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Solutions for Impact Investors: from Strategy to Implementation Is Impact Investing

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Solutions for Impact Investors: from Strategy to Implementation Is Impact Investing ABOUT ROCKEFELLER PHILANTHROPY ADVISORS Rockefeller Philanthropy Advisors is a 501(c)(3) nonprofit organization Solutions for Impact that helps donors create thoughtful, effective philanthropy throughout the world. Headquartered in New York City, it traces its antecedents to John D. Rockefeller, Sr., who in 1891 began to professionally manage his Investors: philanthropy “as if it were a business.” Rockefeller Philanthropy Advisors From Strategy to Implementation provides research and counsel on charitable giving, develops philanthropic programs, and offers complete program, administrative and management services for foundations and trusts. Rockefeller Philanthropy Advisors currently advises on and manages more than $300 million in annual giving in more than 60 countries. MAIN OFFICE CHICAGO OFFICE LOS ANGELES OFFICE SAN FRANCISCO OFFICE 6 W. 48th St. 980 N. Michigan Ave. 6300 Wilshire Blvd. 50 California St. 10th Floor Suite 1120 Suite 820 Suite 3165 New York, NY 10036 Chicago, IL 60611 Los Angeles, CA 90048 San Francisco, CA (212) 812-4330 (312) 324-0742 (323) 658-4200 94111 (415) 543-0733 www.rockpa.org Major support for this publication was made possible by grants from KL Felicitas Foundation and the Rockefeller Foundation. Solutions for Impact Additional underwriting was provided by The Betsy and Jesse Fink Foundation, Legacy Works, Investors: the Flora Family Foundation and the Woodcock Foundation. From Strategy to Implementation Steven Godeke Raúl Pomares with Edited by Albert V. Bruno Lisa Kleissner Pat Guerra Charly Kleissner Lauren Russell Geskos Hersh Shefrin ISBN 978-1-61658-210-4 © November 2009, Rockefeller Philanthropy Advisors E This publication was printed with soy-based ink on 100% post-consumer waste paper fiber, made with wind-generated electricity by a Forest Stewardship Council certified printer. table of contents Meyer Memorial Trust’s Geographic Impact Thesis Evolution To More Direct Impact 5 Foreword & Acknowledgements Beyond Rational Man: Incorporating Behavioral Finance 9 Chapter 1: Introduction in Impact Investing From Strategy to Implementation Market Failures and Impact Investing Impact Investor Categories: Commercial 55 Chapter 5: Developing an Impact Investing Policy and Philanthropic Asset Allocation Basics The Target Audiences F.B. Heron Foundation’s Mission-Related Publication Goals Investment Approach Beyond the Tyranny of OR Asset Allocation and the Impact Investor Uncertainty and Risk Relationship Between Risk & Return Behavioral Finance and Impact Investing Measuring Financial Risk Challenges Ahead Correlation: Diversifying Asset Classes to Reduce Risk The Impact Investing Cycle Microfinance and Correlation Harnessing the Genius of AND Asset Class Framework 23 Chapter 2: Articulating Mission and Values Mapping Impact Themes to Asset Classes The Road Map Applications Across Impact Themes Applying the Road Map/Articulating the Mission Developing the Investment Policy Statement RSF Social Finance Portfolio Process Overview KL Felicitas Foundation 79 Chapter 6: Generating Deal Flow Calvert Social Investment Foundation Building the Transaction Pipeline Impact First, Financial First and Blended Transactions Direct Versus Funds Strategy 31 Chapter 3: Creating Impact Themes Fund Investment Selection Criteria Impact Investment Theme Selection Current Universe of Impact Investment Funds Selecting the Right Partners and Advisors Impact Investment Profile Template Impact Investor Resources E+Co People & Planet Notes Neuberger Berman Socially Responsive Equity 37 Chapter 4: Defining Impact Zouk Cleantech Europe II Impact Investing Tools & Tactics UNEP FI’s Environmental and Social Active Ownership Strategies Responsibility Observatory Screening Impact First Investments Financial First Investments Guarantees Articulating An Impact Investment Thesis 2 Table of Contents Table of Contents 3 95 Chapter 7: Analyzing Deals foreword Due Diligence of Impact Investments Investment Processes Since we published Philanthropy’s New Passing Gear: Mission- Pico Bonito Investment Process Related Investing in early 2008, the investment and philanthropic Triodos Sustainable Trade Fund Case Study landscape has changed dramatically. Despite the global Dial 1298 For Ambulance Case Study economic volatility we have seen in the past year, and perhaps in 115 Chapter 8: Evaluating Impact part a result of it, interest in impact investing — creating social Defining and Measuring Impact Sand environmental impacts in addition to investment returns — Core Beliefs for Impact Assessment has grown significantly. Investors are creatively challenging the Beartooth Capital status quo in order to address major problems