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MySocialGoodNews is dedicated to sharing news about
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Devin D. Thorpe

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Impact Investing

This category includes articles about people, firms and foundations that invest in social good by investing in social entrepreneurs, social impact or pay-for-success bonds, etc.

Orrick Focuses on Impact Finance & Investment: A Growing Field for the Private Equity Market

Press Release – July 13, 2017 — A leading advisor to the Impact Finance and Investment market, Orrick has expanded its practice with the creation of a full-time position focused on helping clients to create and sustain intentional and measurable social and environmental impact alongside financial returns. The firm is making this move in response to the growth of the global Impact Finance and Investment market, particularly with heightened interest among private equity funds in impact investing opportunities.

The field of impact investing is vast and growing. According to the Global Impact Investing Network’s 2017 Annual Impact Investor Survey, over $22 billion was invested in nearly 8,000 impact transactions in 2016. There was a reported 15% increase in the amount of investments from 2015 to 2016, and the market is expected to grow another 17% through the end of 2017.

Perry Teicher, who initially joined Orrick as the Impact Finance Fellow, will now serve this market full-time as the firm’s Impact Finance Attorney, based in Orrick’s New York Corporate practice. Working in concert with Orrick’s private investment fund practice and technology companies group, Perry and the firm’s global team advise private investment funds, companies, and entrepreneurs on achieving their impact investing goals.

Ed Batts, head of Orrick’s global M&A and Private Equity Practice Group, noted: “Impact investing is increasingly important to our private equity fund clients, as limited partners such as public investment funds and university endowments place a stronger emphasis on PE allocations to this asset class. With Perry’s appointment, we look forward to continuing to bring significant resources to bear in this area and helping our clients make connections with impact investment opportunities.”

About Orrick

Orrick is a global law firm focused on serving the technology, energy & infrastructure and finance sectors. Founded more than 150 years ago, Orrick today has offices in major markets worldwide. Approximately a quarter of the firm’s practice is outside the United States, led from offices in the UK, France, Germany, Italy, Switzerland, Belgium, Russia, China and Japan, as well as an affiliated office in Côte d’lvoire. Fortune named the firm to its list of the 100 Best Companies to Work For in 2017, for the second year in a row, and Financial Times selected Orrick as the Most Innovative U.S. Law Firm in 2016.


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Big Path Capital Announces 9th Annual Impact Capitalism Summit Nantucket – Coined “The Summer DAVOS of Impact Investing”

Leading investors deploying capital for impact and return will meet to discuss the key factors changing the impact investing landscape

Press Release – NANTUCKET, Massachusetts – July 12, 2017 – Boutique financial services firm, Big Path Capital today announces its 9th annual Impact Capitalism Summit Nantucket (ICS). This year’s Summit will take place from July 19-20, 2017 at The Nantucket Hotel and Resort in Nantucket, Massachusetts. ICS Nantucket is the largest summer convening of investors focused on maximizing impact and maximizing return across asset classes. Attendees are impact investing industry leaders and include institutional investors, wealth advisors, family offices and more.

This year’s theme will focus on the key factors influencing the impact investing industry, including women and millennials’ growing influence in impact investing. The biggest generational transfer of wealth in history is in its beginning stages and ICS will explore how these new asset owners make their investment decisions. In addition, on the heels of the US’ exit from the Paris Accord, the Summit will explore the future of the clean energy economy in the Trump era.

Keynote speakers include Sandra Urie, Chairman Emeritus of Cambridge Associates; Kelly Williams, Chair and CEO of Private Equity Women Investor Network; and Kenneth Mehlman, Member and Global head of Public Affairs at KKR. These thought leaders join a list of senior professionals as they lead conversations among the players at the helm of impact investing. The full list of speakers and sessions can be found here.

The purpose of the Summit is educational and no securities will be offered, purchased or marketed nor will any services such as financial advisory, legal, or accounting be offered.

Sponsors and supporters of this year’s summit include Sorenson Impact, Locus, Prime and the Intentional Endowments Network.

“In the ten years Big Path Capital has been operating, we have yet to find another event that brings together the impact investing leaders like the Impact Capitalism Summit,” said Shawn Lesser, Big Path Capital Co-Founder and Partner. “ICS is a collaborative environment where investors can share best practices, work through problems and continue to move this industry forward.”

