DOCSLIB.ORG

Growing a Culture of Social Impact Investing in the UK

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Growing a Culture of Social Impact Investing in the UK Growing a culture of social impact investing in the UK Contents PREFACE BY ELIZABETH CORLEY 4 MINISTERIAL FOREWORD 6 BACKGROUND AND THE ESTABLISHMENT OF THE TASKFORCE 8 THE VIRTUOUS CYCLE 10 1. PEOPLE – INTEREST IN INVESTING FOR POSITIVE SOCIAL IMPACT 12 2. INDEPENDENT FINANCIAL ADVISERS (IFAs)/PENSION TRUSTEES 14 3. QUALITY PRODUCT/FUND OFFERINGS 16 4. SEARCH AND ASSESSMENT OF INVESTMENT OPPORTUNITIES 18 5. A – INVESTEE ENGAGEMENT – SOCIAL ENTERPRISE CHARITIES 20 5. B – INVESTEE ENGAGEMENT – PURPOSEFUL BUSINESS 22 6. INVESTMENT EVALUATION 23 7. REPORTING OF IMPACT 26 8. ECOSYSTEM INCLUDING GOVERNMENT AND REGULATION 28 CONCLUSION AND NEXT STEPS 30 APPENDIX 1: LIST OF TASKFORCE MEMBERS AND CONTRIBUTORS 31 APPENDIX 2: LIST OF SIGNATORIES 38 3 Preface by Elizabeth Corley It was a privilege to be delighted to contribute regularly to those organised asked in 2017 to chair by others. We have commissioned new research and an advisory group to built networks and coalitions to push things forward look at how we can in key areas, such as impact reporting and the views build a culture of social of consumers. We have developed practical tools impact investing in the for use by others in the field, and worked to identify UK. Our final report joint opportunities to scale impact and demonstrate detailed more than what is possible. 50 recommendations I am hugely grateful to the many volunteers, well on how this could be over 160, who have committed their energy, intellect achieved and thus and passion to our work and to the firms who have enable more people to support more easily the been supportive of their engagement with us. Thank things they care about through their savings and you. In particular the leaders of work streams and investments. What the advisory group also built members of the steering committee have engaged was a strong network of committed advocates for continuously and to great effect to carry through social impact investment and momentum to get some of our recommendations. We have also things done So we were delighted to be asked by the benefitted from sustained support and interest from Prime Minister in 2018 to form an Implementation government, most notably from our sponsors – the Taskforce that would focus on the recommendations Department for Digital, Culture, Media and Sport in order to turn words into deeds. and Her Majesty’s Treasury – as well as from across In this report we have highlighted some of our work other departments, particularly the Department for and the progress that has been made, not least International Development and the Department for in the development of practical tools, sustained Business, Energy and Industrial Strategy. engagement across a broad set of practitioners, As we said in our original advisory report, surveys and contributions to an increasing number transforming the culture and practice of investment of consultations. We have seen mainstream is not a year-long exercise, nor something that can investment bodies launch guides and glossaries, be achieved by one body alone. While I am pleased create committees to focus on impact and responsible with the progress we have made with our peers and investing, gather information to deepen understanding partners, there remains much to do to achieve that and form coalitions to focus on specific topics of original goal of every person being able to save and opportunity or challenge. More than 50 leading invest more easily into what they care about. The financial and social sector bodies have pledged to urgency of the problems and challenges we face, support our work (see appendix 1). An even greater both environmental and social, remains. So. while this number have been engaged in the workstreams set report reflects the achievements and insights from up to drive action on the recommendations forward a year of sustained activity, it also highlights areas (see appendix 2). The taskforce has contributed to the where we consider that sustained focus is required. development of an increasingly supportive regulatory and policy-making environment both through direct Impact investing is growing rapidly in the UK and engagement and through response to consultations. around the world. This growth reflects the depth and breadth of social need, particularly in disadvantaged Working with others also committed to growing areas, and an increasing desire by individual savers impact investing with integrity, we have been pleased and investors to use their capital to contribute to see increased awareness and interest among to social challenges while generating a financial leading groups of professionals who have the ability return. Impact investing goes beyond avoiding to accelerate positive developments in the sector. harm and mitigating risks. But it is part of a wider The taskforce has run multiple events and been 4 movement towards more responsible investing, which incorporates environmental, social and governance considerations into investment decisions. Continued active focus on impact investing integrity, and how it relates to broader values-based investing, will be needed to keep pace with its growing popularity. The UK has a strong tradition of innovation in finance to deliver impact as well as financial return. We are well placed to play a global leadership role in the growing impact investment market given our financial services scale, reach and expertise. Whilst the taskforce has reached a natural conclusion one year on, work and ideas to grow a culture of impact investing will continue. Many of us who have had the chance to contribute are excited at the prospect that there is appetite and interest to find more sustainable ways to continue our work