Landscape - Women Effect Investments Initiative

8/3/2019 Landscape - Women Effect Investments Initiative

1/30

T

eLMapndsofO

apeportofSouniti cials,Ch nveallen tingesainWndR ometurn


2/30

TheLandscapeofSocialInvestinginWomen

October1,2010

www.criterionventures.com/women

1

WomenEffectsInvestmentsWomenEffectsInvestmentsisshapingthesocialcapitalmarketstogeneratepowerfulreturnsfor

womenandgirlsby

Creatingandempoweringacommunityofwomeninvestorstoplacetheirassetsinadiversegroupofvehiclesandexpandtheseatatthetableforwomenininvesting

Supportingtheeffortsoffinancialintermediariestostrengthenandcreatenewinvestmentopportunities

with

agender

lens

that

generate

both

social

and

financial

returns

Developingthevisibility,linkagesandinfrastructurenecessarytobuildthefieldofsocialinvestingwithagenderlensbybringingtogethertheworldsofinvesting,womenscapital andgenderknowledge

IfyouareinterestedinprovidingphilanthropicsupporttoWEIorcollaboratinginoureffortstobuildthe

field,contactJackieVanderBrugatvanderbrug@criterionventures.com.LearnmoreaboutWomen

EffectInvestmentsatwww.criterionventures.com/women


3/30


October1,2010


2

ExecutiveSummary 3TheEvolutionandLandscapeofSocialInvesting 6

KeySectionFindings 6

AnIntroduction

to

Social

Investing

6

SocialInvestmentStrategies 7

TheGrowthofSocialCapitalMarkets 8

MappingSocialInvestmentProducts 9

InvestinginWomen 11KeySectionFindings 11

MakingtheCase 12

ImpactInvestments

13

Microfinance 13

CommunityDevelopment 15

TraditionalSRI 16

GrowthFinancing 17

MappingInvestmentwithGenderLens 17

MeasuringPerformance 22Key

Section

Findings

22

MeasuringtheDoubleBottomLine 22

FinancialReturns 22

SocialReturns 23

LookingAhead 26References 27


4/30


October1,2010


3

ExecutiveSummaryWeareatamomentofgreatgrowthandinnovationinthesocialcapitalmarkets,aswebegintoapply

investmentcapitaltowardsolvingsomeoftheworldsmostpressingsocialandenvironmentalproblems

whilealsogeneratingfinancialreturnsforinvestors.AcriticalcomponentofthefirstphaseofWomen

Effects

Investments

(WEI)

has

been

to

map

where

we

currently

leverage

the

capital

markets

to

meet

the

needsofwomenandgirls,withafocusonintermediariestargetingretailandinstitutionalinvestors.The

opportunitiesandchallengesweuncoverwillguideindividualinvestorsaswellasshapeoureffortsto

developthefullpotentialofcapitalmarketstopositivelyimpactwomen.

EvolutionandPotentialofImpactInvestingWhilesociallyresponsibleinvesting(SRI)withinpublicequitieshasbeenavailablesincethe1970s,the

fieldhasbeenenergizedwiththerecentdevelopmentofimpactinvesting,whichdirectlyplacescapital

inenterprisesthatcreatesolutionstosocialandenvironmentalproblems.Muchoftheterminologyand

momentumbehindimpactinvestingmaybenew,butthefieldgrowsoutofearlysuccessesin

communityinvestingandmicrofinance,sectorsthathavebeentraditionallyassociatedwithastrong

genderlens.

Impact

investing

extends

these

initial

wins

into

new

social

sectors,

incorporates

emerging

businessstrategies,furtherexpandsopportunitiesindevelopingmarketsandoffersgreatpotentialto

directlycreatesolutionstothechallengesfacedbywomenandgirls.

Spurredbyconsumerdemand,legislationandmediaattention,aswellasbynewtechnologiesand

financialstrategies,thesocialcapitalmarketshavegrowntonearly$7trillionglobally.Whiletraditional

SRIstilldominatesmuchofthisactivity,theMonitorInstituteestimatestheimpactinvestingfieldcould

reach$500billionwithinthenextfiveto10years.Toplacethepowerofsocialinvestinginperspective,

annualU.S.philanthropicgivingiscurrentlyestimatedaround$300billion.Thisoverallgrowthhasbeen

accompaniedbyanincreasingnumberofinnovativefinancialproductsacrossallassetclasses,altering

thelandscapeofsocialinvestingforconsumers.

TheLandscapeofInvestingandGenderDespitetheexpansionanddiversificationofsocialinvesting,currentopportunitiestoinvestinwomen

arerelativelyscarce.Mappingthelandscapeofgenderandsocialinvestinguncoveredalimitednumber

ofproductstargetingwomen,manyofwhichcompriseasmallproportionoftheirsectors.Oftheover

250domesticSRImutualfundswithtotalassetsover$200billion,forexample,onlyonescreened

mutualfundpossessesanexplicitgenderfocus,with$35million,or0.02%oftotalassetsinvested.

Similarly,onlyoneangelinvestingfundexclusivelytargetswomenledbusinessesnationwide.

Opportunitieswithinimpactinvestinghavetraditionallybeenlocatedwithincommunitydevelopmentin

theUnitedStatesandespeciallywithinglobalmicrofinance.Whiletheseareamongstthemostmature,

mostsuccessfulimpactinvestingsectorswithhundredsofofferings,thegenderfocusofmany

investmentproducts

in

microfinance

and

community

development

is

not

as

strong

as

generally

assumedandoftendifficultforinvestorstodetermine.

Approximately60%oftheborrowersofinstitutionswithintheportfoliosofmicrofinanceinvestment

productsarewomen,butthisnumberhasbeendecliningasthefieldcommercializes.Therehasalso

beenanexpansionofinstitutionsthatdonotprovidecriticalsupplementaryservicesbutmaynot

generateprofits.Areviewoftheliteratureofmanyinvestmentvehiclesfindsasurprisinglackofgender


5/30


October1,2010


4

reporting.Thiscouldbearesultofthelongstandingassumptionthatallofmicrofinanceisaninvestment

inwomen,butitisnolongeronethatinvestorscanautomaticallymake.

Opportunitiestotargetwomenwithincommunitydevelopmentareharderstilltofind.Thesectordid

notoriginatewithanexplicitmissiontoservewomenaswithmicrofinance,andgenderdataisnot

readilyavailablefrom(orevencollectedby)mostinvestmentvehicles.Consequently,projectsand

organizationsserving

women

remain

largely

buried

within

diversified

investment

portfolios.

Further

researchanddevelopmentwillberequiredtouncoverthemostpromisinginvestmentfundswithin

communitydevelopmentandmicrofinance,andtostrengthentheirgenderfocus.

Outsidethesetwoimpactsectors,itisdifficulttofindinvestmentproductsthattargetwomen,even

thoughmanymarketsbasedinitiativesdisproportionatelyimpactwomeninagriculture,education,

health,forestry,etc.Whetherinvestmentproductsinthesesectorspossessagenderlensisuncertain,

andcertainlynotreadilyvisibletoinvestors.Asthesearerelativelynewinvestmentsectors,thereisan

opportunitytoinsertandstrengthenagenderlensbeforetheymature.

Whileoutsidetraditionalsocialinvestingstrategies,manyorganizationsandnetworksareattemptingto

bridgethecapitalgapforwomenowned/managedbusinesseslargerthanmicroenterprises,particularly

inthe

United

States.

Providing

women

equal

access

to

capital

is

both

aquestion

of

equity

and

an

underinvestedopportunity,buttherearefewopenfundsthatallowinvestorstodirectlytakeadvantage

ofthisopportunitywithingrowthfinancing.

Lastly,ourmappingrevealedfewvehiclesexplicitlytargetwomeninvestorsandinvestorslack

accessibleinformationoninvestmentopportunities,manyofwhichdemandahighleveloffinancial

andsectorexpertise.

ProjectingFinancialPerformanceandStructuringCapitalThepersistentbeliefthatsocialinvestingautomaticallytranslatestounderperformanceisoneofthe

biggestobstaclestothefieldsacceptance.Indeed,thereishealthyskepticismofeventheviabilityof

obtainingfinancial

returns

while

positively

impacting

women

and

girls.

It

is

difficult

to

generalize

financialreturnsofsocialinvestmentsgiventheirdiversity;itisalsotoosoonformanyfundsandsectors

tohaveestablishedatrackrecord.Spreadovermultipleassetclasses,thefinancialreturnsofvehicles

associatedwithgenderrangefromreturnofprincipalonlytocompetitivemarketreturns.However,

mostarefixedincomeproducts,reflectingthestructureofthemicrofinanceandcommunityinvesting

fields.Thereturnscanbebelowmarketoratmarketrate,buttheyalsoofferlessriskandasafeharbor

inthecurrentfinancialturmoil.

Philanthropiccapitalcanalsobecombinedwithinvestmentdollarstosupportservicesforwomenthat

maynotgenerateprofitsbutareessentialforclientsincombinationwithprofitgeneratingactivities.In

manycasesafinancialsubsidyfromphilanthropistsandsociallymindedinvestorshasenabledthe

creationof

aviable

product.

TheGenderLensandSupportingMetricsMultiplestrategiesexistforsupportingwomenandgirlsthroughinvesting:promotinggenderequityin

theworkplace;providingfinancingforwomenownedbusinesses,frommicroenterprisestogrowth

companies;anddevelopingjobs,productsandservicesthatbenefitwomen.Thereislittlecoordination

andcollaborationbetweeninvestmentvehiclesindefiningandstandardizingthediversegender

lenses,thoughafewsectorspecificinitiativesareemerging,particularlyinmicrofinanceandgrowth


6/30


October1,2010


5

financing.Theclaimsofsocialinvestingtoimprovethelivesofwomenandgirlsshouldbesupported

throughimprovedanalysisandmetrics(asreviewedinourreportoncurrentgenderimpactmetrics).

