The Impact Investor

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Clark Cathy. The Impact Investor

Foreword

Preface

Dedication

Introduction

Part One. Key Practices and Drivers Underlying Impact Investing

1. Inside Collaborative Capitalism

The Roots of Collaborative Capitalism

The Collaborative Capitalism Pyramid

Three Core Elements of Collaborative Capitalism

Putting It All Together: Collaborative Capitalism in Action

Looking Ahead

2. Raising the Curtain on Impact Investing

Sizing the Market

Key Actors and Activities

The Fund Perspective

The Twelve Funds

Performance Numbers

The Impact Investing Fund Landscape

Part Two. Four Key Elements of Successful Impact Investing

3. Impact DNA

A Means to an End

The Need for Clarity

The Impact Value Chain and Theories of Change

Getting Everyone Aligned

From First to Last: Measurement and Reporting

Bringing It Together: Sequencing the DNA of Impact Investors

Mission First and Last Approaches

The Mission First and Last Tool Kit

4. Symbiosis as Strategy

The Practice of Policy Symbiosis

Public Sector Innovation in Alignment with the Private Sector

The Public Case for Impact Investing

The Policy Symbiosis Tool Kit

The Five London Principles

5. The New Deal

The Terrain for the New Deal

Myths of Catalytic Capital

Four Purposes of Catalytic Capital

The Catalytic Capital Tool Kit

6. Multilingual Leadership

New Skillsets for New Leaders

Multilingual Leadership in the Research

Multilingual Leadership as Cross-Disciplinary and Collaborative

Defining Multilingual Leadership for Impact Investing

The Multilingual Leader: From Individual to Team to Firm

Building a Multilingual Team: Acquiring Multilingual Capacity

The Multilingual Leadership Tool Kit

Beyond Impact Investing

Part Three. Looking Ahead: Trends and Challenges

7. The Writing on the Wall

8. Concluding Reflections

Ongoing Challenges for the Field's Development

Using the Right Tool for the Right Problem

The Road Ahead

Impact Investor Resource Guide

Acknowledgments

About the Authors

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When I reflect on impact investing and its prospects of growth to a size somewhere between the $100 billion of microfinance and the $3 trillion invested in private equity and venture capital worldwide, I often think back to the origins of venture capital – the starting point of my professional life.

Venture capital was a response to the needs of tech entrepreneurs, just as impact investing is a response to the needs of a new generation of social entrepreneurs who seek to make a meaningful difference in improving people's lives.

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I also see a role in impact investing for corporations as outcome funders and mentors for charitable service providers addressing issues relevant to a corporation's business. For example, a company selling health products might want to be one of the outcome funders alongside government and health maintenance organizations for social impact bonds that seek to reduce the number of prediabetics contracting Type 2 diabetes.

For what are becoming known as “profit-with-purpose companies,” sometimes known as “for-profit social enterprises,” an important challenge will be “locking in” mission through special-purpose corporate forms, such as the B Corporation in the United States. Socially driven investors want assurance that these businesses will not abandon their mission. Corporate structures that enable entrepreneurs and investors to know that the mission of the business will be locked in beyond a sale of the business are an increasing feature alongside the presence of measureable social objectives.

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