Beats | June 16, 2017

Family offices move beyond philanthropy

The team at


“Once the markets offer investors the opportunity to understand and choose their impact, nothing will ever be the same again,” says Matthew Weatherley-White, managing director of the Caprock Group, in a Q&A that takes up three of the 30 pages in Bloomberg’s new family office “investing for impact” brief (which focuses largely on philanthropy).

Weatherley-White on mispriced risk: “Most diversified, public-debt, investment-grade portfolios are going to be yielding somewhere south of 3 percent now. Micro-finance? You can get 4.25 percent with a similar or somewhat lower default rate.”

On the familiarity of impact investing portfolios: Impact aside, Caprock’s portfolios “look like a totally conventional portfolio — public fixed income, a layer of public equities, some private debt, early-stage venture capital, private equity, hedge funds, some real assets.”

On what mainstreaming impact investing means: “Overcoming this embedded, institutional resistance to this notion that capitalism and the capital markets can be harnessed to create non-financial value.”

On the challenges of scaling impact investing: “It’s one thing to have the first off-grid solar-power leasing company; what happens when there are 10 of them all competing for market share in Uganda?”