Ourgoalistostrengthenandsupportthediversityofgenderlenseswhileavoidingthegender

washingthatcouldundermineafledglingfieldbeforeitreachesitspotential.

Linesof

Action

Ourreviewofthecurrentlandscaperevealsboththetremendousgapsandtheopportunitiesto

empowerwomenandgirlsthroughinvesting.Aswelookahead,weseeseveralpromisinglinesofaction

thatcouldstrengthenthegenderlensinthesocialcapitalmarkets:

Surfaceandstrengthenexistinginvestmentopportunitieswithagenderfocusandcollaboratewithintermediariestocreatenewonesacrossdiversesocialsectorsandassetclasses.

Improvemetricsandevaluativetoolsforunderstandingtheimpactofinvestmentsonwomen. Increasethevisibilityofinvestmentswithagenderlensandreducethebarriersinvestorsfacein

obtainingsocialinvestmentinformation.

Bringinwomeninvestorsandalliestobuilddemandforproductswithagenderlens. Collaboratewithpartnersandsupporterstobuildabroadcoalitionforgenderfocusedinvestments.


7/30


October1,2010


6

TheEvolutionandLandscapeofSocialInvestingKeySectionFindingsSocialinvestmentstrategiesareevolving.Whiletraditionalsociallyresponsibleinvestmentstrategies

stilldominatesocialinvesting,impactinvestingoffersinvestorsnewapproachestomaximizethesocial

impactof

their

investments,

particularly

to

use

markets

to

directly

tackle

the

global

challenges

in

new

andinnovativeways.

Thesocialcapitalmarketsaregrowing.Notonlyisthedomesticsocialcapitalmarketgrowingatan

estimated22%compoundrateannually,themoreestablishedimpactinvestingsectorsofcommunity

development,microfinanceandcleantecharegrowingatanevenfasterpace.Ifestimatesholdtrue,

globalimpactinvestingispoisedtogrowlargerthanallofU.S.philanthropywithinfive10years.

Socialinvestmentopportunitiesarediversifying. Thereisadiversityofinvestmentproductsacross

assetclasseswithreturnsrangingfromreturnofprincipalonlytomarketrate,orevenabovethat. SRI

isconcentratedinpublicequity,whereasimpactinvestingisthusfarfoundmostlyoutsidepublicequity.

However,thesupplyofimpactinvestingproductstomeetdemandremainsapotentialbottleneck.

Socialinvestmentsectorsareexpanding.Socialinvestmentsareseekingtocreatesolutionacrossa

varietyofsectors:fromalternativeenergytowater,fromcommunitydevelopmenttomicrofinance,

fromhealthcaretoeducationandmore.

AnIntroductiontoSocialInvestingSocialinvestmentsseektogeneratebothfinancialreturnsforindividualinvestorsandsocialreturnsthat

benefitthebroadersociety.Socialinvestingrepresentsabridgeacrossthetraditionaldivisionof

financialandsocialvaluecreationintotwoseparate,andusuallyopposing,spheres(Figure1).

Figure1:

The

Social

Financial

Returns

Continuum1

Philanthropists:

Maximizing SocialReturns

Investors:MaximizingProfits

Low FinancialReturns

SocialReturns

SocialInvestors:BlendedFinancial/SocialReturns

High

High


8/30


October1,2010


7

Atoneendarephilanthropistsseekingsocialreturnsthroughgrantsanddonationwithnoexpectations

ofprofits.Yet,itisnowapparentthatphilanthropicapproachesandresourcesareinsufficientinfaceof

thescaleandimmediacyoftodaysglobalchallenges. Attheotherendareinvestorsthatseekto

maximizefinancialreturnsbutwithnothoughttothesocialandenvironmentalconsequencesoftheir

investments.Betweenthesetwoliesocialinvestorswhosecapitalismobilizedtowardsolvingglobal

problemsandthecreationofamoresustainableandequitableglobaleconomywhilealsogenerating

someprofit.Asreviewedlaterinthereport,thisisagreatlysimplifiedviewthatassumestheremustbeatradeoffbetweensocialimpactandfinancialreturnandminimizestheroleofphilanthropic

investmentcapital.Nonetheless,itservesasausefulintroductiontotheconceptofsocialinvesting.

Thegrowthofsocialcapitalmarketsthatmergesocialandfinancialreturnsrepresentsapotentially

transformativeshiftintheroleofmarkets,onethatredistributescapitaltowardsrealvaluecreationfor

investorsandsocietyalike.Eachoneofusparticipatesinthecapitalmarkets:throughasimplebank

accounttostocksandmutualfundsinretirementaccountstohighriskinvestmentsinstartups.

Alongsideouractionsasethicalconsumersandresponsiblevoters,investingforsocialvaluecreationis

anopportunityforustouseourindividualresourcesintentionallytoshapecapitalmarketstoward

creatinggoodbothforourselvesandforsociety.

Thereisanideathatvalueisdividedbetweenthefinancialandthesocietal,butthisisafundamentally

wrongwaytoviewhowwecreatevalue,writesJedEmersonofthisnewblendofsocialandfinancial

valuecreation.Valueiswhole.Theworldisnotdividedintocorporatebadguysandsocialheroes.2

SocialInvestmentStrategiesOverthepast40yearsavarietyofsocialinvestmentstrategieshaveevolvedthatcanbebroadly

classifiedintotwomaincategories:sociallyresponsibleinvesting(SRI)andimpactinvesting.

SociallyResponsibleInvesting:BeginningwiththefirstSRImutualfundin1971,thisremainsthemost

widelyadoptedstrategyforinvestorstoaligntheirvalueswiththeirinvestmentsinpubliclyheld

companies

while

seeking

to

improve

corporate

behavior

on

a

varietyenvironmental,

social

and

governance(ESG)issuesby1)engagingwiththemanagementofcorporationsmostcommonlythrough

shareholderadvocacyand2)bybuyingandsellingsecuritiestosupportpositiveactionsandpenalize

harmfulonesthroughtheprocessofscreening.

ThemajorityofSRIinvestmentsarestocksandbondmutualfundsthatengageinshareholderadvocacy

and/orscreening.3Thus,asashareholderanSRIfundcannegotiatewithmanagementorfile

shareholderresolutionstoimprovecompanypoliciesandpractices.Itcanalsousenegativescreensto

excludecompanieswithobjectionableproducts,servicesandpracticesfromitsinvestmentportfolio.

Amongthemostcommonexclusionsarethesocalledsinstocksofgambling,alcoholandtobacco.

WhilenegativescreensremainthemostcommonmethodofconstructingSRIportfoliosintheUnited

States,positivescreensthatincludecompanieswithstrongperformanceonspecifiedESGcriteriaand

arebecoming

alarger

share

of

the

market.4

Examples

include

companies

selected

for

setting

high

standardsonworkforcediversity,forupholdinglaborstandards,foroperatingwithsound

environmentalpracticesorproducingproductsthataresafe,etc.

ImpactInvesting:Thedevelopmentofimpactinvestingtakessocialinvestingbeyondthefocuson

corporatepracticestoactivelyplacingcapitalinbusinessesandfundsthatcreatesolutionstoglobal

environmentalandsocialproblems.AsdefinedbytheGlobalImpactInvestingNetwork(GIIN),itisa

moreproactiveapproachthatcomplementsphilanthropicandgovernmenteffortswithmarketsbased


9/30


October1,2010


8

initiativestosolvesocietalproblemssuchaseradicationofdiseases,stabilizingclimatechange,

provisionoffinancialservices,housingandsanitationinlowincomecommunities,developing

sustainableagriculturalpractices,etc.5

Whilemuchofthelanguageandmomentumbehindimpactinvestingisnew,itsrootslieinspecific

approacheswithinpositivescreeningsuchascleantechnologyaswellaspioneersectorssuchas

communitydevelopment

in

the

United

States

and

global

microfinance.

Impact

investing

extends

these

earlysuccessesintonewsocialsectorssuchashealth,education,water,fairtrade,etc.Manyofthese

opportunitiesarefoundinemergingmarkets,whereresourceconstraintsandfailuresofgovernments

toprovidebasicserviceshavecreateddemandformarketsolutions.Impactinvestingisalso

characterizedbytheuseofemergingbusinessstrategiessuchassocialentrepreneurship,baseofthe

pyramidorSMEfinancingwhentheirfinancialmissionintersectswithcreatingsocialimpact.

TheGrowthofSocialCapitalMarketsRecentestimatesofthesizeoftheglobalsocialcapitalmarketsare$2.7trillion(Figure2),with

tremendousgrowthinallsectorsandinvestmentclasses.6Thedomesticmarketforsociallyresponsible

mutualfunds,

for

example,

has

grown

nearly

six

fold

to

nearly

$25

billion

in

less

than

adecade.7

Factors

drivingthisexpansionincludeincreasedsocialawarenessamongconsumers,greatermediaattentionon

businessandinvestments,increasingpricesofenergyandrawmaterials,changingnationallegislations

andinternationalprotocolsandtechnologicalinnovationsthathavecreatednewchallengesand

solutions.8 Morerecently,thecreditcrisisandshrinkinggovernmentandphilanthropicfundinghasalso

increaseddemandfromsocialbusinessesfornonbankingsourcesofcapital.Yet,thesocialcapital

marketscomprisejust4%ofallinvesting,indicatingatremendousopportunityforcontinuedgrowth.

