Members

Accion International is a private, nonprofit organization with the mission of giving people the financial tools they need - microenterprise loans, business training, and other financial services - to help work their way out of poverty. Accion was founded in 1961 and issued its first microloan in 1973 in Brazil. Over time, Accion has helped build 62 microfinance institutions (MFIs) reaching millions of clients in 31 countries on four continents. In the United States, the U.S. Accion Network is the largest microfinance lending network in the country and has served tens of thousands of clients with over $275 million in loans since the inception of its pilot program in 1991. In the area of investing, Accion provides early-stage equity, quasi-equity financing, and loan guarantees to help MFIs become independent of donor funds, build their capital base, attract deposits and attain financial leverage to expand their reach.

Accion began investing in 1984 with the launch of the Accion Bridge Fund, which guarantees local currency borrowings and the issuance of fixed-income instruments that link MFIs to commercial banks and capital markets. In the ensuing decades, Accion has launched, sponsored, and/or managed three equity vehicles: Accion Gateway LLC fund, the Frontier Investments Group, and Accion Investments. The Accion Gateway Fund enables Accion to invest in emerging market microfinance partners and currently holds shares in MFIs throughout Latin America, the Caribbean, and Asia. Through Frontier Investments, Accion invests in the financial technology sector and disruptive business models that create impact by powerfully enhancing the way that financial services are delivered to the poor. Accion Investments is a third party fund that invests in MFIs worldwide, and is managed by Accion Investment Management Company, LLC (AIMCO). Accion's Bridge Funds, Gateway, and Frontier Investment funds combined represent $240 million under management. Accion Investments has $86 million under management.

Acumen Fund exists to help end poverty by changing how the world addresses it. Acumen's approach is two-fold: First, Acumen invests patient capital to identify, strengthen and scale business models that effectively serve the poor. Second, Acumen champions and raises awareness of this investing approach as an effective complement to traditional aid, which can create dependence, or traditional market approaches, which can bypass the needs of the poor. Acumen raises philanthropic capital and invests in enterprises that provide critical goods and services - health, housing, water, energy and agricultural inputs - at affordable prices to low-income customers in India, Pakistan, and East Africa. Any financial returns from these investments are recycled into new investments. Headquartered in New York City, Acumen also has offices in Kenya, Pakistan, and India.

Acumen was incorporated on April 1, 2001, with seed capital from the Rockefeller Foundation, Cisco Systems Foundation and three individual philanthropists. Since 2001, Acumen has invested $46 million in early-stage debt and equity in agriculture, energy, health, housing, and water businesses in India, Pakistan, Kenya, and Tanzania. Individual investments range from $300,000 to $2 million. In November 2009, Acumen Fund closed Acumen Capital Markets, a $16 million fund for investors looking to maximize social returns with the opportunity to recover their capital.

Established in 1948 and based in Baltimore, Maryland, the Annie E. Casey Foundation is a private philanthropic foundation dedicated to building better futures for disadvantaged children in the United States. In pursuit of this goal, the Foundation provides grants and investment capital to support innovative, cost-effective responses to children and families' needs. The Foundation's grants support work at the state, city, and local levels.

"Social investing" is part of the Casey Foundation's broader strategy to improve outcomes for vulnerable children and families. In 2002, the Foundation established a formal Social Investments program, and increased the allocation of the endowment dedicated to social investments to $100 million in 2004 and to $125 million in 2010. Today, the Foundation manages a range of social investments, including Program-Related and Mission-Related Investments that focus on family economic success and community change. Additionally, the Casey Foundation makes mission-driven deposits strategically in federally insured depository institutions to support its programmatic priorities.

Armonia LLC is the US investment office of the Lunt family of Belgium, which was a leading family in the sugar industry for generations. Led by Larry Lunt, Armonia is diversifying the family assets by exclusively expanding the portfolio to include impact investments.

Armonia's portfolio is concentrated in triple-bottom-line investments in social enterprises, sustainable land management, green real estate, the carbon market, and investments that serve the base of the economic pyramid. Armonia is currently most focused on 2 investment areas: wellness and grassland management. Armonia has also invested in Expansion Capital, RSF Finance, Root Capital, SJF Ventures, and Bamboo Finance's Oasis Fund.