“Much of the $60 trillion-dollar wealth transfer will be controlled by women and millennials. This is a game changer for the impact investing community and one with positive systemic changes that will follow in its wake. We are excited to be curating this very important topic,” said Michael Whelchel, Big Path Capital Co-Founder and Partner. “The political environment creates an added pressure on the impact investing industry to continue to excel in creating a more sustainable world.”

ICS is open to impact investors and those allied to the field but attendance capacity is limited. Interested parties may apply to attend at ImpactCapitalismNE.com.

About Big Path Capital

Leveraging one of the largest global networks in Impact Investing, Big Path Capital’s services include assisting impact companies and funds to ensure mission preservation across financial transactions, including acquisitions, mergers, and capital raises. Big Path sees Impact Investing as SmarterMoney+ i.e. the dual objective of achieving Maximum Return and Maximum Impact. Big Path initiatives also include the Five Fund Forum, Impact & Sustainable Trade Missions, Big Path Impact Academy, and the Train Stop Tour.

​Disclaimer: Investment banking services are provided by Intellivest Securities, Inc. a member of FINRA and SIPC. The presentations given by fund managers, issuers or others at the Summit do not constitute an offering of securities or solicitation of offers. Such an offer may only be made in compliance with disclosure and delivery requirements under applicable, securities laws and will be limited to prescribed categories of investors. Attendance is limited to Accredited Investors and Qualified Purchasers as defined under Federal securities laws. Some presenters may pay a fee for participating. Attendees are responsible for their own due diligence if they enter into a relationship of any kind with any entity or person met at the Summit.


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Global Impact Investing Network Selects Deloitte As Advisory Collaborator On Major Project To Accelerate Development Of Impact Investing Market

On The Ten-Year Anniversary Of The Impact Investing Movement, The Market Roadmap Project Will Engage Stakeholders Across The Industry To Create A Collaborative Plan For The Future Of The Impact Investing Market

Press Release – NEW YORK, July 10, 2017 – The Global Impact Investing Network (GIIN) today announced the appointment of Deloitte Consulting LLP as an advisory collaborator in its “Market Roadmap Project.” This ambitious project, conducted at the ten-year anniversary of the coining of the term impact investing, will assess industry progress to date, codify a vision for the future of the market, and outline specific actions to accelerate the advancement of the industry. With Deloitte’s support and advice through its Monitor Institute, the GIIN will lead a broad consultative initiative to identify the bold actions needed to exponentially enhance the scale and effectiveness of impact investing across the world.

Deloitte will provide valuable guidance at every stage of the Market Roadmap Project, supporting research design and data analysis, designing and facilitating gatherings of key stakeholders, surfacing strategic considerations for field-builders, and assessing implications of key findings for the broader market, among other activities. Deloitte was chosen for the role following a competitive selection process in which several firms were considered for the partnership role. The Deloitte team has significant experience working at the intersection of business, innovation, and social change, and brings particular expertise in driving large-scale social change by galvanizing communities around a shared agenda.

The GIIN will leverage its capacity to conduct rigorous industry research, as well as its strong convening power and broad global network of players in the impact investing community, to produce an action plan for the industry’s accelerated development. The GIIN will then work with leading impact investors and other industry stakeholders globally to mobilize around the recommendations to catalyze further market progress.

The Market Roadmap Project will explore a number of questions, including:

  • What infrastructure, tools, products, and resources are needed for industry growth and effectiveness?
  • What is needed to further catalyze impact investing commitments from institutional investors?
  • As more large scale investors build impact investing practices, how does the industry ensure the integrity of practice is preserved?
  • What does the future of impact measurement and management look like?
  • How can different types of investors collaborate for greater impact?
  • How can impact investing be made accessible to all investors?

“The impact investing market has reached a stage of growth and development that holds tremendous potential for a broad reimagining of the way the world’s capital markets work,” said Amit Bouri, CEO and Co-Founder of the GIIN. “With forward-thinking, decisive action, we can capitalize on the potential of the impact investing industry to produce large-scale social and environmental action. But we need to begin planning now for the market we want to have in our future.”

Tony Siesfeld, Managing Director at Deloitte Consulting LLP, said, “Since its inception, impact investing has seen a proliferation of investment instruments, infrastructure organizations, and intermediaries. Deloitte is honored to be supporting the GIIN in formulating the next phase of impact investing and helping to redefine the capital market.”

The Market Roadmap Project and related activities are funded with the generous support of The Rockefeller Foundation, a pioneer in catalyzing the impact investing industry for social and environmental good, and a long-time partner of the GIIN.

Individuals or organizations that are interested in providing input to the Market Roadmap Project can email roadmap@thegiin.org.