Whiletheboundariesofimpactinvestmentsaretoonew,tooimprecise,oneestimateputsthepotential

sizeofsuchinvestmentsatnearly$500billionwithinthenext510years.Suchestimatesarebasedon

therapidgrowthofsectorssuchascommunityinvesting($26billionin2007),globalmicrofinance($6.6

billionin2009)andcleantechnology,whichranksonlybehindsoftwareandbiotechnologyinattracting

venturecapital. Puttingthepotentialpowerofimpactinvestingintoperspective,U.S.philanthropic

givingiscurrentlyestimatedaround$300billion.

Figure2:GlobalSocialCapitalMarkets

Source:TheMonitorInstitute(2009)

AllInvesting

$61.90Trillion

Screened Funds+Impact

Investing

$6.99Trillion

U.S.Philanthropy

$0.31Trillion

ImpactInvestingin510years?

$0.5Trillion


10/30


October1,2010


9

MappingSocialInvestmentProductsTherearemultiplewaysofmappingtheburgeoningfieldofsocialinvestmentproducts.Froman

investorperspective,oneusefulassetallocationframeworkisbaseduponriskadjustedassetclasses.

Whilebynomeansacomprehensivemapoftheuniverseofsocialinvestmentproducts,thelandscape

fromRockefeller

Philanthropy

Advisors

begins

to

illustrate

the

diversity

available

to

investors

across

socialthemesandassetclasses(Figure3).9Theexamplesrangefromsavingsproductsincommunity

bankstoschoolbonds,frommicrocaplistedsocialcompaniestoprivateequityinsocialenterprisesand

sustainableforestryfunds.Indeed,socialinvestmentsmirrorthespectrumofrisksandreturnsfoundin

traditionalcapitalmarketsandtheoreticallyallowsinvestorstopursuedifferentallocationstrategies

entirelywithintheuniverseofsocialinvestments.Whilethediversityofsocialinvestmentproductsis

clear,thesupplyofproductsoutsideoftraditionalSRImutualfundsandestablishedfieldssuchas

communitydevelopmentandcleantechnologyisstillaconcernforsocialinvestorslookingtodiversify

theirportfolio.10

LEARNMORE:

ThebiannualreportfromtheSocialInvestmentForumreviewsthe stateofthedomesticSRIandcommunitydevelopmentsectors.Robeco&Booze&Co.reportResponsibleInvesting:AParadigmShiftfromNicheto

MainstreamsummarizesrecenttrendsintheglobalSRIindustry.

TheMonitorInstitutesInvestingforSocialandEnvironmentalImpactreportsetstheagendaforthedevelopmentofimpactinvestingfield.FurtherinformationonimpactinvestingcanbefoundatGlobalImpact

InvestingNetwork(GIIN)website.

NichollsandParoahreviewthemanyeffortstomapthesocialcapitalmarketsintheirarticleTheLandscapeofSocialInvestment:AHolisticTopologyofOpportunitiesandChallenges.

TheRockefellerPhilanthropyAdvisorsreportSolutionsforImpactInvestors:FromStrategytoImplementationmaps

social

investment

products

and

strategies

for

investors.


11/30


October1,2010


10

Figure3:AnIllustrativeLandscapeofSocialInvestmentProducts

RiskAdjustedAssetClasses

Liquidity Income&WealthPreservation CapitalAppreciation&WealthGrowth InflationProtection

Cash/Cash

AlternativesNotes Bonds

Absolute

Return/Low

Equity

PublicEquityEquity

Long/Short

Private

EquityRealEstate Commodities

Social

Sector

Climate

Change/

Energy

GreenBank

Deposit

Taxexempt

greenbondsCO2Trading

Positive&

Negative

Screening

Renewable

Energy

CleanTech

Venture

Capital

GreenREITsSustainable

Feedstock

Water

Corporate

Infrastruc

ture

Bonds

Water

Treatment

Project

Finance

Unit

Investment

Trust,Closed

EndFunds

WaterFunds

Water

Technology

Venture

Capital

WaterRights

Community

Develop

ment

Community

BankCDs

Foreclosure

Repair

Microfinance

Institutions

Debt

Shareholder

ProxyVoting

Community

Development

VC

Transport

ation

Smart

Funds

Social

Enterprises

Social

Enterprise

Credit

MicroCap

ListedSocial

Companies

Small&

Medium

Enterprise

Conservation

/

Ecotourism

Healthand

Wellness

Structured

PublicNote

Consumer

Product

VC

Organic

Farming

Sustainable

Develop

ment

Trade

Finance

Guarantee/

Deposit

Smart

Growth

Municipal

Bonds

BlendedDebt

EquityHybrid

Structures

Thematic

Screening

RanchLand,

Agriculture

Sustainable

Timber

Education

Linked

Deposit

/Guarantee

Charter

School

Bonds

Education

Private

Equity

University

Green

Building

Source:RockefellerPhilanthropyAdvisors,2009


12/30


October1,2010


11

InvestinginWomenKeySectionFindingsTherearemultiplegenderlensesincurrentsocialinvestmentproducts.Themostcommonstrategies

tosupportwomenandgirlsthroughinvestinginclude:

Promotinggenderequityintheworkplace Providingfinancingandtechnicalsupportforwomenowned/managedbusinessesfrom

microenterprisestogrowthcompanies

Developingjobs,productsandservicesthatbenefitwomenThegenderfocusofmanycurrentinvestmentfundswithinthemicrofinanceandcommunity

developmentsectorsisdifficulttodetermineandoftenweakerthanisgenerallyassumed.Whileon

averagewomenstillcomprisethemajorityofborrowersofMFIsheldininvestmentfundportfolios,the

trendinglobalmicrofinancehasbeenawayfromitsrootsingenderandempowermentasthefield

commercializes.ThereremainMFIsfocusedonwomenandofferingcriticalsupplementaryservices

and

funds

that

support

them

to

varying

degrees.

However,

there

is

no

flagship

microfinance

investment

productforinvestorsseekingtotargetwomen,especiallywithaholisticapproachthatgoesbeyondthe

numberoffemaleborrowers.

ManycommunityinvestmentfundsintheUnitedStatesalsoholdprojectsandorganizationswithintheir

portfoliosthatbenefitwomen,butthesearecombinedwithotherinvestmentsinamannerthatmakes

ithardforinvestorstoidentifywhichproducts,ifany,servewomen.Whileanindepthreviewofthe

hundredsofmicrofinanceandcommunitydevelopmentfundsisbeyondthescopeofPhaseIofWEI,

surfacingandstrengtheningfundswithagenderlensisapromisinglineoffutureaction.

Therearenovisibleinvestmentproductswithagenderlensinsomeofthefastestgrowing

environmentalandsocialimpactsectors.Beyondmicrofinance,communitydevelopmentandgrowth

financing,investments

support

women

in

avariety

of

projects

and

organizations

across

sectors:

fair

tradeorganizations,farmingcooperatives,privatesectoreducationinitiativesorhealthservices,etc.

However,itisdifficultforinvestorstosurfaceproductsthataccessthisfertilegroundwherewomenare

oftendisproportionatelyaffected.

Overall,therearealimitednumberoffinancialproductsexplicitlyfocusedonwomenasbeneficiaries.

AsofOctober1,2010,ourpreliminaryanalysisrevealedtheseincludedonecreditunion,onescreened

mutualfund,onenationalangelinvestingfundandanumberofmicrofinanceproducts.Assuch,they

compriseaverysmallproportionoftheirsectors:

Oftheover260sociallyscreenedfundsintheUSwithtotalassetsover$200billion,onlyonehasanexplicitgenderfocus,with$35millioninassets,or0.02%oftotalassetsinvested.

Ofthe11,000creditunionsintheUS,oneiswomanfocused,withunder1Minassets.Similarly,therearealimitednumberoffundsandinitiativesfocusedonwomenasinvestorsinvesting

inwomen. ApartfromGoldenSeedsandinitiativessuchasAstiaandSpringboardthattargetwomen

investorsforgrowthcompanies,womenscapitalhaslargelybeenuntappedevenbyproductsthat

benefitwomen.


13/30


October1,2010


12

Investorsfaceanumberofbarrierstoinvestinginwomenastheydoforsocialinvestingoverall:

Asidefromtoolsforscreeningmutualfunds,therearemanyhurdlesinobtaininginformationabout

socialinvestmentproducts,includingthosefocusedonwomen.Thereisalsoverylittlereportingon

genderimpactbyfundsthattargetwomenandgirls.Thisfragmentationandlackofinvestmentand

impactinformationcombinedwithconsiderablefinancialandsectorexpertisemanyproductsrequire,

posesasignificantbarriertopromotingsocialinvestinginwomen.

MakingtheCaseRecentyearshavealsoseenarenewedfocusonreducingthecontinuinginequitiesfacedbywomenand

girls.Whileremovingthesegenderbasedbarriersisafundamentalquestionofhumanrightsandsocial

justice,viewingwomenaspowerfulassetstoinvestinisapowerfulstrategyforaddressingmanyglobal

challenges.Womenarecrucialeconomicagentsthroughtheirparticipationinagriculture,trade,

microenterpriseandmanufacturing.Andasheadsofhouseholds,theirworksupportsagrowingnumber

ofpoorfamilies.Investinginwomenallowsthemtofullyparticipateintheeconomyandincreasethe

welfareoftheirfamilies,communitiesandsocieties. Investingintheeducationandhealthcareofgirls

andwomenallowsthemtoreachtheirfullpotentialandgeneratesreturnsforsociety.Andinvestingin

womenempowers

them

to

shatter

the

norms

and

barriers

that

perpetuate

gender

inequities

within

all

societalsystems,frommarketstogovernments,fromthedomesticspheretopublicspaces.

