7. Acknowledgements and About the Authors
World Economic Forum Project Team
Michael Drexler, Senior Director, Head of Investors Industries
Abigail Noble, Associate Director, Head of Impact Investing Initiatives
Marina Leytes, Project Manager
Abigail Noble, Associate Director, Head of Impact Investing Initiatives, World Economic Forum
Marina Leytes, Project Manager, World Economic Forum
Ann Brady, Head of Editing, World Economic Forum
The project team would like to offer special gratitude to members of the Reviewing Committee:
Reviewing Committee Members
Joel Bryce, Manager, Monitor Deloitte
Elizabeth Coston, Manager, Impact Investing Initiative, Kellogg School of Management
Patrick Elmer, Head of Responsible Investment and Philanthropy Services, Credit Suisse
Jacob Gray, Senior Director, Wharton Social Impact Initiative
Saurabh Lall, Research Director, Aspen Network of Development Entrepreneurs (ANDE)
Jenna Nicholas, Executive Assistant to Chairman, Calvert Foundation
Wayne Silby, Chairman, Calvert Foundation
Betsy Zeidman, Adjunct Fellow, Milken Institute
World Economic Forum
Jean-Pierre Rosso, Chairman, World Economic Forum USA
Hilde Schwab, Chairperson and Co-Founder, Schwab Foundation for Social Entrepreneurship
David Aikman, Managing Director, Head of the New Champions
Robert Greenhill, Managing Director and Chief Business Officer
Sarita Nayyar, Managing Director and Member of the Managing Board
Richard Samans, Managing Director and Member of the Managing Board
Michael Drexler, Senior Director, Head of Investors Industries
Special thanks to the Investors Industries team for their support throughout the project: Erik Classon, Maha Eltobgy, Peter Gratzke, Alice Heathcote, Tik Keung, Marina Leytes, Irwin Mendelssohn, Abigail Noble, Megan O’Neill, Jason Rico and Dena Stivella
With gratitude to our collaborators across the World Economic Forum: Jennifer Blanke, David Bustamante, Tiffany Chan, John Cunningham, Manju George, Kamal Kimaoui, Cynthia Hansen, Lucy Jay-Kennedy, Marjo Koivisto, Katherine Milligan, Michele Mischler, Jonathan Quigley, Mark Schulman, Paul Smyke, Terri Toyota, Dominic Waughray and Andrea Wong
About the Authors
This publication synthesizes contributions from the following individuals whom the project team would like to thank for generously contributing their time, energy and insights:
Christoph Birkholz, Co-Founder and Managing Director, Impact Hub Zürich, Switzerland
Christoph Birkholz is Co-Founder and Managing Director of Impact Hub Zurich and founding Chairman of the global Impact Hub Fellowship Association. Alongside his entrepreneurial career, he researches impact investing and entrepreneurship at the University of St Gallen and INSEAD. Birkholz received a Master’s degree from Witten/Herdecke University, Germany. He is an alumni of the INSEAD Social Entrepreneurship Program, member of the Sandbox Network and the Young Global Shapers Community of the World Economic Forum.
Mildred Callear, Executive Vice President of Small Enterprise Assistance Funds (SEAF) and member of the SEAF Board of Directors
Mildred Callear has over 25 years’ experience in the emerging market investment arena. She is involved in investment and corporate policies, fund establishment and implementation, and participates in investment committees and boards of SEAF funds. Callear serves on the Executive Committee, and SEAF is a founding member of the Aspen Network of Development Entrepreneurs (ANDE). Prior to joining SEAF, she served for almost 20 years with the Overseas Private Investment Corporation.
Catherine H. Clark, Director of CASE i3 Initiative on Impact Investing and Adjunct Associate Professor at Duke University’s Fuqua School of Business
Catherine Clark created an impact investment fund in 2001 with Fred Wilson and Jerry Colonna of Flatiron Partners, taught and directed a research programme at Columbia Business School for 10 years, and helped develop the standards for B Corporations. She also serves as chair of Investors’ Circle, and supports global health entrepreneurs as part of Duke University’s Social Entrepreneurship Accelerator, a collaboration with the United States Agency for International Development.
John Cox, Policy Adviser, Social Investment and Finance Team, UK Cabinet Office
At the UK Cabinet Office, John Cox leads on commingling funds and the Office for Civil Society’s £10 million Social Incubator Fund. He joined the UK Cabinet Office in 2012 after spending four years in Deloitte’s Investment and Pension Consulting division. Cox has an MSc degree in Development Studies from the University of London’s School of Oriental and African Studies.