About the Global Impact Investing Network

The Global Impact Investing Network (GIIN) is a nonprofit organization dedicated to increasing the scale and effectiveness of impact investing around the world. Impact investments are investments made into companies, organizations, and funds with the intention to generate social and environmental impact alongside a financial return. Impact investments can be made in both emerging and developed markets, and target a range of returns from below market to market rate, depending upon the circumstances. The GIIN builds critical infrastructure and supports activities, education, and research that help accelerate the development of a coherent impact investing industry. For more information, please visit www.thegiin.org.

About Deloitte

Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including 80 percent of the Fortune 500 and more than 6,000 private and middle market companies. Our people work across more than 20 industry sectors to deliver measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to make their most challenging business decisions with confidence, and help lead the way toward a stronger economy and a healthy society.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.


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World’s First Climate Rating For Equity Funds Launched

  • ‘Climetrics’ rates funds worth €2 trillion
  • Rating launched by CDP, ISS-Ethix Climate Solutions and EU-backed Climate-KIC

Press Release – BERLIN & ZURICH (July 6, 2017): The world’s first climate impact rating for funds, Climetrics, launches today, enabling investors to more easily integrate climate impact into investment decisions.

The rating – symbolized by green leaves “issued” on a scale of one to five– will enable investors to gauge and compare the climate impact of investments in funds and potentially encourage growth in climate-responsible fund products.

The equity fund market – worth more than €3 trillion in Europe 1 – could be a significant lever for mitigating climate change. But, despite fast-growing institutional and customer demand for climate-conscious investing, to-date no rating system has allowed investors to compare funds’ climate-related impacts.

Climetrics bridges this gap, uniquely rating each fund on the climate change impact of its portfolio holdings, as well as on the asset manager’s own application of climate impact as an investment and governance factor.

Climetrics is backed by international climate specialists: CDP, the global not-for-profit holding the most comprehensive set of corporate environmental data, and ISS-Ethix Climate Solutions, part of the responsible investment arm of Institutional Shareholder Services Inc. Climetrics was catalysed and funded by Climate-KIC, the European Union’s main climate innovation initiative.

Top-rated funds can be found for free on climetrics-rating.org, with deeper fund results offered on a subscription basis. Commercial use of the rating by funds will be licensed, allowing asset managers and banks to promote the sale of funds which outrank peers on climate-related impact.

CDP’s Executive Chair Paul Dickinson says: “For the first time, investors in funds will be aware of their funds’ climate impact and can judge investments accordingly. Climetrics is a missing link between individual investment choices and the global problem of climate change, and will move the needle in incentivising both investors and companies to contribute to the low-carbon transition.”

Climate-KIC’s CEO Dr Kirsten Dunlop says: “Climetrics is a unique rating designed to transform investment decisions and drive climate-positive outcomes. As a climate innovation catalyst, we work with partners to identify and broker system-changing collaborations with the most potential for growth and environmental gain. This project is an excellent example of the potential for collaborative innovation to unlock the finance needed to scale up climate action.”

Maximilian Horster, Managing Director at ISS-Ethix Climate Solutions says: “Climate change related investment risks and impact can thus far only be managed by professional investors. Climetrics will change this historical model by providing a sophisticated, transparent and independent climate rating of funds, based on the best available data, turned into a simple output that can be understood by every financial market participant.”

The methodology underlying the ratings was developed by the rating’s data providers CDP and ISS-Ethix Climate Solutions, in consultation with NGOs, asset owners and managers, and members of the academic community. Also including a number of external data sources, it scores funds across three levels to produce its 1-5 green leaf rating. Most importance is placed on each fund’s portfolio score, measuring the climate impact of all individual companies in which the fund is invested. An asset manager score identifies asset manager action on integrating climate change into their governance and investment processes, while a fund policy score identifies funds with a specific ESG mandate. The universe of funds is provided by yourSRI.com, the service provider for all of Climetrics’ fund-related information.

Climetrics covers more than 55 percent of the assets invested in equity funds that are currently for sale in Europe, representing about €2 trillion in fund investments.

Climetrics arrives as both institutional and private investors are increasingly attentive to climate-related risks to assets, and at a time when global finance’s role in the low-carbon transition is in the spotlight. France recently broke ground with Article 173 – the first law to mandate climate change related reporting for investors, while the G20 Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) explicitly calls for financial actors and companies to disclose climate-related financial risks and opportunities.