Tremendousphilanthropicresourceshavebeencommittedtoimprovingthelivesofwomenandgirls

andasaresultmultiplecharitableopportunitiesexistfordonors:publicprivatepartnershipsuchasThe

GirlEffect,thenetworksofdomesticwomensfoundations,internationalnonprofitssuchastheGlobal

FundforWomen,amonghundredsofothers.Giventhegrowthandcontinuedpotentialofinvestments

tosupportsocialchange,itseemscriticaltoalsoleveragecapitalmarketstoalsocreatepositivesocial

impactforwomen.Analyzingthecurrentlandscapeoffinancialvehiclesisacriticalfirststepin

identifyingwhereinvestorscanapplyagenderlenstotheirinvestments.Creatingamapofinvesting

withagenderlensfirstrequiresanexaminationofopportunitieswithinthevarioussectorsand

approachesthroughananalysisoffundlistings,reviewofresearchonindustrytrendsandinterviews

withspecialists

within

these

fields.

LOCATINGINVESTMENTFUNDS

Informationresourcesandmarketplacesforallsocialinvestorsarefragmented.Someofthepopularsourcesfor

findingproductswithagenderfocusinclude:

SRIFundScreens:ThemutualfundtoolsattheSocialInvestmentForumandSocialFunds.comallowinvestorsto

filterforcommonESGcriteriaandstrategiessuchasshareholderadvocacy,environment,humanrights,

employment,productsafety,weapons,animalrights,nuclearpower,alcohol,tobacco,gambling,etc.However,

theydonotincorporateanygenderspecificcriteria,makingitdifficulttolocatethePaxGWEFfund.

CommunityInvestingCenter:Thissearchabledatabaseallowsclientstotargetorganizationsworkingonwomens

issuesasaspecialinterestarea.Thisidentifiesabout65organizationsfrom2005datarangingfromtheglobal

effortsof

Womens

World

Banking

to

the

Tides

Foundation

in

San

Francisco.

The

organizations

are

self

identified

butitisntalwaysclearwhatthecriteriasignifiesandthegenderfocusofanumberoftheseinvestmentsis

unclear.CICisaninitiativeofSocialInvestmentForumalongwithotherpartners.

MicroPlace:Oneofthefewretailmarketplacesforimpactinvestmentsinmicrofinance,communitydevelopment,

fairtradeandotherareas.Investorscanmakepurchasesdirectlythroughitswebsitefromaselectionof

investmentnotesfromproviderssuchasCalvertFoundationorOikoCreditforaslittleas$20.Italsoallows

investorstotargetwomen,largelythroughMFIsthathaveatleast70%womenborrowers.

MorecompleteMIVlistingscanbefoundattheMicrofinanceInformationExchangeortheInvestorMicrofinance


14/30


October1,2010


13

InvestorAssociationsites,butwithfewtoolstohelpinvestorsanalyzetheopportunities.

ImpactInvestmentswithaGenderLensCurrentopportunitieswithinimpactinvestingareconcentratedwithintwosectorstraditionally

associatedwithwomen:globalmicrocreditanddomesticcommunitydevelopment.

MicrofinanceFromitsinceptioninthe1970s,microfinancehasbeenthestoryofprovidinglowincomeindividuals

accesstocapitaldeniedbytraditionalfinancialinstitutions.11Theearlyprovidersofmicrocapitalwere

primarilynonprofitssupportedbyphilanthropicdollarsandmotivatedmorebypovertyreductionthan

byfinancialprofit.Bythe1990s,astheviabilityofmicrofinanceinstitutions(MFIs)wasestablished,the

focusshiftedtothefinancialprofitabilityofbankingforthepoor.Thedevelopmentofthemore

commerciallyorientedMFIsfacilitatedtheentryofmainstreamfinancialproviderstomeetcapital

needsofthoseinthefield.Asaresult,theindustryemergedasaninvestmentclassforinvestorsbased

mostlyinthedevelopedworldthroughthegrowthofinvestmentfunds.

Therearenowestimatedtobeover100microfinanceinvestmentvehicles(MIVs)managing$6.6billion

inassets.

12

About

three

quarters

of

MIVs

are

fixed

income

instruments

but

equity

investments

are

growingrapidlyat47%annually.Inspiteofrecentturbulence,particularlyincertainmarkets,thefieldis

experiencingcontinuedgrowthnotonlyinitstraditionalproducts,butalsoinnewhorizontal

opportunitiessuchasSMEfinancingandexpansiontoservicessuchashousingloans,education,

insurance,etc.

Sinceitsinception,microfinancehasalsobeenassociatedwitheffortstoreducewomenspovertyand

buildempowerment.Whilestillacommonperception,ithasbeenonethatisweakeningastheindustry

commercializes.13Onechangehasbeentheshiftfromthemoreambitiousholisticapproachtogender

andthesupplementary,andsometimes,expensiveservicesthisrequirestooneofoutreach,simply

targetingwomenasborrowers.However,eventhefocusonwomensimplyasborrowersisbecoming

weaker.Inonestudyof25MFIs,thepercentageofwomenborrowersdroppedfrom88%to60%asthey

transformedfrom

NGOs

to

more

commercial

entities.14

Similarly,

the

average

percentage

of

women

borrowersofthe1,227MFIssurveyedbyMIXExchangein2008was61%,withamuchlowerpercentage

foundinmorecommercialMFIs.15CGAPs2009MIVsurveyfoundtheaveragenumberofwomenclients

ofMFIsinfundportfolioswasalsoaround60%.16

Aswecelebratetheastonishinggrowthandfuturepotentialformicrofinanceaffordedby

commercialization,wemustbemindfuloftheindustrysinitialtargetclientspoorandlow

incomewomenentrepreneursandtheircentralroleinthemissiontoreducepoverty.


15/30


October1,2010


14

WomensWorldBanking17

Anotherreflectionofthistrendisthatmanyoftheover100internationalMIVsdonotprovidethe

numberofwomenborrowersamongsttheirportfoliosorexplicitlystatethattheyfocusonwomenin

theironlineliterature.WhilethereremainMFIsandsociallyorientedinvestmentproductswithahigh

percentage

of

female

borrowersfor

example,

85%

of

borrowers

in

OikoCredits

portfolio

are

womenitischallengingtofindimpactreportingthatgoesbeyondtargetingwomenborrowerstothekindsof

approachesandservicesrequiredforamorestrategicapproachtoaddressinggenderinequities.Thus,

givencurrenttrends,investorsmustbecautiousinmakingtheassumptionthatinvestinginmicrofinance

isalwaysandwillremainaninvestmentinwomen.

SelectMicrofinanceProducts:Anindepthmapoftheoverhundredmicrofinanceproductsandfundfamiliesisanexercisebeyondthe

scopeofPhaseIofWEI.HerewehaveintroducedaselectgroupofnotableMIVsbasedonreputation,

accessandavailabilityofinformationtorepresentthevarietyofproductsineachmajorassetclassand

thevaryinglevelsofgenderfocuswithinmicrofinance.Completefundlistscanbefoundonsitessuchas

theMicrofinance

Information

Exchange

or

the

Investor

Microfinance

Investor

Association.

1. InvestmentNote:OikoCreditFoundedinthe1970sbytheWorldCouncilofChurchesasawaytoethicallyinvestreligiousfunds,the

investmentcooperativeOikoCreditisoneoftheleadingprovidersofinvestmentnotesfocusedprimarily

oninternationalmicrofinance.TwentypercentofitsholdingsarealsoinSMEsandcooperativesin

agriculture,fairtrade,health,etc.InvestorscanpurchasenotesdirectlyfromOikoCreditorfrom

MicroPlace,selectingreturnsfrom02%overperiodsrangingfromonetofiveyearsandfromavariety

ofregions.OikoCreditpartnersareselectedforbothfinancialandsocialcriteriathatreflectits

antipoverty,communityorientedmissionandvalues,includingwomensempowerment,womenin

managementandgenderequity.18Itreports85%ofborrowersinitsportfoliosarewomen;noother

dataisprovidedbutitdoesincludemorequalitativereportingofclientsachievingthesesocialgoals.

2. LoanFund:ResponsAbilityGlobalMicrofinanceFundFoundedin2003,theResponsAbilityGlobalMicrofinanceFundinvestsprimarilyindebtsecuritiesof

globalMFIs.Thevolatilityexperiencedbythesectorin2009wassharedbythe$450millionfund,which

postedonly1.16%returns.However,itpostedreturnsof6.44%in2008andnearly4%onaveragesince

inception.ThefundtracksbroadsocialindicatorsofitsportfolioMFIs,suchasloansize,ruraland

womenborrowers.Thepercentageoffemaleborrowersinrecentyearshasbeenaround55%,butno

othergenderdataispubliclyavailable.19

3. PrivateEquityFund:BlueOrchardTheprivateequityfundispartofafamilyofproductsacrossassetclassesofferedbytheSwissbased

BlueOrchardmicrofinanceinvestmentcompany. Startedin2007,thefundhasraisednearly$200

millionin

capital

used

to

acquire

minority

stakes

in

MFIs.

It

is

part

of

agrowing

trend

to

use

equity

investmentsaswellasdebttoinjectcapitalintoMFIs. Thefundhasntcompleteditsinvestmentcycle,

butitpredictsreturnsaround1520%.Thereisnospecificgenderlenstotheequityfund,ortoallBlue

Orchardproducts.However,thenumberoffemaleborrowersoftheBlueOrchardportfoliohasbeen

around60%inrecentyears,closetoindustryaverages.20Moregenerally,BlueOrchardmonitorsthe

overallsocialorientationoftheMFIitinvestsinbyexaminingindicatorssuchaspercentageofrural

borrowers,loansize,adoptionofclientprotectionprinciples,localimpact,etc.


