is also basic training, he served as an assistant mergers and acquisitions, securities a member of the firm’s executive com- to an NYU Law professor who was offerings, venture capital, angel and mittee and is leading its diversity, equity, teaching a seminar on Legislative impact investing, and other transac- and inclusion work. He joined Third History. Returning from active duty, tions for established, emerging, and Sector after over 15 years working for Grunin worked for a large midtown startup business and nonprofit cli- the Commonwealth of Massachusetts; Manhattan law firm and then accepted ents. He taught as an adjunct clinical he most recently served as the under- an Appellate Division clerkship in assistant professor in the International secretary for Forensic Science and New Jersey. Transactions Clinic from 2010 to 2015. Technology within the Executive Office Finally, he took the advice of his He was an associate with Sullivan & of Public Safety and Security (EOPSS). NYU Law classmate and bride-to-be, Cromwell in New York (1999-2001) and Prior to joining EOPSS, he served for 12 Linda, and settled down in Toms River, Frankfurt, Germany (2001-2004). He years in the Office of the Massachusetts a then-small town in Ocean County on is a past chair of the International Law Attorney General, leaving as the the Jersey Shore. Jay and Linda Grunin Section of the State Bar of Michigan. deputy chief of the Criminal Bureau. practiced law together until the early Guenther graduated from the Grossman is a summa cum laude grad- 1990s, expanding their interests to University of Michigan Law School, uate of Boston University School of include real estate and other invest- magna cum laude, in 1999 and from Law and holds a BA from the University ments. Thereafter, they devoted their Kenyon College, summa cum laude and of Pennsylvania and an MBA from full time and attention to their two Phi Beta Kappa, in 1984. He received a MIT’s Sloan School of Management. greatest passions, their business master’s degree in Germanic languages For the 2017-2018 academic year, he investments and philanthropy. In 2013, and literature from Duke University is also a part-time visiting executive they restructured their philanthropic in 1997. He studied classical philol- at Harvard Business School, where, endeavors by forming the Jay and ogy at Julius-Maximilians-Universität among other things, he is thinking Linda Grunin Foundation. Würzburg from 1995 to 1996. about the role of blended capital in the impact investing ecosystem. June 5–6, 2018 New York University School of Law #NYULawGrunin 15 Conference Speakers

Guenther served as an intern in period for Partners Group’s invest- elected member of the American Law the legal department of the former ments globally and has co-developed Institute and is admitted to practice in German Federal Securities Supervisory the firm’s impact-at-scale offering, “PG Tennessee (2000) and Massachusetts Office, now part of the German LIFE.” He has 13 years of industry (1985, inactive). Her academic work has Ministry of Finance, in Frankfurt during experience. Prior to joining Partners been published in a variety of books fall semester 1998. He also taught Group, he was a Global Leadership and law reviews, and she is a co-ed- English at a rural secondary school in Fellow at the World Economic Forum, itor of the Business Law Prof Blog. Kenya, East Africa, from 1986 to 1987. where he built strategic partnerships between the forum’s multinational agribusiness members and leading international NGOs. Prior to join- ing the World Economic Forum, he worked at The Louis Berger Group and CG/LA Infrastructure. He holds Carolina Henriquez- John Hamilton an MBA from Harvard Business Schmitz School and an MPA from the Harvard Independent Consultant Founding Executive Director of Kennedy School of Government. John Hamilton was most recently the the Grunin Center for Law and Asia head of Business Consulting at Social Entrepreneurship at New Morgan Stanley in Hong Kong, where York University School of Law he spent five years providing strategic Carolina Henriquez-Schmitz is the guidance to fund managers in launch- founding executive director of the ing and scaling their businesses. Prior Grunin Center for Law and Social to joining Morgan Stanley, he practiced Entrepreneurship at New York as a fund lawyer in New York in the Joan MacLeod University School of Law. She is an Asset Management Department of Heminway international attorney that has spent Willkie Farr & Gallagher and served as Professor of Law, The University the better part of the past decade in-house counsel at global alternative of Tennessee College of Law working to educate and empower investment firm Highbridge Capital [email protected] other lawyers to be proactive leaders Management. He graduated from the in driving social change. Henriquez- Joan MacLeod Heminway is the Rick University of Virginia with a BA and Schmitz regularly speaks on issues Rose Distinguished Professor of Law earned a JD at NYU School of Law. of access to justice, social impact at The University of Tennessee (UT) and social enterprise, impact invest- College of Law in Knoxville and a ing and social finance innovations, Fellow of UT-Knoxville’s Center for human trafficking and modern slav- Corporate Governance and Center for ery, environmental laws and climate the Study of Social Justice. When she change, and innovations delivery of joined the UT College of Law faculty legal education and legal services. in 2000, Heminway had completed Adam Heltzer nearly 15 years of corporate transac- Prior to joining the Grunin Center, tional law practice (public offerings, she was regional lead and legal Head of Responsible private placements, mergers, acquisi- manager at the Thomson Reuters Investment, Partners Group tions, dispositions, and restructurings) Foundation, where she worked with Adam Heltzer is Partners Group’s in the Boston office of Skadden, Arps, social impact partners around the head of Responsible Investment, as Slate, Meagher & Flom. Her scholar- world to develop strategic resources part of the Industry Value Creation ship focuses on securities disclosure and capacity-building opportunities in business unit, based in New York. law and policy (especially under Rule the field of social enterprise and impact He is responsible for overseeing the 10b-5) and business governance and investing. In that capacity, she spear- integration of environmental, social, finance issues (including as they relate headed the development of the annual and governance (ESG) factors into the to crowdfunding and entrepreneurship) TrustLaw Social Enterprise and Impact due diligence process and ownership under federal and state law. She is an Investing Training and expanded an

16 Legal Issues in Social Entrepreneurship and Impact Investing—in the US and Beyond award-winning pro bono service that Inbar regularly advises on an array of Previously, during 29 years as a lawyer, facilitates free legal support for social corporate transactions and structures partner, and leader at Jones Day, enterprises, educates lawyers to more involving tax-exempt organizations, Johnson founded and led the firm’s effectively serve the needs of social such as joint ventures and the estab- Northern California presence with entrepreneurs, and develops legal lishment of for-profit subsidiaries, the opening of its Silicon Valley office research and tools that strengthen corporate restructuring, private equity and its global Renewable Energy and the impact investing ecosystem. fund formation, hybrid structures, and Sustainability practice. At Jones Day, he licensing and service arrangements. provided social entrepreneurship and Earlier in her career, Henriquez-Schmitz Among his clients are public charities, impact investing leadership dating back worked in private practice at two private foundations, colleges and to 2000—counseling, advising, and leading international law firms, where universities, environmental conserva- representing organizations, entrepre- she specialized in international finance, tion groups, economic development neurs, venture and private equity funds, dispute resolution, and business and organizations, advocacy groups, and family offices, foundations, and public human rights. She was also a legal museums and cultural institutions, charities seeking to address some of expert for the ABA Center for Human many of which are active worldwide. the world’s most challenging problems, Rights and previously worked as a Inbar is a regular speaker at programs in some of the world’s hardest places. legal fellow for the Zambian Law for tax-exempt organizations. Recent Development Commission and at In addition to his role at iPAR, Johnson topics have focused on charitable the World Bank in Latin America. serves as board chair of Activation business formation, structuring pro- Energy, the non-profit that runs She is a dual-qualified lawyer and gram and mission-related investments, the Cyclotron Road program with holds an LLM from Harvard Law charitable investment funds, lobbying the Lawrence Berkeley National School, where she studied interna- and political campaign activities, the Laboratory and the Department of tional finance and development. She fiduciary aspects of program and Energy, providing acceleration tools currently serves on the Advisory mission-related investing, aggregat- and commercialization on-ramps for Board of the Impact Terms Project ing capital for social good, charitable climate and energy research being and on the Board of Directors of the issues relating to energy and the envi- conducted by the best and brightest Thomson Reuters Foundation Inc. ronment, self-dealing and conflicts of graduate students in the United States. interest, crisis management and com- munications, and board governance considerations and liability concerns.