1 UCITS funds across all asset classes as per end of Q1 2017)


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IIX Closes US$8 Million Women’s Livelihood Bond—the World’s First Listed Social Sustainability Bond

Press Release – July 6, 2017— SINGAPORE— IIX (Impact Investment Exchange), a pioneer in impact investing and catalyst to social innovation, has closed the world’s first social sustainability bond to be listed on a stock exchange, the Women’s Livelihood Bond (WLB). This innovative US$8 million bond is the first in a series of IIX Social Sustainability Bonds™ and is projected to empower over 385,000 women across Southeast Asia through increased credit access, market linkages, and affordable goods and services.

The WLB, conceptualized and structured by IIX, is supported by a diverse range of stakeholders from the public, private, and philanthropic sector including DBS Bank Ltd, ANZ Banking Group, the Rockefeller Foundation, the Clinton Global Initiative, U.S Agency for International Development’s (USAID), the Australian Department of Foreign Affairs and Trade (DFAT), Shearman & Sterling, Hogan Lovells, and the Japan Research Institute, among others. The bond aims to support a select group of high-impact enterprises and microfinance institutions in Cambodia, Vietnam, and the Philippines.

“The closing of the Women’s Livelihood Bond is a landmark achievement for the impact investment market, demonstrating that impact investment products can achieve scale, transparency and liquidity,” said IIX’s Founder, Durreen Shahnaz, “The infrastructure for social capital markets is now taking off. This transaction brings us one step closer to a day when our financial markets consider social and environmental impact on an equal footing with financial returns and we can at last aim to have an equitable and truly connected financial market.”

Photo by Leocadio Sebastian/CC BY

The four-year bond offers a coupon rate of 5.65% per annum and is expected to be listed on the Singapore Stock Exchange (SGX). The bond includes a number of credit protection features, including $500,000 of first-loss capital provided by IIX as well as a 50% guarantee of the principal amount of the underlying loan portfolio, provided by USAID. The bond received over 60% of its investment capital from Asian investors.

Tan Su Shan, Group Head of Consumer Banking/Wealth Management at DBS Bank added: “We would like to acknowledge the support of our clients, who helped to make the WLB a reality. With Asia’s entrenched culture of giving, we see tremendous potential in the business of impact investing in this region. Singapore is well-placed to become a regional hub for impact investing, leveraging the infrastructure and eco-system it has built as a leading hub for tech start-ups and tapping on the region’s unique intersection of wealth and socio-environmental needs. This is a modest but important first step and we will continue to work closely with partners like IIX to bring innovative financial instruments to investors in Asia who are seeking to combine social and financial returns.”

A recognized leader in impact investing space, IIX has also established the world’s first social stock exchange as well as Asia’s largest impact investing equity crowdfunding platform. IIX intends to replicate the WLB across the globe and expects that future IIX Social Sustainability Bonds™ will be listed on IIX’s Impact Exchange.

About IIX Social Sustainability Bonds™

IIX Social Sustainability Bonds™ are uniquely structured fixed-income financial instruments which pool together a group of high-impact enterprises and issues a collective bond. These bonds differ from traditional Social Impact Bonds as they mobilize private sector capital to generate positive social impact worldwide, offer financial returns independent of social outcomes, and are able to be listed on both social and traditional stock exchanges.

About IIX

IIX is a Singapore-based impact enterprise that bridges the gap between finance and development, carving out a third space for social and environmental solutions by unlocking investment capital. As a pioneer of impact investing, IIX builds pathways to connect the Wall Streets of the world with the backstreets of underserved communities. IIX platforms and innovative financial products enable impact enterprises to accelerate their business and scale their positive impact, while pushing the impact investing space from the margins to the mainstream. To date, the work of IIX has spanned 20 countries and continues to expand with the mission of unlocking US$1 billion of impact investment capital, impacting 100 million lives by 2025.

View the Women’s Livelihood Bond Video

Source: https://iixglobal.com


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Educate Girls Development Impact Bond Delivers Robust Second Year Results, Valuable Lessons

  • Enrolment targets exceeded, continued learning gains delivered for Indian children
  • Program flexibility enabled by DIB yields improved results for hardest to reach girls

Press Release – Zurich – Second year results from the world’s first operational Development Impact Bond (DIB) in education continue to demonstrate the benefits of the results-based funding model, its backers said today.

The Educate Girls DIB, launched in June 2015, is funding a three-year education program implemented by Indian NGO Educate Girls in a remote rural district of Rajasthan. The model measures progress against agreed targets for the number of out-of-school girls enrolled into primary education and the progress of girls and boys in English, Hindi and mathematics.