and looking forward to that opportunity. The ideas and ways forward highlighted in this report will therefore form a foundation for continued progress. Elizabeth Corley Chair of the Implementation Taskforce on Growing a culture of social impact investing in the UK 5 Ministerial Foreword Social Impact Investment is one of the most exciting Further growth in the market will require continued developments in the finance sector today, allowing leadership and innovation from the financial sector in investments to deliver a financial return while partnership with the social sector and Government. ensuring that they drive a positive social impact. The government remains committed to advancing Impact investing can increase the opportunities this important agenda and building on the Taskforce’s individuals have to invest in line with their values substantial progress, including by co-ordinating across and enhance the UK’s position as a leader in financial the relevant government departments and continuing services. It has the potential to drive sustainable to work with industry to bring social impact investing economic growth, help to tackle entrenched social into the mainstream. challenges and support transformation in the way We would like to thank Elizabeth Corley and the public services are commissioned. members of the Taskforce for their considerable work The UK has a strong foundation to build on and outlined in this report. We look forward to supporting the leadership and efforts demonstrated by this the continued evolution of social impact investing. Taskforce have been invaluable in further catalysing the drive behind Social Impact Investment and raising its profile. This report highlights that tangible progress is already being made in advancing the 53 recommendations of the Advisory Group on social impact investing. John Glen MP The Rt Hon Jeremy Wright QC MP Economic Secretary to the Treasury Secretary of State, DCMS 6 The Growing a Culture of Impact Investing Taskforce Conference on 12 June 2018. 7 Background and the establishment of the taskforce In 2016, the UK government set up an independent This definition remains compatible with the Global advisory group of senior financial industry Impact Investing Network (GIIN)’s more recent Core practitioners to answer an important question: How Characteristics of Impact Investing, which provide the can the providers of savings, pensions and investments four tenets that define impact investing2. engage with individuals to enable them to support more The report authors went on to make 53 easily the things they care about through their savings recommendations aimed at encouraging and guiding and investment choices? action across all industry participants, regulators, and The question was motivated by growing interest in government. These recommendations aim to build the UK in social impact investing. The sentiments on the UK’s established commitment to investing that drove that demand were familiar. They included in social causes. As early as 2000, HMT launched a a desire to help others and to make private money taskforce to investigate how to help the community a force for public good. However, despite growing finance sector grow. In 2013 the Cabinet Office enthusiasm, investors continued to find it challenging established Big Society Capital, the world’s first social to invest in line with their values. investment institution of its kind, funded with the proceeds of dormant bank accounts and donations Several factors were at play. One was that people from four UK banks. struggled to identify liquid social impact investment opportunities. In addition, where investments were The recommendations recognised that there is an offered, the definition and measurement of “impact” investment continuum, with different interventions was often unclear. finding their
Load more

Recommended publications
  • Who Benefits? Symposium on Equity, Diversity, and Inclusion in Social Finance in New York City
    Who Benefits? Symposium on Equity, Diversity, and Inclusion in Social Finance in New York City 1 Contents Introduction 4 Background on the Symposium 5 Definitions 6 Why is Examining EDI in Social Finance Important? 7 Our Hypotheses and the New York City Context 8 Who Benefits? 9 The Symposium Survey 10 Key Learnings 1 Minority and Women Entrepreneurs Face Numerous Challenges 12 Obtaining Social Finance Capital 2 Minority and Women Social Finance Investors Face Numerous 16 Challenges Raising Capital 3 Implicit Bias has a Role in Preventing Equitable Impact Investment 18 4 Community Investment has a Mixed Legacy that Impacts 22 Social Finance EDI 5 There are EDI Lessons Social Finance Can Learn from 24 Traditional Investors 6 A Successful EDI Strategy Benefits from a Diverse 28 and Committed Leadership Team EDI Toolbox for Social Finance Organizations 30 Appendix 32 Citations 34 3 Introduction The purpose of this white paper is to present the Why this topic and why now? In April of 2017, current state of equity, diversity, and inclusion (EDI) the Ford Foundation announced it was devoting in the social finance sector in New York City, as well up to $1 billion from its $12 billion endowment over as to offer possible paths forward by highlighting the the next ten years to mission-related investing. pioneering work of select organizations in the sector. The foundation has made clear in its announcement To do this, the Social Innovation and Investment that as it launches its mission-related investing, one Initiative (the Initiative), housed within New York key objective is to promote EDI within the social University’s Wagner School of Public Service, investment movement, paying attention to the compiled current research as well as insights from makeup of investment teams, as well as where a diverse group of industry professionals brought they invest, and with what values.