such as poverty, One Family’s Approach to Microfinance and Impact Creating Structural Change for Measuring Impact climate change and the inequality between rich and poor . While organizations serving the needs of investors and 123 Conclusion: Coming Full Circle Using the Impact philanthropists interested in this approach have begun to Investing Cycle multiply , and new tools are being developed to provide insights 128 Appendices: into how people and markets interact, barriers still exist. There Impact Investment Profile Summary is a clear need for established best practices and for practical Selected Bibliography guidance in developing an asset allocation framework; sourcing About the Authors investment opportunities; performing due diligence on Important Disclosures managers and opportunities; understanding the behavioral and external factors that motivate investment decisions; analyzing risk and return from a financial, social and environmental perspective; as well as measuring and benchmarking the performance and impact of these types of investments. The pathways to scaling social and environmental innovation are also changing. Collaborations among the public, private and social sectors have proliferated as governments have responded to the current financial crisis and sought to find innovative means to address these challenges. While philanthropy has always relied on other sectors to co-create and sustain social change, the fact remains that governments and traditional philanthropy do not have sufficient funds to address the world’s most serious problems. Commercial capital and the 4 Table of Contents Foreword 5 tremendous power of market forces will have to be part of acknowledgements the solution. Solutions for Impact Investors: From Strategy to The authors wish to thank everyone who helped inform and Implementation aims to increase the rigor with which impact inspire this publication. We especially extend our gratitude to investors frame their investment decisions and demonstrate our advisory council — a passionate group of impact investors, the integration of impact investing across asset classes. In academics and practitioners. This guide would not have been conjunction with the team of academics and practitioners who possible without their invaluable input and support. have produced this monograph, Rockefeller Philanthropy t Advisors highlights some of the areas in which behavioral • Doug Bauer, Executive Director, The Clark Foundation; economics and innovative organizational and legal structures can • Antony Bugg-Levine, Managing Director, the Rockefeller be applied to the discipline of impact investing. By describing Foundation; best practices in transparency, disclosure and rigorous decision- • Mark Campanale, Director, Halloran Philanthropies; making, we also hope to bridge the divide between traditional • Sam Collin, Charity Adviser, EIRIS Foundation; and social purpose investing. • Lisa Hagerman, Director, More for Mission Campaign We believe impact investing will continue to play a Resource Center; central role in creating positive social change. The need for • Al Hammond, Senior Entrepreneur, Ashoka; impact and rigor will become more, rather than less important. • Pamela Hartigan, Director, Skoll Centre for Social Underlying factors such as wealth creation, vast generational Entrepreneurship at Oxford Said Business School; transfers of wealth, efficiency and leverage will remain. Impact • Harry Hummels, Professor of Economics and Business investors are continuing to build the field by doing a better and Administration at Universiteit Maastricht; innovative job of generating positive social change as well as • Steven Lydenberg, Chief Investment Officer, Domini Social devising ways to leverage more of their assets toward these Investments and Vice President of the Domini Funds; efforts. We hope you will be inspired by these tools and stories • Preston D. Pinkett III, Vice President, Social Investment to seek out opportunities to apply impact investing to bring Program, Prudential Financial; more capital to bear on addressing the pressing social and • Meir Statman, Glenn Klimek Professor of Finance at Santa environmental challenges of our time . Clara University; • Georgette Wong, Principal, Correlation Consulting; and Kevin P.A. Broderick • David Wood, Director, The Institute for Responsible Chair, Board of Directors Investment at the Boston College Center for Corporate Melissa A. Berman Citizenship. President & CEO Rockefeller Philanthropy Advisors , October 2009 6 Foreword Acknowledgements 7 We also wish to thank the following colleagues Chapter 1: who helped develop case studies and review the text: Shari Berenbach, Melissa Berman, Candi Deschamps, Julian Introduction Himes, Koert Jansen, Robert Katz, Tracy Palandjian, Carl Palmer, Luther Ragin, Jr., Ravi Shankar, Gary Schick, Don Shaffer, Gary Sprague,
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