Year two results show that Educate Girls has achieved 87.7% of the 3-year enrolment target and 50.3% of the 3-year learning target [i]. Zurich-based UBS Optimus Foundation, which provided the upfront DIB funding, remains on track to recoup its initial investment.

Phyllis Costanza, CEO of the UBS Optimus Foundation said: “Progress has been strong, particularly against enrolment targets, and, just as important, the DIB is demonstrating its potential to attract much need funding as investors are increasingly seeing that they can achieve real social impact and results-based financial returns.”

Safeena Husain, Executive Director of Educate Girls said: “The DIB has brought about a shift in our organization’s DNA and had a positive ripple effect across our entire organization. The razor-sharp focus on outcomes and the flexibility in programme delivery that comes with a payment by results contract has enabled us to deliver improved outcomes.”

Ms. Husain said an intense, data-driven focus on community outreach and mobilization has led to higher enrolment rates, especially among girls aged ten and above who often get left behind because of their age. The enhanced performance management involved in the DIB model has also helped Educate Girls to identify early on some of the hurdles they were facing in improving children’s learning.

“The continuous feedback and analysis of data allows us to identify learning lags in children and weaknesses in our own teams,” she said. “This led us to redesign our curriculum from scratch and retrain our staff. While we have made gains across mathematics and English, this level of iteration and testing of new practices takes time to take root in the classroom. We are confident the approach will yield rich dividends at the end of the three years.”

At the end of the DIB program, if both the enrolment and learning targets are met, the initial investment will be paid back to UBS Optimus Foundation by the outcome payer, in this case the Children’s Investment Fund Foundation (CIFF). CIFF will pay interest of up to 15 per cent, depending on how far the children’s learning targets are reached. Educate Girls will also receive part of this payment if it achieves its targets.

Kate Hampton, CEO at CIFF, said: “CIFF believes that one way of improving outcomes is to ensure that incentives are aligned amongst partners and linked to increased learning in the classroom. Making sure girls are in school and learning is one of the best investments in development, and as the outcome payer for this DIB, CIFF only pays when learning outcomes and school attendance have been demonstrably increased.”

Avnish Gungadurdoss of Instiglio, the results-based financing consultancy that designed the DIB and is providing performance management support to Educate Girls, said: “Over the past year we have observed one of the key value propositions of a DIB play out. The incentives to improve performance have led to a raft of programmatic innovations by Educate Girls since the first year of the project. We have also seen improved performance management practices scaled up and rolled out to other parts of Educate Girls, indicating that a DIB can help promising organisations to develop best practices that benefit the organisation as a whole”.

Dr. Neil Buddy Shah, CEO of IDinsight, the evaluator, said: “There has been a revolution in the use of scientific randomized evaluations in development programs over the last 15 years, but the DIB is the first formal financing mechanism to tie payments to demonstrable improvements in peoples’ lives, as measured by a rigorous, randomized evaluation. This is the gold standard of scientific evidence, giving the funders a high degree of certainty on whether the program works.”

The DIB-funded program’s ultimate goal is to improve education – directly and indirectly through improvements in targeted schools – for 15,000 children, 9,000 of them girls, in 166 schools in 140 villages in Bhilwara District. Rajasthan was chosen as it has particularly poor indicators for girls’ education.

For more on the Educate Girls DIB, visit: http://instiglio.org/educategirlsdib/

[1] Results methodology

The Educate Girls DIB results have been evaluated by IDinsight, an independent evaluator, using a clustered randomized control trial. The students’ learning progress was measured using the Annual Status of Education Report (ASER) assessment, a widely-used test of basic numeracy and literacy developed by the ASER Centre. A baseline test was administered at the start of the trial period to 4,140 students in Grades 3-5 randomly sampled from either schools receiving the intervention or control schools. It measured students’ starting grades on a scale of A to E for English, Hindi and maths. The children were then tested after seven weeks of Educate Girls’ intervention, in the Year 1 Endline. In the Year 2 Endline, 6,812 students were tested—with some students from Year 1 having graduated from the program and a new class (those in grade 2 in the first year) of students having entered. To capture the full effect of the program, students who enrolled in school after the initial baseline test was administered were also identified, randomly sampled, and assessed. IDinsight calculated the aggregate learning gains in terms of the number of levels gained on the ASER scale by children in schools receiving Educate Girls’ intervention as compared to children in control schools.