16/30


October1,2010


15

4. PeertoPeerMarketplace: KivaWhilenotstrictlyaninvestmentproduct,theKivamodelhasattractedconsiderableattentionasa

gatewayforindividualstoinvestinmicrofinance.Kivaisanonprofitthatenablesindividualinvestorsto

lenddirectlytodomesticandinternationalmicroentrepreneursviaitsonlinemarketplace.Advantages

oftheKivamodelincludelowminimuminvestmentsstartingat$25butthereturnsareequallylow:

principalonlynointerest.Indeed,KivaswebsiteremindsdonorsthatlendingonKivaisacharitable

activity,notaninvestment. Despitethisdrawback,in2008investorsgave$37milliontobelenttoentrepreneursthroughKiva.Lenderscanalsotargetwomenborrowers.OnMarch26,2010,forexample,

765outof1210oftotalpotentialloanslistedontheKivawerewomen,about60%.However,aslenders

areactuallygivingtoMFIsthelistedborrowerisactuallyforillustrativepurposestheexactimpacton

womenishardtomeasureunlessthewebsitematchesthechangingMFIclientbaseinrealtime.There

isnoothergenderlensappliedtomicrolending,butKivadoesapplyseveralsocialcriteriatoselecting

itspartnerMFIs,includinginterestrates,trackrecord,financialsustainability,portfoliosize,etc.

However,alongwithothermicrofinancefunds,Kivahasrecentlyfacedcriticismofthedepthofsocial

commitmentofsomeitsportfolioMFIs,partofagrowingconcernfacingtheentireindustry.21

CommunityDevelopmentTheprovisionofmicrocreditandotherfinancialservicestounderservedcommunities,particularlyin

lowincomeurbanandruralareas,remainsoneoflargestcomponentofthecommunitydevelopment

fieldintheUnitedStates.Communityinvestingincludesnumerousotherservicesfromsupplyingcapital

andservicestolocalbusinessesandnonprofitstosupportaffordablehousing,education,healthcareand

otherfacilities.Muchofthesupportforcommunitydevelopmenthashistoricallycomefrompublicand

philanthropicefforts,aswellaslegislativeactionthatrequiredinvestmentsfromthemainstream

bankingindustry.However,inrecentyearsprivateinvestmentshavebegunplayingalargerroleone

thatisexpectedtogrowgiventherecentcreditcrisis,shrinkingpublicbudgetsandreductionin

foundationsupport.Totalassetsincommunityinvestingincreasedfrom$4billionin1997to$25.8

billionin2007,morethanasixfoldriseinoveradecade.22Thecapitalisdistributedamongstover500

communitydevelopmentbanks,creditunions,loanfundsandventurecapitalfunds.

OnetrendwithinthecommunitydevelopmentfieldintheUnitedStates,includingdomesticmicro

lending,isthemovementawayfromtheperceptionofwomenasafinanciallymarginalizedcommunity.

However,communitydevelopmentintheU.S.stillimpactswomenthroughhousing,education,childcare

facilities,loans,jobtraining,etc.AccordingtotheCommunityInvestingCenter,womenconstitutehalf

ofclientsofcommunitydevelopmentinstitutions.23Whilereachingwomeninneedhasnotbeenthe

foundationofcommunitydevelopmentaswithglobalmicrofinance,theyremainanimportant

constituentbecauseofthedisproportionateimpactpovertyhasonwomenandfamiliesinmanyareas.

Anumberofinvestmentfundsholdorganizationsandprojectsintheirportfoliosthatmeettheneedsof

women.However,currentlytherearenoinvestmentfundsthattargettheircapitaltoexclusivelysupport

women.Andgiventhatveryfewevendetailhowmanywomenbenefitfromtheiractivities,itisdifficult

for

investors

to

target

their

capital

toward

those

that

do.

1. CashInvestments:Women'sSouthwestFederalCreditUnionCommunitybanksandcreditunionsheldover$15billioninassetsin2005thelargestsegmentofthe

communityinvestmentfield,yetcomprisingamere0.2%oftotalbankingassets.Andtheopportunity

forafocusedinvestmentinwomenthroughcommunitybankingissmallerstill:Thereisonlyone

womanfocusedcommunitycreditunionintheUnitedStates,theWomen'sSouthwestFederalCredit

Union(WSFCU).Foundedin1975,WSFCUwasoneofmanycreditunionsofferingwomenthe

opportunitytoobtaincreditorbankserviceswithoutthepermissionofamalerelativeatatimewhen


17/30


October1,2010


16

thiswasdifficult.Whilelegalrestrictionshaveeasedandthenumberofwomencreditunionsinthe

UnitedStatesnowstandsatone,WSFCUcontinuestoplayanimportantroleinattractingcapitalfrom

womenwhilealsotargetingloansandotherfinancialservicestowardthem,includingrepairingcredit

andimprovingfinancialliteracy.Yet,givenitssmallmembershipsize(under1,000),smallassetbase

(under$1million),limitedfinancialproductsandservices(checking,savingsandCDs)andgeographic

limitations,WSFCUisnotaviableoptionforinvestorsoutsideitsbaseofDallas,Texas.

2. CommunityDevelopmentLoanFund:ContactFundTheContactFundoffersinvestorstheopportunitytomakefixedincomeinvestmentsincommunity

developmentorganizationsworkingforunderservedcommunitiesinNewYorkCity.Itmadeover1.4

milliononshorttermloanssinceitsfoundationin2005toagroupthatincludesmicrolenders,

affordablehousingdevelopersandsocialenterprises.Thefunddoesnothavegenderlensorgender

specificdata,butamongthemixaremicrolendersthatservelowincomewomensuchasProject

EnterpriseandcommunitybasedorganizationssuchasWomensHousingandEconomicDevelopment

Organizationthatusedalineofcredittoprovideservicestowomentransitioningfromwelfare.24The

fundisopentofamilyfoundationsandaccreditedhighnetworthinvestorswithaminimuminvestment

of

$10,000.

It

offers

short

term

notes

at

below

market

rates;

the

average

interest

rate

as

of

March

31,

2010was4.13%,withitsmostrecentofferingof6 and12monthnotespaying2.5%.

TheContactFundisoneexamplefromthehundredsofcommunitydevelopmentbanksandfundswith

diversifiedportfoliosthatincludeprojectsandorganizationsthatimpactwomen.Withinthedomestic

portfoliooftheCalvertFoundationsCommunityInvestmentNotes,forexample,areGrameenAmerica,

whichpredominantlylendstowomenmicroentrepreneurs,orCentral CityConcern,whichusesa

genderlenswithinsupportivehousingandhealthservicestoholisticallyservewomenclients.25The

CommunityCapitalBankhasprovidedworkingcapitalfundstoWomenInNeed,anonprofit

organizationservinghomelessandunderprivilegedwomenandtheirchildren,1997.26Surfacingand

aggregatingsuchopportunitieswithagenderlensisapromisingavenuetosupportTheWomenEffect

throughinvestingincommunitydevelopment.Investorslookingforadditionalopportunitiescanuse

toolsfound

at

the

Community

Investing

Center

website

or

through

trade

groups

and

associations

such

astheOpportunityFinanceNetworkortheCoalitionforCommunityDevelopmentFinanceInstitutions.

TraditionalSRIFundswithaGenderLensThereareover260sociallyscreenedfundsintheUSwithtotalassetsover$200billion,butonlyonehas

anexplicitgenderfocus:PaxGlobalWomensEqualityFund.Thereareanumberofotherfundsthat

screenforcorporatediversity,laborstandardsandothercriteriathatalsoimpactwomenbutitis

difficulttoparsetheirscreeningmethodologytodeterminetheextentoftheirgenderfocus.

1. ScreenedMutualFund:PaxWorldGlobalWomensEqualityFundThePaxWorldGlobalWomensEqualityFund(GWEF)investsincompaniesthatpromotegender

equalityin

the

workplace.

Among

its

gender

criteria

are

representation

in

boards

and

management,

strongpoliciesandprogramstopromoteequalityandworklifebalanceandpositiveimagesofwomen

inmarketing.Inadditiontoinvesting,thefundengagesinshareholderandpublicpolicyadvocacyin

accordancewithitsgendercriteria.Foundedin1993byLindaPei,thefundwasacquiredin2007byPax

WorldManagement.Alargecapfund,GWEFinvestsatleast80%ofitsnetassetsinequitysecurities,

includingatleast40%outsidetheU.S.Investorscanjoinwithaminimuminvestmentsaslowas$250for

retailclassshares.Withnetassetsof$33.5million,GWEFhaspostedayeartodatereturnof5.25%and


18/30


October1,2010


17

anannualgainof0.22%overthepastfiveyears.ThefundratingagencyLipperplacedthefund

performanceinthe95thpercentileofitspeersforthesameperiods.

GrowthFinancingFundswithaGenderLensWhilemicrocreditprovidesverysmallloanstowomenentrepreneurswhovetraditionallylackedaccess

tocapital,

women

seeking

higher

levels

of

capitalization

for

launching

and

growing

businesses

also

face

similarbarriers.Eventhoughtheyarenottraditionallyconsideredsocialinvestments,effortstoclose

thecapitalgapforwomenowned/managedbusinessesareanimportantcomponentofagenderlensin

capitalmarkets,particularlyinmoredevelopedmarkets.Providingwomenequalaccesstocapitalis

bothaquestionofequityandanunderinvestedopportunity,buttherearefewopenfundsthatallow

investorstodirectlytakeadvantageofthis.

Insomecases,incubatorsandfundssuchasSpringworksandPhenomenelleincludewomenaspartofa

broaderefforttoincreasecapitalflowstowardunderrepresentedgroupsinbusiness.Otherventure

fundssuchasIlluminateVenturespredominantlysupportwomenowned/managedbusinesses,butdo

nothaveagenderexclusivelens.Thefundsemphasizethedemonstratedvalueofaddingdiversityto

dealflowsbutforcomplexreasonsdonotpositionthemselvesasgenderfocused.27Currently,nonprofit

networksandorganizationslinkinginvestorsandcapitalsuchasAstia,CountMeIn,Springboard

Enterprises,Women2.0andothersplayamoreprominentroleinhelpingwomenaccessgrowth

capital.