Tomer Inbar Susan R. Jones Partner, Patterson Belknap Professor of Clinical Law, Webb & Tyler George Washington University [email protected] R. Todd Johnson Law School Founder and Chief Executive Tomer Inbar represents US and inter- [email protected] Officer, iPAR national tax-exempt organizations Todd Johnson is founder and CEO of Susan R. Jones is a professor of Clinical (and for-profit organizations that deal iPAR, an impact transparency platform Law and a member of the full-time with them) in a broad range of struc- that facilitates the deployment of faculty at The George Washington tural and operating matters, includ- capital to create and encourage human University Law School, where she is ing tax and corporate issues, impact flourishing. Built by a multi-family office the director and supervising attorney and charitable investing, regulatory that deploys more than $1 billion for of the Small Business & Community compliance, governance, operational impact, iPAR is designed to aggre- Economic Development Clinic (SBCED policies and procedures, audits, unre- gate, visualize, and report impact data Clinic). An active member of the lated business income tax issues, and for all types of capital deployment. District of Columbia Bar, she served as executive compensation matters. vice-chair to the DC Bar Community

June 5–6, 2018 New York University School of Law #NYULawGrunin 17 Conference Speakers

& Economic Development Pro Bono Jones was a Fannie Mae Foundation began work with Habitat supporting its Project Advisory Committee. She Fellow at the Harvard University FlexCAP private placement bond issu- was a distinguished visiting profes- Kennedy School of Government, ance, as well as compliance and regu- sor at the University of Maryland and she is a member of Leadership latory issues for Habitat’s US affiliates. School of Law and the Haywood Greater Washington. She was In performing in-house counsel work Burns Visiting Chair in Civil Rights awarded Washington Area Lawyers for a public charity, Lewis gained at the City University of New York for the Arts’ Lifetime Achievement considerable experience in 501(c)(3) School of Law at Queens College. Award for distinctive service to the tax-exempt legal matters. He then greater Washington, DC, creative A former chair of the Association of expanded his practice to international community and for 20 years of ser- American Law Schools (AALS) Section compliance and governance, including vice on the WALA Board of Directors. on Clinical Legal Education, Jones the structuring of affiliation agreements The Insight Center for Community has held several other AALS leader- and global implementation of code Economic Development awarded her ship positions. She was an executive of conduct and ethics requirements a leadership and innovation award. committee member and chair of for Habitat’s national organizations. the Section on Africa, a member of She is the author of A Legal Guide In the context of impact investing, the Standing Committee on Clinical to Microenterprise Development Lewis provides support for Habitat’s Legal Education, chair of the Section and co-editor of Building Healthy Terwilliger Center, which includes on Poverty Law, an executive com- Communities: A Guide to Community both the MicroBuild Fund, a $100 mittee member of the Section on Economic Development for Advocates, million international housing micro- Transactional Law and Skills, and Lawyers and Policymakers, both finance facility funded by US gov- co-chair of the Transactional Clinics published by the ABA. In addition, she ernment debt financing and equity Committee of the Clinical Section. is co-editor of a forthcoming book, participants, and the Shelter Venture Investing for Social and Economic In addition to her work with the Fund, which provides financing to Impact: A Guide for Lawyers and AALS, Jones has also been a leader early-stage impact entrepreneurs Practitioners, scheduled for pub- in the American Bar Association aligned with Habitat’s affordable lication by the ABA in 2019. (ABA), serving as vice-chair of housing mission. Lewis earned his BA the Economic Justice Committee, Jones’ scholarly interests include from the University of Michigan and Section of Civil Rights and Social transactional law and practice, small JD from the University of Georgia. Justice, on the governing commit- and microbusiness development, tee of Forum on Affordable Housing social entrepreneurship, the creative and Community Development Law, economy, the platform economy, editor-in-chief and senior editor of international/comparative community the Journal of Affordable Housing economic development, local economic and Community Development Law development, nonprofit organizations, and co-chair of the Forum’s Legal charitable giving, minority entrepre- Elizabeth Buckley Lewis Educators’ Practice Division. She is a neurship, and social impact investing. Counsel, Willkie Farr & Gallagher co-founder and past co-chair of the Elizabeth Buckley Lewis is coun- Community Economic Development sel in the Tax and Private Clients Committee of the Section on Departments of Willkie Farr & Business Law, and she served on the Gallagher. She advises family offices Business Law Education Committee, and not-for-profit organizations, focus- as well as on the Commission on ing on both programmatic and asset Homelessness and Poverty. Aaron Lewis management issues. Prior to starting Deputy General Counsel, at Willkie in 2006, she was a resident Habitat for Humanity International counsel at the Ford Foundation for Aaron Lewis currently serves as deputy seven years. She began her legal general counsel—international for career at Debevoise & Plimpton. Habitat for Humanity International, Inc., Buckley Lewis is a member of the New where he has worked for 21 years. He York State Bar Association and the

18 Legal Issues in Social Entrepreneurship and Impact Investing—in the US and Beyond Government Relations Committee of Luppino was the principal organizer of an interagency working group on the Nonprofit Coordinating Committee the Law & Entrepreneurship Special impact investing and was instrumental of New York, Inc. She is also a board Interest Group of the United States in publishing Treasury guidance on member of the following organiza- Association for Small Business and program related investments and other tions: Opening Act, a 501(c)(3) orga- Entrepreneurship (USASBE). He has types of mission related investments. nization that provides after-school also served for several years as lead Now back in private practice, Madrigal theater programs to underserved editor of the Entrepreneurship Law advises tax-exempt organizations, their New York City public schools; the New website powered by the Ewing Marion donors and others seeking to make American Economy Action Fund, a Kauffman Foundation and is a frequent charitable impact (including through 501(c)(4) organization that focuses on speaker at conferences and workshops impact investing). She provides advice immigration policy issues; the Joseph on subjects at intersections of law and on a broad range of tax and opera- Collins Foundation, a private foun- entrepreneurship. Among his activities tional issues, including entity choice, dation that provides scholarships to in social entrepreneurship, along with governance and fiduciary duties, medical students; and the International John Tyler, Evan Absher, and Kathleen charitable qualification, private founda- Bar Association Foundation. She Garman, he co-authored an article tion rules (including program-related is a graduate of Harvard College published in 2015 in the Quinnipiac investments), related party transactions, and Harvard Law School. Law Review entitled “Producing Better and unrelated business activities. She Mileage: Advancing the Design and also advocates for clients on legisla- Usefulness of Hybrid Vehicles for Social tive and regulatory matters before the Business Ventures.” He earned his IRS, Treasury, and Congress and has bachelor’s degree from Dartmouth represented organizations in audits College, his JD from Stanford Law and appeals and before the Tax Court. School, and an LLM in taxation from She speaks frequently on issues that the Boston University School of Law. Anthony (Tony) Luppino impact the tax-exempt community. Rubey M. Hulen Professor of Law and Director of Entrepreneurship Programs, University of Missouri- Kansas City School of Law Tony Luppino is a professor and director of Entrepreneurship Programs at the University of Missouri-Kansas Ruth Madrigal Mary Majewski City School of Law and a senior Partner, Steptoe & Johnson General Counsel, Grameen America fellow with the Regnier Institute for [email protected] Mary Majewski joined Grameen Entrepreneurship & Innovation at Ruth Madrigal has extensive experi- America in 2015 with 25 years of legal UMKC. In 2017, he was named the ence—both within the government experience, specializing in transactional recipient of the University of Missouri and in private practice—advising on matters. She has negotiated and closed System’s inaugural Entrepreneurship a wide variety of legal and tax policy loan transactions ranging from very Educator of the Year Award. He issues affecting charities and other small loans to $95 million loans. She teaches business, tax, and entre- tax-exempt entities. Madrigal recently previously served as the compliance preneurship courses, including left the US Treasury Department officer for a Fortune 400 consumer interdisciplinary courses in for-profit, after spending six years responsible loan company, handling all compliance social, and civic entrepreneurship. for advising on all matters involving matters with banking departments His scholarship focuses primarily tax-exempt organizations, including throughout the United States, as on legal and policy issues signifi- charities and their donors, as well as well as overseeing the closed-end cantly affecting entrepreneurs, and drafting regulations, other administra- lending platform on a national level. on entrepreneurship education. tive guidance, and legislative proposals relating to the tax-exempt sector and charitable giving. During her time at Treasury, she worked extensively with

June 5–6, 2018 New York University School of Law #NYULawGrunin 19 Conference Speakers

