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Impact Investing: Transforming How We Make Money While Making a Difference



Impact Investing: Transforming How We Make Money While Making a Difference

Antony Bugg-Levine, Jed Emerson

ISBN: 978-0-470-90721-4 September 2011 Jossey-Bass 336 Pages


A ground-breaking book on the transformative power of impact investing

This is the first book to chart the catalytic path of this new industry, explaining how it is and can be a positive disruptive force. It shows how impact investing is a transformational vehicle for delivering "blended value" throughout the investment spectrum, giving a single name to a set of activities previously siloed in enclaves, revealing how they are linked within what is becoming a new field of investing. Written by two leaders in the growing field of impact investing, the book defines this emerging industry for participants on all sides of the funding equation (investors, funders and social entrepreneurs).

  • Filled with illustrative examples of impact investing success stories
  • Reveals how the field can expand in order to address the most critical social and environmental issues of our day
  • Explores the wide-ranging applications of impact investing as well as entrepreneurial opportunities

The authors do not take a normative approach to argue how investors should behave like an investment guide might but show how entrepreneurial people and institutions are already offering an integrated alternative.

Preface ix

Acknowledgments xxi

Part One The Terrain of Impact Investing 1

1 A Mighty Wave 3

2 Impact Investing in International Development 19

3 Microfinance: Still the Best Brand in Development? 39

4 Impact Investing in Social Enterprises: Flourishing in the ‘‘Confusing Mess’’ 61

5 Where Is Impact Investing Headed? 85

Part Two The Implications of Impact Investing 109

6 How Will We Regulate Impact Investing? 111

7 How Will We Cultivate Transformational Leadership? 141

8 How Will We Measure Blended Value? 163

9 How Will We Unlock Philanthropic Capital? Total Foundation Asset Management 187

10 How Will We Move the Money? 217

11 How Will We See the Forest and the Trees? Creating the New Ecosystem of Impact Investing for Blended Value 251

Notes 263

Further Reading 269

The Authors 283

Disclosure 285

Index 287