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Impact Investing Instruments, Mechanisms and Actors

:	Wolfgang Spiess-Knafl, Barbara Scheck
:	Impact Investing Instruments, Mechanisms and Actors
:	Palgrave Macmillan
:	9783319665566
:	1
:	CHF 104.50
:

:	Internationale Wirtschaft
:	English

:	181
:	Wasserzeichen/DRM
:	PC/MAC/eReader/Tablet
:	PDF

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This book is the first publication to provide a comprehensive overview about the market, financial instruments and the associated impact assessment for interested practitioners and academics. Specifically, it will introduce the concept of impact investing within the broader field of social finance as well as the relevant actors, present current financing instruments and the various tools to assess the impact of the investing strategy. This useful reference tool will be of interest to academics and researchers in the field of impact investing.

Impac investing is a dynamic field that has been recently been discussed as a supplemental funding source for addressing societal problems. The topic has generated significant interest and is presumed to achieve double-digit growth rates for the coming years.

Wolfgang Spiess-Knafl is the managing director of Next Generation Impact, Chairman of the social impact company Sports Philosophy and trustee of the Freedom for Children Foundation. Prior to this, he worked as a post-doctoral research fellow at the Civil Society Center at the Zeppelin University, Germany.

Barb ra Scheck is Professor for Entrepreneurship at Munich Business School, member of the Social Entrepreneurship Akademie and co-founder of Volunteer Vision. Her research interests include social finance, impact assessment and corporate volunteering. Previously, she was an assistant professor for social investment at the University of Hamburg, Germany.

	Contents	6
	List of Figures	7
	List of Tables	8
	1: Introduction	10
	1.1 Context	10
	1.1.1 Social Enterprises	11
	1.1.2 Societal Challenges and Changes in the Social Sector	13
	1.1.3 Capital Providers	14
	1.2 Impact Investing	15
	1.3 Outline of the Book	17
	Bibliography	19
	2: Social Entrepreneurship	21
	2.1 Social Entrepreneurship at the Core	22
	2.1.1 Introduction	22
	2.1.2 Defining Social Entrepreneurship	23
	Conceptual Challenges	23
	Legal Forms of Social Enterprises	25
	2.1.3 Differentiation from Other Actors	26
	2.1.4 Scaling Strategies	29
	2.2 Social Business Model Innovation	31
	2.2.1 Opportunity Creation	32
	2.2.2 Smart Distribution	33
	2.2.3 Ecosystem Engineering	33
	2.2.4 Cheap Sourcing	34
	2.2.5 Smart Pricing	34
	2.2.6 Inclusive Production	35
	2.3 Thematic Areas for Impact Investing	35
	2.3.1 Introduction	35
	2.3.2 Sustainable Development Goals	36
	2.3.3 Child Labor	47
	Introduction	47
	Definition	49
	Drivers	50
	Bibliography	52
	3: Historical Development and Investment Rationale	59
	3.1 Introduction and Definition	59
	3.2 Rationale for Impact Investing	61
	3.3 Investors	62
	3.3.1 Donors	62
	3.3.2 Investors with Reduced Financial Return Expectations	66
	3.3.3 Investors with Market-Oriented Financial Return Expectations	66
	3.4 Impact Investment Theories	67
	3.4.1 Introduction	67
	3.4.2 Trade-Off Considerations Between Social and Financial Return	68
	Introduction	68
	Trade-Off Conflicts	69
	Strategies for the Resolution of the Financing Conflicts	70
	3.4.3 Flexibility Restrictions Driven by Public Authorities	72
	3.4.4 Sustainability Conflicts	73
	3.4.5 Income Streams	73
	3.4.6 Crowding-Out	76
	3.4.7 Conclusion	78
	Bibliography	79
	4: The Impact Investing Market	82
	4.1 Actors	82
	4.1.1 Networks	83
	4.1.2 Social Investment Advisors	84
	4.1.3 Social Venture Capital Funds	85
	4.1.4 Ethical Banks	86
	4.1.5 Social Stock Exchanges	86
	4.1.6 Crowdfunding Platforms	92
	4.2 The Instruments and Mechanisms	94
	4.2.1 Socially Responsible Investments	94
	Introduction	94
	Investor Profile	95
	Financial Performance	96
	4.2.2 Pay for Success Models	97
	4.2.3 Guarantee Schemes	113
	4.2.4 Catalytic Structures	114
	Bibliography	115
	5: Financing Instruments and Transactions	118
	5.1 Introduction	118
	5.2 Financing Instruments	120
	5.2.1 Equity Capital	122
	5.2.2 Debt Capital	123
	5.2.3 Other Forms	124
	Mezzanine Capital	124
	Recoverable Grants	125
	Forgivable Loan	125
	Convertible Grant	125
	Revenue Share Agreement	125
	Grants	125
	5.3 Deals	126
	5.4 Exits	128
	Bibliography	139
	6: Social Impact Assessment	142
	6.1 Introduction	142
	6.2 Terminology	144
	6.3 Impact Assessment as the Central Part of Impact Management	150
	6.4 Purpose of Social Impact Assessment	151
	6.4.1 Investors and Fund Managers	151
	6.4.2 Social Enterprises	153
	6.5 Challenges of Social Impact Assessment	154
	Bibliography	158
	7: Assessment Tools and Methodologies	160
	7.1 How to Choose a Method	160
	7.1.1 Introduction	160
	7.1.2 Target Audience of Impact Assessment	161
	7.1.3 Objectives of Impact Assessment	161
	7.1.4 Reporting Determinants	161
	7.1.5 Scope of Impact Assessment	163
	7.2 Existing Social Impact Assessment Methods	164
	7.2.1 Introduction	164
	7.2.2 Methods for Assessing and Evaluation Social Impacts	164
	Target Audience	165
	Possible Assessment Functions in the Investment Process	165
	Investee Maturity	165
	Reporting Principles	166
	Functional Type	166
	Customizability	166
	7.2.3 Data Collection	173
	The Universe of Data Collection Methods	173
	Indicators	174
	Lean Data and the Use of Mobile Technology for Data Collection	175
	7.3 Outlook	176
	Bibliography	177
	Index	179