Founded in 1993, Athena Capital Advisors is a multi-family office and investment manager that provides investment advisory and management services to private clients, institutions, and endowments. As a service to its private clients, Athena has developed particular expertise in managing wealth for partners of private equity firms, real estate firms, and hedge funds. Athena's institutional clients include institutional investors and family offices, foundations, endowments, and closely held corporations. In all cases, Athena Capital may serve as both chief investment officer and investment staff. With average client wealth at approximately $200 million, Athena was ranked first by Family Wealth Alliance in 2007 in a ranking by average assets under management per client.

Athena builds integrated multi-manager impact investment portfolios for institutional and ultra-high net worth clients. Capital is placed across all asset classes in solutions that are customized to clients' impact goals and risk/return preferences.

The Bill & Melinda Gates Foundation works to help all people lead healthy, productive lives. In developing countries, it focuses on improving people's health and giving them the chance to lift themselves out of hunger and extreme poverty. In the United States, it seeks to ensure that all people - especially those with the fewest resources - have access to the opportunities they need to succeed in school and life. Based in Seattle, Washington, the foundation is led by CEO Jeff Raikes and Co-chair William H. Gates Sr., under the direction of Bill and Melinda Gates and Warren Buffett. The foundation made $2.8 billion in grants in 2008.

In September 2009, the Foundation allocated $400 million to Program-Related Investments (PRI) in the form of guarantees, debt, and equity investments. Through this initiative, the foundation structures its investments as contingent liabilities against its balance sheet; revenues generated from debt and equity investments are allocated back to the $400 million fund. Early PRI investments made from this pool of capital include a $30 million credit support agreement to help secure $300 million in tax-exempt bond issuance to enable public charter school expansion in Houston and a $10 million loan to Root Capital to scale its operations in sub-Saharan Africa.

Calvert Foundation manages more than $325 million raised from thousands of retail and institutional investors who want to lift people out of poverty while earning a financial return on their investment. Investors do this through either the Community Investment Note, which starts at $20 and is available in various terms and rates up to 3%, or through Community Investment Partners, Inc., Calvert Foundation's wholly-owned subsidiary and Registered Investment Advisor, which provides impact investors with a range of asset management services. At the maturity of the Community Investment Note, investors get their money back with interest. While invested, their dollars are used to revitalize poor communities in all 50 United States and over 100 countries.

When an individual or organization invests in a Community Investment Note, the investment is pooled and placed in a professionally-managed portfolio of affordable loans to more than 230 leading nonprofit organizations and social enterprises working to alleviate poverty, create jobs, and help to protect the environment. Calvert Foundation's on balance sheet loan portfolio is approximately $195 million, with loans extended across multiple sectors, including microfinance, agriculture, and affordable housing. Since Community Investment Notes are consistent with guidelines for Program-Related Investing, many private foundations have purchased them to support their own programs.

Capricorn Investment Group is a private, independent investment firm designed for clients who desire a global portfolio driven by consistent returns and underpinned by a principled philosophy. Established more than seven years ago, Capricorn currently manages approximately $3.5 billion in total capital across a highly diversified, global blend of investment funds and opportunistic direct investment strategies. Capricorn's vision is to provide consistently strong investment performance and disciplined risk management, true independence, and a principled investment approach. On behalf of its clients, Capricorn has developed strategy, process, and relationships to generate equity-like returns through a diversified global portfolio of leading funds and proprietary direct investments with mitigated permanent capital loss risk at the portfolio level.

Capricorn believes that achieving strong investment returns does not preclude a principled investment approach. Principled, to Capricorn, means seeking uncompromising quality, ethical, fair, long-term oriented investments which are not directly or intentionally harmful to our world or people. Capricorn has invested in the development of green field agriculture in Africa, both working with large farms and engaging smallholder farmers in preparation of land and education about sustainable farming techniques. In the long-run, Capricorn believes that being mindful of sustainability elements in an investment program can improve the return opportunity and risk management.

