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<Previous Next>
  • Preface
  • 1. Introduction to the Mainstreaming Impact Investing Initiative
    • 1.1 Executive Summary
    • 1.2 Motivation
    • 1.3 Focus and Scope
  • 2. Definitional Alignment
    • 2.1 Clarifying the Taxonomy
    • 2.2 Areas of Definitional Confusion
  • 3. Impact Investment Sector Assessment
    • 3.1 Harnessing the Hype
    • 3.2 Impact Investment Ecosystem: The Landscape Today
    • 3.3 Case Studies: Examples of Mainstream Investors in Impact Investing
    • 3.4 Impact Investing Across Asset Classes
    • 3.5 Voice of the Mainstream Institutional Investor
  • 4. Challenges that Institutional Investors Face
    • 4.1 Early-stage Ecosystem
    • 4.2 Small Average Deal Size
    • 4.3 Fit within Asset Allocation Framework
    • 4.4. Double Bottom Line
  • 5. Recommendations
    • 5.1 Role of Impact Investment Funds
    • 5.2 Role of Impact Enterprises
    • 5.3 Role of Philanthropists and Foundations
    • 5.4 Role of Governments
    • 5.5 Role of Intermediaries
  • 6. Conclusion
  • Appendix: Institutional Investors Interested in Getting Started
  • References and Further Reading
  • Acknowledgements
From the Margins to the Mainstream: Assessment of the Impact Investment Sector and Opportunities to Engage Mainstream Investors Home Previous Next
  • Report Home
  • Preface
  • 1. Introduction to the Mainstreaming Impact Investing Initiative

    • 1.1 Executive Summary
    • 1.2 Motivation
    • 1.3 Focus and Scope
  • 2. Definitional Alignment
    • 2.1 Clarifying the Taxonomy
    • 2.2 Areas of Definitional Confusion
  • 3. Impact Investment Sector Assessment
    • 3.1 Harnessing the Hype
    • 3.2 Impact Investment Ecosystem: The Landscape Today
    • 3.3 Case Studies: Examples of Mainstream Investors in Impact Investing
    • 3.4 Impact Investing Across Asset Classes
    • 3.5 Voice of the Mainstream Institutional Investor
  • 4. Challenges that Institutional Investors Face
    • 4.1 Early-stage Ecosystem
    • 4.2 Small Average Deal Size
    • 4.3 Fit within Asset Allocation Framework
    • 4.4. Double Bottom Line
  • 5. Recommendations
    • 5.1 Role of Impact Investment Funds
    • 5.2 Role of Impact Enterprises
    • 5.3 Role of Philanthropists and Foundations
    • 5.4 Role of Governments
    • 5.5 Role of Intermediaries
  • 6. Conclusion
  • Appendix: Institutional Investors Interested in Getting Started
  • References and Further Reading
  • Acknowledgements

Acknowledgements

Acknowledgements

The World Economic Forum’s Mainstreaming Impact Investing initiative is supported by Deloitte Touche Tohmatsu Limited.

Project Team:

Michael Drexler

Head of Investors Industries

Abigail Noble

Head of Impact Investing Initiatives

Joel Bryce

Project Manager

This report synthesizes the ideas and contributions of many individuals whom the project team would like to thank for contributing so generously their time, energy and insights. In particular, the team would like to offer our special gratitude to the members of the Impact Investing Working Group, the workshop participants and interviewees. 

Working Group Members (in alphabetical order):

Amit Bouri

Managing Director, Global Impact Investing Network

Margot Brandenburg

Acting Managing Director for Impact Investing, Rockefeller Foundation

Audrey Choi

Managing Director, Head of Global Sustainable Finance, Morgan Stanley

Yulanda Chung

Head of Sustainable Business, Group Sustainability, Standard Chartered Bank

Cathy Clark

Director, CASE i3 Initiative on Impact Investing and Adjunct Assoc. Professor, Duke University

Sasha Dichter

Chief Innovation Officer, Acumen Fund

Patrick Elmer

Head of Responsible Investments and Philanthropy Services, Credit Suisse

Andreas Ernst

Head of Impact Investing, UBS

James Gifford

Executive Director, UNPRI

Paula Goldman

Senior Director, Knowledge & Advocacy, Omidyar Network

Chris Harvey

Managing Partner, Global Head, Financial Services, Deloitte

Randall Kempner

Executive Director, Aspen Network of Development Entrepreneurs (ANDE)