She brings that financial services as an adviser on the continuing project studied social entrepreneurship and and compliance experience to the of the ALI to draft the Restatement impact investing at the University of microfinance arena with Grameen of the Law of Charitable Nonprofit Oxford and the Wharton School. America, Inc. in support of its unique Organizations. She is a member of Mariaux has also been involved in social lending operation and in its mission the American Bar Association Exempt entrepreneurship and microfinance to help low-income women in the Organizations Committee and its Task projects. He has worked on projects United States start or maintain small Force on Supporting Organizations. involved in scaling the microfinance businesses to create better lives for She is a member of the Executive operations of a women’s rights NGO themselves and their families. Grameen Committee of the John Hopkins (Chain) in Uganda and has also worked America has entered its tenth year and University Parents Council and has on a social entrepreneurship project has served almost 100,000 women served on the Professional Leadership in the Bolgatanga region of Ghana. entrepreneurs, providing over $820 Development Committee of Barnard million in loan funds since its inception College, Columbia University. He recently published a practical through its 20 branches in 13 US cities. book comparing the different forms Manny received a BA from Barnard of social impact companies (sociétés Majewski holds a BFA from New College, Columbia University, and d’impact societal - SIS) with the non- York University and a JD from a JD from Columbia Law School. profit structure association( sans but Brooklyn Law School. She lives on lucratif - ASBL) for the Luxembourg a lake in Hopatcong, New Jersey. Social & Solidarity Economy Union (Union Luxembourgeoise de l’Économie Sociale et Solidaire) as well as for the minister for Labor, Employment and Social & Solidarity Bertrand Mariaux Economy. He regularly speaks and Partner, Mariaux Avocats, writes about social entrepreneurship Jill Manny Luxembourg and impact finance at a national, Executive Director of the National Bertrand Mariaux is the founder of a European, and international level. Center on Philanthropy and the European law firm entirely dedicated Law, Adjunct Professor of Law, New to social entrepreneurship and impact York University School of Law finance law in Luxembourg: Bertrand Jill S. Manny joined the faculty at Mariaux Avocats, a unique boutique New York University School of Law law firm working exclusively with social in 1993 as an acting assistant pro- enterprises and asset managers, as fessor. In June of 1995, she assumed well as for the social and solidarity Edward Marshall the additional position of executive economy (public and private sector). Partner and General Counsel, director of the National Center on Before founding Bertrand Mariaux Developing World Markets (DWM) Philanthropy and the Law at NYU Avocats, Mariaux gained skills and Edward Marshall joined DWM in School of Law. She teaches courses on robust experience within top-tier 2009. He is responsible for all legal the Law of Nonprofit Organizations, international UK-based law firms. In and regulatory matters pertaining Tax-Exempt Organizations, Tax Aspects addition, he managed all legal affairs to DWM and its investment vehi- of Charitable Giving, and Private within the Financial Risk Unit of the cles and overseas investments. He Foundations and Their Alternatives. Risk Management Department at serves as the chief compliance officer She also teaches a course in Nonprofit the European Investment Bank. for DWM’s registered investment Law at NYU’s Robert F. Wagner adviser and is a member of the DWM Graduate School of Public Service. He is a registered lawyer with the Equity Investment Committee. Luxembourg and Paris law societies. He Manny currently serves as a co-adviser has an LLM (hons), is a Certified Expert Marshall has over 12 years’ experience for Law & Social Entrepreneurship at in International Microfinance from the as an attorney in cross-border corpo- NYU and is a member of the American Frankfurt School of Finance, and has rate and finance transactions. Law Institute (ALI), where she serves At DWM, he advises on all fund

20 Legal Issues in Social Entrepreneurship and Impact Investing—in the US and Beyond formation activities and capital mar- and services tax and taxation issues is a representative on the Executive kets transactions. He serves as trans- relating to real estate. Martin’s other Committee of The Green Bond action counsel for DWM’s equity and areas of research include governance Principles and B Lab’s Multinational debt investments and provides legal of legal structures and social entre- and Public Markets Advisory Council. support to equity portfolio companies. preneurs, and she has published Martin started his career at Citigroup, many scholarly articles in this area. Prior to joining DWM, he special- working in the firm’s Global Investment Her doctoral research was awarded ized in representing development Research division. He graduated from the International Fiscal Association finance institutions in project and Colgate University with a BA and research prize and the Wolters Kluwer structured finance transactions in received an MBA after studying at HEC Australasian Tax Teachers Doctoral emerging markets at the New York Paris and the Fletcher School of Law Series Award. It is published by law firm of Becker, Glynn, Melamed and Diplomacy at Tufts University. Wolters Kluwer as Income Tax, Native & Muffly. He also was an associate at Title and Mining Payments (2014). Mayer, Brown, Rowe & Maw in New York, where he specialized in repre- Martin has been awarded two senting underwriters in debt capital Australian Research Council Grants, markets transactions in Latin America. together with other prestigious exter- nal funding. She is regularly invited Marshall graduated Phi Beta Kappa to present her research at national from the University of North Carolina Loretta McCarthy and international conferences, such at Chapel Hill with a BA in politi- Managing Partner, Golden Seeds as the International Society of Third cal science. He has a JD from the Loretta McCarthy is a managing part- Sector Research Biennial Conference, University of North Carolina and ner and founding member of Golden the North American Law & Society a master’s degree in international Seeds, an investment organization Conference, and the Queensland affairs from Columbia University. that invests in early-stage, women-led Annual Research Symposium. He was a Peace Corps volunteer in companies in the United States. Ecuador from 1996 to 1998. He is Golden Seeds is one of the largest proficient in Spanish and is a member and most active angel investment of the New York Bar Association. networks in the country. The organiza- tion is recognized for its advocacy of women entrepreneurs, gender diversity, and a commitment to the education Jamie Martin of investors and entrepreneurs. Executive Director, Morgan Stanley Since 2005, Golden Seeds has Global Sustainable Finance invested over $100 million in nearly Jamie Martin is an executive director in Fiona Martin, 150 women-led companies. McCarthy Morgan Stanley’s Global Sustainable PhD, LLM, LLB manages the national Golden Seeds Finance group, responsible for deliv- Professor of Taxation, School angel network of nearly 300 mem- ering sustainable investing products of Taxation and Business bers. She is a frequent speaker—in and solutions to the firm’s institutional Law, University of New South the US and internationally—about and wealth management clients. In this Wales, Sydney Australia early-stage investing, women entre- role, he collaborates across the firm’s [email protected] preneurs, and gender diversity. Institutional Securities, Investment Fiona Martin is an internationally Management and Wealth Management Previously, McCarthy was executive recognized expert on taxation divisions to drive adoption of sustain- vice president and chief marketing issues, particularly those relating able investing strategies seeking to officer at OppenheimerFunds and was to charities and not-for-profits. She achieve competitive financial returns an executive at the American Express has published extensively in this alongside measurable positive environ- Company. She has extensive corporate area and on income tax issues relat- mental and/or social impact. He and non-profit board experience. ing to indigenous Australians who She resides in New York City. receive mining payments, the goods

June 5–6, 2018 New York University School of Law #NYULawGrunin 21 Conference Speakers

Mercadante has regularly represented Quinn represents public pension funds private equity firms and their portfolio and other institutional investors in alter- companies in acquisitions, dispositions, native investments, including private and financings, as well as strategic equity, mezzanine and hedge fund investors and management groups par- formation, and co-investments. She has ticipating in private M&A transactions. represented several of the most active Russell Menyhart public pension fund investors in private Many of his matters since 2008 have Partner, Taft Stettinius & Hollister equity, either directly or through their involved impact investing projects, and Russell Menyhart is a partner at captive vehicles managed by outside he is one of the leading practitioners Taft Stettinius & Hollister, where he advisors, including the Washington in the area of forming pooled invest- co-chairs the social impact and impact State Investment Board, the Oregon ment vehicles for impact asset man- investing practice group. Much of his Public Employees Retirement Fund, agers. He has worked (or is currently work focuses on assisting foreign and the New York Common Retirement working) for fund sponsors focused on US clients in navigating international Fund, and New York City Retirement strategies to promote fintech, microfi- legal issues, including trade compli- Systems, as well as other investors, nance, agriculture, and women’s health ance and complex litigation. Menyhart such as Investiture, Cigna Investments, and has also represented investors in previously served as a diplomat with Wafra Investments, the Knights of impact funds. Mercadante has also the US State Department for a decade, Columbus, and Caspian Private Equity, worked on portfolio company invest- including five years in China. He lives as well as the former Credit Suisse ments and restructurings, including in Indianapolis with his photographer Customized Fund Investment Group. with respect to a Mexico-based wife, and currently his most important FinTech company, a manufacturer of job is dad to three small children with portable solar lighting in India, and a healthy disrespect for authority. an Indian microfinance company.

Mercadante received a BA from Columbia, magna cum laude, a JD from University of Pennsylvania Law Nicole Motter School, where he served as managing Attorney and Strategy Consultant, editor of University of Pennsylvania Cutting Edge Counsel Law Review, and an MBA with dis- James Mercadante [email protected] tinction from The Wharton School. Partner, Reed Smith Nicole Motter is one of the country’s [email protected] leading experts on program-related Jim Mercadante joined Reed Smith in investments (PRIs) and innovative 2013 as a partner in the Corporate & finance for foundations, with additional Securities Group. His practice focuses expertise in helping social enterprises primarily on the capital raising and structure capital raises through direct transactional activities of private Quinn Moss public offerings. A lifelong change equity firms and private companies. maker, Motter spent nearly a decade Partner and Head of Private He has represented fund sponsors in working directly with underserved Investment Funds Group and forming a broad variety of onshore youth and communities before going Impact Finance and Investment and offshore private equity funds, to law school to pursue social impact Lead, Orrick Herrington & Sutcliffe including buyout funds, growth equity on a larger scale. It was there she was Quinn Moss, co-head of the firm’s funds, distressed debt and other formally introduced to the field of Private Investment Funds Practice asset-focused funds, real estate funds, social enterprise, and there she started Group and a corporate lawyer for mezzanine funds, and funds-of-funds. to hone in on non-tax-exempt frame- more than 20 years, has extensive He also has extensive experience in works and strategies. She has since experience representing financial restructuring transactions for both cultivated a career that combines her institutions in connection with a hedge and private equity funds. wide-ranging knowledge and expertise variety of financing transactions, as in ground-level program development well as serving as corporate counsel.

