Impact Investment

2016

Making Big Bets for Social Change

William Foster, Gail Perreault, Alison Powell and Chris Addy

Why does such a large gap exist between what donors say they would like to achieve with their philanthropy and where they actually make their biggest bets? And how can we close it?

A Checkup on PRIs

Margaret Laws

For one leading health funder, program-related investments promise to help underserved populations.

Community Foundations Pursue Impact Investments to Build Local Economies

Catherine Covington
The Chronicle of Philanthropy

In this issue of The Chronicle of Philanthropy, our Senior Fellow Marjorie Kelly was featured for her work on equitable, sustainable community development and innovations in the community wealth building field.

2014

2013

When Can Impact Investing Create Real Impact?

Paul Brest and Kelly Born

Although it is possible for impact investors to achieve social impact along with market rate returns, it’s not easy to do and doesn’t happen nearly as often as many boosters would have you believe. 

2012

Q&A Roundtable on Impact Investing

Johanna Mair and Katherine Milligan
Stanford Social Innovation Review

2011

Collective Impact

John Kania and Mark Kramer
Stanford Social Innovation Review, pages 36-41

Q&A Roundtable on Shared Value

John Kania and Mark Kramer
Stanford Social Innovation Review

2010

2009

Catalytic Philanthropy

Mark R. Kramer
Stanford Social Innovation Review, pages 30-35

Shining a Light

Lisa Woll
Environmental Finance, page 25

2008

Closing Plenary

Douglas F. Kridler
PRI Makers Network Conference

The Equity Capital Gap

Clara Miller
Stanford Social Innovation Review, pages 41-45

2007

2006

2005

Does Corporate Governance Matter to Investment Returns?

Jay W. Eisenhofer and Gregg S. Levin
Corporate Accountability Report, volume 3, number 7

2004

A halo for angel investors

Steven D. Carden and Olive Darragh
The McKinsey Quarterly, number 1

Philanthropic Field

Jeffrey Fraser
H Magazine, volume 4, number 4, pages 20-27

2003

Corporate Social and Financial Performance: A Meta-analysis

Marc Orlitzky, Frank L. Schmidt and Sara L. Rynes
Organization Studies, volume 24, number 3, pages 403-441

2002

Is Distinguished Philanthropy Still Possible?

Edward Skloot
Keynote address to the Annual Conference of the Minnesota Council on Foundations

2001

Social Investment by Union-Based Pension Funds and Labour-Sponsored Investment Funds in Canada

Jack Quarter, Isla Carmichael, Jorge Sousa and Susan Elgie
Relations Industrielles/Industrial Relations, volume 56, number 1, pages 92-115

1997

2014

The New Barnraising

Gareth Potts
German Marshall Fund of the United States

This new toolkit from the German Marshall Fund offers policies and practices to empower communities to preserve civic assets such as public parks, libraries, and recreation centers in the face of public and private resource constraints. Based on research conducted in Detroit, Minneapolis/St. Paul, and Baltimore, the guide offers a range of strategies to raise money, awareness, and community involvement for the preservation of community assets.

The Power of Impact Investing

Margot Brandenburg and Judith Rodin
Wharton Digital Press

In this new book, Rockefeller Foundation president Judith Rodin and Nathans Cummings Fellow Margot Brandenburg make the case for impact investing as an alternative to traditional investing and philanthropy. Intended as a primer for retail investors, high-net-worth individuals, foundations, and others wishing to broaden the social and environmental impact of their investments, the book highlights opportunities to invest for social good around the world.  

2009

2008

2007

2005

2003

2002

2001

1999

2015

Philanthropy and the Social Economy: Blueprint 2016

Lucy Bernholz

Philanthropy and the Social Economy: Blueprint 2016 is an annual industry forecast about the ways we use private resources for public benefit. Each year, the Blueprint provides an overview of the current landscape, points to major trends, and directs your attention to horizons where you can expect some important breakthroughs in the coming year. 

Network Evaluation in Practice: Approaches and Applications

Madeleine Taylor Ph.D., Anne Whatley M.S. and Julia Coffman M.S.
This article describes the evaluation framework and its three pillars of network assessment: network connectivity, network health, and network results. 