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T100 Report Release: Insights from Impact Advisors and Consultants 2017

Toniic T100: Report Offers Insights From 37 Impact Advisors And Consultants Who Are Transforming The Financial Service Industry

Press Release – Berlin, DE and San Francisco, CA – Toniic Institute*, the global action community for impact investors, today released T100: Insights from Impact Advisors and Consultants 2017, at the Berlin Green Investment Summit. This is the second report in the T100 Research Project, a longitudinal study of 100% impact investing portfolios of Toniic members.

In this new report, 37 impact advisors and consultants from 12 countries, partnering with 38 of Toniic’s 100% Impact Network* members, open the door to their impact practices to demystify, inspire and activate both investors and the financial services industry. While today there are more impact firms and product offerings to choose from than ever before, information on impact intermediaries, especially for private asset owners, remains sparse despite the growth of the industry.

“As a trusted third party, Toniic can aggregate information through the T100 Project, and help investors and advisors learn from what’s happening on the frontier of impact investing,” said Toniic CEO Adam Bendell. “With this second report in the T100 project, we complement the initial findings of the ‘T100: Launch’ report with the perspective of active impact advisors and consultants in the field, helping private and institutional investors moving to 100% impact in their portfolios.”

“What we see is a dedicated, articulate, optimistic, innovative, and definitely persistent group of entrepreneurial founders as well as large company intrapreneurs,” said Lisa Kleissner, co-founder of Toniic and its 100% Impact Network. “Beyond fulfilling their clients’ impact needs, they are building new impact products and services, and volunteering their time to strengthen and grow the impact ecosystem. All of them, while cognizant of the challenges, are optimistic there are solutions and a bright future for impact.”

Impact advisors and consultants surveyed are reporting:

  • A significant increase in the depth and diversity of the impact intermediary offering, with sector growth led by client demand. That demand is led by women and millennials asking for values-aligned investment opportunities.
  • Challenges, like impact measurement and access to appropriate investment opportunities, remain, but none deemed insurmountable.
  • Accomplishments and optimism as milestones are being achieved. Survey respondents shared success stories, from engaging with new impact clients and transitioning existing clients into impact, to creating new products, and becoming a viable 100% impact advisory business.
  • Financial returns are on target. Clients target mostly market-rate financial returns. In some situations, clients want and intermediaries are finding high impact investments targeting sub-commercial returns.
  • Looking to the future, all surveyed agree. Outlook = Growth. Respondents anticipate growth in the number of investors, advisors, and consultants in the space, growth in the breadth and depth of products and services available, and growth in talent entering the ecosystem.

As one advisor concluded, “At the end of the day, it is all about moving past the noise in the system to get to the more important task of co-creating the long-term plan for our planet.”

The T100: Insights from Impact Advisors and Consultants 2017 report is available for download at www.toniic.com/T100.

Podcast interviews with five advisors supporting Toniic members, conducted by Toni Johnson of Mission OutLoud with support from the Heron Foundation, are available at www.toniic.com/T100.

*About Toniic and the T100 Project

Toniic is the global action community for impact investors. Toniic’s members in more than 20 countries share a vision of a global financial system creating positive social and environmental impact. Toniic’s mission is to empower impact investors.

Toniic 100% Impact Network members, a sub-group of the Toniic membership, have committed to move an entire investment portfolio into 100% impact across asset classes. Portfolios range in size from less than $2 million to more than $300 million for an aggregated commitment of close to $4 billion.

The T100 Project is a longitudinal study of the portfolios of some of those investors. It reveals insights into the impact journey and feasibility of 100% impact investing. The T100 project includes periodic reports, issue briefs, videos and podcasts, and the Toniic Diirectory, a peer-sourced directory of over 1,000 impact investments across all asset classes. For more information, visit www.toniic.com/T100

Source: http://www.toniic.com


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Global Impact Investing Network Promotes Giselle Leung To Managing Director

Press Release – NEW YORK, June 28, 2017 – The Global Impact Investing Network (GIIN) today announced that Giselle Leung has been promoted to Managing Director. In this leadership role, Giselle will provide critical guidance on how the GIIN helps to develop the global impact investing industry and will oversee a number of its field-building initiatives. She will also play a significant role in establishing and deepening key relationships with the GIIN’s strategic partners.

