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Impact Investing for Institutional Investors

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Impact Investing for Institutional Investors RACHEL F. WANG IMPACT INVESTING FOR INSTITUTIONAL INVESTORS JULY 2016 About the Authors About New America Rachel F. Wang is a fellow with New New America is committed to renewing American politics, America’s Bretton Woods II Initiative. She prosperity, and purpose in the Digital Age. We generate big explores the current state of impact ideas, bridge the gap between technology and policy, and investing and focuses on studying curate broad public conversation. We combine the best of financial vehicles that can be used to a policy research institute, technology laboratory, public solve critical global issues. Wang worked at the forum, media platform, and a venture capital fund for International Monetary Fund on public financial ideas. We are a distinctive community of thinkers, writers, management, where she contributed to ongoing researchers, technologists, and community activists who macroeconomic work in Sub-Saharan and European believe deeply in the possibility of American renewal. countries after the recent financial crisis. She recently co- authored an IMF working paper and database showing Find out more at newamerica.org/our-story. how countries’ fiscal transparency performance has changed over time. Previously, Wang worked for economist Robert Shiller and U.S. Ambassador to China Gary Locke. About Bretton Woods II She is a graduate of Yale University. Bretton Woods II is engaging sovereign wealth funds, Acknowledgments pension funds, endowments, and family offices to build a new business model for social finance. The initiative is harnessing analytics, advocacy, and financial tools to The author would like to thank the various civil society channel part of the $25 trillion controlled by long-term organizations, academic institutions, financial asset holders into strategic investments in social impact institutions, and impact investing-related organizations that address root causes of volatility. The effort aims whose innovations are featured in this paper. The impact to help close the gap in financing for the Sustainable investing market would not be the thriving hive of ideas Development Goals. that it is without the creativity and hard work of the people in this industry. The author would also like to thank the Bretton Woods II is reframing the value proposition around investors, academics, and experts whose comments and impact investing by demonstrating that properly targeted feedback were an integral part to completing this paper. investments not only generate competitive risk-adjusted Finally, the author would also like to thank New America returns, but also reduce broader exposure to long-term and the Bretton Woods II Initiative for providing the space risks and volatility. and resources for publishing this paper. Find out more at https://www.newamerica.org/bretton- Please contact the author [email protected] . with questions or comments about this paper. woods-ii/ Contents Introduction 2 Overview of Impact Investing 3 Market Size and Growth 3 Common Impact Investors 3 Common Types of Impact Investments 4 Impact Investing and Financial Returns 4 Identifying Impact Investments for Institutional Investors 6 Companies 6 Indices 8 ETFs 11 Bonds 11 Ratings 14 Understanding Impact Investing 16 Social Return on Investment 16 Market Performance 17 Literature on Impact Investing Practices 18 Conclusion 19 Appendix: Defining “Impact” in Investments 20 Notes 21 References 22 INTRODUCTION As a group, institutional investors are among Institutional investors are among the most recent the largest and most influential actors in the entrants into the impact sector, which was initially investing community. It is, therefore, significant defined by foundations and family offices. Due to that a growing number of institutional investors their scale and fiduciary obligations, the decision- are beginning to embrace the practice of impact making process for institutional actors is distinct investing. from that of other investors. This paper is designed to serve as a guide for institutional investors Impact investments are designed to generate social interested in impact investing by compiling a and environmental benefits alongside financial toolkit of impact investing resources that align with returns. Since impact investing is still a relatively the investment process. This paper will describe new industry, the academic literature as well as various financial vehicles that are sources for the metrics and tools used to assess impact are still potential impact investments, as well as tools for nascent. This is not, however, due to lack of activity. understanding impact investing performance. It is Impact investing frameworks, measurements, and our hope that this study will be a straightforward metrics are multiplying quickly through the work of roadmap to this burgeoning market and a practical academics and practitioners alike. introduction to the variety of available impact investing techniques. Impact investing frameworks, measurements, and metrics are multiplying quickly through the work of academics and practitioners alike. 2 BRETTON WOODS II OVERVIEW OF IMPACT INVESTING Market Size and Growth Common Impact Investors Opportunities for impact investment exist in Currently, the most common impact investors emerging and developed markets and target include large foundations, large financial a diverse set of objectives ranging from clean institutions such as investment banks, pension technology to poverty reduction. They also vary funds, and independent mission-driven funds. Of widely in size, composition, and structure. Because the GIIN’s council of more than 50 major impact of this, impact investments can be difficult to track investors, more than 40 percent are foundations, 30 as an asset class. percent are funds whose main investing strategy is impact investing, and the rest are mostly financial While the industry is not completely new, its recent institutions which offer other financial products and growth means that efforts to quantify the market services as their main line of business.2 size and number of investors are still ongoing. For example, the GIIN and J.P. Morgan estimated that That is not to say that this will be the composition of $60 billion were under management of 125 impact major impact investors going forward. Already there investors in their 2015 survey.1 The survey also is great variety in the impact investor landscape, stated that these investors committed $10.6 billion with a plethora of varied impact investing financial to impact investing in 2014, and planned to invest tools. Mission Markets and Convergence are among almost 16 percent more in 2015. To put this into a new crop of impact capital markets that facilitate context, the global market for general investments impact capital activity around the world. The is sized at more than $200 trillion, with around Impact Engine, for example, ran a Chicago-based $600 billion devoted to philanthropy. If half of the venture capital accelerator program that targeted $600 billion devoted to philanthropy went to impact impact-driven and socially conscious enterprises.3 investing, that would be five times the amount of With frequent launches of new impact-driven current impact investments. And if even one percent venture capital firms, private equity shops, blended of the general investment market went to impact finance markets, and other investment funds, the investing, that would create a $2 trillion market. sector is growing more diverse daily. The sector is expanding rapidly and has enormous growth potential. BRETTON WOODS II Impact Investing for Institutional Investors 3 Common Types of Impact Investments investment management, impact investment strategies often emerge from an investment Although an impact investment is loosely defined manager’s interests and areas of expertise. as one that contributes to or produces positive social or environmental impact, the specifics of how to identify, categorize, and measure such Impact Investing and Financial Returns an investment can be difficult to define. For the investor, it can be entirely subjective which Increasingly, market trends and research reports traits qualify as an “impact” investment. Some show that impact investing can be as profitable investors choose their own definition of an impact as it is impactful. A 2011 Harvard Business School investment; others follow guides and metrics. study published by Robert Eccles, Ioannis Ioannou, Regardless, impact investments most commonly fall and George Serafeim followed the performance of under two categories: social and environmental. a group of 180 companies over an 18-year period. The results showed that High Sustainability firms Social investments are those that impact individuals significantly outperformed Low Sustainability or society as a whole. This includes investments that firms, especially over a long time period.5 Similarly, affect poverty, homelessness, education, crime, or the 2015 Cambridge Associates/GIIN Impact unemployment. An example of a social investment Investing Benchmark showed that 51 private impact is the $27 million social impact bond Goldman investment funds performed comparably to similar Sachs and the state of Massachusetts organized and conventional funds from 1998 to 2004, despite the set in motion in 2014 to reduce recidivism of inmates perception that impact investing generates sub-par in local prisons.4 Such investments are meant to returns. Furthermore, growing interest in green positively affect the inmates as well as the society
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