22 Legal Issues in Social Entrepreneurship and Impact Investing—in the US and Beyond and implementation, research and also represents IFC on intellectual education, and corporate and impact property and information security investing law. She has worked for matters and speaks often on funds youth development nonprofits, inter- structuring and innovation issues. He national human rights organizations, holds an AB from Stanford University, and traditional and not-so-traditional a JD from Stanford Law School, and law firms alike. With an eye toward an MBA from The Wharton School. Erika Nash scalable, sustainable change, Motter JD/MBA Student, loves nothing more than helping foun- Brigham Young University dations design exciting new ways to Erika Nash is from Salt Lake City, Utah, use their grant money. She specializes and is pursuing a JD/MBA at Brigham in working with private foundations Young University. With a passion for to mobilize PRI capital, providing all giving back, Nash has been actively legal and integrative services to make Shannen L. Naegel involved in leadership and service the process as easy and accessible as throughout her life. As an MBA Sherpa, Of Counsel, Morrison & Foerster possible. Motter is an attorney and she assisted incoming students in Shannen Naegel is of counsel in the consultant with Cutting Edge Capital strengthening their resumes and per- Tax Department in Morrison & and Social Innovation Strategies. sonal brands. She continues to con- Foerster’s Northern Virginia office. tribute several hours a week to helping She advises clients on a broad fellow students secure internships and range of federal income tax issues full-time work. Nash also represented relevant to business transactions, the university at a number of case for both closely held business enti- competitions, including the Regional ties and public corporations. & Global Venture Capital Investment Gordon Myers Her principal area of practice involves Competitions (1st Place), the Baylor advising nonprofits and businesses Ethics Competition (2nd Place), and Chief Counsel, Technology on a wide range of issues relating to the Woody Deem Trial Advocacy and Private Equity, International the regulation of exempt organiza- Competition (1st Place). In her free Finance Corporation tions and the unique issues raised in time, she enjoys skiing, basketball, and Gordon Myers is chief counsel, doing business with them, particularly the performing arts. She spent the past Technology and Private Equity, of in the social enterprise context. She six months interning with a venture International Finance Corporation, a has extensive experience advising fund and is currently a summer asso- member of the World Bank Group. He clients on nonprofit tax matters, ciate with Wilson Sonsini in the Palo is global lead counsel for IFC’s funds partnership taxation, and taxation Alto office. After graduation, Nash investment practice and has repre- of corporate transactions. Naegel’s hopes to begin her career in corporate sented IFC in a number of complex clients include public charities, private transactional law. She is grateful for the funds initiatives, including impact foundations, business leagues, trade remarkable students and faculty she fund structures targeting SMEs in associations, charitable donors, private has the privilege of learning from each frontier regions and funds invest- equity funds (including social invest- day and looks forward to a lifetime of ing in listed companies in emerging ing funds and funds with nonprofit giving back to the university that has markets. He has also been active in investors), corporations, and LLCs. given her so much. Especially Dean corporate governance matters, and Gordon Smith and Kimball Parker in developing approaches to improv- Naegel received her BA degree, for giving her the chance to jointly ing ESG alignment and performance with honors, from the University of apply her legal and business acumen of IFC’’s investee funds. Myers has Virginia. She received her JD degree to a technology solution in the law. previously been global lead coun- from the University of Virginia School sel for IFC’s venture capital practice of Law, where she served as execu- and was a core member of the Bank tive editor of Virginia Tax Review. Group’s Science, Technology and Innovation Global Expert Team. He

June 5–6, 2018 New York University School of Law #NYULawGrunin 23 Conference Speakers

Abagail Nelson Jonathan Ng Elchi Nowrojee Senior Vice President, Programs, Attorney Advisor, US Agency for Principal, The Carlyle Group Episcopal Relief & Development International Development (USAID) Elchi Nowrojee is a principal in the Abagail Nelson is the senior vice Jonathan Ng is the attorney advisor Carlyle Group’s Private Client Group. president, Programs at Episcopal at the US Agency for International He is based in New York. Prior to Relief & Development. She designs Development (USAID) for Power joining Carlyle, he was director and strategies and implements socioeco- Africa, which is the US government’s counsel at Credit Suisse from 2006 nomic development programs that initiative to increase energy access to 2014, where he served as head increase livelihoods for vulnerable across sub-Saharan Africa. Power Africa of Alternative Investments Legal people and reduces their exposure consists of 12 US government agencies for the Americas. Prior to joining to risk from disaster and disease. She and partnerships with African govern- Credit Suisse, he worked for nine has helped build partnerships with ments, multilateral and bilateral devel- years at Cleary, Gottlieb, Steen & local faith-based networks in over 40 opment partners, and more than 140 Hamilton, an international law firm. countries, and she assembled and private sector companies. Ng has expe- Nowrojee received his JD from managed high-level stakeholder rience working in the private, NGO, Harvard Law School, an MPhil in coalitions, including with corporations, academic and government sectors. He international relations from Oxford foundations, other non-governmental is also an adjunct faculty member at University, and a BA from Yale College. organizations, and local government Georgetown University Law Center, actors to affect change for people at where he co-teaches a course on law, the bottom of the economic pyra- social entrepreneurship, and impact mid. Nelson was originally trained as investing. Prior to joining USAID, Ng a financial analyst applying her skills served as the first general counsel of to rebuild self-sustaining communi- Ashoka: Innovators for the Public, an ties in post-disaster contexts in Latin international NGO known for starting America and the Caribbean. She later the modern social entrepreneurship Jennifer Miller Oertel brought her systems acumen to malaria movement. He is also an Advisory Partner, Jaffe Raitt Law prevention, leading a program and Board member of the Grunin Center [email protected] broad coalition of private and public for Law and Social Entrepreneurship Jennifer Miller Oertel is a share- partners to protect 25 million people at NYU Law School. Ng started his holder in the law firm of Jaffe Raitt across 17 countries of Africa and legal career in the New York office Heuer & Weiss, where she leads the winning the Global Business Coalition of White & Case in its energy, infra- firm’s Tax-Exempt Organizations and Excellence in Business Action Award for structure, and project finance group. Impact Investing Group. She serves as outstanding Partnership and Collective co-chair of the Nonprofit Corporations Action. Most recently, Nelson has Committee (Business Law Section) of been exploring social impact investing the State Bar of Michigan, was the and the tools and intersect required founding vice chair of the Michigan for scalable systemic socioeconomic chapter of Social Enterprise Alliance, change from the grass roots. She is one of five judges of “Crain’s Best currently sits on the Board of Directors Managed Nonprofits,” and regularly of IMA World Health. She holds an MSc judges social enterprise business plan from the London School of Economics competitions. Elected as a “Leader in and a BA from Harvard College. the Law” and to “dBusiness” and “Superlawyers,” Oertel represents

24 Legal Issues in Social Entrepreneurship and Impact Investing—in the US and Beyond family and corporate foundations, com- Panchal’s theory of change is that Previously, Park trained and worked for munity foundations, public charities, capitalism, as a powerful tool for har- 10 years in the Banking & Finance team regional associations (including Council nessing human effort, can be a highly at Clifford Chance, where she advised of Michigan Foundations), trade asso- effective force for driving positive on an extensive range of high-value, ciations, chambers of commerce, and change in the world, if aligned properly. multi-jurisdictional emerging markets, other tax-exempt organizations, as well acquisition finance, and other financ- Prior to starting RPCK, Panchal as impact investors, impact funds, and ing transactions. She has a First Class practiced law at Allen & Overy and social enterprises, in all aspects of their Honours degree in LLB Laws from the also clerked for the Honorable Judith business. She was recently appointed London School of Economics (LSE), M. Barzilay (Ret.) of the US Court of by the Council on Foundations to the and she is a trustee and co-founder International Trade. He lives in Brooklyn National Standards Board, and in 2015 of the Social Mission Institute. with his wife and two young daughters. her impact investing practice was highlighted by National Law Journal in electing Jaffe Raitt as one of 20 firms across the country (the only one in Michigan) to its “Mid-Size Hotlist.”

Oertel is proficient in Spanish, has a background in social work and evalu- Sung-Hyui Park Dario Parziale ation, and holds a certificate in non- Director of Investment Research Senior Associate, profit management from Georgetown and Analysis, Toniic Institute Bates Wells Braithwaite University. She has spoken and Dario Parziale is responsible for the [email protected] published both locally and nation- analysis of impact investment opportu- ally on impact investing and philan- Sung-Hyui Park is a senior associate nities that Toniic features to its commu- thropy and has served as a director at Bates Wells Braithwaite (BWB), nity of impact investors, as well as the and on the advisory boards of many the first and only UK law firm to be analysis of Toniic members’ investment for-impact organizations, winning certified as a B Corp. It is also rec- portfolios. In addition to investment several awards for her volunteerism. ognized for combining practical, analysis, Parziale also coordinates commercial legal expertise with the the Impact Terms Project, an online deep understanding of the impact repository of actionable content on economy that comes from work- emerging trends and innovations in ing with more charities and social impact investing structures and terms. enterprises than any other UK firm. He is a corporate finance professional Park advises on the full range of activ- with international experience in impact Chintan Panchal ities carried out by impact investors, investing, deal-flow management, Founder and Partner, charities, and social enterprises, includ- financial accounting, and financial mod- RPCK Ragestar Panchal ing formation, governance, capital-rais- eling. He joined Toniic in 2013. Prior Chintan Panchal is co-founder of RPCK, ing and general charity and commercial to Toniic, he worked at Ernst & Young a mission-aligned global boutique law law issues. She has a particular interest as a financial auditor for banks and firm focused on corporate, finance, and in structuring and executing impact-fo- investment funds. He holds a BSc and M&A transactions. He leads RPCK’s cused investment transactions in a wide a MSc in Management from Bocconi impact investing practice and counsels range of forms, including debt, equity, University, with a focus on corporate family offices, funds, and entrepreneurs quasi-equity and blended finance, ven- finance, private equity, and investment on structuring and executing multiple ture philanthropy, and general secured banking. He also holds a master’s bottom-line transactions and build- and unsecured lending, for clients degree in social entrepreneurship from ing social enterprises. He also sits on ranging from international charities, the Hult International Business School the board of Camelback Ventures, a NGOs, and social enterprises to impact in San Francisco and participated in nonprofit business incubator support- investors, social finance intermediaries,­ a post-graduate research project at ing women and minority entrepreneurs, global corporates, financial institu- FEA USP, in São Paulo, Brazil. Parziale and is pro bono general counsel to tions, and impact-focused lenders. the charity, Keep A Child Alive.