Jed Emerson, Chief Impact Strategist, ImpactAssets
Jed Emerson is strategic adviser to high-net-worth families regarding development and execution of impact investing. He also acts as Chief Impact Strategist for ImpactAssets where he oversees intellectual property development and field-building efforts as an impact investment adviser, author and public speaker. He is chair of the ImpactAssets 50, an annual presentation of leading impact investment funds. Emerson has also held appointments at Harvard, Stanford and Oxford business schools and, among a large body of writing, has co-authored the book Impact Investing: Transforming How We Make Money While Making A Difference.
Jane Hughes, Director of Knowledge Management, Social Finance US
Jane Hughes has authored and co-authored numerous books and articles on international finance, including a leading international banking textbook and the forthcoming second edition of Separating Fools From Their Money: A History of American Financial Scandals. A former international corporate banker, she currently also teaches in the MBA programmes of Simmons College and Boston College (both Massachusetts, USA).
Harry Hummels, Managing Director, SNS Impact Investing
In addition to heading SNS Impact Investing, Harry Hummels is also European Liaison of the Global Impact Investing Network (GIIN), and Professor of Ethics, Organisations and Society at MaastrichtUniversity. He is a fellow of the university’s European Centre for Corporate Engagement (ECCE) and the Caux Round Table. Before joining SNS REAAL in 2006, he was responsible for setting up and leading ING Bank Sustainable Investments for six years.
Astri Kimball, Senior Advisor for Policy and Operations, Overseas Private Investment Corporation (OPIC)
Astri Kimball came to OPIC after serving four years in the US White House, first as Deputy Director of the Office of Cabinet Affairs and, most recently, as Deputy Counsel to Vice-President Joseph Biden, where she provided guidance on the legal parameters around a number of international and domestic policy issues. She previously worked in the International Dispute Resolution and Strategic Counseling practice groups at O’Melveny and Myers, LLP and at Goldman Sachs.
Justina Lai, Associate Director, Sonen Capital LLC
Justina Lai serves as a member of the investment team, where she is responsible for developing portfolio strategies and for managing the full investment process for Sonen’s private markets strategies. Lai has over 10 years of capital markets, private equity and impact investing experience. She is co-author of Evolution of an Impact Portfolio: From Implementation to Results.
Manuel Lewin, Head of Responsible Investment, Zurich Global Investment Management
Manuel Lewin is the Head of Responsible Investment at Zurich Insurance Company, where he oversees the implementation of Zurich’s Responsible Investment strategy. He joined Zurich Insurance Company in Zurich, Switzerland, in 2007 as an analyst in the Market Strategy and Macroeconomics team before becoming the Strategic Assistant to the Chief Investment Officer of the Zurich Group and Communications Manager for the Investment Management department.
Elizabeth Littlefield, President and Chief Executive Officer, Overseas Private Investment Corporation (OPIC)
Operating in over 100 countries, OPIC manages a US$18 billion portfolio of financing and insurance to support private investment in sustainable economic development, especially in the world’s poorest countries. From 2000 to 2010, prior to her appointment at OPIC, Elizabeth Littlefield was Director of the Private and Finance Sector at the World Bank and Chief Executive Officer of the Consultative Group to Assist the Poor (CGAP), a multi-door organization housed at the World Bank and created to help build a professional, global microfinance industry. Prior to CGAP, she was J.P. Morgan’s Managing Director in charge of capital markets and financing in emerging Europe, Middle East and Africa, as well as J.P. Morgan’s Head Debt Trader in Africa, Eastern Europe and Asia.
Will Morgan, Director of Impact, Sonen Capital LLC
Will Morgan leads the effort of portfolio impact measurement and evaluation for portfolio strategies and client accounts. He has over 12 years of impact measurement and evaluation experience, and focuses on the integration of Impact Reporting and Investment Standards (IRIS) throughout the investment process. Morgan applies IRIS evaluation rubrics for individual grant portfolios and international programme-related investment portfolios for some of the largest private foundations in the US and Europe. He is co-author of Evolution of an Impact Portfolio: From Implementation to Results.
Joshua Newman, Investment Analyst, Sonen Capital LLC
An investment analyst, Joshua Newman conducts manager research and due diligence, performs portfolio analysis and assists with portfolio management duties. Newman has written on the topic of municipal finance for climate change mitigation and adaptation. He is co-author of Evolution of an Impact Portfolio: From Implementation to Results.