Profile coming soon

Citigroup is a global financial services company that does business in more than 140 countries and has approximately 200 million customer accounts. The New York based Citi Foundation is committed to individual and family economic empowerment, and targets its strategic giving across four priority focus areas: microfinance and microenterprise, small and growing businesses, education, and financial education and asset building.

Having supported the microfinance sector philanthropically for more than 20 years, Citi recognized that, as the microfinance sector matured and grew, leading microfinance institutions (MFIs) would benefit as clients and partners of banking service providers. At the same time, MFIs also began to seek this type of support. In 2005, Citi institutionalized this business by creating Citi Microfinance, which leverages Citi's businesses to serve more than 100 MFIs, networks, and investors in more than 40 countries as clients. Citi Microfinance offers a diversified set of financial services to the sector, including direct and structured financing; local currency financing, leasing, foreign exchange and interest rate hedging; cash management solutions; and, product distribution partnerships with MFIs for micro savings, remittances and life insurance products.

Community Capital Management, Inc. (CCM) is a registered investment adviser and manages fixed income impact investing portfolios. The firm was founded in 1998 on the belief that portfolios of government-related securities could produce competitive returns while promoting community development. CCM's primary goal is to offer investment vehicles that produce above-average, risk-adjusted returns while benefitting the community and the environment.

CCM offers investors two impact investment products - the CRA Qualified Investment Fund and separately managed accounts. Launched in 1999, the CRA Qualified Investment Fund is a high credit quality, fixed-income mutual fund initially created to help banks gain positive consideration on the investment test portion of their Community Reinvestment Act (CRA) exams. The CRA was enacted by the U.S. Congress in 1977 to ensure that regulated financial institutions do not discriminate in their provision of lending, investing, or other services to low- and moderate-income or minority communities. Today, the Fund also offers two other share classes - one for non-bank institutional investors and one for individual investors. CCM offers separately managed accounts for institutional investors that include pension funds, foundations, religious organizations, and insurance companies. These institutional investors have the opportunity for their investments to support specific community development initiatives or geographies.

Deutsche Bank AG is an international commercial and investment bank with headquarters in Frankfurt, Germany. The bank operates in 76 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets.

Deutsche Bank's impact investing activities are concentrated in community development and microfinance, and are carried out by the bank's New York City-based Community Development Finance Group. In the US, Deutsche Bank has invested more than $1 billion in community development, which includes affordable housing, green real estate, new business development, and support services. Internationally, Deutsche Bank has provided loans, sub-debt, guarantees, and other financial products to microcredit institutions since 1997 and currently manages five microfinance funds totaling approximately $200 million. In addition, Deutsche Bank has a community development loan and investment portfolio of $400 million. Separately, the Deutsche Bank Americas Foundation has an $8.8 million Program-Related Investment portfolio which supports social enterprises in education, housing, the environment, and community development throughout the world.

DOEN Foundation is the fund of the Dutch charity lotteries. The Dutch Postcode Lottery (Nationale Postcode Loterij) established the foundation in 1991 to support small initiatives. DOEN has also been receiving contributions from the Sponsor Bingo Lottery (Sponsor Bingo Loterij) since 1998 and the BankGiro Lottery (BankGiro Loterij) since 2004. DOEN supports innovative social, cultural, and sustainable initiatives through grants, guarantees, and debt and equity investments. Specific focus is placed on pioneers that a) promote positive effects on climate change; b) cultivate an open society based on solidarity; and c) promote the new economy. In addition to these themes, the foundation has a biennial DOEN focus which, for 2010-11, is green transport.

The impact investing activities of DOEN Foundation total approximately US$180 million and are concentrated in the areas of micro, small and medium enterprise (SME) financing, fair trade, renewable energy and social ventures. Portions of DOEN's impact investments are carried out through its own investment fund, DOEN Participaties BV. Investees in this fund include Tendris Holding, two green venture capital funds within Start Green, and Gray Ghost DOEN Social Ventures Cooperatief, a social venture fund that invests in transformative, scalable, and impactful socially conscious business opportunities. Since 1994, DOEN Foundation has funded the Triodos-Doen Foundation, a US$90 million microfinance equity and debt fund established jointly with the Dutch Triodos Bank. DOEN is also an investor in ProCredit Group, a group of 21 microfinance banks; Progreso Fund, an agricultural trade finance facility; and several SME investment funds such as Agora Ventures in Nicaragua and Business Partners International in Madagascar.