June 5–6, 2018 New York University School of Law #NYULawGrunin 25 Conference Speakers

is passionate about wildlife and started her professional career with a many publications, particularly regard- environmental issues, as well as social traineeship in the Legal Service of the ing non-profit organizations, social ventures empowering communities at European Parliament, in Luxembourg. entrepreneurship, and impact investing. the bottom of the economic pyramid. Peña holds a master’s degree in law Randazzo was the legal consultant from Universidad San Pablo-CEU, for the innovative startup task force Madrid (Spain), a master’s degree organized by the Ministry of Economic in European studies from Université Development and for the social Catholique de Louvain, Louvain-la- innovation task force organized by the Neuve (Belgium), and a Diplôme Ministry of Education, University and d’Etudes Juridiques et Economiques de Research (2012), and he was a member María Peña l’Union Européenne from the Université of the Social Impact Investment Task Head of Legal, Symbiotics de Paris I Pantheon Sorbonne, Paris Force established under the G8 (2014- María Peña is the head of Legal at (France). She is a member of the 2015). Since 2016, he has been a Symbiotics, a Swiss-based company International Bar Association (IBA). She member of the scientific committee of specializing in market research, invest- speaks Spanish, English, and French. the association Social Impact Agenda ment advisory, and asset management for Italy and of the Advisory Board of services in emerging, sustainable and Ashoka Italy. He is founder and a board inclusive finance. She has extensive member of ESELA (European Social experience in impact investment asset Enterprise Law Association). Since management and advisory activi- 2012, he has been Honorary Consul ties, cross-border transactions, and of the Republic of Uganda in Milan. impact investing financial structures, in Roberto Randazzo particular in the microfinance sector in Partner, R&P Legal Studio emerging market economies. As such, Associato; Member of the she is involved in all the key legal and Board of the European Social regulatory aspects of the microfinance Enterprise Law Association investment vehicles and provides [email protected] support in cross-border, governance, Rabbi Joshua Ratner and corporate matters across the Roberto Randazzo is an Italian lawyer, a Director of Advocacy, JLens value chain of investment. Her other partner at R&P Legal. He has extensive [email protected] fields of expertise include compliance, expertise in impact investing, social corporate, commercial, and labor law. innovation, and social business. For Rabbi Joshua Ratner is the director the past ten years, he has combined of Advocacy at JLens, a network of Prior to joining Symbiotics, Peña his professional activity as a lawyer over 9,000 individual and institutional gained significant experience in the with his role as lecturer. He teaches at investors who seek to apply a Jewish in-house legal counsel finance business. Politecnico of Milan on social inno- lens to the modern context of val- She has worked during seven years for vation and social entrepreneurship, ues-based impact investing. Rabbi Pictet & Cie Group, a leading Swiss and he is an associate of TIRESIA, the Ratner oversees JLens’ advocacy private bank, as senior legal adviser International Research Center on Social work in the corporate and investment of the asset management business Innovation Ecosystem, promoted arena on social, environmental, and line, in Geneva and Luxembourg. by Politecnico of Milan School of Israel-related concerns. He previously In these positions, she acquired a Management. Randazzo regularly coop- served as the director of the Jewish broad expertise in investment fund erates with training institutions and Community Relations Council in New regulation across many jurisdictions participates as speaker at events and Haven, Connecticut, the associate in Europe, Latin America, and Asia. congresses regarding impact investing, rabbi at Yale University’s Hillel, and Previously, Peña worked five years for social innovation, and social entre- the rabbi of Congregation Kol Ami. State Street Bank, Luxembourg, as a preneurship, and he is the author of legal specialist in services provided to Rabbi Ratner is a board member of its international funds clientele. She the Jewish sustainability organization Hazon, a Rabbinic Fellow of CLAL’s

26 Legal Issues in Social Entrepreneurship and Impact Investing—in the US and Beyond Rabbis Without Borders program, and Organizations. She is also a member advised HM Treasury on EU social a former Global Justice Fellow with and past-chair of the Section on investment regulations; was invited American Jewish World Service. His Nonprofit and Philanthropy Law of the to submit evidence regarding alterna- writings about the interplay between American Association of Law Schools. tive finance to the UK’s Parliamentary Judaism and contemporary topics She is a graduate of the University of Commission on Banking Standards; have been featured on Huffington Pennsylvania and Harvard Law School. has been asked by the UK Cabinet Post, myjewishlearning.com, and Office to represent the UK on social other periodicals. Rabbi Ratner was investment at the EU level; and was ordained by the Jewish Theological invited by the US Secretary of State to Seminary and is a graduate of speak on a plenary panel at the first Columbia University and Columbia Law Global Impact Economy Forum in 2012. School. He was a corporate attorney In 2011, Richter co-authored before entering rabbinical school. Karl Richter Making Good in Social Impact Co-Founder and Executive Director, Investment: Opportunities in EngagedX; former Head of an Emerging Asset Class. Research and Knowledge, UNDP He holds an MBA specializing in SDG Impact Finance (UNSIF) entrepreneurship and project man- Karl Richter is the co-founder of agement. He started his career as an EngagedX, which specializes in pro- architect, then was project manager Dana Brakman Reiser viding bespoke consultancy, thought for multidisciplinary design teams and Professor of Law and former Vice leadership, advocacy, and policy development leader for public and Dean, Brooklyn Law School work. He works internationally across private sector construction projects. [email protected] private, public, and social sectors. He volunteers in his community and He is an experienced entrepreneur Dana Brakman Reiser is professor of was the founding chair of Friends of and has held leadership, manage- Law and former vice dean at Brooklyn the Crystal Palace Subway, which is a ment, and executive positions. Law School, where she has taught community-led initiative to reopen a courses in corporations, social enter- Richter formerly was the head of historic community asset to the public. prise, nonprofit law, property, and Research and Knowledge for the UNDP trusts and estates since 2001. Her SDG Impact Finance initiative (UNSIF), recent scholarship focuses on law and for which he led a global research finance for social enterprises—busi- council to improve the analytical nesses that pursue a social mission. framework for social impact investing, Her most comprehensive work on the and is a member of Groupe d’Experts subject is Social Enterprise Law: Trust, de la Commission sur l’Entrepreneuriat Rachel F. Robbins Public Benefit and Capital Markets Social (GECES), which is appointed by Senior Independent Director, (Oxford University Press 2017) (with the European Commission to advise Atlas Mara Limited; former Professor Steven A. Dean). Her schol- on its Social Business Initiative. He sits Vice President and General arship also has appeared in Boston on the OECD expert group on social Counsel, International Finance College Law Review, Emory Law impact investing and is a senior fellow Corporation (IFC) Journal, Indiana Law Journal, and Notre of the Finance Innovation Lab and an [email protected] Dame Law Review, among others. In adviser to the Global Value Exchange. addition to her work on social enter- Rachel F. Robbins is currently senior Richter has been invited by civil society prise, Reiser has written extensively independent director of Atlas Mara organizations, academia, govern- on nonprofit law and philanthropy. Limited, a UK-listed financial services ments, and the media across Europe, company whose aim is to be the Reiser is a member of the American Asia, and the US to speak on social premier financial services company Law Institute and was an associ- impact investing. He has delivered of sub-Saharan Africa. She is also ate reporter for its project on the guest lectures to MBA students at the a Trustee of NYU Law School and Principles of the Law of Nonprofit Universities of Oxford and Cambridge; an Advisory Board member of the

June 5–6, 2018 New York University School of Law #NYULawGrunin 27 Conference Speakers