John Kohler

Executive Fellow & Director of Social Capital, Santa Clara University

Ritu Kumar

Director, Actis

Andy Kuper

Founder and President, LeapFrog Investments

Manuel Lewin

Head of Responsible Investment, Zurich Insurance Company

Asad Mahmood

Managing Director, Global Social Investment Funds, Deutsche Bank

Sarbjit Nahal

Director, ESG & Sustainability Strategy, Bank of America

Andrea Phillips

Vice-President, Urban Investment Group, Goldman Sachs

Pradeep Ramamurthy

Director, Abraaj Group

Kash Rangan

Malcolm P. McNair Professor of Marketing, Harvard Business School

Alvaro Rodriguez

Co-Founder and Managing Partner, IGNIA

Yasemin Saltuk

Director, Social Finance Research, JP Morgan Social Finance

Kristen Sullivan

Partner, Global Sustainability & Climate Change (S&CC) services group, Deloitte

Ben Thornley

Director of Insight, Pacific Community Ventures

The authors would like to recognize all those who participated in workshops, interviews and project conversations (in alphabetical order):

Kate Ahern

Case Foundation

Vikram Akula

AgSri Agricultural Services

Philo Alto

Asia Community Ventures

Johan H. Andresen

Ferd

Ruulke Bagijn

PGGM

Pasha Bakhtiar

Willow Impact Investors

Anat Bar-Gera

YooMee Africa

Amy Bell

JP Morgan Social Finance

Christian Benigni

First Avenue

Vivina Berla

Sarona Asset Management

Matthew Bishop

The Economist

Max von Bismarck

SkyBridge Capital

Wiebe Boer

The Tony Elumelu Foundation

François Bonnici

Bertha Centre for Social Innovation and Entrepreneurship

Kieron Boyle

UK Cabinet Office

Richard Brass

Berenberg Bank

Andreas Brodtmann

Berenberg Bank

Alisher B. Usmanov

USM Holdings Limited

Valeria Budinich

Ashoka

Geoff Burnard

Investing for Good

Christian Busch

London School of Economics Innovation Co-Creation Lab

Mildred Callear

Small Enterprise Assistance Funds (SEAF)

Mark Campanale

Social Stock Exchange

David Chen

Equilibrium Capital

Christine Chow

Homage Consulting

Tracy Clarke

Standard Chartered Bank

Sir Ronald Cohen

Big Society Capital

Ron Cordes

Genworth Financial Wealth Management

Jean-Philippe de Schrevel

Bamboo Finance

Kriss Deiglmeier

Stanford Center for Social Innovation

Christopher DeLong

Taconic Capital Advisors

Tommy Deuschle

C Media

Kirill Dmitriev

Russian Direct Investment Fund

Tahira Dosani

LeapFrog Investments

Christine Driscoll Goulay

INSEAD Social Entrepreneurship Initiative

Robert A. Edwards

NGP Energy Capital Management

Daniel Epstein

Unreasonable Group

Eme Essien Lore

The Rockefeller Foundation

Bridgit Evans

GreaterCapital

Charles Ewald

New Island Capital Management

Malik Fal

Omidyar Network Services

David Ferreira

GAVI Alliance

Joshua Fink

Enso Capital Management

Paul Fletcher

Actis

Scott J. Freidheim

Investcorp International

Alexander Friedman

UBS

Lara Galinsky

Echoing Green

Katherine Garrett-Cox

Alliance Trust

Temesgen Gebru

Speak Ethiopian

Michele Giddens

Bridges Ventures

Barry M. Gosin

Newmark Grubb Knight Frank

Jonathan Greenblatt

White House, Office of Social Innovation and Civic Participation

Sean Greene

Case Foundation

Sanjay Gupta

Tau Investment Management

Wadie Habboush

Habboush Group

Farha-Joyce Haboucha

Rockefeller Financial

Simon Harford

Actis

Michael Harrington

Actis

Pamela Hartigan

Saïd Business School, University of Oxford

Tyler Hartung

Unreasonable Institute

Laura Hemrika

Credit Suisse

Renat Heuberger

South Pole Carbon

John Hoffmire

University of Oxford

Bim Hundal

Lion’s Head Global Partners

Ali El Idrissi

Morgan Social Finance

Kimihiko Inaba

Japan External Trade Organization (JETRO)

Jonathan Jackson

Dimagi

Jamie Jones

Kellogg School of Management

Scott Kalb

KLTI Advisors

Zia Khan

The Rockefeller Foundation

Andrew Klaber

Paulson & Company

Dinah Koehler

Deloitte

Marjo Koivisto

World Bank Group

Brij Kothari

PlanetRead

Lisa Kropman Cohen

The Bertha Foundation

Michael Krupp

The Boston Consulting Group

Steve Kuhn

Pine River Capital Management

Frank Kui Tang

FountainVest Partners

Don Lam

VinaCapital

Tashi Lassalle

Actis

Elizabeth Littlefield

Overseas Private Investment Corporation (OPIC)

Tanya Lobel

Actis

Daniel S. Loeb

Third Point

Kevin Lu

World Bank Group

Howard W. Lutnick

Cantor Fitzgerald

Leslie Maasdorp

Bank of America Merrill Lynch

Olano Makhubela

National Treasury, Republic of South Africa

Mario Marconi

UBS

Sarah Mavrinac

Aidha

Jamie McAuliffe

Education For Employment (EFE)