    [Show full text]
  • Using Impact Investment to Expand Effective Social Programs Luther Ragin, Jr.* Global Impact Investing Network Tracy Palandjian Social Finance, Inc
    Community Development INVESTMENT REVIEW 63 Social Impact Bonds: Using Impact Investment to Expand Effective Social Programs Luther Ragin, Jr.* Global Impact Investing Network Tracy Palandjian Social Finance, Inc. o address the wide-ranging challenges facing the United States, collaboration among philanthropy, government, and the investment community is vital. Social impact bonds (SIBs) offer a new way to advance cross-sector partnerships and introduce innovative financing solutions to scale proven preventative social Tprograms. SIBs operate at the intersection of three important trends: greater funder interest in evidence-based practices in social service delivery; government interest in performance- based contracting; and impact investor appetite for investment opportunities with both financial returns and social impact. This article focuses on how impact investors in SIBs can help drive improved perfor- mance in the US social sector while providing growth capital to effective nonprofit or social enterprise social service providers. The true power of SIBs lies in the discipline that inves- tors can bring to the process of provider selection and delivery of social services. When government, investor, and provider expectations are aligned, SIBs have the potential to bring significant new capital and efficiencies to social service delivery. A New Vehicle for Impact Investors Interest in impact investing has grown substantially in recent years. The Rockefeller Foundation and others effectively make the case that addressing complex societal problems requires larger scale funding and greater collaboration among philanthropists, government, and private investors. Although impact investment is only a small proportion of the total assets under professional management, it represents a significant and growing pool of capital that can fund programs to address social problems.
    [Show full text]
  • Navigating the ESG Landscape for Sovereign Debt Managers
    FINANCE FINANCE EQUITABLE GROWTH, FINANCE & INSTITUTIONS INSIGHT Riding the Wave: Navigating the ESG Landscape for Sovereign Debt Managers Sebastien Boitreaud, Ekaterina M.Gratcheva, Bryan Gurhy, Cindy Paladines, and Andrius Skarnulis © 2020 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW, Washington DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved. This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Nothing herein shall constitute or be considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved. Rights and Permissions This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO), http:// creativecommons.org/licenses/by/3.0/igo. Under the Creative Commons Attribution license, you are free to copy, distribute, transmit, and adapt this work, including for commercial purposes, under the following conditions: Attribution—Please cite the work as follows: Sebastien Boitreaud, Ekaterina M.Gratcheva, Bryan Gurhy, Cindy Paladines, and Andrius Skarnulis.