Grunin Center for Law and Social joint ventures, separate managed including: the 2005 bankruptcy reform Entrepreneurship. She previously accounts, co-investment vehicles, and legislation, the FACT Act, E-Sign, served as a non-executive director of other bespoke investment structures. Check 21, Federal Deposit Insurance FINCA Microfinance Holding Company, She also advises investors in such struc- Reform Act, Gramm-Leach-Bliley Act, a global microfinance company. tures. Her practice involves work across and, most recently, the comprehensive a variety of funds, including those and bipartisan JOBS Act, for which From 2008 until 2012, Robbins focusing on private equity, venture she was the lead staffer in the Senate. served as vice president and general capital, debt, emerging markets, real counsel of the International Finance estate, and small business investment Corporation and as a member of its companies (SBICs). She has particu- Management Group. She joined the lar expertise in impact investing. She IFC with three decades of experience advises on fund formation, mainte- in legal and financial services, includ­ nance, and governance matters, includ- ing extensive experience in corporate ing matters relating to the Investment governance and in managing global George C. Rogers Company Act, the Investment Advisers teams through periods of change. Lead Counsel, Inter-American Act, and the Alternative Investment Between 2006 and 2008, she was Investment Corporation (IDB Invest) Fund Managers Directive (AIFMD). executive vice president, general George Rogers has led the legal team counsel, and secretary of the New York for the Multilateral Investment Fund, Stock Exchange and NYSE Euronext. the impact/innovation investing arm She spent 20 years at JPMorgan & of the Inter-American Development Co. and was general counsel and Bank, since 2007. He has worked corporate secretary from 1996 to 2001. at IDB and IDB Invest since 1999, From 2003 to 2004, she was general supporting private sector projects counsel of Citigroup International. Dina Ellis Rochkind including infrastructure, financial She started her legal career at Of Counsel, Paul Hastings institutions, trade finance, equity, and Milbank, Tweed, Hadley & McCloy. Dina Ellis Rochkind is of counsel in investments in venture capital funds. the Paul Hastings Government Affairs Rogers helped MIF to design and Robbins holds a JD from New practice and is based in the firm’s launch a microfinance investment fund, York University School of Law Washington, DC, office. Her practice to negotiate many early-stage equity and a BA in French literature focuses on representing clients before fund investments, and to develop from Wellesley College. members of Congress on Capitol Hill alternative financing tools for impact and the Executive Branch. Rochkind products, as well as to simplify docu- represents clients in matters involving mentation for MIF grants and loans. regulatory initiatives, policymaking Before joining the IDB Group, Rogers and legislation, and enforcement worked in cross-border and infra- actions. She has over 20 years of structure finance in law firms in New experience on Capitol Hill, lobbying York, Buenos Aires, and Washington, Elizabeth Roberts and working for the Executive Branch. DC. He obtained a BA and MA in Partner, Goodwin Procter Prior to joining Paul Hastings, she Latin American Studies from Cornell [email protected] served as senior staff for the US House University and Georgetown University, Elizabeth Roberts is a partner in Financial Services and Senate Banking respectively, and a JD from Columbia Goodwin’s Private Equity and Private Committees and for Senator Pat Law School. Rogers worked in the Investment Funds practices and Toomey (R-PA). Rochkind also served area of human rights and foreign co-leader of the firm’s Impact and in the George W. Bush administration policy prior to the study of law. Responsible Investing Practice. She as deputy assistant secretary at the represents a wide range of clients in Treasury Department. She has been forming private investment funds, involved in drafting major pieces of legislation over the past two decades,

28 Legal Issues in Social Entrepreneurship and Impact Investing—in the US and Beyond firm’s Impact Business, leading a team activities including business admin- of more than 40 firm professionals who istration, external relations, and provide a complement of strategic and sustainability. Earlier in his career, he legal services at the cutting edge of worked directly with institutions and the rapidly growing impact economy. faith-based investors on strategies for integrating values with investments. Lynn Roland The firm’s impact clients range from large legacy businesses to high-growth He received a BA in economics from General Counsel, Acumen Fund Inc. entrepreneurial ventures that seek to Haverford College and an MBA in Lynn Roland joined Acumen in 2010 “grow their competitive advantage with finance from New York University. He and is general counsel, corporate secre- impact.” Rothenberg’s mission is to is a Chartered Financial Analyst. tary, and a member of its Management harness the positive power of busi- Committee and Extended Leadership nesses to generate revenue and solve Team. In such capacity, Lynn ensures endemic social problems. She serves that programs are carried out in on a number of boards, including furtherance of the fund’s mission and the Advisory Board for the Dingman in compliance with law, and advises Center for Entrepreneurship at the on organizational strategy and board University of Maryland. She received matters. She leads the global legal Glen Russell her BA summa cum laude in history function and works across functions Principal Counsel, International from Tufts University and her JD from and geography to develop and imple- Finance Corporation Northwestern University School of Law. ment organizational structure, policy, Glen Russell is principal counsel at and projects. Her role involves protect- International Finance Corporation, a ing Acumen, while also enabling it to member of the World Bank Group. function with efficiency and creativity. He has over 20 years of experience working both in-house and at several Prior to joining Acumen, Roland law firms. He is currently based in IFC’s worked briefly with a digital services Istanbul office. Prior to this, Russell company as in-house counsel; she Christopher Rowe spent a number of years working spent the majority of her career at Vice President, out of IFC’s Bangkok, Nairobi, and McDermott Will & Emery, where she Investment Department, Washington offices. He works on was a partner in the corporate/transac- The Church Pension Fund high-impact projects across all sec- tional practice and supported the pro Christopher Rowe is a vice president tors and investment types. He is also bono program of the New York office. of The Church Pension Fund (CPF). He lead counsel on IFC’s investments in She obtained a BA as an English major is responsible for leading the fund’s sustainable impact fund structures tar- from the University of Pennsylvania socially responsible investment engage- geting SMEs in fragile and low-income and a JD from Columbia Law School. ment strategy and outreach initiatives. countries. He was previously regional He works to build relationships with lead counsel for IFC’s PE investment companies in which the fund invests, practice in Africa. He is qualified in peer organizations, the Episcopal both South Africa and England. Church, and other stakeholders with similar values. Additionally, he works on behalf of the chief investment officer to Pamela Rothenberg oversee various aspects of administra- Partner, Womble Bond Dickinson (US) tion for the Investment group, includ- Pamela Rothenberg is a partner in the ing communications and compliance. Washington, DC, office of Womble Prior to CPF, Rowe was chief of staff to Bond Dickinson (US), where she prac- the CEO of PGIM, Prudential Financial’s tices in the areas of commercial real asset management business, where estate, business, and entrepreneurship. he was responsible for wide-ranging She is a change agent and founded her

June 5–6, 2018 New York University School of Law #NYULawGrunin 29 Conference Speakers

platform dedicated to accelerating the growth of the fourth sector globally. The fourth sector—emerging at the intersection of the public, private, and social sectors—is comprised of for-benefit enterprises that seek to Jocelyn P. Ryan seamlessly integrate public purposes Sharon Schneider Associate, Fried, Frank, Harris, with business means, harnessing Director, Individually Directed Shriver & Jacobson entrepreneurial energy to shape more Program, Walton Family Foundation [email protected] sustainable, inclusive, and resilient Sharon Schneider is an entrepre- economies. 4SG supports the devel- neur and consultant to social impact Jocelyn P. Ryan is an associate in Fried opment of supportive ecosystems for organizations. She leads the Personal Frank’s Corporate Department, focus- for-benefit enterprises at the regional, Philanthropy group at the Walton ing on asset management. She works national, and global levels by advanc- Family Foundation, which works with primarily with institutional sponsors on ing knowledge and policy, catalyz- members of the Walton family to the structuring and offering of private ing and supporting engagement of articulate and achieve their impact equity funds and the ongoing opera- stakeholders, and mobilizing finance. goals. Previously, Sharon was the tions of funds and their managers. In co-founder and CEO of e-commerce 2016, she spent several months sec- For over 25 years, Sabeti has been a innovator Moxie Jean, the online onded to BlackRock working on its pri- driving force behind numerous national destination for gently used clothes that vate real estate funds. Throughout her and international initiatives aimed provides a convenient and fashionable time at Fried Frank, Ryan’s practice has at accelerating the fourth sector’s alternative to the destructive power also included restructuring and inter- development. He co-founded The B of fast fashion. Moxie Jean won a national trade and investment matters. Team, a platform of global business Chicago Innovation Award in 2013 leaders and experts dedicated to the Ryan advises a fund making invest- and was acquired by Schoola in 2015. vision of a world in which the purpose ments in Type 1 diabetes research and of business is to drive social, environ- Schneider has been an entrepreneur development and has worked with mental, and economic benefit. He has in residence at Good City Chicago, law school students on the formation served as a senior adviser to govern- an instructor in entrepreneurship at of a student-managed impact invest- ments, corporations, and NGOs on The Starter League, and a member ment platform. She is a founding cross-sector partnerships, sustainable of Chicago Mayor Rahm Emanuel’s member of Fried Frank’s Sustainability economic development, and lever- Technology Diversity Council. She Committee and a member of the firm’s aging entrepreneurship and innova- helped launch Impact Engine, the first Women’s Forum Planning Committee. tion to address societal challenges. social enterprise accelerator in the US, and in 2015, she helped launch Women Sabeti serves or has served on advi- Tech Founders. Before starting Moxie sory bodies for a number of enti- Jean in 2011, Schneider spent 12 years ties, including the Aspen Institute’s as a staff member and consultant to Intersectoral Relations Initiative, the private foundations, including the Bill Clinton Global Initiative, the Center for & Melinda Gates Foundation, the Pew International Business Education and Heerad Sabeti Charitable Trusts, and dozens of family Research at Duke University’s Fuqua Co-Founder and CEO, foundations. She has an MA. from the School of Business, The B Team, and Fourth Sector Group University of Pennsylvania and a BA the World Economic Forum Future As a serial entrepreneur and systems summa cum laude from the University Council on International Governance, thinker, Heerad Sabeti is devoted to of Toledo. She lives in Denver with Public-Private Cooperation, and pursuing systemic solutions to complex her husband and their three children. Sustainable Development. social, environmental, and economic challenges. He is co-founder and CEO of The Fourth Sector Group (4SG), a multi-stakeholder, collaborative

