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Unlocking Capital, Activating a Movement Unlocking Capital, Activating a Movement Final Report of the Strategic Assessment of The Rockefeller Foundation’s Impact Investing Initiative E.T. Jackson and Associates Ltd. Prepared for The Rockefeller Foundation, New York March 2012 After climbing a great hill, one only fi nds that there are many more hills to climb. –Nelson Mandela Passion and power must work together as mutually supportive partners. –Aung San Suu Kyi I skate to where the puck is going to be, not where it has been. –Wayne Gretzky ACKNOWLEDGMENTS Special thanks are due the members of our strategic assessment team, including Yusuf Kassam, Sarah Farina, Alana Glenwright, Melanie Hientz, Jennifer De Bien and Sonja Vanek, and to our editorial and design team of Tom Dart, Lesia Olexandra, Arleane Ralph and Debbie Smith of First Folio Resource Group Inc. We are also grateful for the valuable advice and assistance of the following Rockefeller Foundation colleagues: Zia Khan, Heather Grady, Peter Madonia, Ellen Taus, Shari Patrick, Pam Foster and Samantha Gilbert in the senior management group; Antony Bugg-Levine (until 2011), Margot Brandenburg, Brinda Ganguly, Justina Lai, Terence Strong (until 2011) and Kelly Teevan with the Impact Investing Initiative; and Nancy MacPherson and Laura Fishler in the Evaluation Offi ce. Finally, we are indebted to the many passionate and gifted leaders in the impact investing fi eld who took the time to meet with us to share their assessment of what has been achieved so far, and their vision of what still needs to be done. Among this leadership group, we would particularly like to recognize the special contribution of Katherine Fulton, who has accompanied and mentored this fi eld-building process with wisdom and energy. This report was written by Edward T. Jackson and Karim Harji. © 2012 The Rockefeller Foundation PREFACE Based on the premise that international aid and public spending will never be enough to adequately fund and scale solutions to the world’s most pressing problems, the Rockefeller Foundation has, since 2008, supported the development of a global impact investing industry—an industry whose purpose is to enable the investment of capital with the intent to generate positive social impact beyond fi nancial return. Over the past fi ve years, the Foundation’s Impact Investing Initiative has awarded grants and program-related investments (PRIs) aimed at accelerating the development and growth of the impact investing industry. In particular, the Foundation’s support aims to achieve four major outcomes: 1) Catalyze collective action platforms that help impact investors work together more effectively on activities such as standard setting, advocacy and marketing; 2) Develop industry “infrastructure,” such as standards and rating systems; 3) Support scaling of intermediaries ranging from private equity funds to secondary market facilities; and 4) Contribute to fundamental research and advocacy necessary to grow the fi eld of impact investing. In 2011, as part of our Foundation-wide commitment to learning and accountability to our grantees, partners and stakeholders, we undertook an independent evaluation of the work of the Impact Investing Initiative to assess our progress in achieving these outcomes and to inform our actions going forward. Conducted by E.T. Jackson and Associates, this independent evaluation highlights a number of early successes and remaining challenges, many of which will shape our activities in the months and years to come. We are pleased to share the results of this evaluation with our partners and stakeholders, and to contribute to the broader learning process in this new and rapidly growing fi eld. It is clear from our evaluation and the related scan report, and from the growing body of research on impact investing, that there exists great momentum and inspiring leadership in this dynamic fi eld. More signifi cantly, there are promising signs here that together we can play an important role in bringing about a more sustainable, resilient and equitable future for humankind. Nancy MacPherson Margot Brandenburg Managing Director Acting Managing Director Evaluation Offi ce Impact Investing Initiative The Rockefeller Foundation The Rockefeller Foundation TABLE OF CONTENTS Acknowledgments ii Preface iii Table of Contents iv Acronyms vii Executive Summary viii PART I: CONTEXT 1 1 Introduction 1 1.1 Background 1 1.2 Description of the Initiative 1 1.3 Purposes and Objectives 2 1.3.1 Purposes 2 1.3.2 Objectives 2 1.4 Methodology 3 1.4.1 Overall Approach 3 1.4.2 Scope and Emphasis 3 1.4.3 Evaluation Matrix 3 1.4.4 Data Sources 3 1.4.5 Data Analysis 5 1.4.6 Learning Events 6 1.4.7 Knowledge Products 6 1.5 Limitations 7 2 Evolution of the Impact Investing Field 8 2.1 What is the Impact Investing Field? 