    [Show full text]
  • Better Finance Better World Consultation Draft of the Blended Finance Taskforce
    BETTER FINANCE BETTER WORLD CONSULTATION DRAFT OF THE BLENDED FINANCE TASKFORCE In partnership with the Business and Sustainable Development Commission and SystemIQ The Taskforce has written Better Finance, Better World with secretariat support provided by SYSTEMIQ, and is guided by its Steering Committee. The Taskforce is grateful for the input of numerous special advisors and support from independent contractors including Climate Policy Initiative, Convergence and KOIS Invest. Steering Committee members of the Blended Finance Taskforce act in their personal capacity and support the general thrust of the arguments, findings and recommendations made in this report (but should not be taken to agree with every word or number). The institutions with which they are affiliated have not been asked to formally endorse the report. Readers may reproduce material for their own publications, as long as they are not sold commercially and are given appropriate attribution. Copyright Business and Sustainable Development Commission. This work is licensed under a Creative Commons License Attribution-NonCommercial 4.0 International (cc by-nc 4.0). Business and Sustainable Development Commission (Blended Finance Taskforce) c/o SYSTEMIQ 69 Carter Lane London EC4V 5EQ United Kingdom www.businesscommission.org Cover photo: Scania Group/Flickr CONTENTS The Blended Finance Taskforce 5 Highlights 6 Executive Summary 7 Key takeaways 7 Better finance, blended finance 8 What is blended finance 10 Where is blended finance needed 11 Blended finance in action 13 Why
    [Show full text]
  • Green and Social Finance Development Around the World
    BACKGROUND PAPER Green and Social Finance Development around the World Dragon Yongjun Tang DISCLAIMER This background paper was prepared for the report Asian Development Outlook 2021: Financing a Green and Inclusive Recovery. It is made available here to communicate the results of the underlying research work with the least possible delay. The manuscript of this paper therefore has not been prepared in accordance with the procedures appropriate to formally-edited texts. The findings, interpretations, and conclusions expressed in this paper do not necessarily reflect the views of the Asian Development Bank (ADB), its Board of Governors, or the governments they represent. ADB does not guarantee the accuracy of the data included in this document and accepts no responsibility for any consequence of their use. The mention of specific companies or products of manufacturers does not imply that they are endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned. Any designation of or reference to a particular territory or geographic area, or use of the term “country” in this document, is not intended to make any judgments as to the legal or other status of any territory or area. Boundaries, colors, denominations, and other information shown on any map in this document do not imply any judgment on the part of the ADB concerning the legal status of any territory or the endorsement or acceptance of such boundaries. GREEN AND SOCIAL FINANCE DEVELOPMENT AROUND THE WORLD 1 Dragon Yongjun Tang2 HKU Business School The University of Hong Kong April 2021 Abstract Green and social finance has become mainstream around the world.
    [Show full text]
  • Innovative Finance for Employment
    INNOVATIVE FINANCE FOR EMPLOYMENT THE POTENTIAL FOR WOMEN AND URBAN YOUTH MUVA is a Mozambican NGO supporting women’s economic empowerment through the creation, testing and adapting of innovative approaches to diminish barriers vulnerable women and youth face to thrive in the labor market. It is funded by UK Aid and The French Development Agency (AFD), having a range of projects including with USAID, The World Bank, and private sector companies. Social Finance is a not-for-profit organisation that partners with government, the social sector and impact investors to find better ways of tackling social problems and improving the lives of people in need. EXECUTIVE SUMMARY he need for female economic empowerment in Mozambique is clear; just 24% of women have access to wage employment, versus 50% of men. The situation is worse still in Turban settings where 19-24-year-old women have the highest unemployment rates in the country. The national rate of formal employment is approximately 13%, and large scale formal job creation in the Oil and Gas sector is yet to materialise. Despite impressive economic growth in recent years, 50% of Mozambicans are still living in poverty and social and economic inequalities are continuing to grow. The challenges faced by disadvantaged urban youth and women (DUYW) are severe; without deliberate intervention to address the constraints facing them, this trend is set to worsen. In light of this challenge, MUVA commissioned a scoping study to assess the potential of innovative financing models to support the economic empowerment of disadvantaged urban youth and women. Innovative finance is a broad spectrum of mechanisms that offer an alternative to traditional activity based grant funding.
