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October 23, 2023 |
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- The Brief
December 4, 2023
The Brief
Featured: COP Watch
The antitrust theories are weak, but the effects can be chilling on corporate collaboration for climate action. The Glasgow Financial Alliance for Net Zero, or GFANZ, launched with fanfare at COP26 by Brookfield Asset Management’s Mark Carney and Bloomberg’s Michael Bloomberg, aimed to align banks, asset managers and financial institutions with a combined $130 trillion in assets under management with the goal of keeping global warming below 1.5 degrees Celsius. Two years later, as COP28 gets underway in Dubai, many of those financial institutions have dropped out, gone quiet and otherwise gotten cold feet. Behind the chill: a coordinated attack by Republican politicians in the US on efforts to fight climate change. In recent letters and subpoenas, the Republican-led House Judiciary Committee charged that financial industry alliances like GFANZ “appear to facilitate collusion that may violate U.S. antitrust law,” and represent “ESG cartels” (see, “With subpoenas, Rep. Jim Jordan seeks to chill shareholder action on climate”). The antitrust claims have little legal basis and “should be evaluated in the context of the deep anti-climate interests of the campaign’s funders,” argue Cynthia Hanawalt of the Sabin Center for Climate Change Law and Denise Hearn of the Columbia Center on Sustainable Investment. Their guest post on ImpactAlpha breaks down the legal issues.
Dealflow: Pay for Performance
Investors earn a return on a ‘forest resilience bond’ in California. Nonprofit Blue Forest partnered with World Resources Institute, the US Forest Service, and the National Forest Foundation five years ago to pilot a financing mechanism for proven techniques to protect forests from devastating wildfires and other climate risks. The “forest resilience bond” raised $4 million from investors to restore and protect 15,000 acres in the Yuba watershed in the Tahoe National Forest. Blue Forest says the intervention, completed more than five years ahead of schedule, provided an “adequate” return to investors “in line with expectations.” Investors were repaid by the Yuba Water Agency, the US Forest Service, and California’s Climate Investment Program. The project “exemplifies how investments in nature can successfully accelerate solutions, benefit public lands and return capital,” Blue Forest said in a statement.
Impact Voices: Emerging Fund Managers
Funds of funds provide more than capital for local investors in small and growing businesses. Impact funds that invest in other aligned funds are common in private equity and microfinance. Funds of funds are now emerging in the global small business finance sector as a means of mobilizing the roughly $5 trillion a year needed by small and growing businesses, writes Susan de Witt of the Collaborative for Frontier Finance, which hosted annual gathering of small business-focused fund managers and investors last week in Cape Town. Funds of funds like the Dutch Good Growth Fund, Mastercard Foundation’s Africa Growth Fund and Kuramo Capital are proving to be a critical early supply of capital for fund managers in Africa and the Middle East, according to a new survey from CFF. “All employ a range of strategies to evaluate local fund managers’ risk,” such as creative risk assessments, anchor capital and back-office services, de Witt says. Such support, she adds, is “helping fund managers transition from raising from angel and high-net worth investors, family offices and foundations to institutional investors.”
Agents of Impact: Follow the Talent
Cornelius Lee, ex- of Promise54, joins Equitable Facilities Fund as vice president of talent… Overdeck Family Foundation appoints Katelyn Fletcher, ex- of the Brookings Institution, as portfolio associate… Impact Capital Managers seeks a talent and diversity director in New York… Also in New York, Blue Meridian Partners seeks two directors… Pollination has an opening for a nature and agriculture executive director in Washington, DC.