30 Legal Issues in Social Entrepreneurship and Impact Investing—in the US and Beyond New York University School of Law. In projects, including renewables, afford- the Jacobson Program, she has helped able housing, and agribusiness in develop and co-teaches a number of Latin America, the Middle East, and innovative law and business courses, Africa. Currently, she manages the including Law & Business of Corporate legal work for OPIC’s PRI program. Governance, Ethical and Legal Prior to joining OPIC, Shepard worked Michael Schrader Challenges in the Modern Corporation, as in-house counsel for an interna- Partner, Orrick, Sutcliffe and Turnarounds and Leadership: tional consulting and construction & Herrington Law & Business. The program also management firm specializing in the Michael Schrader is an attorney coordinates programming with the power, telecommunications, and with Orrick, Herrington & Sutcliffe Stern School of Business, including water treatment sectors. She started in Portland, Oregon. His practice the JD/MBA Program. She is currently her legal career practicing general focuses on public and project finance a member of the Board of Directors corporate and international trade matters, including affordable housing of IEX and has been a member of the law in the Washington, DC, office projects. He regularly works with state NYU School of Law faculty since 1982. of Pillsbury, Madison & Sutro (now agencies, local governments, tribal Pillsbury Winthrop Shaw Pittman). governments and enterprises, and for-profit and not-for-profit borrow- Shepard’s first career was as a teacher ers in structuring, negotiating, and of English and American studies to documenting bond issues, loans and junior high and high school students. other financing arrangements. He She holds a BA in English and an MA represents banks, underwriters, and Cindy Shepard in American studies from The College a variety of businesses on financ- of William and Mary and a JD from Associate General Counsel, ing and credit-related matters. the University of California, Davis. Insurance, Overseas Private Schrader currently serves on the Investment Corporation (OPIC) boards of Bridge Meadows and the Cindy Shepard is associate general Portland Housing Center and as lead counsel for Political Risk Insurance pro bono counsel to Mercy Corps in of Overseas Private Investment connection with the development of its Corporation (OPIC), the US govern- Community Investment Trust Project. ment’s development finance insti- tution. OPIC is an independent US Karen Sloan government agency that supports US Legal Education Editor and private-sector investment in more than Senior Writer, The National Law 150 developing countries and coun- Journal and Law.com tries in transition to market economies. Karen Sloan is the legal education OPIC provides loans, guaranties, and editor and senior writer at The National Helen Scott political risk insurance to support Law Journal and Law.com. For the past US private-sector investment and to ten years, she has covered the nation’s Professor of Law and the mitigate risks associated with investing law schools, diversity in the legal Founder and Co-Director of the in frontier and emerging markets. profession, and access to justice issues. Mitchell Jacobson Leadership Program in Law and Business and Shepard has worked in OPIC’s Legal Prior to joining The National Law the Grunin Center for Law & Social Affairs Department for nearly 16 Journal, Sloan was the City Hall Entrepreneurship at the New years on a variety of projects in each reporter for the Omaha World-Herald York University School of Law of OPIC’s product lines—Small and and the public safety reporter at The Helen Scott is professor of law and the Medium Enterprise Finance, Structured Brunswick News. She has a master’s founder and co-director of the Mitchell Finance, Investment Funds, and degree in journalism from Columbia Jacobson Leadership Program in Law Political Risk Insurance (PRI). Her University and a bachelor’s degree and Business and the Grunin Center for projects have included financing from the University of Miami. Law & Social Entrepreneurship at the and political risk insurance for power

June 5–6, 2018 New York University School of Law #NYULawGrunin 31 Conference Speakers

law school, she clerked for Judge Frank M. Johnson Jr., who was a renowned judge on the Eleventh Circuit Court of Appeals. Subsequently, she worked at the Friedrich-Naumann-Stiftung in Bonn, Germany, followed by a stint as a Bjorn Sorenson Andrea E. Stumpf stagiaire at the European Commission. Principal, King Spoke Partner, Structured Partnerships She is currently working on two publi- Advisors; Member, IILWG [email protected] cations as practice guides on interna- Bjorn Sorenson is principal of King Andrea E. Stumpf supports interna- tional law partnerships. The first one, Spoke Advisors, a boutique firm that tional law partnerships through her Structured Partnerships in International serves as counsel, consultant, and business, Structured Partnerships, Law: A Primer for Partners—How coach to mission-driven organizations. based in the Washington, DC, area. to Create Sustainable, Effective and With a focus on coaching attorneys Her experience draws from 13 years Impactful Partnership Programs, is for leadership and impact, Sorenson of partnership and operational prac- expected to be available on Amazon has coached law students, law firms, tice at the World Bank, where she was by summer 2018. The second one, and judges to emerge as healthy lead counsel in the Legal Department. geared more to legal aspects, is agents for social change. Bjorn is a While at the World Bank, Stumpf expected to follow later in 2018. certified practitioner of the Leadership worked on hundreds of partnership Circle Profile, a qualified teacher of programs, large and small, mostly Mindfulness Based Stress Reduction, with trust funds, as an acknowledged and the co-chair of the Mindfulness expert in partnership design and and Well-Being Committee of the operations. She continues to support NYC Bar Association. He holds a BA the World Bank Fragility, Conflict and from Western Michigan University, an Violence group as one of her clients. MTS from Harvard Divinity School, Danielle Torain and a JD from American University Prior to joining the World Bank, Stumpf Senior Consultant, Frontline Solutions Washington College of Law. He was the worked in the private sector for 13 Danielle Torain is a senior consultant first general counsel to the US affili- years as in-house counsel and in law at Frontline Solutions, a national ate of Grameen Bank’s Nobel Prize- firms. As in-house counsel for three consulting firm that delivers strate- winning microfinance program and global telecommunications companies, gic and business planning, program previously served as a senior associate she handled legal matters for multi- design and implementation, research at the law firm of Skadden Arps. He ple subsidiaries in emerging markets, and evaluation, technical assistance, is treasurer of IMA World Health, an complex commercial negotiations, and community engagement services international NGO catalyzing over $100 and compliance aspects. As law firm with an explicit equity lens, and race million in annual revenue to promote associate, she worked at two promi- plus gender and structural analysis. health, healing, and well-being for all. nent international law firms—Shearman She brings over 10 years of manage- Sorenson’s pro bono practice includes & Sterling’s Paris and New York offices ment experience in the public and advising diverse stakeholders in and Morgan, Lewis & Bockius’s New social sectors. Her areas of focus post-conflict and developing coun- York office. In her law firm practice, she and practice include strategy devel- tries on complex issues of economic participated in cutting-edge global opment and planning support for development, investment regulation, securities offerings and complex, public, private, and community-based international law, and human rights. multi-party mergers and acquisitions initiatives working to foster more for major international companies. inclusive economies; organizational Stumpf has a JD from Yale Law School development and growth strategy; and a double-major BA with honors community investment strategy; and from the University of North Carolina participatory planning and facilitation. at Chapel Hill. Immediately following

