Читать книгу The Impact Investor - Clark Cathy - Страница 4

Picture…

…making an investment recommended by the local broker managing your retirement savings and then pulling up an app on your phone that shows the affordable housing development in your community that the investment is helping finance.

…seeing a news article on the need for more employment opportunities offering sustainable wages, benefits, and professional training for the people of your region and then reviewing the investment report from a local fund quantifying the precise number of jobs it had supported with your capital.

…collaborating with your start-up team to launch the business you've been planning for the past few years – and knowing there are investors on the other side of the term sheet as interested in the social relevance and intentional impact of your venture as they are in its financial health.

Over recent years, the world has been witness to an accelerated process of economic evolution coming simultaneously from the fringe and the mainstream. It is a fusion of previously disparate areas of expertise and a vision emerging out of traditional finance, community and economic development, environmental finance, and social entrepreneurship. Following two years of in-depth research, case-studying the experience and track records of twelve of the leading impact investment funds operating in markets around the world, The Impact Investor offers a window through which to view this larger transformation.

The work of the twelve funds has been significant. Among other things, they

• Created and sustained more than 1.3 million jobs in underserved markets

• Provided more than seventeen million people with access to finance previously beyond their reach

• Managed portfolios of impact investment with more than 40 percent of their investments going into women-led firms and 60 percent of their funds invested in businesses operated by individuals from racial and ethnic groups historically excluded from mainstream financial markets

• Have raised and invested in excess of $1.3 billion in impact capital

The funds represent but a snapshot of larger trends under way around the world – trends we believe have the potential to transform business and finance as we know them today. Although in some ways the managers of these funds are simply taking traditional business practices and applying them to new markets, they bring a profound new investment perspective that integrates economic opportunity within a social and environmental context. This investment perspective is a new analytic mind from which all financial professionals may learn. As you will see explored in the pages to come, these investors operate with what we call a “multilingual” skillset – with the capacity to speak profit and purpose, financial return and social impact.

If you take nothing else away from The Impact Investor, consider this:

There is a new way of investing that is in the process of deep evolution and no longer sits on the edge of mainstream economics and capital markets.

These managers do not think in terms of “do well and then do good” or “financial-social trade-offs.” Rather, they think in an integrated way that intuitively seeks to capture the full nature of value through their investment strategies, seeking financial return with impact. They do not see impact as the unique domain of traditional channels of the public and nonprofit sectors. These actors and the funds they bring to market extend the work of previous investment pioneers and represent a potentially powerful force integrating numerous worlds into a single, sustainable whole.

These new approaches to investing are not being forced on markets, but are drawn into them at the same time as they are emerging out of them. The world is changing as we confront the shortcomings of an “either-or” understanding of capital – either you make money or you give it away – in favor of an integrated investment practice that rejects the short-term approach to managing long-term goals, with no consideration of off-balance-sheet factors such as worker health or the availability of water or the environmental sustainability of a company's supply chain. Some of the change under way in our world is about simple self-preservation (if you're a beverage company operating in emerging markets and are not taking water issues into account, perhaps you will be in a different line of work five years from now!); other parts come from those intentionally seeking to use investment capital to drive positive social and environmental impacts.

This book is just the latest stepping-stone in a growing body of research across the fields of social entrepreneurship, blended value, community development finance, microfinance, workforce development, impact assessment, sustainability, corporate responsibility, and socially responsible investing. In the past five years, more has been written about the purpose, scope, and activity of these fields than ever before, with increasing speed and regularity, from more diverse and global voices.1

What we add to the nearly daily drumbeat of new blogs and reports is a deeper empirical look at what is being done and accomplished by funds that have established a tangible track record, in order to understand this emerging field with fresh eyes and to more confidently predict what will come next.

What this track record of research points toward is the reality that impact investing is moving from anecdote to analysis, from the whipsaw opinion of hopeful pundits to perspectives informed by sharp experience and insights grounded in practice. Our research is drawn from the concrete experiences of twelve funds precisely because that level of in-depth analysis is what is now required to move our collaborative efforts from the initial questions of “Impact Investing 1.0” to the next level of informed execution.

It is no accident that Morgan Stanley, Goldman Sachs, UBS, Deutsche Bank, RBC, Bank of America, National Australia Bank, all of the High Street banks in the United Kingdom, and dozens of other major financial institutions throughout the globe are making strong plays in the impact investing arena. Other investors should take heed:

The train has left the station.

The tremors are being felt.

Mainstream investors are reframing assumptions governing traditional investing just as traditional philanthropists and socially responsible investors are reconnecting with their initial motivations to effectively manage assets and make use of capital to create a changed world – at the levels of individual, community, company, and market.

The rise of impact investing takes place against a larger backdrop of innovation within mainstream capital markets and newly emerging visions of the future of business. And much of this is now being driven by shifts in “consumer” demand, whether at the neighborhood level of individuals seeking to better the possibilities before them; the customer level of those seeking to align the power of their dollars with the world they seek to create; or the consumers of investment strategies and vehicles who are demanding greater transparency, less financial leverage, and expanded understandings of potential value creation generated by their capital.

The funds profiled in this book show us, concretely, what this collaborative new world looks like – in the emerging era of Impact Investing 2.0. The work of the twelve funds stands as a testament to the fact that capital can be structured to change the economic conditions of those who remain largely outside the economic mainstream.

While a great deal has been achieved, a great deal more must be done. We do not pretend to offer “the answer” to the many debates and discussions currently taking place in regard to the ability of capital and companies to advance positive change in the world; nor do we provide a template or defined road map. What we offer in the following pages is a set of organizational data points, experiences, and analysis to inform our next steps as we move forward together. We owe a great deal to these funds willing to open their balance sheets and reflections to outside researchers. And we are pleased to bring their lessons to all those committed to investing with impact to help advance the world to which we aspire.

August 2014

Cathy Clark

Durham, North Carolina

Jed Emerson

Granby, Colorado

Ben Thornley

Oakland, California