    [Show full text]
  • Social Finance Primer: Locating New Sources of Capital for an Equitable
    Social Finance Primer: Locating new sources of capital for an Equitable Recovery The Institute of Southern Georgian Bay – 2020 Mapping Our Road to Recovery series Marilyn Struthers, June 11, 2020 [email protected] Four big themes emerging: Collaboration is a must for recovery: among municipalities in our region and among the social sector, business, municipalities, and the philanthropic sector. As a cluster of smaller communities, we recognize that our capacity for connectivity and networked relationships is an asset. Access to capital will be an issue and we will need to reach beyond traditional sources to: o restart the economies that have been restricted by Covid-19, and o support people who were already disadvantaged before the pandemic and have suffered disproportionately as a result. This is the idea of floating all boats and an Equitable Recovery. We need innovative planning mechanisms that allow for collaboration around strategy for social investment. The ideas are a Social Investment Fund and a Community Investment Strategy to leverage investment and engage partners in pooling financial capacity for public good. The social sector is currently in deep financial distress as a result of revenue and donation loss and increased demand during the COVID-19 period. We can assume this distress will continue as tax and business losses are realized. So what is Social Finance & why did it emerge? The conversation about social finance emerged in Canada because of reductions in government funding through the mid 90’s and the decade that followed. There was recognition that the biggest barrier to the Canadian social sector doing its job of tending community wellbeing, was access to capital.
    [Show full text]
  • UBS Optimus Foundation: from Giving to Investing
    UBS Optimus Foundation: From Giving to Investing Prepared by pfc Social Impact Advisors November 2018 Acknowledgements pfc Social Impact Advisors thanks UBS and the UBS Optimus Foundation (UBSOF, Optimus, or the Foundation) for the support of this program of study. We also thank UBS CEO Sergio P. Ermotti, and UBSOF CEO Phyllis Costanza for their commitment to sharing the story of UBSOF. pfc also extends a sincere appreciation to the UBSOF Social Finance team of Maya Ziswiler and Sietse Wouters and their Foundation peers and partners who participated in the interviews and shared research (see Appendix A). Their honesty and candor represented in this case analysis exemplify a learning organization and Deliberate Leadership. Their real voices and stories of innovation, challenge, and change are what make this an exceptional global learning tool. Finally, a special thanks to the pfc staff and consultants who contributed their research, writing, editing, and design skills—D. Clancy, Meredith Rutland Bauer, Suzanne Lamoreaux, Jay Walljasper, Ali Webb, and Robert Yawson. Photo images courtesy of Mark Tuschman and UBS Optimus Foundation’s Communications. Gayle Peterson Senior Managing Director, pfc social impact advisors Associate Fellow, Saïd Business School, University of Oxford Director, Oxford Impact Investing and Social Finance Programmes Table of Contents Preface: Accepting the Challenge to Solve Humanity’s Toughest Problems ................................................ 1 Social Finance Primer ..............................................................................................................................
    [Show full text]
  • Financing Healthcare Services for the Poor
    Impact Investment Shujog Limited Financing Healthcare Services for the Poor Financial Innovation for Poverty Reduction Series Impact Investment Shujog Limited 2014 Financing Healthcare Services for the Poor Contents Executive summary ................................................................................................................................. 2 1 Introduction .................................................................................................................................... 4 2 Financing Healthcare ...................................................................................................................... 6 2.1 The Global Healthcare Value Chain ........................................................................................ 6 2.2 Access to Healthcare ............................................................................................................... 8 2.2.1 Which Countries are Achieving Universal Healthcare? .................................................. 9 2.3 Financing Universal Access to Healthcare Services .............................................................. 12 3 Innovative Financing Solutions ..................................................................................................... 15 3.1 Donor Mechanism: Crowdfunding ........................................................................................ 16 3.2 Blended Capital: Social Impact Bonds ................................................................................... 17 3.3 Blended
    [Show full text]
  • MGL Full Year 2020 Annual Report