32 Legal Issues in Social Entrepreneurship and Impact Investing—in the US and Beyond Torain’s prior work capacities include Study of Mutual Fund Time Horizons,” senior associate, Annie E. Casey in the Journal of Corporation Law). Foundation Baltimore Civic Site, where Additional scholarship examples she led place-based strategies in include her 2016 Yale Law Journal workforce development, economic (FORUM) article “Locked In: The inclusion, and community capacity Competitive Disadvantage of Citizen building; executive on loan, Baltimore Shareholders,” and her co-authored Warren Valdmanis City Mayor’s Office of Employment piece in the Harvard Business Law Managing Director, Bain Development, where she directed the Review, “Institutional Investing When Capital Double Impact design and deployment of a 5MM Shareholders Are Not Supreme” (2015). Warren Valdmanis joined Bain Capital federal workforce demonstration Double Impact in 2017 after working Before joining the College of Law, effort launched in response to the for the firm’s private equity business for Tucker practiced corporate law with local uprisings; and senior director of over 11 years. During his tenure with Paul, Hastings, Janofsky & Walker. Strategy and Development, Center Bain Capital Private Equity, Valdmanis She also clerked for Judge Alice D. for Urban Families, a Baltimore- spent five years in Asia and Australia, Bonner and Judge Elizabeth E. Long based workforce training and where he helped to extend the Asia at Georgia’s Business Court, a spe- family strengthening nonprofit. Fund’s capabilities and opened the cialized court adjudicating high-dollar, Bain Capital Sydney office. Prior to join- Torain holds a BA in sociology, complex commercial and business ing Bain Capital, he was a manager at with a minor in leadership studies, litigation. While at the court, Tucker Bain & Company, covering a wide vari- from the University of Richmond simultaneously served as the program ety of industries across Bain Capital’s and a JD from the University director overseeing the initial devel- North American, European, and South of Maryland School of Law. opment of the Business Court and African operations, with a particu- writing about the role of specialized lar focus on private equity clients. courts in modern civil jurisprudence. Valdmanis received an MBA from Tucker received her JD magna Harvard Business School and cum laude at Indiana University, a BA cum laude in Economics Bloomington-Maurer School of Law, from Dartmouth College. where she served as senior managing Anne Tucker editor of the Federal Communications Associate Professor of Law, Georgia Law Journal, the official journal of State University College of Law the Federal Communications Bar [email protected] Association. She is a member of the Order of the Coif and earned the Anne Tucker, associate professor Public Interest Service Award. Before of law, researches corporate law, attending law school, she served as a Carl A. Valenstein recently focusing on issues related Governor’s Fellow for Indiana Governor Partner, Morgan, Lewis & Bockius to institutional investors and retire- Frank O’Bannon. She received her [email protected] ment investors. Tucker’s research BA in political science and journalism focuses not only on how pooled Carl Valenstein is a partner at Morgan at Butler University in Indianapolis. investments are regulated but also Lewis & Bockius and recently relocated on their power to achieve import- to the Boston office from Washington, ant personal and social ends, such DC, where he practiced for over 30 as retirement security and private years. His practice focuses on domestic funding for social entrepreneurship. and international corporate and securi- Her most recent work incorporates ties matters, mergers and acquisitions, empirical methodology and focuses project development, and asset finance on impact investment (“Contracting covering a wide range of industries with Benefits” with co-authors) and mutual fund holding periods (“The Long and the Short: An Empirical

June 5–6, 2018 New York University School of Law #NYULawGrunin 33 Conference Speakers

and regions, including developed and emerging markets (Latin America and Africa).He also counsels clients concerning international risk manage- ment issues and has been involved in internal investigations and enforce- ment cases in this area. Valenstein Maria Santos Valentin Glenn Vassallo is fluent in Spanish and Portuguese Director of Legal Affairs, Managing Director, GRT Lawyers and conversant in French and Italian. Economic Advancement Program, [email protected] He graduated cum laude from Yale Open Society Foundations; Secretary Glenn Vassallo is a founder of GRT University with a BA in history and from and General Counsel of Soros Lawyers and the GRT Foundation. As the Michigan Law School with a JD. Economic Development Fund (SEDF) the managing director of GRT Lawyers Maria Santos Valentin has been with For more than 20 years, Valenstein and chair of the GRT Foundation, he the Soros Economic Development has provided legal assistance to is passionate about working with his Fund (a private foundation that is part microfinance institutions and assisted highly sophisticated national and of the Open Society Foundations) since public charities, foundations, social international clients to implement their 1998 as its secretary and general coun- enterprises and entrepreneurs, impact corporate strategy and solve their sel, working on structuring the fund’s investment venture capital funds and complex problems. innovative program-related (impact) other impact investors. He founded investments around the world (primarily His significant experience in for- and co-chairs the Morgan Lewis in Central and Eastern Europe, India, mulating and executing complex Impact Investment Initiative, which Africa, and the Middle East). SEDF’s corporate transactions (including is a cross-office and interdisciplin- investments have focused in the areas IPOs, takeovers, and other equity ary group of Morgan Lewis lawyers of financial inclusion and improv- capital market transactions), with engaged in impact investment work. ing the lives of smallholder farmers, a particular focus on national and For the past nine years, he has been an refugees, and migrants and include international stock and security adjunct professor at the Michigan Law equity, debt, and fund investments. exchanges, puts him in a unique School International Transactions Clinic position to provide excellent advice. Before moving full time to SEDF, (ITC), focusing on impact investment, Santos Valentin served as deputy After building GRT Lawyers into a and has been teaching at New York general counsel for the Open Society high-quality law firm and the GRT University Law School’s ITC since its Institute for several years. Prior to that, Foundation into a sustainable char- founding two years ago. He also serves she worked for 10 years as an inter- ity, Vassallo then built GRT App and on the Advisory Board of the Michigan national corporate securities lawyer sold that to an ASX-listed company. Ross School of Business, Social Venture first for a US firm and then a UK firm, He was the first chairperson of any Fund, the oldest student-led impact working on emerging market capital Australian ASX-listed company to investment fund. In conjunction with markets transactions in Central and successfully chair a real-time vir- the Michigan Law School ITC, he Eastern Europe and Latin America. In tual meeting of shareholders, using represented Habitat for Humanity addition, she worked for two years the very technology he invented. International in establishing MicroBuild, as a senior commercial associate a $50 million fund that expands hous- Vassallo holds a bachelor’s degree with the Overseas Private Investment ing microfinance lending and helps of law (LLB) and a bachelor’s degree Corporation, where she helped struc- thousands of low-income families glob- of commerce. He has been a ture a small business lending program. ally. The fund has now been expanded long-standing member of the Law Santos Valentin has a BA in economics to $100 million and has received Council of Australia Company Law from Fordham University and a JD from the Overseas Private Investment Committee and the Queensland Law Yale Law School. She is a member of Corporation’s (OPIC) 2016 Access Society Company Law Committee, the New York Bar and the American to Finance Award. This project was a member of the Australian India Bar Association. recently recognized by the Financial Business Council (Energy and Times for innovative social finance. Resources—Subcommittee) and has listed ASX board experience.

34 Legal Issues in Social Entrepreneurship and Impact Investing—in the US and Beyond Vassallo is married to Eliza Vassallo at Harvard Law School, where he and has 2 children, Lili (who is 9 years co-teaches a course on social entrepre- old) and Archie (who is 8 years old). neurship. Every Saturday morning, he sends out the Weekend Briefing—an email on the impact of innovation on society. Westaway serves on the board of the Closed Loop Foundation Julie Wynne and is a mentor at Harvard’s I-Lab. Partner, FRORIEP, Switzerland [email protected]

Randy Welsch Julie Wynne is a partner at FRORIEP Co-Founder and President, Jibu and the head of its Charities and Randy Welsch is co-founder of Jibu, Social Enterprise practice. She is which equips emerging market social a highly regarded lawyer in the entrepreneurs to sell drinking water field of non-profit organizations affordably to underserved urban William A. Wilson III and mission-driven companies. markets in Africa using a franchise Founder and Partner, Wilson Williams Wynne advises non-profit organizations, model. Jibu’s quick scaling is fueled William A. Wilson III is the founding B Corps, and social enterprises for their by a contextualized integration of partner of Wilson Williams LLC, a set-up and tax issues and assists them franchisor and banking services to boutique law firm handling corporate with mergers, reorganizations, joint emerging markets that is pioneering and financial transactions. The firm ventures, and other forms of collabora- more powerful ways to blend capi- has offices in New York, Washington, tive working, as well as constitutional tal from private investors, charities, DC, and Los Angeles and affili- reviews. In addition, she regularly and governments for more efficient ates in Hong Kong and Taipei. provides advice on grant-making, operational execution. The result is a Wilson has over 35 years’ experience. fundraising, intellectual property, cor- catalytic partnership with emerging He was an associate at Shearman & porate philanthropy, and governance. market entrepreneurs with promise Sterling, Asian regional counsel for to solve some of the most systemic Wynne contributes substantial time Michelin, and a partner at Wilmer social challenges in lasting ways. and expertise pro bono in the non- Hale prior to founding the firm in profit and social entrepreneurship Welsch is also an impact investor with a 2006. He has worked on impact sector. She is a board member of B broad international portfolio. His past investment transactions on behalf of Lab (Switzerland) and of the European experience includes launching numer- lenders such as the Overseas Private Social Enterprise Law Association. She ous successful software and space Investment Corporation, equity is also co-chair of STEP Philanthropy industry startups, C-suite executive investors such as Grassroots Business Advisors Steering Committee and a management, and professorships. Fund, and operating companies member of the Legal Advisory Board such Mountain Hazelnuts Group. of Sustainable Finance Geneva. Rated AV by Martindale Hubbell, Wynne has a strong personal involve- Wilson is admitted in New York, ment in philanthropy, in the field Connecticut, Maryland, Washington, of the empowerment of women DC, and Hong Kong. He is a grad- through Giving Women, the humani- uate of Yale College, New York tarian action through Global Women Kyle Westaway University School of Law, and New Leaders and the arts in general, being Managing Partner, Westaway & York University Graduate School of a member of various patrons clubs Co. (author of Profit & Purpose) Arts and Sciences. He is a director of cultural institutions, and a board [email protected] of the Lowline, Friends Non Profit member of the Fondation de l’Elysée. Housing Inc, and Music for Our Young. Kyle Westaway is the author of Profit & Purpose, managing partner at Westaway—an innovative Brooklyn law firm that counsels social entre- preneurs—and a lecturer on law

June 5–6, 2018 New York University School of Law #NYULawGrunin 35 Notes June 5–6, 2018 New York University School of Law #NYULawGrunin 37 Conference Speakers

II Legal Issues in Social Entrepreneurship and Impact Investing—in the US and Beyond