23 The World Bank, OECD, United Nations, private foundations and a number of university research centers have all been working on innovative models for development finance. Among others, George Soros has supported new thinking on innovations in finance for HIV/AIDS and climate change. See also B. Gates, “Innovation with Impact” (2011). 24 Judith Rodin, Keynote Address (Acumen Fund 10th Anniversary Investor Gathering, New York, 2011). 25 Y. Saltuk, A. Bouri and G. Leung, Insight into the Impact Investment Market (New York: J.P. Morgan and the Global Impact Investing Network, 2011), 3. 26 Ibid., 5. 27 Freireich and Fulton, Investing for Social and Environmental Impact (2009), 9. 28 O’Donohoe, Leijonhufvud and Saltuk, Impact Investments: An Emerging Asset Class (2010), 11. 29 Housed at the GIIN, ImpactBase is the searchable, online database of impact investment funds and products designed for investors, accessible at http://www.impactbase.org/. 30 Several sources of information provide evidence to this effect, particularly the wide coverage of funds across asset classes in the ImpactAssets50 list, and the scope of activity described in the 2011 J.P. Morgan Report, Insight into the Impact Investment Market, by Saltuk, Bouri and Leung. 31 The 2011 J.P. Morgan study (ibid.) presents the most recent data, but source data are unavailable, and generally these data are limited. ImpactBase is another source, but it too is also limited due to a lack of benchmark data. Subsequent IRIS data reports and forthcoming data from GIIRS will help bolster this information base in the future. 32 O’Donohoe, Leijonhufvud and Saltuk, Impact Investments: An Emerging Asset Class (2010). 33 Saltuk, Bouri and Leung, Insight into the Impact Investment Market (2011), 14. 34 Ibid. 35 For more information on this topic, see A. Nicholls and C. Pharoah, The Landscape of Social Investment: A Holistic Topology of Opportunities and Challenges (Oxford: Skoll Centre for Social Entrepreneurship Research, Oxford University, 2007). 36 J. Novogratz, “Meeting Urgent Needs with Patient Capital,” Innovations: Technology, Governance, Globalization 2(1–2) (2007): 19–30. 37 L. Mitchell, J. Kingston and E. Goodall, “Financing Civil Society: A Practitioner’s View of the UK Social Investment Market,” Venturesome (2008): 4. 38 J. Kohler, T. Kreiner and J. Sawhney, Coordinating Impact Capital: A New Approach to Investing in Small and Growing Businesses (Santa Clara: Santa Clara University, 2011). 39 M. Bishop and M. Green, “The Capital Curve for a Better World,” Innovations: Technology, Governance, Globalization. Special Edition for Tech4Society: A Celebration of Ashoka-Lemelson Fellows (2010): 25. 40 See M. Kubzansky, A. Cooper and V. Barbary, Promise and Progress: Market-Based Solutions to Poverty in Africa (Cambridge: Monitor Group, 2011), and IFC “Scaling-Up SME Access to Financial Services in the Developing World” (Washington, DC: International Finance Corporation, 2010). 41 D. Imbert and I. Knoepfel, 360-Degrees for Mission: How leading European foundations use their investments to support their mission and the greater good (Stockholm: Mistra, 2011). 42 See, in particular, S. Godeke and D. Bauer, Philanthropy’s New Passing Gear: Mission-Related Investing— A Policy and Implementation Guide for Foundation Trustees (New York: Rockefeller Philanthropy Advisors, 2008); and S. Godeke, R. Pomares et al., Solutions for Impact Investors: From Strategy to Implementation (New York: Rockefeller Philanthropy Advisors, 2009). 43 Asset Management Working Group of the United Nations Environment Programme Finance Initiative, Fiduciary responsibility: Legal and practical aspects of integrating environmental, social and governance issues into institutional investment (Geneva: UNEP Finance Initiative, 2009). 44 Saltuk, Bouri and Leung, Insight into the Impact Investment Market (2011).
Achievements, Challenges and What’s Next in Building the Impact Investing Industry
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