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Investing for Impact

Investing for Impact

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Published by Felipe Arango

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Published by: Felipe Arango on Jul 19, 2010
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10/28/2011

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1
Title
 
CASE STUDIES ACROSSASSET CLASSES
Investing
for
Impact
 
Bridges Ventures
Bridges Ventures originated the concept o this report with the goal o contributing to thegreater understanding within the investment community o the opportunities oered by ImpactInvestment and to promote the ourishing o urther investments that can make a dierence aswell as making fnancial returns.Bridges Ventures is an innovative investment company based in London that invests undsdelivering both fnancial returns and social and environmental benefts. Founded in 2002 andchaired by Sir Ronald Cohen, a ounding partner and the ormer Chairman o Apax Partners,the company believes that market orces and entrepreneurship can be harnessed to do well bydoing good. The team pride themselves on working closely with the companies they back andare committed to helping entrepreneurs achieve long-term success. Bridges Ventures currentlyhas two venture unds under management that invest in businesses based in regeneration areasand in sustainable business sectors such as the environment, education and healthcare. Theyalso recently launched the Bridges Social Entrepreneurs Fund, a quasi-equity und or social en-terprises and the Bridges Sustainable Property Fund, which invests in properties in regenerationareas and environmentally sustainable buildings.For more inormation, please visit www.bridgesventures.com.
The Parthenon Group
Parthenon has taken the lead in researching and authoring this report. The work has been doneon a pro bono basis because the report has the potential to leverage more capital into invest-ments that can produce great social and environmental benefts.The Parthenon Group is a leading advisory frm ocused on strategy consulting with ofces inBoston, London, Mumbai, and San Francisco. Since its inception in 1991, the frm has embraceda unique approach to strategic advisory services; long-term client relationships, a willingness toshare risk with clients, an entrepreneurial spirit, and customised insights are the hallmarks orwhich Parthenon has become recognised in the industry. This unique approach has establishedthe frm as the strategic advisor o choice or CEOs and leaders o Global 1000 corporations,high-potential growth companies, private equity frms, healthcare organisations, and non-proftorganisations. Our Non-Proft Practice assists non-proft leaders, oundations and corporationswith strategy development, corporate social responsibility, organisational alignment and otherstrategic issues.For more inormation, please contact Tracy Palandjian at tracyp@parthenon.com or visitwww.parthenon.com.
Global Impact Investing Network
This report has drawn upon inormation and case studies provided by the Global Impact Invest-ing Network (GIIN), which has been extremely open and helpul. The authors would like to thankthe many members and partners o the GIIN who contributed to this work and hope that theywill fnd that the report, in turn, contributes to their success in growing this exciting new sector.The GIIN is a newly-ormed, independent, non-proft organization dedicated to building industryinrastructure, developing activities, and disseminating research and education that addresssystemic barriers to eective impact investing. By measuring the social and environmental per-ormance o impact investments, the IRIS (Impact Reporting and Investment Standards) systembrings transparency and credibility to the sector and enables urther industry inrastructure likeperormance benchmarks and rating systems that help increase the scale and eectiveness oimpact investing.These eorts are inormed by the GIIN Investors’ Council, a membership group comprised oleading impact investors committed to developing a coherent industry that acilitates more pri-vate capital investment in businesses addressing social and environmental problems around theworld. By bringing together the large-scale amily ofces, institutional investors, pension unds,investment banks, wealth managers, private oundations and development fnance institutionswhose goals lie in the territory between philanthropy and the sole ocus on proft-maximisation,and private oundations, the GIIN seeks to drive collectively towards the maturation o a sectorthat is currently inhibited by ragmentation.www.globalimpactinvestingnetwork.org
 
1
Contents
What is Impact Investment?
..................................
3Executive Summary
.............................................
4The Impact Investment Sector
...............................
6Main Findings and Conclusions
..............................
10Case Studies and theAsset Allocation Framework
..................................
14
FINANCIAL FIRST
CASH
Shorebank Deposit Program ...............................17
SENIOR DEBT
BlueOrchard ......................................18
MEZZANINE/QUASI EQUITY INSTRUMENTS
TriodosInvestment Management ........................................19
PUBLIC EQUITIES
Generation Investment Management .........20
VENTURE CAPITAL
Bridges Ventures CDV Funds .................21
PRIVATE EQUITY
ProCredit Holding ...............................22
REAL ESTATE
JP Morgan Urban Renaissance Property Fund .....23
OTHER REAL ASSETS
Lyme Northern Forest Fund ................24
ABSOLUTE RETURN (HEDGE FUNDS)
BelAir SA Fund ..............25
IMPACT FIRST
CASH
Charity Bank ...............................................26
SENIOR DEBT
Root Capital .......................................27
QUASI-EQUITY INSTRUMENTS
Bridges VenturesSocial Entrepreneurs Fund .......................................28
VENTURE CAPITAL
Aavishkaar ....................................29
PRIVATE EQUITY
Acumen Fund ...................................30
REAL ESTATE
Ignia ................................................31
OTHER REAL ASSETS
Pico Bonito .................................32
Layered Structures
...............................................
33
International Finance Facility or Immunisation (IFFIm) ..........34The New York City Acquisition Fund .............................35
Acknowledgements
.............................................
36Appendix
............................................................
37

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