8 2.2 Framework and Baseline 9 2.3 Coordination/Capitalization Matrix: 2008 and 2012 10 2.4 Prospects and Directions for the Future 16 3 Relevance and Rationale of the Initiative 18 3.1 Rationale 18 3.2 Role and Comparative Advantage of Impact Investing 19 3.3 Value Proposition of Impact Investing 20 3.3.1 Value to the Rockefeller Foundation 21 3.3.2 Value to Development 21 4 Theory of Change of the Initiative 22 4.1 Logic of the Initiative 22 4.2 Theory of Change 22 4.3 Results Statements and Indicators 25 iv | UNLOCKING CAPITAL, ACTIVATING A MOVEMENT PART II: FINDINGS 26 5 Main Findings and Lessons 27 5.1 What Happened? 27 5.2 What Worked? 28 5.3 What Did Not Work? 31 5.4 What Are the Key Lessons? 32 6 Effectiveness 34 6.1 Strategies and Tactics 34 6.2 Outputs 35 6.2.1 Grantmaking 35 6.2.2 Convening 40 6.2.3 Knowledge Products 40 6.2.4 Media Engagement 41 6.2.5 A Group of Core Allies 41 6.3 Outcomes 43 6.3.1 Catalyzing Collective Action 43 6.3.2 Developing Industry Infrastructure 45 6.3.3 Supporting the Scaling of Intermediaries 47 6.3.4 Research and Advocacy 49 6.4 Impact 50 6.5 Policy Infl uence 52 6.6 Management and Leadership 56 7 Cost Effectiveness and Effi ciency 58 7.1 Effi cient Use of Funds 58 7.2 Appropriateness of Human and Financial Resources 58 7.3 Governance and Management Practices 59 8 Knowledge Contributions 60 8.1 Knowledge Products 60 8.2 Knowledge Mobilization 60 PART III: RECOMMENDATIONS 62 9 Recommendations to the Rockefeller Foundation 63 9.1 Approach and Model of Operation 63 9.2 Action to Sustain Achievements 63 9.3 Transitions 63 10 Recommendations to the Field of Impact Investing 64 11 Conclusion 65 Final Report of the Strategic Assessment of The Rockefeller Foundation’s Impact Investing Initiative | v TABLE OF CONTENTS APPENDICES 66 Appendix A: Terms of Reference and Scope of Work for a Strategic Assessment 67 Appendix B: Evaluation Matrix 82 Appendix C: Key Persons Interviewed 88 Appendix D: Protocols for Key-Person Interviews – Grantee and Non-Grantee Partners 91 Appendix E: Southern Platforms: Perspectives, Performance and Prospects 96 Endnotes 103 LIST OF TABLES, CHARTS AND FIGURES Tables Table 1: Fifteen Key Impact Investing Initiative Grant Recipients, 2008–2011 4 Table 2: Program-Related Investments, Impact Investing Initiative 4 Table 3: Interviewees by Role and Region 5 Table 4: Potential Topics for Thematic Papers 6 Table 5: The Key Stakeholders in the Impact Investing Field 9 Table 6: Selected Impact Investment Activity, 2008–2011 11 Table 7: Four Impact Investing Funds 12 Table 8: Initiative Results Statements and Indicators 24 Table 9: Grant Data by Outcome Area, 2008–2011 36 Table 10: Top 20 Recipients of Funds 36 Table 11: Seventy Allies of the Impact Investing Initiative 42 Table 12: Thirty Core Allies of the Impact Investing Initiative 42 Table 13: GIIRS Business Models that Generate Social and Environmental Impact 46 Charts Chart 1: Coordination/Capitalization Matrix, 2008 14 Chart 2: Coordination/Capitalization Matrix, 2012 15 Chart 3: Grants by Outcome Area 37 Chart 4: Annual Awards by Outcome 37 Chart 5: Grants by Geography, to Date 38 Chart 6: Grants by Geography, 2011 38 Figures Figure 1: Impact Investing Initiative Theory of Change 23 Figure 2: The Route to Impact: Root Capital 30 vi | UNLOCKING CAPITAL, ACTIVATING A MOVEMENT ACRONYMS AAC African Agricultural Capital RFP Request for Proposal ANDE Aspen Network of Development RI Responsible Investing Entrepreneurs SBIC Small Business Investment Company BoP Base of the Pyramid SGB Small and Growing Business BRIC Brazil, Russia, India, China SME Small- and Medium-Sized Enterprise CalPERS California Public Employees’ Retirement SoCap Social Capital Markets System SRI Socially Responsible Investing CDC Commonwealth Development Corporation SWF Sovereign Wealth Fund CDFI Community Development Finance TIAA-CREF Teachers Insurance and Annuity Institution Association and College Retirement CGAP Consultative Group to Assist the Poor Equities Fund CRA Community Reinvestment Act (United ToC Theory of Change States) ToRs/SoW Terms of Reference/Scope of Work CSR Corporate Social Responsibility UBS Union Bank of Switzerland DEEWR Department of Education, Employment UK United Kingdom and Workplace Relations (Australia) UNPRI United Nations Principles for Responsible DFI Development Finance Institution Investment ESG Environmental, Social and Governance US United States FMO Development Finance Company USAID United States Agency for International (Netherlands) Development G-20 Group of 20 Countries USSBA United States Small Business GIIN Global Impact Investing Network Administration GIIPP Global Impact Investing Policy Project GIIRS Global Impact Investing Rating System HNW High Net Worth IADB Inter-American Development Bank ICT Information
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