Matt Mead

Nesta

Felipe Medina

Goldman Sachs

Stefan Meister

Waypoint Capital

Daniel Mintz

Olympus Capital Asia

Bosworth Monck

International Finance Corporation (IFC)

Margaret Moore

Goldman Sachs

James Mwangi

Dalberg

Vinay Nair

Acumen Fund

Jenna Nicholas

Calvert Foundation

Amy Muska O’Brien

TIAA-CREF

Nick O’Donohoe

Big Society Capital

Rita Perakis

Center for Global Development

Gayle Peterson

Saïd Business School, University of Oxford

Xavier Pierluca

Bamboo Finance

Allon Raiz

Raizcorp

Jamie Rantanen

Deutsche Bank

Cecilia Reyes

Zurich Insurance Group

Karl Richter

Engaged Investment

Tone Rosingholm

JP Morgan Social Finance

Jim Roth

LeapFrog Investments

Linda Rottenberg

Endeavor

Sean Rush

JA Worldwide

Michael Sabia

Caisse de dépôt et placement du Québec

Kim Samuel-Johnson

Samuel Group of Companies

Danyal Sattar

Esmee Fairbairn

Björn Savén

IK Investment Partners

Anthony Scaramucci

SkyBridge Capital

Leo Schlesinger

Masisa Mexico Organization

Audrey Selian

Rianta Capital

Shrupti Shah

Deloitte

Sonal Shah

Case Foundation

Robert J. Shiller

Yale University

Wayne Silby

Calvert Investments

Lorna Solis

Blue Rose Compass

Nadia Sood

Impact Investment Partners

Wolfgang Spiess-Knafl

Zeppelin Universitat

David Spreng

Crescendo Ventures

Saurabh Srivastava

Infinity Ventures

Eytan Stibbe

Vital Capital Fund

Ivan Streshinsky

OJSC Telecominvest

Keely Stevenson

Bamboo Finance

Iqbal Survé

Sekunjalo

Paul Szkiler

Truestone Asset Management

Haim Taib

Mitrelli Group Ltd

Colin Teichholtz

Pine River Capital Management

Gillian Tett

Financial Times

Geetha Tharmaratnam

The Abraaj Group

Klaus Tischhauser

Responsibility

Michael Useem

Wharton School, University of Pennsylvania

Tim van der Weide

PGGM

Sev Vettivetpillai

The Abraaj Group

Luca von Allmen

UBS

Jane Wales

World Affairs Council of Northern California

Ingo Weber

Global Impact Investing Network

Eric Weinberg

Impact Capital Strategies

Joche Wermuth

Wermuth Asset Management

Fred Werneck

responsAbility

Gavin Wilson

International Finance Corporation (IFC)

Karen Wilson

Organisation for Economic Co-operation and Development

Ming Wong

Asia Community Ventures

Arthur Wood

Total Impact Advisors

Katy Yung

RS Group

Jon Zehner

LaSalle Investment Management

Jürg Zeltner

UBS

Jeromin Zettelmeyer

European Bank for Reconstruction and Development

Alexander Zhukov

Whiteshield

Gary Zimmerman

Citigroup

  

World Economic Forum

David Aikman

Managing Director, Head of the New Champions

Børge Brende

Managing Director, Government Relations and Constituents Engagement

Robert Greenhill

Managing Director and Chief Business Officer

Jean-Pierre Rosso

Chairman, World Economic Forum USA

Michael Drexler

Senior Director, Head of Investors Industries

Special thanks to the Investors Industries team for their support throughout the project: Elisabeth Bremmer, Maha Eltobgy, Peter Gratzke, Alice Heathcote, Marina Leytes, Tik Keung, Irwin Mendelssohn, Abigail Noble, Megan O’Neill, Jason Rico and Dena Stivella

With additional thanks to our seconded consultants: Joel Bryce, John Cunningham, Michelle McLenithan, Radina Mihaleva and Steven Reiss

With gratitude to our collaborators across the World Economic Forum: Jaclyn Asuncion, Jennifer Blanke, Tiffany Chan, Cynthia Hansen, Ethan Huntington, Lucy Jay-Kennedy, Akanksha Khatri, Jennie Oldham, Jonathan Quigley, Mark Schulman and Terri Toyota

Schwab Foundation for Social Entrepreneurship

Hilde Schwab, Chairperson and Co-Founder

Special thanks to: Manju George, Katherine Milligan, Sandor Nagy, Mirjam Schoening and Kenneth Turner

Deloitte Touche Tohmatsu

Chris Harvey, Global Leader for Financial Services Industry

Special thanks to the Deloitte advisers: Carolien De Bruin, Joel Bryce, Dinah Koehler and Kristen Sullivan

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