tailieunhanh - The Promise of Impact Investing

Investor base: participation by different investors in the government bond market has grown more diversified. Of the various actors in this market, banks tend to invest in relatively shorter term bonds to match their short-term liability. Pension funds and insurance companies prefer hedging long-term inflation risks by investing more in inflation linked bonds. Non-residents concentrate their direct exposure to fixed rate instruments, but with maturity less than 3 years. Mutual funds, which tend to be more sensitive to high frequency changes in financial market conditions, have demonstrated a greater preference for floating | HARVARD BUSINESS SCHOOL N9-512-045 NOVEMBER 4 2011 V. KASTURI RANGAN SARAH APPLEBY LAURA MOON The Promise of Impact Investing Rarely has a field been so energized by a new idea. Impact investing in its various forms has opened the door to new forms of capital for new forms of social enterprise organizations that promise to deliver measurable social and environmental results through use of market mechanisms. Paradoxically it was the failure of the global financial system in 2008 and its repercussions on private and public spending that have sparked a new interest in harnessing private capital to solve society s biggest challenges be it education healthcare or poverty alleviation. There seems to be a discernible shift in the spectrum of financial flows for social change. While the bulk of investments are still in the form of grants and donations in the United States and government expenditures in developing countries impact investing is beginning to emerge as a significant new form of social capital where investors seek to recoup their capital at or below market rates - clearly looking for financial returns in addition to social returns inherent in the activities of the invested organization. . Morgan and Monitor Institute have each independently estimated the immediate size of the global market to be at least 500 billion in the next decade. Innovative experiments in social investing are already emerging in countries around the world from Mexico to India to the United Kingdom. And all the while this burgeoning movement is taking place in the midst of an intergenerational wealth transfer estimated at 41 trillion over the next 50 years of which nearly 6 trillion is expected to be directed towards social It is against this backdrop that we are gathered at the Harvard Business School to construct a role for a forum such as ours to influence the field and shape the future development of social capital markets much in the same manner that the School .

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