1. GoldenSeeds,AngelInvestingFundGoldenSeedsiswomanfriendlynetworkofaccreditedangelinvestorsthatprovidesearlystageand

growthcapitaltocompaniesfoundedand/orledbywomen.Itwasfoundedin2004onthepremisethat

companieswithwomeninmanagementandtheboardroomhavesuperiorperformance. Memberscan

directlyinvestcapitalintoscreenedcompanies,withthetypicalinvestmentminimumperdealbeing

$25,000,orviathemanagedGoldenSeedsFunds,whichcoinvestalongside members,atbetween$1

and$3millionperround,inconsumerproducts,software,internet,financialservicesandlifesciences

companies.Members

also

participate

in

screening

and

supporting

these

new

businesses

with

their

expertiseandexperience.Foundedin2004,thegroupnowhasover170angelsandlocationsinNew

York,Boston,Philadelphia,andSanFrancisco.

SUPPORTGROUPSANDNETWORKS

Thereareahandfulofscatteredinitiativestopromoteanddevelopagenderlenswithinsocialinvestmentsectors:

Paxhasdevelopedanadvisorycouncilofnationalleadersandexpertstosupporttheeffortsofitsfundtopromote

workplacegenderequity.AstiaandSpringboardaretwoexamplesofnonprofitorganizationscommitted

developingandraisinginvestmentcapitalforhighgrowthwomenownedstartupsandbusinesses.TheAssociation

ofWomen

Business

Centers

supports

its

member

organizations

efforts

to

also

provide

training,

technical

assistanceandfundingforwomenentrepreneurs,manyofwhomcomefromunderservedcommunities.Within

globalmicrofinancethereareanumberofformalandinformalgroupssuchasWomenAdvancingMicrofinance,

OxfamsWEMANinitiativeandtheGenderWorkingGroupoftheSocialPerformanceTaskforceaddressthe

industrysgenderaspect.Domestically,theAssociationforEnterpriseOpportunityswomensinitiativesupports

femalemicroentrepreneursthatcomprise65%ofclientsservedbyitsmemberorganizations.

Thereexistsnocomprehensiveefforttolinktheseandothereffortsintheprivate,publicandphilanthropicareas.


19/30


October1,2010


18

Gatheringknowledgefromthesegroupsandothercentersofgenderknowledgewillbeanessentialcomponentof

anyinitiativethatbridgesthesedisparatesectors.

CROSSSECTORPARTNERSHIPS

Socialinvestinghasbeenbuiltuponphilanthropic,privateandpublicsupport.Suchsupporthasbeennecessaryto

createthe

framework

around

the

emerging

industry

as

well

as

provide

catalytic

funding

for

high

impact,

low

return

investments.Legislativeaction,forexample,isthefoundationofthecleantechindustryandsupported

communitydevelopmentefforts.TheGlobalImpactInvestingNetworkfundedbytheRockefellerFoundationis

buildingaframeworkthatspanstheimpactinvestingsector.CorporatesupportfromNikeandGoldmanSachsis

alsobuildingimportantinitiativesthatinvestinwomenandgirls.

Throughmissioninvestingandprogramrelatedinvestments,foundationsarebecomingoneofthemostimportant

sourcesofcapitalforsocialinvestmentseventhoughonlyafractionoftheirresourceshavebeencommitted.

Manysocialinvestmentsarealsosubsidizedbyphilanthropicfundingthatiswillingtotradelowreturnsforhigh

impactandbuildingthefield.TheCalvertInvestmentNotereservecapital,forexample,isfundedthroughgrants

anddonations,enablingtheCalvertFoundationtooffercompetitivereturnsonitsproductstoinvestors.

Giventhemultiplefrontsbywhichsocialinvestingisbeingdeveloped,anysystemwideinitiativetoinvestin

womenwillrequireallianceswithphilanthropists,governmentagenciesandprivatemarketactors.

MappingInvestmentswithaGenderLensTheassetallocationframeworkfromRockefellerPhilanthropyAdvisorsprovidesausefultooltomapthe

currentfieldofsocialinvestmentproductswithagenderfocusacrosssocialsectorsandassetclasses

(Figure4).Itbecomesclearthatchoicesforinvestorsseekingtoapplyagenderlensarefarmore

limited.Investmentsareconcentratedwithinafewimpactsectorsandahandfulofothernotable

productsscatteredacrossapproachesandgenderlenses.Currentvehiclessharesomecommon

strategiesforsupportingwomenandgirlsthroughinvesting:promotinggenderequityintheworkplace;

providing

financing

for

women

owned

businesses,

from

microenterprises

to

growth

companies;

and

developingjobs,facilities,productsandservicesthatbenefitwomen.Italsorevealedvaryingandlimited

focusonattractingcapitalfromwomeninvestors.

However,giventhestateofthecurrentlandscapesuchamapalsopossesseslimitations.InSRIand

growthfinancingwecanidentifyindividualopportunitiesthatserveasabeaconforinvestinginwomen.

Inotherareassuchasmicrofinanceandcommunitydevelopment,wehaveonlyselectedexamplesof

investmentsthatillustratethetrendsfoundwithinthehundredsofinvestmentproductsinthesefields.

Furtherresearchisneededtoanalyzeandsurfaceinvestmentopportunitiesintheseandothersectors

baseduponadeeperunderstandingofinvestingwithagenderlens.Themapservestoillustratesome

currentareasofopportunitiesandsetthestageforafuturelineofinquirythatwillcomprehensivelymap

thespaceofinvestingwithagenderlens.

NOTE: Pleasevisitwww.criterionventures.com/womenaswecontinuetomapandspotlightadditional

investmentopportunitieswithagenderlens.


20/30


October1,2010


19


21/30


October1,2010


20

Figure4:AnIllustrativeLandscapeofInvestinginWomen(asofOctober01,2010)Pleasevisitwww.criterionventures.com/women forthemostcurrentmapofinvestmentswithagenderlens

RiskAdjustedAssetClasses

Cash/Cash

Alternative

DebtInstruments EquityInstruments

P2PLoans Notes FundsPublic

Equity

PrivateEquity

PrivateEquity/VentureCapitalAngel

Investin

Investment

Vehicle

Women's

Southwest

Federal

CreditUnion

Kiva.org OikoCredit*

ResponsAbility

Microfinance

Fund*

ContactFund*

Pax

Women's

World

Equality

BlueOrchard

PrivateEquity

Fund*

CDVCACenter

Fund*

Golden

Seeds

SocialSectorCommunity

DevelopmentMicrofinance Microfinance Microfinance

Community

DevelopmentSRI Microfinance

Community

Development

Growth

Financin

GenderLens

Women

borrowers/

depositors

Investorscan

selectwomen

borrowers(60%

listed)

85%women

borrowers

55%women

borrowers

Someenterprises

w/women

clients,nogender

data

Gender

equity

within

workplace

60%women

borrowers

Somewomen

business,no

genderdata

Women

led

busines

Investor

Profile

Women

focus

Women

focus

Retail/

InstitutionalRetail Retail Both

Both,mostly

institutionalInstitutional/HNW

Both,

mostly

retail

Both,mostly

institutionalInstitutional/HNW

HighNe

Worth

Regional

FocusDomestic

International/

SomeDomesticInternational International Domestic Domestic International Domestic Domest

Average

Ann.Returns01% PrincipalOnly 03% 17% 24% 0.54 1520%(est) 18%

25%

(est)

Returns Market Below Below Market Below Market Market Market Market

AssetSize >1M 37M 450M >1M 32M 148M 6M3M

(6yravg

*Note:Theseareselectexamplesinthemicrofinanceandcommunityinvestingfieldstoillustrateopportunitiesinthesector.


22/30


October1,2010


21

LEARNMORE:

Amongthemanyplacestolearnthecaseforinvestinginwomeninclude TheInternationalCenterforResearchonWomen,NationalCouncilforResearchonWomenandUNIFEM.

TheUnitedNationsWomensEmpowermentPrinciplesofferguidelinestocorporationsoncreatinggenderequality

(business.un.org).

Women

Matter

is

acomprehensive

report

on

benefits

of

gender

inclusive

policies

forcorporationsissuedbyMcKinsey&Company.

WomensWorldBanking,WomenAdvancingMicrofinance,WEMANaresomeofthegroupscriticallyexaminingtheroleofwomenwithinmicrofinance.Moregenerally,CGAPandMIXreportonthestateofthe

microfinanceinvestmentfield.

DomesticorganizationsfocusingonfinancingsmallwomenownedbusinessesincludeAssociationforEnterpriseOpportunityandAssociationforWomensBusinessCenters,whileorganizationssuchasAstia,

CountMeInandSpringboardpromotegrowthfinancing.


23/30


October1,2010


22

MeasuringPerformanceKeySectionFindingsContrarytocommonperceptions,thereturnsofsociallyresponsiblemutualfundsaregenerally

competitiveoverthelongterm.However,itsalsoimportanttonotethetremendousdivergencewithin

sectors,within

asset

classes,

and

of

course

between

best

and

worst

performing

funds

within

the

same

category.

Thediversityandfluxoftheevolvingimpactinvestinguniversemakesitdifficulttogeneralizereturns

thatrangefromreturnofprincipleonlytomarketbeatingreturnsinprivateequity. Investmentwitha

genderfocusmirrorthespectrumfoundintheoverallimpactinvestmentsector,withmanyofthe

currentopportunitiesassociatedwithlowriskandlowreturns.

