Table of Contents

Preface ix

Acknowledgments xxi

Part One The Terrain of Impact Investing 1

1 A Mighty Wave 3

2 Impact Investing in International Development 19

3 Microfinance: Still the Best Brand in Development? 39

4 Impact Investing in Social Enterprises: Flourishing in the ‘‘Confusing Mess’’ 61

5 Where Is Impact Investing Headed? 85

Part Two The Implications of Impact Investing 109

6 How Will We Regulate Impact Investing? 111

7 How Will We Cultivate Transformational Leadership? 141

8 How Will We Measure Blended Value? 163

9 How Will We Unlock Philanthropic Capital? Total Foundation Asset Management 187

10 How Will We Move the Money? 217

11 How Will We See the Forest and the Trees? Creating the New Ecosystem of Impact Investing for Blended Value 251

Notes 263

Further Reading 269

The Authors 283

Disclosure 285

Index 287

Preface ix Acknowledgments xxi Part One THE TERRAIN OF IMPACT INVESTING 1 1 A MightyWave 3 2 Impact Investing in International Development 19 3 Microfinance: Still the Best Brand in Development? 39 4 Impact Investing in Social Enterprises: Flourishing in the "Confusing Mess" 61 5 Where Is Impact Investing Headed? 85 Part Two THE IMPLICATIONS OF IMPACT INVESTING 109 6 How Will We Regulate Impact Investing? 111 7 How Will We Cultivate Transformational Leadership? 141 8 How Will We Measure Blended Value? 163 9 How Will We Unlock Philanthropic Capital? Total Foundation Asset Management 187 10 How Will We Move the Money? 217 11 How Will We See the Forest and the Trees? Creating the New Ecosystem of Impact Investing for Blended Value 251 Notes 263 Further Reading 269 The Authors 283 Disclosure 285 Index 287

About the Author

Antony Bugg-Levine (New York, NY) has been named the CEO of Nonprofit Finance Fund, a position he will take up in October 2011. Most recently a Managing Director at the Rockefeller Foundation, he designed and led the Rockefeller Foundation's Impact Investing initiative. He convened the 2007 meeting that coined the phrase "impact investing" and is the Board chair of the Global Impact Investing Network. A former consultant with McKinsey & Co., he also teaches at Columbia Business School. A native of South Africa, he served in the late 1990s as the acting communications director at the South African Human Rights Commission. Jed Emerson , originator of the term blended value, is executive vice president of ImpactAssets, a senior fellow with Heidelberg University's Center on Social Investing, and a senior advisor to the Sterling Group (Hong Kong). He was founding director of REDF, a founding board member of Pacific Community Ventures, and founding director of Larkin Street Services.