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Reports and Research

• Impact Investing Through CDFIs (January 2021) by Forbes Magazine 
• A Leanly Staffed Funder’s Guide to Foundation Investing: 2020 Edition (October 2020) by Exponent Philanthropy
• Investing Together: Emerging Approaches in Collaborative Place-Based Impact Investing” (May 2018) by Shena R. Ashley and Jocelyn Ovalle
• Blog Post: Are Nonprofits Duty-Bound to Invest Responsibly?  (August 2020) 
• Webinar: Emerging Lessons on Place-Based Impact Investing CollaborationSource: Urban Institute (June 2019) Foundations and their partners are turning to collaboration to maximize the social and economic returns of their place-based impact investments. To support these efforts and facilitate lesson sharing, the Urban Institute and Mission Investors Exchange have produced a set of practitioner briefs, focusing on three elements of collaborative place-based impact investing: building strong ecosystems, mapping opportunities and capacities, and deploying capital on the ground together.

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 Beyond the Grant: Foundations as Impact Investors

Source: The Bridgespan Group (September 2020) 

Impact investing expands the scale and scope of a foundations' work beyond what is possible with grantmaking alone; however, there is little application of the tools available. Over eighty percent of foundations express interest in impact investing; however thirty-eight percent of foundations say they simply "don't know enough about" impact investing to give it a try. This resource provides information on the financial tools for social good. 

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Place-Based Impact Investing: Three Briefs for Practitioners

Place-Based Impact Investing Ecosystems: Building a Collaboration to Boost Your Effectiveness
Source: Urban Institute & Mission Investors Exchange (May, 2019)

This brief illustrates the value of building an ecosystem and collaborating to leverage a variety of types of capital from key stakeholders in that ecosystem. It offers examples of the people or entities that can make up an ecosystem, examples of facilitating collaboration among key stakeholders in an ecosystem, actionable practitioner lessons, and resources for foundations and other impact investors interested in pursuing these approaches.

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Mapping and Assessing Local Capacities and Opportunities for Place-Based Impact Investing
Source: Urban Institute & Mission Investors Exchange (May, 2019)

Assessing a self-defined geography for impact investing can take many forms, ranging from literal “mapping” using geographic information system tools to data collection and analysis or polling that helps a community better understand its needs and opportunities. Regardless of form, most relevant to a given place-based collaborative is collecting the information needed to access capital most effectively. This brief illustrates the value of mapping to support place-based impact investing collaboration.

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Collaborative Place-Based Impact Investing Models: Deploying Capital on the Ground Together
Source: Urban Institute & Mission Investors Exchange (May, 2019)

Collaborative place-based impact investing is the practice of mobilizing and deploying capital on the ground together to maximize impact. Although this can be a onetime or investment-specific undertaking, many collaborative investing efforts are longer-term endeavors with formalized approaches. This brief outlines some of the identified benefits of collaborative place-based impact investing, describes four common approaches, elevates collaborative place-based impact investing examples, and synthesizes lessons from practitioners in this space.

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Hiding in Plain Sight: Impact Investing in the Creative Economy
Source: Rockefeller Philanthropy Advisors; Upstart Co-Lab (October, 2018)

Rockefeller Philanthropy Advisors is pleased to share Hiding in Plain Sight: Impact Investing in the Creative Economy, a new report from RPA sponsored project Upstart Co-Lab. The report is the first analysis of the tremendous potential that the creative economy offers to impact investors. This study will illuminate the bridges that already exist between impact investing and the creative sector, and inspire you to think about ways we can continue to build connections and grow this exciting new economy.

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Investing Together: Emerging Approaches in Collaborative Place-Based Impact Investing

Source: Urban Institute (May 2018)

Although collaborative place-based impact investing can create more inclusive local economies, this work involves complicated trade-offs and considerations. In this report, we identify and classify collaborative efforts that are taking shape, to understand the complexities of this burgeoning field.

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A Short Guide to Impact Investing 
Source: Case Foundation (October, 2017)
Investing in a Community Development Financial Institution (CDFI) is a powerful way to directly engage in the local economy and increase access to capital in minority, underserved communities. With the generous support of the Satterberg Foundation, this guide was developed to help board and staff members in the philanthropic sector examine the basic processes of building a relationship with a CDFI and structuring investments in it. Insights from Northwest Area Foundation and Meyer Memorial Trust, two Philanthropy Northwest members with deep experience supporting CDFIs, are also included.

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Mapping the Journey to Impact Investing
Source: Surdna Foundation (February 2017) 

The “Mapping the Journey to Impact Investing,” report researched and drafted by The Giving Practice's Senior Partner Jan Jaffe, charts the journey from the time the Surdna Foundation board of directors and staff began exploring impact investing in 2014 to the decision-making process and experience of implementing impact investing policies. “The Surdna Foundation’s founder, John E. Andrus was committed to inclusion, social justice and sustainability,” said Peter Benedict II, Surdna Foundation’s board chair. “By sharing our experience and some of the lessons we learned in this report this centennial year, we will contribute to collective learning in the fields of mission-related investing and family philanthropy and celebrate these core values.”

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Essentials of Impact Investing: A Guide for Small-Staffed Foundations
Sources: Arabella Advisors, Exponent Philanthropy and Mission Investors Exchange (September 2015)

Seeking to increase their philanthropic impact, many engaged foundations are turning to impact investing. The reason is clear: The field and practice of impact investing have matured — structures are in place, best practices have emerged, and opportunities have multiplied — enabling more foundations to use this powerful tool. Yet entering unfamiliar terrain can be intimidating, and foundations with few or no staff face unique challenges even as they enjoy unique opportunities. Small-staffed foundations can use the Guide as a resource to revisit current investment strategies or create new ones, to inspire board members to amplify its reach, to encourage others to co-invest with them, and more. 

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A Short Guide to Impact Investing
Source: The Case Foundation (November 2014) A basic primer to help individuals better understand how business can drive social change and create social impact. This guide is intended to help bring newcomers into the game. The Case Foundation is inspired by the growing impact investing movement and its potential to drive new resources and new thinking to organizations that are driving social change. In an era in which communities are struggling and programs to support them are less and less effective, we need all oars in the water—philanthropy, government, and the private sector—to find new and more sustainable solutions to old problems.

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A Market Emerges: The Six Dynamics of Impact Investing
 Source: Pacific Community Ventures, Inc. (October 2012)

This report defines the evolving tensions in the field of practice as Six Dynamics, each of which describes a unique set of relationships, challenges and questions. Further investigation of the Six Dynamics will underpin a deeper understanding of the best practices required to deliver blended financial and social returns successfully, particularly for funds and their managers.

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From Blueprint to Scale: The Case for Philanthropy in Impact Investing
Source: Monitor Institute and Acumen Fund (April 2012)

This report springs from a point of view shared by Monitor and Acumen Fund—that philanthropy is the essential but often overlooked catalyst that unlocks the impact potential of inclusive business and impact investing.

HIGHLIGHT:  The Enterprise Philanthropy Playbook -- for the Blueprint, Validate, and Prepare Stages. 

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Additional Reading

• Antony Bugg-Levine and Jed Emerson, Impact Investing, (Jossey-Bass, 2011).

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