    MACQUARIE GROUP ANNUAL REPORT Year ended 31 March 2020 MACQUARIE GROUP LIMITED ACN 122 169 279 Macquarie is a global financial services group operating in 31 markets in asset management, retail and business banking, wealth management, leasing and asset financing, market access, commodity trading, renewables development, investment banking and principal investment. 2020 Annual General Meeting Macquarie Group Limited’s 2020 AGM will be held at 10:30 am on Thursday, 30 July 2020 at the Sofitel Sydney Wentworth, Wentworth Ballroom, 61–101 Phillip St, Sydney NSW 2000 and may be held as a hybrid or virtual meeting with online facilities to comply with any COVID‑19 restrictions. Details of the business of the meeting will be forwarded to shareholders separately. We are closely monitoring the COVID‑19 pandemic and, depending on government restrictions in place at the time the meeting is held, the meeting venue may be changed. Shareholders should refer to the Macquarie website and any ASX announcement concerning the venue of the meeting. Cover image Macquarie is one of the largest agricultural investment managers in the world. Located in Western Australia, the Tantanoola property – operated by Macquarie‑managed Viridis Ag – grows grains such as wheat, barley, lupins and canola. 0102 About Governance Contents About Macquarie 7 Corporate Governance 30 Letter from the Chairman 8 Diversity & Inclusion 38 Letter from the Managing Director Environmental, Social and Governance 42 and CEO 10 Macquarie Group Foundation 62 Contributing to communities through
    [Show full text]
  • Are Impact Bonds Delivering Outcomes and Paying out Returns? Measuring the Success of Impact Bonds
    MEASURING THE SUCCESS OF IMPACT BONDS ARE IMPACT BONDS DELIVERING OUTCOMES AND PAYING OUT RETURNS? MEASURING THE SUCCESS OF IMPACT BONDS ARE IMPACT BONDS DELIVERING OUTCOMES AND PAYING OUT RETURNS? Emily Gustafsson-Wright is a senior fellow in the Global Economy and Development Program at Brookings. Meg Massey is an independent consultant. Sarah Osborne is a senior research analyst in the Global Economy and Development Program at Brookings. MEASURING THE SUCCESS OF IMPACT BONDS Acknowledgements The authors would like to thank a number of individuals who provided invaluable edits and insights on this brief: Alison Bukhari, Andrew Levitt, Mila Lukic, Tamar Manuelyan Atinc, and Sowmya Velayudham. Excellent research assistance was provided by Izzy Boggild-Jones and Onyeka Nwabunnia. Outstanding design support was provided by Shavanthi Mendis, and Katherine Portnoy provided excellent editorial support The Brookings Institution is a nonprofit organization devoted to inde- pendent research and policy solutions. Its mission is to conduct high-quality, independent research and, based on that research, to provide innovative, practical recommendations for policymakers and the public. The conclusions and recommendations of any Brookings publication are solely those of its author(s), and do not reflect the views of the Institution, its management, or its other scholars. Brookings gratefully acknowledges the support provided by the UBS Optimus Foundation and British Asian Trust. Brookings recognizes that the value it provides is in its commitment to quality, independence, and impact. Activities supported by its donors reflect this commitment. 2 ARE IMPACT BONDS DELIVERING OUTCOMES AND PAYING OUT RETURNS? MEASURING THE SUCCESS OF IMPACT BONDS Overview This brief, the third in a series of five analyzing various dimensions of the success of impact bonds, examines available data on outcome achievement and investor returns on completed impact bond projects across the globe.
    [Show full text]
  • Defining an Ecosystem for Social Finance
    The Sovereign Wealth Fund Initiative Fall 2012 Defining an Ecosystem for Social Finance Nicholas Roose Kanishk Bishnoi12 The ecosystem that supports the social finance represents an impressive confluence of actors and institutions. Collectively, these support the industry through sourcing, facilitating, securitizing, intermediating, structuring, and promoting investments. In the realm of impact investment - where deals are smaller in size and have higher overhead costs as a percentage of financial returns - for impact investments to succeed, they cannot rely exclusively on indiscriminate market forces, but in fact may require financial and other support functions to launch. As defined the ecosystem referenced here represents a broad variety of financial institutions, private research and consulting organizations, and investors, each with distinct functions, investment mandates, funding sources, liquidity requirements, time horizons, and liability structures. Most importantly, each actor operating in this space has a different approach to balancing and managing the risks, financial returns, and social returns of an impact investment. Together they form part of the microstructure of the market of social finance, 1 Mr. Roose is a MIB candidate at the Fletcher School, Tufts University. 2 This note contributes to the research initiative on social finance at the Fletcher School’s Sovereign Wealth Fund Initiative and is intended to supplement its “SWF and the Case for Social Returns”. serving various information, certification, monitoring, risk management, financial, and intermediary functions. Our objective here is to provide an introductory overview of the social finance ecosystem across a broad institutional and functional spectrum. In doing so, we attempt not only to define discrete entities, but also to establish linkages between and among the components of the system.
    [Show full text]