- The Call
Climate + Gender | November 17, 2023
To be effective, climate solutions need a gender lens (video)
ImpactAlpha, November 17 – That women are more adversely affected by climate change is well established (in impact and development circles at any …
Impact Investing | October 13, 2023
State of the Impact Field: Unprecedented opportunity tempered by sober realism (video)
This week’s Agents of Impact Call continued a tradition started nearly a decade ago by Fran Seegull of the US Impact Investing Alliance …
Ownership Economy | September 29, 2023
Labor and capital align in new movement for worker ownership (Video)
ImpactAlpha, Sept. 29 – It’s the age-old struggle: labor vs capital, workers vs. owners. But what happens when employees get a stake in the …
Call Recording | August 25, 2023
Mobilizing capital in Indian Country (video)
ImpactAlpha, August 25 – A growing ecosystem of Native-led entrepreneurs, lenders, financial intermediaries and nonprofits are driving Indian Country’s emerging economy. “It’s kind …
Participants in ImpactAlpha's call on HBCUsReturn on Inclusion | July 28, 2023
Impact at HBCUs: Hubs of talent, innovation and Black excellence (video)
ImpactAlpha, July 28 – Most historically Black colleges and universities were formed during the Reconstruction era. In the more than a century since, Spelman, …
Muni Impact | June 22, 2023
Connecting supply and demand for racial equity strategies in muni markets (video)
ImpactAlpha, Jun. 22 – Even as some politicians ramp up anti-ESG rhetoric, asset owners and allocators are signaling an appetite for investment strategies …
Call Recording | March 31, 2023
Metrics Madness: Wealth, ownership and ‘quality adjusted life years’ (video)
ImpactAlpha, Mar. 31 – The search for a universal metric to guide investments in racial justice and equitable wealth-building was…aspirational. “We are still a …
Policy Corner | February 24, 2023
Policymaking for workers and communities in the Year of the ‘S’ (video)
ImpactAlpha. Feb. 24 – “A labor market where workers have more opportunities and have more power and have more leverage is a good …
Memphis skylineMuni Impact | February 9, 2023
Engaging racial-equity risks and opportunities in municipal finance (video)
ImpactAlpha, Feb. 9 – The fatal beating by police of Tyre Nichols in Memphis last month exposed risks to the city’s finances that have …
Photo by Tamarcus Brown on UnsplashMuni Impact | November 18, 2022
Mispriced risks, investor demand and community power center racial equity in municipal bonds (video)
ImpactAlpha, Nov. 18 – Cities around the U.S. are raising low-cost capital in the municipal bond markets by highlighting intentional efforts to address long-standing …
Call Recording | September 30, 2022
Agents of Impact Call No. 45: Creative capital for gender-smart investments (video)
ImpactAlpha, September 30 – Capital to support women’s economic growth and financial inclusion is flowing – finally! – in many advanced economies. In emerging …
Climate Finance | September 19, 2022
New momentum and stubborn challenges as Climate Week kicks off (Call No. 44)
ImpactAlpha, Sept. 19 – Investors, entrepreneurs, corporate executives and world leaders have descended on New York for Climate Week, the annual gathering alongside the …
- Podcasts
Podcasts | December 1, 2023
All eyes on Dubai as COP 28 begins with Stephan Nicoleau
ImpactAlpha’s Amy Cortese speaks with Full Cycle’s Stephan Nicoleau at the start of COP 28 to hear what he’s expecting – and hoping …
Impact Investing | November 17, 2023
Impact(ed): Steering pension funds toward impact with Tara Mei Smith and Marcela Pinilla (podcast)
Pension funds, with hundreds of billions in long-term assets, can be a key source of capital for impact investors and entrepreneurs. Black, Indigenous, …
Podcasts | November 10, 2023
Lessons from the Wilmington coup of 1898
The Wilmington coup of 1898 is not as well known as the Tulsa massacre of 1921. But the events of that day changed …
Podcasts | November 3, 2023
Maria Hollan of Timke Ventures shares her journey to impact investing
ImpactAlpha’s Dennis Price catches up with María Hollan, a second-generation steward of her family’s assets at Timke Ventures in Mexico City. Hollan was …
Podcasts | October 27, 2023
What the mainstreaming of impact investing means for smaller impact fund managers
David Bank catches up with Courageous Capital Advisors’ Laurie Spengler to talk about what the mainstreaming of impact investing means for smaller impact …
Podcasts | October 20, 2023
Repurposing churches with Graham Singh
Graham Singh shares the financing mechanisms that Trinity Centres Foundation is developing for repurposing churches. And, David Bank shares ImpactAlpha’s big news. Plus, …
Podcasts | October 13, 2023
There’s a new impact lens in town
Unicef USA’s Cristina Shapiro joins David Bank to introduce child-lens investing, a framework for considering investment harms and benefits to children, who have …
Podcasts | October 6, 2023
Veris’ due diligence framework for racial and gender justice.