Enterprise Community Partners is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For 30 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations, and others that share its vision to create vibrant communities. Enterprise has raised and invested more than USD 11 billion in equity, grants and loans to help build or preserve nearly 300,000 affordable rental and for-sale homes. Enterprise leads research and undertakes policy advocacy work in U.S. community development, and through two subsidiaries, Enterprise Community Investment and Enterprise Community Loan Fund, it manages USD 7.94 billion in investments in affordable housing, green retrofits, and community facilities across the U.S.

Enterprise Community Partners' two subsidiaries lead its impact investing activities. The first, Enterprise Community Investment (ECI), is a for-profit financial intermediary that structures investments for institutional investors to finance affordable housing, community facilities and commercial development in economically distressed communities. Additionally, ECI provides long-term multifamily mortgage financing, and is a leading syndicator of Low Income Housing Tax Credit equity and a top recipient of New Markets Tax Credits. Annually, Enterprise Community Investment finances and develops nearly USD 1 billion in high-quality affordable housing and related community facilities. Enterprise Community Loan Fund (ECLF), the second subsidiary, is a U.S. Treasury Department-certified Community Development Financial Institution (CDFI) that offers predevelopment and acquisition loans, green retrofit financing, and construction or bridge loans to developers and nonprofit organizations. In September 2011, ECLF launched the Enterprise Community Impact Note, a fixed income product with a minimum investment of USD 5,000 to help finance affordable housing and community development projects. In partnership with other financing organizations, ECLF manages several local funds, including regional Transit-Oriented Development Funds and the New York Acquisition Fund.

Equilibrium Capital Group is an investment management firm that is building a portfolio of asset managers, each charged with executing a unique investment strategy in one of the firm's key sectors: sustainable real estate, land based resource management, agriculture, energy efficiency, and water. Each of these asset managers have built innovative operating companies that Equilibrium enables to become institutional grade asset managers through scaling services such as management team building, strategy development, and capital raising. These managers offer superior financial returns due to their unique operating expertise, while creating positive social/environmental impact at scale.

Equilibrium also convenes forward-thinking investors with aligned objectives to share the firm's analysis of how sustainability is transforming various sectors, and the investment strategies that capitalize on this transformation. The Equilibrium team offers extensive experience as investors, asset managers and company builders, along with demonstrated leadership as impact investors and drivers of sustainability in public policy as well as public private partnerships.

FMO is the development bank of the Netherlands whose vision is that a thriving private sector will help create long-term, sustainable development impact. Created in 1970, FMO invests in entrepreneurs in developing countries through a combination of debt, equity, and mezzanine finance. Capitalized by the Dutch government and Dutch businesses, FMO manages a EUR 5.3 billion portfolio invested across 80 countries. FMO is rated triple-A by Standard & Poor's.

FMO's focus is to be "additional" to the market and catalyze financing from commercial investors. To do so, they offer capital at tenors longer than most investors provide in higher-risk emerging markets. In addition, they provide local currency finance using The Currency Exchange Fund (TCX). The bank invests in private equity funds and makes direct investments alongside investment funds, focusing on Finance, Energy, Housing, and Agribusiness, Food and Water Through co-investments with partners, FMO is also active in sectors such as infrastructure and telecommunications. FMO also deploys capital through government funds: the Emerging Markets Fund (FOM), which uses medium- and long-term facilities to encourage Dutch companies to invest in emerging markets; the Access to Energy Fund (AEF), which creates sustainable access to energy services; Massif, a fund which increases financial resources to intermediaries such as funds and local banks to develop financial services for MSMEs; and the Infrastructure Development Fund (IDF).

The Ford Foundation is an independent, nonprofit grant-making organization. For more than half a century it has worked with courageous people on the frontlines of social change worldwide, guided by its mission to strengthen democratic values, reduce poverty and injustice, promote international cooperation, and advance human achievement. With headquarters in New York, the Foundation has offices in Latin America, Africa, the Middle East, and Asia.