2014

HEALTHY COMMUNITIES: A Framework for Meeting CRA Obligations

Elizabeth Sobel Blum

“There is a symbiotic relationship between the health and resilience of a country’s economy, and the health and resilience of a country’s people,” notes Richard Fisher, President of the Federal Reserve Bank of Dallas, in his introductory remarks. In this paper, Dallas Fed economist Elizabeth Sobel-Blum aims to provide guidance to financial institutions seeking to comply with Community Reinvestment Act (CRA) obligations—as well as their customers, partners and target communities—regarding ways to leverage neighborhood assets to build community wealth and reduce health disparities. 

Social Impact Bonds: A promising tool for bringing private dollars to programs that create opportunity for low-income families

John Griffith and Victoria Shire

This issue brief takes a close look at two SIB initiatives currently in the development phase, each with Enterprise’s support. One initiative aims to reduce chronic homelessness in Denver, while the other aims to reduce the number of days homeless children stay in foster care in Cuyahoga County, Ohio. The brief also looks at federal policy initiatives underway to promote SIBs and similar “pay-for-success” initiatives, including bipartisan legislation that would create a new fund at the Department of the Treasury to support SIB contracts. 

2013

2012

2011

Risk, Return and Impact: Understanding Diversification and Performance Within an Impact Investing Portfolio

Jed Emerson

This brief offers impact investors a review of key considerations concerning risk, return and impact when constructing an impact portfolio. Various types of risk are identified along with a review of the “New Efficient Frontier” and the types of impact investing options that may be arrayed across a range of financial, social and environmental returns. 

2009

2008

2007

2006

2005

Pensions & the Companies They Own: Fiduciary Duties in a Changing Social Environment

Peter D. Kinder (President, KLD Research & Analytics, Inc.)
Symposium on Business & the Broader Culture: Corporate Retirement Security: Social & Ethical Issues

2004

Taking Corporate Responsibility Seriously? Trends…Pressure…and Moving Forward

Sandra Waddock
paper presented in Rome, Italy: 4th International Seminar on Corporate Citizenship (Taking CSR Seriously)

2003

2002

2001

n/a

2016

2015

Measuring the "Impact" in Impact Investing

Ivy So and Alina Staskevicius

The aim of this study was to deepen the understanding of the specific practices and methodologies that established impact investors are using to measure the social impact generated by their investments, and to analyze the conditions under which each measurement method is most relevant. The intended audience for our analysis is impact investors themselves, as well as social sector organizations, traditional funders, and evaluators. 

2014

Report on US Sustainable, Responsible and Impact Investing Trends

The Forum for Sustainable and Responsible Investment released its tenth biannual report on what it labels the “sustainable, responsible and impact investing sector.” The report identified place-based investing, largely by public funds directing investment into their city or state, “as a new trend, accounting for nearly $90 billion in assets.” Additionally, the use of environmental, social and governance criteria by institutional investors, once a small market niche, now covers over $4 trillion in market assets, representing a four-fold increase from 2012 to 2014 alone.

Enterprise Financing for WealthWorks Value Chains

Marjorie Kelly

This new report, authored by Democracy Collaborative Senior Fellow Marjorie Kelly, offers a comprehensive framework of community investing, ownership, and wealth control models to enhance the social, ecological, and economic well-being of rural areas.

2013

2012

Collective Impact for Opportunity Youth

Mimi Corcoran, Fay Hanleybrown, Adria Steinberg and Kate Tallant

2011

2010

Place-Based Initiatives

Laura Choi, et al.
Community Investments, volume 22, number 1

2009

2008

2007

2006

2005

2004

2003

2002

Matching Program Strategy and PRI Cost

Frances Brody, John Weiser, Scott Miller and edited by Phyllis Joffe

2000

1991

1974

n/a

n/a

Program-Related Investment Rules for Private Foundations

This free course, which covers the basic legal rules for program-related investments, takes about forty-five minutes to complete. The course is part of Learn Foundation Law,  a free resource devloped by legal staff at the David and Lucile Packard Foundation, Bill & Melinda Gates Foundation, The William and Flora Hewlett Foundation and Gordon and Betty Moore Foundation that provides training on legal issues in grantmaking for private foundations.