Roraj Pradhananga and Jane Swan of Veris Wealth Partners join host Monique Aiken to discuss how the wealth manager is rethinking due diligence …
Podcasts | September 29, 2023
Strategies for finding the employee-ownership edge
Host Brian Walsh shares highlights from this week’s agents of impact call, “The employee-ownership edge,” which explored the range of opportunities for investing …
Podcasts | September 22, 2023
What is ‘wealth supremacy,’ how does it drive crises, and what can be done about it?
David Bank is joined by Marjorie Kelly of The Democracy Collaborative to explore the ways that impact investors both help and hinder systemic …
Podcasts | September 15, 2023
Looking ahead to Climate Week NYC
🎧 Impact Briefing. Host Brian Walsh chats with Amy Cortese to set the stage for the UN General Assembly and Climate Week NYC. …
Podcasts | September 8, 2023
Revamped SOCAP seeks radical ideas and scaled solutions
David Bank catches up with Robert Munson, President of SOCAP and Managing director at the Sorenson Impact Center, who is putting together next …
- Opinion
Frontier and Growth Markets | December 4, 2023
Funds of funds provide more than capital for local investors in small and growing businesses
An expanding range of financing mechanisms and vehicles are emerging to help private capital providers direct money and resources to their small business …
Impact Voices | December 4, 2023
The antitrust theories are weak, but the effects can be chilling on corporate collaboration for climate action
As the private sector has become increasingly engaged in the effort to combat climate change, debates have emerged about the impact and legality …
Impact Management | November 30, 2023
Equipping private equity managers to unlock value through sustainability
The private equity industry, known for its focus on efficiency improvements and earnings growth, has expanded dramatically in the past decade, tripling assets …
Climate Finance | November 30, 2023
How much science is there behind the Science Based Targets Initiative?
There is an urgent race to curb rising temperatures and prevent the worst effects of climate change. This is reflected in a growing …
Ceniarth's Diane Isenberg and Greg NeichinCatalytic Capital | November 27, 2023
Ten lessons for 10 years: Inconvenient truths from an impact-first investor
The impact-first philosophy that Ceniarth has championed has had its fair share of challenges. But we remain convinced that it is critical to …
Impact Management | November 21, 2023
Private equity is leaving billions of dollars in sustainability value on the table
Private equity has a significant opportunity to create financial and societal value through sustainability. PE firms that invest in improving the management and …
Climate Finance | November 15, 2023
Climate tech experts identify the biggest opportunities, and challenges, in the low-carbon transition
Climate tech investment is booming. Since 2013, there have been more than 6,000 investors (private, public and philanthropic) in climate tech startups, and …
Impact Voices | November 14, 2023
Five ways to supercharge energy retrofits
When UK Prime Minister Rishi Sunak watered down the UK’s commitment to its Net Zero targets earlier this fall, he at least started …
Macro Impact | November 13, 2023
‘First-time ever’ economic conditions challenge impact investors to rethink models and expectations
Pump it up until you can feel it. Pump it up when you don’t really need it. – “Pump it Up,” Elvis Costello …
Impact Management | November 2, 2023
In impact investing, failure is good – if we learn and share the lessons
In the US, venture backed investments are failing at rates not seen since the Great Recession. The market forces slamming these companies are …
Impact Voices | November 1, 2023
Busting three common ‘scope 3’ myths
California just enacted a set of bills that together represent a huge leap forward in tackling the climate crisis. Under SB 253, about …
Photo credit: OrienteaCatalytic Capital | October 26, 2023
Creative capital helps entrepreneurs scale impact in a down market
Five early-stage startups in Tunisia beat the odds of fundraising in a declining venture market last year, collectively raising $10.3 million with the …
- Agents of Impact
© Margo Moritz. Used by permission.