Amy M. O’Brien, Managing Director, Global Social and Community Investing, Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF)
Amy O’Brien is managing director and head of Global Social and Community Investing (GS&CI) for TIAA-CREF Asset Management. She is responsible for the environmental, social and governance (ESG) criteria utilized in TIAA-CREF’s Social Choice investment products and the firm’s community and impact investing programmes. O’Brien has 17 years of professional experience in the field of socially responsible investing and the incorporation of ESG factors into investment decision-making.
Tracy Palandjian, Chief Executive Officer and Co-Founder, Social Finance US
Prior to co-founding Social Finance US in January 2011, Tracy Palandjian was a managing director of the Parthenon Group, where she established and led the Nonprofit Practice. She also worked at McKinsey & Co. and Wellington Management Co., and is a frequent speaker and writer on impact investing and social innovation. Palandjian co-chairs the US National Advisory Board of the G8 Social Impact Investment Task Force, and serves on the Board of Overseers of Harvard University and the Board of Affiliated Managers Group.
Raúl Pomares, Senior Managing Director, Sonen Capital LLC
Raúl Pomares is Co-Founder of Sonen Capital, where he leads the firm’s overall investment and business activities, and maintains portfolio management responsibilities for select strategies. Pomares has over 20 years of portfolio management and investment advisory experience. He is an internationally recognized speaker, and has authored and contributed to numerous publications, most notably as co-author of Evolution of an Impact Portfolio: From Implementation to Results and Solutions for Impact Investors: From Strategy to Implementation, and supporting author to Promoting Sustainable Food Systems through Impact Investing.
Yasemin Saltuk, Director of Research, J.P. Morgan Social Finance
Yasemin Saltuk is Director of Research for J.P. Morgan’s Social Finance unit, based in London. Her publications deliver analysis and data for institutional investors making or exploring impact investments. Prior to joining Social Finance, shecovered alternative investments and then credit derivatives as a research analyst at the firm, where she and the team were ranked No.1 byInstitutional Investor and awarded Risk magazine’s Derivatives Research House of the Year.
Durreen Shahnaz, Founder and Chairwoman, Impact Investment Exchange Asia (IIX)
In addition to founding IIX, Durreen Shahnaz also founded Impact Investment Shujog, the capacity and awareness-building affiliate of IIX. Until recently, she was also an Adjunct Associate Professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore, where she headed up the Programme on Social Innovation and Change. Shahnaz is a TED 2010 Fellow, a member of the World Economic Forum’s Global Agenda Council on Social Innovation in 2011, and is on the advisory board for the CASE i3 Initiative on Impact Investing at Duke University’s Fuqua School of Business.
Mitchell Strauss, Special Advisor, Socially Responsible Finance, Overseas Private Investment Corporation (OPIC)
Mitchell Strauss is Special Advisor for Socially Responsible Finance at OPIC. She is responsible for policy matters and origination of innovative financing structures designed to leverage socially responsible investment to achieve sustainable projects in emerging markets. She collaborates with other US government agencies to assist in coordinating public funding to support socially responsible projects. Formerly, she was the Director of Credit Policy for the corporation at OPIC and held various positions in finance and banking.
Ben Thornley, Director of InSight, Pacific Community Ventures (PCV)
Ben Thornley directs InSight, the research and consulting practice at PCV. He leads a number of seminal projects and partnerships, including on fund best practices withthe CASE i3 Initiative on Impact Investing at Duke University’s Fuqua School of Business and with ImpactAssets, and on the role of policy with the Initiative for Responsible Investment at Hauser Institute for Civil Society, Harvard Kennedy School. He created the Impact Investing Policy Collaborative together with the IRI, and is collaborating with the World Economic Forum on the development of the Global Learning Exchange. He also advises clients including CalPERS, Citi, Annie E. Casey Foundation, and The California Endowment through PCV InSight’s work.
Gavin E.R. Wilson, Chief Executive Officer (CEO), IFC Asset Management Company
Gavin Wilson has been CEO of IFC Asset Management Company since its founding in 2009. Previously, he was a managing director in the Investment Banking Division at Goldman Sachs, which he joined in 1996. IFC Asset Management Company, a wholly-owned subsidiary of the International Finance Corporation (IFC), manages third-party funds on behalf of institutional investors looking to invest alongside IFC in emerging markets.
David Wood, Director, Initiative for Responsible Investment (IRI) at the Hauser Institute for Civil Society, Harvard Kennedy School
David Wood directs the IRI’s research and field-building work on responsible investment across asset classes, and currently manages projects on responsible investment strategy with pension fund trustees; mission investing by foundations; the changing landscape of community investing in the US; and impact investing and public policy. Prior to joining the IRI, he taught History of Ethics, including History of Economic Thought and Human Rights, at Boston University.