Socialreturnsofinvestmentsvaryasdofinancialreturnsandmoremetricsandevaluativetoolsare

neededtoassessimpact,includingimpacttowomenandgirls.Impactinvestingholdsgreatpromiseof

creatingsolutionstowomensconcernsandobtainingthereturnspromisedbythewomeneffect.Yet,

thefieldneedsstrongerimpactevaluationstosupportitsclaims,particularlyifitisaskingforfinancial

subsidies.

MeasuringtheDoubleBottomLineNaturally,performancespeaksloudestformostinvestors.28However,theperformanceofsocial

investmentsrequiresaconsiderationoffinancialandsocialperformance,orwhatissometimescalled

theirblendedvalue,doubleortriplebottomlineconcerns.Accordingly,measuringtheperformanceof

socialinvestmentsbecomesacomplextask,anevolvingfieldthatisdoggedwithcontroversy,

segmentedanddivergentapproaches. Whilesomemodelshaveattemptedtoincorporaterisk,financial

returnsandsocialimpact,sucheffortshaveproventobeproblematicorcomplex,andtodatemost

analysiscalculatesthedoublebottomlinesseparately.29

TYPOLOGYOFINVESTORS

Individualinvestorsalsoprioritizefinancialandsocialreturnsdifferently.TheclassificationbytheMonitor

Instituteisusefulinunderstandingwhichreturnsinvestorsprioritizeandtargetingdifferentinvestorswitha

diversesetofinvestmentopportunitieswithagenderlens.

Impactfirstinvestorsseektooptimizesocialorenvironmentalreturnswithafinancialfloor.Thisgroupuses

social/environmentalgoodasaprimaryobjectiveandmayacceptalowerthanmarketrateofreturnin

investmentsthatmaybeperceivedashigherriskinordertohelpreachsocial/environmentalgoalsthatcannot

beachievedincombinationwithmarketratesoffinancialreturn.Financialfirstinvestorsseekinvestment

vehiclesthatoffermarketratereturnswhileyieldingaminimallevelofgood.Theycanprovidemuchneeded

capitalto

industries

but

such

capital

may

also

be

less

patient

and

create

market

volatility

as

seen

in

recent

microfinanceactivity.Anidealscenariowouldenableinvestorstomaximizebothtypesofreturns.

FinancialReturns:SRIFundsGiventheirmuchlongertrackrecordandsize,sociallyresponsiblemutualfundshavebornethegreatest

scrutinyoftheirfinancialperformance.Indeed,thepersistentbeliefthatsocialinvestingautomatically

translatestounderperformanceisoneofthebiggestbarrierstothefieldsacceptance.However,the


24/30


October1,2010


23

researchonthelinkbetweenfinancialperformanceandESGfactorshasshownfundsandbusinesses

alikearefinanciallycompetitiveoverthelongterm. Anoverviewof36academicandbrokerstudies

foundthat20showedapositiverelationshipbetweenESGfactorsandportfoliofinancialperformance,

11showedaneutralrelationshipandfiveshowedanegativerelationship.30SRIindiceshavealso

performedcompetitivelyagainsttheirnonSRIbenchmarksoverthelongterm.31However,takingESG

factorsintoaccountdoesntresultinuniformimpactacrosstheSRIfundindustryatanygiventime

period. TheperformancedataforPaxGWEFdemonstratessomeofthepatternsinSRIfundperformanceagainstbenchmarkedindices(Figure5).

Figure5:BenchmarkingPaxGlobalWomen'sEqualityFundPerformance

1yrAnnual

Aver%

3yrAnnual

Aver%

5yrAnnual

Aver%

10yr

AnnualAver

%

PaxWorldWomen'sEqualityFund IndividualInvestor 39.46 4.89 0.7 0.55

Russell3000Index(Benchmark) 52.44 3.99 2.39 0.07

Source:SocialInvestmentForum(March31st

,2010)

FinancialReturns:ImpactInvestmentsThediversityandfluxoftheevolvingimpactinvestinguniversemakesitdifficulttogeneralizereturns

acrosssocialsectorsandinvestmentclasses.Itisdifficulttocomparethefinancialreturnsoffairtrade

guaranteeswithloanstobuildlowincomehousingbynonprofitstoprivateequityinvestmentsinclean

energycompanies,forexample.32Asmarketplacebuildinginitiativesstandardizepolicyandpractice,it

maybecomeeasiertoanswerthesequestions.Intheinterim,examiningthereturnsfrommore

establishedsectorsinthefieldisinstructive.

In2008,aperiodofintensemarketturmoil,CGAPreportsthatcommercialmicrofinancefixedincome

funds

generated

5.8%

in

returns.

33

Community

loan

funds

have

averaged

rates

between

0

to

4%

in

recentyears.34 Withmuchoftheequityinvestmentsinthesesectorsinprivateequity,thereturnsare

hardertomeasureasmanyofthevehicleshavenotcompletedfullinvestmentcycles.Butmanyofthe

preliminaryresultsdemonstrateperformancecomparabletomarketreturnsorevenhigher.TheBlue

OrchardPrivateEquityFund,forexample,seekstomeettypicalindustryreturnsaround15to20%.The

morematurecommunitydevelopmentventurecapitalfundsindicatethattheyexpectreturnsinthe8

17%range.35AsseeninFigure4,theperformanceofselectimpactinvestmentproductswithagender

lensmirrorsthewiderangefoundwithintheindustry. However,reflectingthestateofthecommunity

investingandmicrofinancesectors,manyofthecurrentopportunitiesareassociatedwithlowriskand

lowreturns,beloworatmarketrate.

SocialReturns:SRIFundsWhilethereisconsiderabledebateoverthesocialimpactofSRIfunds,therehasbeenlessdiscussion

overmeasurestobolstereitherside.SRIfundshavefacedcriticismforholdingthesameuniverseof

investmentsastraditionalmutualfunds.Inoneanalysis,forexample,90%ofallFortune500companies

wereinSRIfunds.36Thestrengthofpositivescreeningisthatitrewardsspecificbeneficialcorporate

practices,butitcanbeaslipperyslopeifamoreholisticviewofthesumofacompanysactionsisnt

takenintoaccount.Inmostcases,thereisalsolittletransparencyinthemethodology,thescreening,

therankingcriteriaoranyotherdatathatwouldenableinvestorstomakeaninformeddecisiononthe


25/30


October1,2010


24

portfoliosofSRIfunds.However,shareholderadvocacyhasthepotentialtobeapowerfulmotivatorfor

moreresponsiblecorporatebehavior.Moreover,ifsocialinvestorscompletelydisengagewithimperfect

companies,weloseapowerfulvoiceofinfluencewithintheranksofowners.37Andperhapsthesimple

alignmentofvalueswithinvestmentscreatessufficientsocialvalueformanyinvestors.

WorksuchastheCalvertWomen'sPrinciples(CWP)initiallydevelopedin2004andrevisedin2008has

heightenedawareness

of

workplace

issues

affecting

women

and

called

attention

to

the

role

of

companiesinensuringwomensrights.38 TheCWPprovideacodeofcorporateconductfocused

exclusivelyonempowering,advancing,andinvestinginwomenworldwideandhasinfluencedmany

similarsubsequentprinciples.Giventhepowerofthecorporatesectorinimpactingthelivesofwomen,

effortstosupportinternalpoliciespromotinggenderequityaswellaspracticesthatpositivelyimpact

womenexternallyremaincritical.

SocialReturns:ImpactInvestmentsTheclaimofimpactinvestingofcreatingsocialchangethroughfinancialmarketshasbeensubjectto

closeexamination.Thisisderived,inpart,fromtheoriginsofpioneersectorsoutofeffortstosolve

pressingsocialissuessuchasglobalpovertyandrevitalizingmarginalizedcommunities.Morerecent

effortshaveequallyambitiousgoals,includingimmunizationeffortstoeradicatediseasesorbanksto

revolutionizenonprofitborrowing.Clearly,thereisatleastasmuchdivergenceinsocialimpactasthere

isinfinancialreturnswithinimpactinvestments,makingcrosssectorgeneralizationsdifficult.

However,thisisnotjustacrosssocialsectors,butwithinthemaswell.Themicrofinanceindustryoffers

aclearillustrationofthis.Itisundeniablethatthereislessprofitinservicingpoorerclientswithsmaller

loansorthosethataredispersedacrossremoteareas.Similarly,loanprogramsthatofferextensive

counselingandothersupportsservicessuchbusinesstrainingorhealthandeducationserviceswilloften

generatelowerprofitsthanthosethatsimplyprovideloans.Thisisnttosaytheseinstitutionswith

highercostscantbeprofitable,buttheymaywarrantafinancialsubsidyorphilanthropicsupportas

well.

Bypinpointingsocialinvestmentsinthemiddleofarangebetweenpurelyphilanthropicandfinancial

returnsasinFigure1,weconveytoosimpleanotionofsocialinvesting.Whilethereislikelysome

tradeoffbetweensocialandfinancialreturns,itisalsoquitelikelythatsocialinvestmentsinhabita

largerspacethanthelinearrelationshipimplies.39Financialfirstinvestorscanfocusuponproductswith

highfinancialreturnsandvaryingdegreesofsocialreturnswhileimpactfirstinvestorswillsearchfor

productswithhighsocialreturnsandvaryingdegreesoffinancialreturns.Theoptimalpointforevery

investorwouldbeproductsofferingbothhighfinancialandsocialreturns.Whileideal,thesupplyof

productsinthisendofthespectrumwilllikelybesmaller.

MARKETRATERETURNSORPHILANTHROPICSUBSIDIES?