Agents of Impact | November 3, 2023
Andrea Armeni, NYU: On a quest to transform finance
Sustainable development? “More of the same.” Forest carbon credits? “Outside-imposed extraction.” Impact investing? “Are we really going far enough? Or are we just …
Christopher Bentley | Photo by The De-Carceration Fund.Agents of Impact | September 8, 2023
Christopher Bentley, The De-Carceration Fund: Lifting ‘justice tech’ entrepreneurs
ImpactAlpha, September 8 — In 15 years in impact investing, Christopher Bentley noticed “a lot of for-profit companies focused on the criminal justice …
Agents of Impact | August 18, 2023
Monica Brand Engel, Quona Capital: Taking on the messy work of financial inclusion
ImpactAlpha, August 18 – Monica Brand Engel’s advice to impact investors is this: Imperfect execution is ok. “Authentic impact is about accepting imperfection …
Samuel Yeboah of Mirepa Investment AdvisorsAgents of Impact | August 11, 2023
Samuel Yeboah, Mirepa Investment Advisors: Helping Africans invest in Africa
ImpactAlpha, Aug. 11 – Samuel Yeboah isn’t discouraged by the economic storm battering his home country of Ghana and many other emerging economies. “As …
Impact Investing | July 14, 2023
Amy Duffuor, Azolla Ventures: Bridging climate gaps with catalytic capital
Many investors look at promising new climate solutions and say, ‘Great, come back to me when you have traction.’ Azolla Ventures is more …
Katherine Stodulka (foreground) with Mark Swilling of the University of Stellenbosch, Colombian Minister of the Environment Maria Susana Muhamad, and climate justice researcher Nina CallaghanAgents of Impact | June 30, 2023
Katherine Stodulka, Systemiq: Making introductions to bridge gaps in sustainable finance
ImpactAlpha, June 30 – The first thing that Katherine Stodulka does when you meet her is suggest you meet someone else. Then she’ll …
Agents of Impact | May 26, 2023
Jessica Espinoza, 2X Global: Proving gender as a value-driver
ImpactAlpha, May 26 – A decade ago, investors pushed back against the loan products Jessica Espinoza was designing for female business owners as …
Agents of Impact | May 12, 2023
Aina Abiodun, VertueLab: Centering community in climate tech in the Pacific Northwest
ImpactAlpha, May 12 – Nigeria-born climate entrepreneur and “professional nomad” Aina Abiodun is bullish on place-based climate innovation. “There is nothing more urgent than …
Agents of Impact | May 5, 2023
John Moore, ImpactPHL: Stocking the pipeline of impact investments in Philadelphia
ImpactAlpha, May 5 – John Moore quit his corporate gig and moved to Philadelphia two decades ago. He found a city rich in …
Agents of Impact | April 28, 2023
Su Sanni, Dollaride: From dollar-van commuter to urban-mobility entrepreneur
ImpactAlpha, April 28 — A first generation Nigerian-American, Su Sanni grew up in East New York, Brooklyn and Jamaica, Queens. The low-income neighborhoods, …
Lourdes Germán | Photo credit: Public Finance InitiativeAgents of Impact | April 21, 2023
Lourdes Germán, Public Finance Initiative: Tilting the $4 trillion muni market toward racial equity
ImpactAlpha, Apr. 21 – Attorney and academic Lourdes Germán recognized early the power of public finance. She has spent years working at firms including …
Podcasts | April 14, 2023
Ariane Mahler, Veridien Global Investors: Going beyond ‘net-zero’ in public markets
ImpactAlpha, Apr. 14 – “Net zero is not going to get us anywhere,” Ariane Mahler of Veridien Global Investors tells ImpactAlpha’s David Bank. “You …
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October 23, 2023 |
Manager, Growth Portfolio
Guest Author
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