“In her most recent role as a Director of our organization, Giselle has enabled the GIIN to develop crucial strategic partnerships with other field-building organizations and funders around the world,” said Amit Bouri, Co-founder and CEO of the GIIN. He added, “As the industry continues to grow, and as our organization continues to grow, Giselle’s leadership as Managing Director will help to ensure that we remain focused and efficient in our efforts to harness the untapped market potential of impact investing around the world.”

Giselle joined the GIIN in 2010 as the founding manager of the GIIN’s Investors’ Council, a leadership group for large-scale and experienced investors. In her three years building the Council, she played a significant role in adding organizations like The John D. and Catherine T. MacArthur Foundation, The Kresge Foundation, Credit Suisse, International Finance Corporation (IFC), and Zurich Insurance Group. In 2013, she took on the role of Senior Manager of Strategic Engagement and later in 2015 was promoted to Director of the GIIN. In her role as a Director, she oversaw fundraising and strategic partnerships, and guided the GIIN’s European strategy.

“When I first joined the GIIN seven years ago, the impact investing industry was at a nascent stage. It has been exciting to see the market evolve and engage many mainstream financial players. There is, however, still much more work to do to ensure impact investing reaches its potential. The GIIN is scaling up its work providing investors with the information, tools, and networks they need to be effective impact investors, and I look forward to contributing to those field-building initiatives.”

Prior to joining the GIIN, Giselle was a manager at Enterprise Solutions to Poverty (ESP), where she worked with leading companies in emerging markets to build inclusive business strategies and social enterprise solutions. She began her career at Cambridge Associates, providing investment portfolio analysis to large non-profit endowments, and was a business strategy consultant at Braun Consulting.

Giselle holds an MBA and a Master of International Affairs from Columbia Business School and The School of International and Public Affairs, and a BA in psychology from Harvard University.

About the Global Impact Investing Network

The Global Impact Investing Network (GIIN) is a nonprofit organization dedicated to increasing the scale and effectiveness of impact investing around the world. Impact investments are investments made into companies, organizations, and funds with the intention to generate social and environmental impact alongside a financial return. Impact investments can be made in both emerging and developed markets, and target a range of returns from below market to market rate, depending upon the circumstances. The GIIN builds critical infrastructure and supports activities, education, and research that help accelerate the development of a coherent impact investing industry. For more information, please visit www.thegiin.org.


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ImpactAssets’ Giving Fund Closes 251st Impact Deal

“Custom Investments” feature enables donors to source and recommend investment into social entrepreneurs addressing the world’s biggest challenges.

Press Release – Bethesda, June 20, 2017 – What does the world’s first plant-based burger maker have in common with a direct trade company that works with women coffee farmers and roasters in Latin America?

Both Beyond Meat and Vega Coffee are among 251 businesses, social enterprises and funds that have received funding through the ImpactAssets Custom Investments option – a unique service that is part of The Giving Fund, a donor advised fund [i] with more than $350 million in assets and a 100% focus on impact investing.

The Custom Investments option uniquely enables donors to source and recommend direct investments in private, mission-driven businesses, impact funds and nonprofit organizations using philanthropic dollars as recoverable investment capital.

“This is a great milestone for ImpactAssets as we work to democratize impact investing and provide clients with unique ways to direct capital into investments delivering financial, social and environmental returns,” said Tim Freundlich, president of ImpactAssets. “We understand that impact investing can be a personal commitment. Custom Investments allows clients to recommend the investments that matter most to them.”

To date, donors have sourced and recommended more than 200 direct company investments and 50 funds in the private debt and equity segment, with a minimum $25,000 investment. All entities that receive investment from ImpactAssets must have a commitment to measuring and reporting their social or environmental impact, as well their financial returns.

“The Custom Investments feature has been the perfect way for my wife and I to blend our impact investing and our charitable giving,” said Seth Goldman, Co-founder of Honest Tea and Executive Chairman of Beyond Meat. “We take a little more risk with our impact investments in the Giving Fund, because whether they succeed or not, we know we are supporting a social entrepreneur’s vision and we’re not getting money back personally whatever the outcome. We know that if our investments are successful, the money will be recirculated to support more mission-driven entrepreneurs.”

Custom Investments has been offered to ImpactAssets clients since 2011, but the service has seen a spike in interest and participation since the 2016 Presidential election, as investors seek to make a “hands-on” impact locally and globally. A series of ImpactAssets Roundtables with investment advisors found the post-election environment is generating greater investor activism.