Categorizingsocial

investments

by

whether

they

provide

market

rate

returns

or

perform

below

market

is

auseful

distinctionforfinancialfirstinvestorsunwillingtoacceptlowerfinancialreturnsorbalancingfiduciaryconcerns.40

Itisalsoapracticalexerciseforimpactfirstinvestorsexaminingwhichinvestmentsperformingbelowmarketrate

shouldreceiveaphilanthropicsubsidytosupporttheirsocialimpactrenderingevaluationofimpactand

supportingmetricscritical.Many,butcertainlynotall,investmentswithagenderfocusprovidebelowmarket

returns(Figure4).Manyalsoofferlowriskthusrequiringacarefulbalancebetweenassessingtheirfinancial

performance,socialimpactandrisklevelswhendeterminingtheirplaceinabalancedportfolio.


26/30


October1,2010


25

Withthetradeoffsofthissocialfinancialreturnrelationshipunclear,itbecomescriticaltomeasure

socialreturnstoaidinvestorsinlocatingwheretheirsocialinvestmentliesinthisframework.Our

companionreportonthecurrentstateofgenderimpactmetricswithinfundsandinvestmentindustry

standardsbeginsthenextcriticalphaseofanalysis.

LEARNMORE:

VisittheSocialInvestmentForumsiteforanalysisofcurrentmutualfundperformancedata.ReviewsofmorelongtermstudiesincludetheUnitedNations/MercerreportDemystifyingResponsibleInvestment

Performance:AreviewofkeyacademicandbrokerresearchonESGfactorsandLloydKurtzschapteron

sociallyresponsibleinvestmentsinTheOxfordHandbookofCorporateSocialResponsibility.

TheParthenonGroup&BridgesVenturesreportInvestingforImpact:CaseStudiesAcrossAssetClassespresentsthereturnsofdiverseimpactinvestmentsinmultiplesectors.

PailHawkensreviewofscreenedfundsbasedon2004data(www.naturalcapital.org )presentsacriticalexaminationoftheirsocialimpactwhileKurtzoffersadefense.


27/30


October1,2010


26

LookingAheadOurreviewofthecurrentlandscaperevealsboththetremendousgapsandtheopportunitiesto

empowerwomenandgirlsthroughinvesting.Aswelookahead,weseeseveralpromisinglinesofaction

thatcouldstrengthenthegenderlensinthesocialcapitalmarkets.Whiletheroadaheadwillnotbe

easy,

it

demands

a

creative,

field

building

approach

so

we

can

fully

leverage

the

power

of

the

social

capitalmarketstogeneratepowerfulresultsforwomen.

Supportadiversityofsocialinvestmentproductswithagenderfocusacrosssocialsectors.Weneedto

strengthen,supportandmakevisiblethegenderlensinmicrofinanceandcommunitydevelopment

vehiclesanddevelopnewfundsinadditionalsocialsectorsthatdisproportionatelyimpactwomenbut

currentlylackgenderfocusedproducts.

Addressinvestmentperformancebothfinancialandsocial.Alandscapeofinvestmentsofferinga

diversityofriskandreturnswouldbestmeettheneedsofinvestorsacrossthespectrum.Atthesame

time,wealsoneedtoimproveourcurrentassessmentsandreportingontheimpactofinvestmentson

womenandgirls.

Bringinnewsocialinvestors,particularlywomen,tobuilddemandforproductswithagenderlens.Newsourcesofcapitalwillbeneededtosupportthenewproducts.Womeninvestors,inparticular,are

avaluable,untappedresourceinsocialinvesting. However,allindividualandinstitutionalinvestors

shouldbecultivatedtocreateabroadbaseofsupport.

Removethebarriersinvestorsfaceinobtainingsocialinvestmentinformation.Gathering

andpromotingnewandexistinginvestmentopportunitiesthroughmappingandotheronlineandoffline

venueswouldincreasevisibilityandreducethehurdlesinvestorscurrentlyface.

Collaboratewithpartnersandsupporterstobuildabroadcoalitionforgenderfocusedinvestments.

Wemustbringtogetherinvestors,researchers,funds,philanthropistsandthefragmentedinitiativesat

theintersectionofwomenandinvestingtoredesignsocialcapitalmarketstobenefitwomenandgirls.


28/30


October1,2010


27

References

Notes/References1AdaptedfromTrelstad,B.(2009)TheNatureandTypeofSocialInvestors.Retrievedfrom

http://www.acumenfund.org 2http://www.blendedvalue.org

3SocialInvestmentForum(2007).SociallyResponsibleInvestingTrendsintheUnitedStates.Retrievedfrom

http://www.socialinvest.org/resources/pubs/4Robeco&Booze&Company(2009).ResponsibleInvesting:aParadigmShiftfromNichetoMainstream.Retrieved

fromhttp://www.robeco.com5http://www.globalimpactinvestingnetwork.org/

6TheMonitorInstitute(2009).InvestingforSocialandEnvironmentalImpact:ADesignforCatalyzingtheEmerging

Industry.Retrievedfromhttp://www.monitorinstitute.com/impactinvesting/7SocialInvestmentForum(2007)

8

Robeco&Booze

&

Company

(2009)

9RockefellerPhilanthropyAdvisors(2009).SolutionsforImpactInvestors:FromStrategyto

Implementation.Retrievedfromhttp://www.globalimpactinvestingnetwork.org10

TheMonitorInstitute(2009)11

Dominic,R.(2010).TheFutureofMicrofinance.InMartin,M.&Ernst,A.(Eds)Viewpoint2010:Whatisahead

forSocialInvestment?Retrievedfromhttp://www.globalimpactinvestingnetwork.org12

CGAP(2009).MIVSurvey2009.Retrievedfromhttp://www.cgap.org 13

Bankowska,E.,Pait,S.&Sinha,F.(2009)IntegratinggenderintoSocialPerformanceManagementandReporting

inMicrofinance.Workingdocument;WomensWorldBanking(2008)StemmingtheTideofMissionDrift:

MicrofinanceTransformationsandtheDoubleBottomLine.Retrievedfromwww.swwb.org14

WomensWorldBanking(2008)15

http://www.mixmarket.org/mfi/benchmarks 16

CGAP(2009)17

WomensWorldBanking(2008)18

http://www.oikocredit.org/socialperformance/en/home19

http://www.responsability.com/domains/responsability_ch/data/secure_pdf/SPR_2009_rAGMF_EN.pdf20

ConversationwithSarahLeshner,BlueOrchard21

http://www.nytimes.com/2010/04/14/world/14microfinance.html?scp=8&sq=kiva&st=cse 22

SocialInvestmentForum(2007)23

http://www.communityinvest.org/impact/minorities.cfm24

ConversationwithM.Reed,TheContactFund25

ConversationwithJ.Pryce,TheCalvertFoundation26

Seehttp://cdfi.org/uploads/other/WIN.pdf27

ConversationswithJorgeCalderon,Springworks,andCindyPadnos,IlluminateVentures28

UnitedNationsEnvironmentProgrammeFinanceInitiative&Mercer(2007)DemystifyingResponsibleInvestment

Performance:A

review

of

keyacademic

and

broker

researchon

ESG

factors.

Retrieved

from

http://www.unepfi.org

29AmongtheexamplesisDunn,B.(2006).ModernPortfolioTheorywithaTwist:TheNewEfficient

Frontier.Retrievedfromhttp://americansforcommunitydevelopment.org/30

UNEPF&Mercer(2007)31

SocialInvestmentForum(2007)32

DetailedexamplescanbefoundatParthenonGroup&BridgesVentures(2010)InvestingforImpact:CaseStudies

AcrossAssetClasses.Retrievedfromhttp://www.parthenon.com33

CGAP(2009)34

http://www.communityinvest.org/financial/perf.cfm


29/30


October1,2010


28

35ibid

36Hawken,P.(2004).CorporateSocialResponsibility:HowtheSRIindustryhasfailedtorespondtopeoplewith

conscienceandhowtodosomethingaboutit.Retrievedfromhttp://www.naturalcapital.org37

Kurtz,L.(2008).SociallyResponsibleInvestmentandShareholderActivisminTheOxfordHandbookofCorporate

SocialResponsibility.Oxford:OxfordUniversityPress38

See

http://www.calvert.com/womensprinciples.html

39TheMonitorInstitute(2009)

40F.B.Heron(2003)NewFrontiersInMissionRelatedInvestingRetrievedfromhttp://www.fbheron.org

SelectInterviewsAllison,Charles Leshner,Sarah

Almeida,AnnMarie McGee,Dawn

Anderson,Joy Padnos,Cindy

Bingham,Benjamin Pryce,Jennifer

Calderon,Jorge Rastello,Blaise

Evans,Connie Reed,Mark

KuhnFraioli,Lisa Wilson,Rob


30/30

WomenEffectsInvestmentsWomenEffectsInvestmentsisshapingthesocialcapitalmarketstogeneratepowerfulreturnsfor

womenandgirlsby

Creatingandempoweringacommunityofwomeninvestorstoplacetheirassetsinadiversegroupofvehiclesandexpandtheseatatthetableforwomeninsocialinvesting

Supportingtheeffortsoffinancialintermediariestostrengthenandcreatenewinvestmentopportunitieswithagenderlensthatgeneratebothsocialandfinancialreturns

Developingthevisibility,linkagesandinfrastructurenecessarytobuildthefieldofsocialinvestingwithagender

lens

by

bringing

together

the

worlds

of

social

investing,

womens

capital

and

gender

knowledge

IfyouareinterestedinprovidingphilanthropicsupporttoWEIorcollaboratinginoureffortstobuildthe

field,contactJackieVanderBrugatvanderbrug@criterionventures.com.LearnmoreaboutWomen

EffectInvestmentsatwww.criterionventures.com/women

Date post:	06-Apr-2018
Category:	Documents
Upload:	criterioninstitute
View:	218 times
Download:	0 times

Landscape - Women Effect Investments Initiative

Documents