Making Big Bets for Social Change

William Foster, Gail Perreault, Alison Powell and Chris Addy

Why does such a large gap exist between what donors say they would like to achieve with their philanthropy and where they actually make their biggest bets? And how can we close it?

A Checkup on PRIs

Margaret Laws

For one leading health funder, program-related investments promise to help underserved populations.

Community Foundations Pursue Impact Investments to Build Local Economies

Catherine Covington
The Chronicle of Philanthropy

In this issue of The Chronicle of Philanthropy, our Senior Fellow Marjorie Kelly was featured for her work on equitable, sustainable community development and innovations in the community wealth building field.

When Can Impact Investing Create Real Impact?

Paul Brest and Kelly Born

Although it is possible for impact investors to achieve social impact along with market rate returns, it’s not easy to do and doesn’t happen nearly as often as many boosters would have you believe. 

Q&A Roundtable on Impact Investing

Johanna Mair and Katherine Milligan
Stanford Social Innovation Review

Collective Impact

John Kania and Mark Kramer
Stanford Social Innovation Review, pages 36-41

Q&A Roundtable on Shared Value

John Kania and Mark Kramer
Stanford Social Innovation Review

Catalytic Philanthropy

Mark R. Kramer
Stanford Social Innovation Review, pages 30-35

Shining a Light

Lisa Woll
Environmental Finance, page 25

Closing Plenary

Douglas F. Kridler
PRI Makers Network Conference

The Equity Capital Gap

Clara Miller
Stanford Social Innovation Review, pages 41-45

Does Corporate Governance Matter to Investment Returns?

Jay W. Eisenhofer and Gregg S. Levin
Corporate Accountability Report, volume 3, number 7

A halo for angel investors

Steven D. Carden and Olive Darragh
The McKinsey Quarterly, number 1

Philanthropic Field

Jeffrey Fraser
H Magazine, volume 4, number 4, pages 20-27

Corporate Social and Financial Performance: A Meta-analysis

Marc Orlitzky, Frank L. Schmidt and Sara L. Rynes
Organization Studies, volume 24, number 3, pages 403-441

Is Distinguished Philanthropy Still Possible?

Edward Skloot
Keynote address to the Annual Conference of the Minnesota Council on Foundations

Social Investment by Union-Based Pension Funds and Labour-Sponsored Investment Funds in Canada

Jack Quarter, Isla Carmichael, Jorge Sousa and Susan Elgie
Relations Industrielles/Industrial Relations, volume 56, number 1, pages 92-115

The New Barnraising

Gareth Potts
German Marshall Fund of the United States

This new toolkit from the German Marshall Fund offers policies and practices to empower communities to preserve civic assets such as public parks, libraries, and recreation centers in the face of public and private resource constraints. Based on research conducted in Detroit, Minneapolis/St. Paul, and Baltimore, the guide offers a range of strategies to raise money, awareness, and community involvement for the preservation of community assets.

The Power of Impact Investing

Margot Brandenburg and Judith Rodin
Wharton Digital Press

In this new book, Rockefeller Foundation president Judith Rodin and Nathans Cummings Fellow Margot Brandenburg make the case for impact investing as an alternative to traditional investing and philanthropy. Intended as a primer for retail investors, high-net-worth individuals, foundations, and others wishing to broaden the social and environmental impact of their investments, the book highlights opportunities to invest for social good around the world.  

Philanthropy and the Social Economy: Blueprint 2016

Lucy Bernholz

Philanthropy and the Social Economy: Blueprint 2016 is an annual industry forecast about the ways we use private resources for public benefit. Each year, the Blueprint provides an overview of the current landscape, points to major trends, and directs your attention to horizons where you can expect some important breakthroughs in the coming year. 