The Ford Foundation began making program-related investments (PRIs) in 1968, and has invested more than $550 million in PRIs since then. Today, the Ford Foundation's PRIs complement grant-making across its program initiatives and advance its mission. The Foundation currently manages a $280 million PRI allocation which is invested in the form of equity investments and long-term loans, primarily through intermediaries. While the PRI Fund is available to support all of the Foundation's program initiatives, the current pipeline is concentrated in investments supporting livelihood development, affordable housing, provision of financial services, and arts space development.

The Gatsby Charitable Trust, endowed by David Sainsbury, has more than 40 years of grant-making history. Gatsby's grant-making in the UK supports research on plant science and neuroscience, science and engineering education, government effectiveness, and mental health and the arts. Additionally, Gatsby has a significant program supporting African economic development.

Gatsby has funded programs in Africa since the mid-1980s with the aim of stimulating economic growth. The Foundation has a strong heritage of disseminating agricultural research to smallholder farmers and providing assistance to small and medium enterprises (SMEs). In 2004 Gatsby created African Agricultural Capital, a venture capital fund that invests in agriculture-related SMEs in East Africa, with a goal of unlocking opportunities in agricultural value chains. More recently, the focus of Gatsby's grantmaking has shifted to include support for large-scale programs aimed at developing sub-sectors of an economy, and there are now programs supporting the cotton, textile, and tea sectors in Tanzania. Gatsby also uses Program-Related Investment as a complementary instrument to strengthen its initiatives, with early allocations going to AAC and to microfinance institutions across East Africa.

Generation Investment Management, co-founded in 2004 by Al Gore and David Blood, is an independent, private, owner-managed partnership with offices in London, New York, and Sydney. Generation's investment approach is based on the idea that sustainability factors - economic, environmental, social, and governance criteria - will drive a company's financial returns over the long term. Sustainability factors are examined and integrated into a traditional investment research process. Some key factors examined are: climate change, pandemics, poverty and real needs, water, human capital, lobbying, corporate governance, stakeholder engagement, bribery and corruption, and demographics.

Generation's Global Equity portfolio strategy is focused on concentrated, long-term, global public equities. Additionally, Generation's Climate Solutions Fund invests growth capital to help scale both private and public companies focused exclusively on solving the climate crisis.

Gray Ghost Ventures (GGV) is an impact investment firm dedicated to providing market-based capital solutions to entrepreneurs who are addressing the needs of low-income communities in emerging markets. Founded by Bob Pattillo, the Atlanta-based GGV has served as creator, sole funder, investor, general partner, and limited partner in operating companies and investment funds around the world. GGV's focus areas include microfinance, social venture investment, and affordable private schools.

With the establishment of the Gray Ghost Microfinance Fund in 2003, GGV became one of the earliest private investors in microfinance. Today GGV's $69 million microfinance portfolio helps create and finance locally-managed regional microfinance funds through a combination of debt and equity. In 2009, GGV along with the DOEN Foundation (DOEN) formed the Gray Ghost DOEN Social Ventures Cooperatief, a leading impact investment fund focused on early- and seed-stage enterprises in the developing world, that use innovative applications of proven technology to address the needs of underserved populations. Most recently, GGV initiated efforts to provide financing to affordable private schools in emerging markets. The Indian School Finance Company (ISFC), based in Hyderabad, is a centerpiece of this activity. GGV also manages the $10 million mission-related venture capital investment portfolio of the Gray Matters Capital Foundation.

IGNIA is an impact investing venture capital firm based in Monterrey, Mexico that supports the start-up and expansion of high-growth social enterprises serving the base of the socio-economic pyramid in Latin America. IGNIA empowers entrepreneurship and generates social impact with investments in health services, basic utilities, and education, while targeting market-rate financial returns for its investors.

IGNIA has raised $77 million of equity funding in addition to $25 million raised for a credit facility from the Inter-American Development Bank. Typically ranging from $2 million to $10 million per portfolio company, IGNIA's investments take the form of common stock and are usually disbursed in stages. To increase the possibility of its entrepreneurs' success, the fund has created IGNIA Shared Services, an in-house company designed to streamline the finance and administrative platforms required for portfolio companies.

