CATHY CLARK is director of the CASE Initiative on Impact Investing (CASE i3) and a professor at Duke University’s Fuqua School of Business. She also co-leads the Social Entrepreneurship Accelerator at Duke, part of USAID’s Higher Education Solutions Network. She is a leading authority on for-profit social entrepreneurship, impact investing, and impact assessment.

JED EMERSON is senior advisor to three family offices, each of which is executing 100% impact/sustainable investment wealth management strategies. He is also chief strategist of ImpactAssets and a senior fellow with the Centre for Social Investment at Heidelberg University.

BEN THORNLEY is the founder and managing director of ICAP Partners and a strategic advisor to REDF and Pacific Community Ventures (PCV). He created the Impact Investing Policy Collaborative at PCV, with partners from Harvard University, and consults with CalPERS and other leading financial institutions on the social and economic impacts of over $25 billion of targeted investments.

Tables and Figures ix

Foreword by Sir Ronald Cohen xi

Preface xix

Introduction 1

Part One Key Practices and Drivers Underlying Impact Investing 17

1 Inside Collaborative Capitalism 19

The Roots of Collaborative Capitalism 20

The Collaborative Capitalism Pyramid 34

Three Core Elements of Collaborative Capitalism 39

Putting It All Together: Collaborative Capitalism in Action 44

Looking Ahead 56

2 Raising the Curtain on Impact Investing 58

Sizing the Market 62

Key Actors and Activities 66

The Fund Perspective 73

The Twelve Funds 81

Performance Numbers 93

The Impact Investing Fund Landscape 98

Part Two Four Key Elements of Successful Impact Investing 109

3 Impact DNA 111

A Means to an End 114

The Need for Clarity 117

The Impact Value Chain and Theories of Change 118

Getting Everyone Aligned 127

From First to Last: Measurement and Reporting 129

Bringing It Together: Sequencing the DNA of Impact Investors 138

Mission First and Last Approaches 141

The Mission First and Last Tool Kit 149

4 Symbiosis as Strategy 155

The Practice of Policy Symbiosis 156

Public Sector Innovation in Alignment with the Private Sector 158

The Public Case for Impact Investing 159

The Policy Symbiosis Tool Kit 181

The Five London Principles 191

5 The New Deal 196

The Terrain for the New Deal 196

Myths of Catalytic Capital 200

Four Purposes of Catalytic Capital 203

The Catalytic Capital Tool Kit 222

6 Multilingual Leadership 229

New Skillsets for New Leaders 230

Multilingual Leadership in the Research 232

Multilingual Leadership as Cross-Disciplinary and Collaborative 235

Defining Multilingual Leadership for Impact Investing 239

The Multilingual Leader: From Individual to Team to Firm 243

Building a Multilingual Team: Acquiring Multilingual Capacity 247

The Multilingual Leadership Tool Kit 249

Beyond Impact Investing 254

Part Three Looking Ahead: Trends and Challenges 257

7 The Writing on the Wall 259

8 Concluding Reflections 285

Ongoing Challenges for the Field’s Development 287

Using the Right Tool for the Right Problem 291

The Road Ahead 291

Impact Investor Resource Guide 293

Notes 308

Acknowledgments 324

About the Authors 332

Index 335

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