Recent custom investments include:

  • Issue One: Bipartisan effort to reduce the influence of money in politics
  • PennyPass: A new revenue engine for digital media
  • Gigawatt Global: Renewable energy developer in emerging markets
  • Namaste Solar: Solar energy solutions for homeowners, businesses, and utilities
  • Translator: Tech-based provider of identity and empathy training in the workforce
  • OpenInvest: Technology platform to help align investments and values
  • BeyondMeat: The plant based meat alternative

“The donor recommended investment into OpenInvest represented a valuable source of capital in our venture round, which will help us scale our mission to mainstream impact investing and empower every day investors to fight for social progress,” said Josh Levin, Co-Founder & Chief Strategy Officer, OpenInvest.

About ImpactAssets:

ImpactAssets is a nonprofit financial services firm that increases the flow of capital into investments delivering financial, social and environmental returns. ImpactAssets’ donor-advised fund (“The Giving Fund”), impact investment notes, and field-building initiatives enable philanthropists, other asset owners and their wealth advisors to advance social or environmental change through investment.

About The Giving Fund:

The Giving Fund is an innovative donor advised fund that empowers donors to increase the impact of their giving by combining it with strategic sustainable and responsible investing to build a sophisticated philanthropic endowment. Donors recommend how The Giving Fund’s assets are invested across a range of leading impact investment options including community investment, turnkey portfolios, private debt and equity funds, seed venture and custom investments. The Giving Fund currently has $350M in total assets.

[i] A Donor Advised Fund is a philanthropic vehicle that allows organizations, families or individuals to make a charitable contribution, receive an immediate tax benefit and then recommend grants from the fund over time.


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Protix Receives 45M€ in Funding to Scale Production of Insect Proteins

Press Release – Dongen, The Netherlands (June 13, 2017) – Today, the insect supply industry reached a significant milestone with Netherlands-based Protix, the leading insect company, closing 45M€ in funding-delivered by Aqua-Spark, the first investment company focused on sustainable aquaculture, Rabobank, BOM and various private investors.

Protix breeds insects for animal feed, as insects offer a low-impact protein alternative that can be cultivated on a variety of food scraps. This is of the utmost importance as global populations continue to grow and the demand for meat, fish and dairy surges. Food production is increasingly under pressure, with added challenges of deforestation and over-fishing.

Protix is a highly technological and data driven insect producer, regarded for its automated breeding and rearing process. The company has turned insect production into a commercial success by serving the animal feed industry, while also developing food applications for consumers. Their products are used in over 12 countries to date – in feed applications ranging from pig and poultry to pet food specialties.

The driver behind Aqua-Spark’s interest is Protix promising uses for aquaculture. Fish raised using sustainable aquaculture methods offer a solution to the global food crisis because they have the least environmental impact of any animal protein. However, as the industry continues to improve overall, feed is still a key concern. 33% of all wild caught fish is processed into animal feed, and alternatives like soy contribute to deforestation and do not reflect a natural diet. Protix has the potential to further elevate aquaculture, while solving feed challenges across multiple industries at a large scale and sustainably disposing of food scraps.

The Potential for Insects

Protix was founded in 2009 by two former McKinsey & Company colleagues, Kees Aarts and Tarique Arsiwalla. “Due to increasing demand from our loyal and valuable customers, we’re ready for the upcoming acceleration made possible by investments and our partners. With 45M€ in funding, we plan to expand Protix’s production capacity, especially within the aquaculture industry where the main challenge is creating a sustainable, healthy feed. Protix will also deepen its biological and technical R&D and diversify to other markets like food. We are very excited to serve our existing and new customers and we will be seeking great M&A opportunities, work with great organizations and hire the best people,” said Protix CEO Kees Aarts.

Aqua-Spark

Mike Velings and Amy Novogratz, founders of Aqua-Spark have a clear reason for investing. “We’ve been researching the insect industry for many years, and Protix stands out because of its potential to be pivotal in the development of a sustainable aqua-feed solution. We’re selective about the companies we invest in; and Protix fits well with Aqua-Spark’s portfolio and aligns with our mission and values. Combined with excellent potential returns and through its partnership with Buhler, Protix is expected to enable industry acceleration globally. We’re thrilled to be the lead investor in this latest round of funding, which will contribute to the company’s continued growth.”

Rabobank

Rabobank has been involved with Protix from its start, and continues to support the insect company today as the core bank in its latest round of funding. The bank was introduced to Protix through the Dutch Green Tech Fund (currently Shift Invest). As the leading Food & Agribusiness Bank worldwide, with Banking for Food as its core-strategy, Rabobank is concerned with future challenges surrounding world food production.

 

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