Network Evaluation in Practice: Approaches and Applications

Madeleine Taylor Ph.D., Anne Whatley M.S. and Julia Coffman M.S.
This article describes the evaluation framework and its three pillars of network assessment: network connectivity, network health, and network results. 

HEALTHY COMMUNITIES: A Framework for Meeting CRA Obligations

Elizabeth Sobel Blum

“There is a symbiotic relationship between the health and resilience of a country’s economy, and the health and resilience of a country’s people,” notes Richard Fisher, President of the Federal Reserve Bank of Dallas, in his introductory remarks. In this paper, Dallas Fed economist Elizabeth Sobel-Blum aims to provide guidance to financial institutions seeking to comply with Community Reinvestment Act (CRA) obligations—as well as their customers, partners and target communities—regarding ways to leverage neighborhood assets to build community wealth and reduce health disparities. 

Social Impact Bonds: A promising tool for bringing private dollars to programs that create opportunity for low-income families

John Griffith and Victoria Shire

This issue brief takes a close look at two SIB initiatives currently in the development phase, each with Enterprise’s support. One initiative aims to reduce chronic homelessness in Denver, while the other aims to reduce the number of days homeless children stay in foster care in Cuyahoga County, Ohio. The brief also looks at federal policy initiatives underway to promote SIBs and similar “pay-for-success” initiatives, including bipartisan legislation that would create a new fund at the Department of the Treasury to support SIB contracts. 

Risk, Return and Impact: Understanding Diversification and Performance Within an Impact Investing Portfolio

Jed Emerson

This brief offers impact investors a review of key considerations concerning risk, return and impact when constructing an impact portfolio. Various types of risk are identified along with a review of the “New Efficient Frontier” and the types of impact investing options that may be arrayed across a range of financial, social and environmental returns. 

Pensions & the Companies They Own: Fiduciary Duties in a Changing Social Environment

Peter D. Kinder (President, KLD Research & Analytics, Inc.)
Symposium on Business & the Broader Culture: Corporate Retirement Security: Social & Ethical Issues

Taking Corporate Responsibility Seriously? Trends…Pressure…and Moving Forward

Sandra Waddock
paper presented in Rome, Italy: 4th International Seminar on Corporate Citizenship (Taking CSR Seriously)

Measuring the "Impact" in Impact Investing

Ivy So and Alina Staskevicius

The aim of this study was to deepen the understanding of the specific practices and methodologies that established impact investors are using to measure the social impact generated by their investments, and to analyze the conditions under which each measurement method is most relevant. The intended audience for our analysis is impact investors themselves, as well as social sector organizations, traditional funders, and evaluators. 

Report on US Sustainable, Responsible and Impact Investing Trends

The Forum for Sustainable and Responsible Investment released its tenth biannual report on what it labels the “sustainable, responsible and impact investing sector.” The report identified place-based investing, largely by public funds directing investment into their city or state, “as a new trend, accounting for nearly $90 billion in assets.” Additionally, the use of environmental, social and governance criteria by institutional investors, once a small market niche, now covers over $4 trillion in market assets, representing a four-fold increase from 2012 to 2014 alone.

Enterprise Financing for WealthWorks Value Chains

Marjorie Kelly

This new report, authored by Democracy Collaborative Senior Fellow Marjorie Kelly, offers a comprehensive framework of community investing, ownership, and wealth control models to enhance the social, ecological, and economic well-being of rural areas.

Collective Impact for Opportunity Youth

Mimi Corcoran, Fay Hanleybrown, Adria Steinberg and Kate Tallant

Place-Based Initiatives

Laura Choi, et al.
Community Investments, volume 22, number 1

Matching Program Strategy and PRI Cost

Frances Brody, John Weiser, Scott Miller and edited by Phyllis Joffe

Program-Related Investment Rules for Private Foundations

This free course, which covers the basic legal rules for program-related investments, takes about forty-five minutes to complete. The course is part of Learn Foundation Law,  a free resource devloped by legal staff at the David and Lucile Packard Foundation, Bill & Melinda Gates Foundation, The William and Flora Hewlett Foundation and Gordon and Betty Moore Foundation that provides training on legal issues in grantmaking for private foundations.