Impact Community Capital LLC is a for-profit corporation founded by leading insurers in 1998 to promote socially responsible investments in underserved communities across the United States, with a focus in California. Impact Community Capital structures, manages, and administers impact investments for its founding owners, which currently include eleven major insurance companies as well as foundations and other institutional investors. To date, Impact Community Capital has committed over USD 1.6 billion to finance affordable housing and community facilities that benefit low-to-moderate income individuals, families, and communities that meet insurer requirements for the prudent management of policyholder funds.

Impact Community Capital is certified by the US Treasury Department's CDFI Fund as a Community Development Entity, and by the state of California as a Community Development Financial Institution. It manages investments through its subsidiary, Impact Investment Adviser LLC, a registered investment adviser. The firm has pioneered the pooling and securitization of community investment portfolios and the use of U.S. New Markets Tax Credits to finance community childcare and healthcare facilities through a combination of equity and debt. Impact Community Capital invests in private equity funds focused on commercial real estate, affordable housing, mezzanine business financing, and historic property preservation.

Established in 1959, the Inter-American Development Bank Group (IDB) is a multilateral finance institution that supports the efforts of Latin America and Caribbean (LAC) countries to reduce poverty and inequality. The IDB is the largest source of development financing in the region and has 48 member countries, including 26 Latin American and Caribbean borrowing members. It serves national, provincial, and municipal governments, as well as non-governmental organizations and private sector companies primarily through loans, grants, and technical assistance. The IDB's funding is primarily raised through borrowings from international capital markets, and through contributions from its member countries.

The IDB Group is a leader in channeling impact investing capital to Latin America, particularly to countries underserved by commercial banks. Each of the IDB Group's four private sector windows engages in impact investing: 1) the Multilateral Investment Fund (MIF) supports access to finance, markets, and basic services through loans, guarantees, equity and quasi-equity, as well as grants and technical assistance; 2) the Opportunities for the Majority Initiative (OMJ) invests in innovative business models that provide high-quality goods and services to low-income people; 3) Structured and Corporate Finance (SCF) leads the IDB's non-sovereign guaranteed lending in areas of infrastructure, financial markets, services and industries; 4) Inter-American Investment Corporation (IIC) provides direct debt and equity financing and technical assistance to small and medium-size enterprises (SMEs). The windows invest in a wide range of sectors, including education, health, infrastructure, renewable energy and access to finance. To further its development impact, the IDB Group partners with other impact investors, primarily through loan syndications and equity funds.

JPMorgan Chase & Co. is a global financial services firm with assets of $2 trillion. Operating in more than 60 countries, the firm is a leader in investment banking, consumer financial services, small business and commercial banking, financial transaction processing, asset management, and private equity.

J.P. Morgan's Social Finance unit provides investment and capital market services to social enterprises and funds, foundations, NGOs, development financial institutions, and other investors serving the base of the economic pyramid. The unit was launched in November 2007 as part of J.P. Morgan's Investment Bank and serves as the center of expertise and client contact for social impact investment opportunities. The geographic scope of activity is global, with particular focus on developing countries where J.P. Morgan has presence. Social Finance aims to help scale the impact investing market by investing the firm's own capital in social impact investments, creating and distributing impact investment products for other investors, providing thought leadership and research on the market, and engaging J.P. Morgan employees in this movement.

Jonathan Rose Companies is a green real estate investment, development, and advisory firm. Its mission is to repair and strengthen the fabric of communities, while preserving the land that surrounds them. Founded in 1989, the firm currently manages over USD 1.5 billion in real estate projects across the United States through three complementary business lines: Rose Investments (investment management), Rose Development (multifamily and mixed-use development) and Rose Urban Solutions (real estate project management and planning services).

Through its Rose Investments practice, Jonathan Rose Companies seeks to deliver superior risk-adjusted returns by investing in market-based, cost-effective strategies guided by real estate investment principles and environmentally responsible practices. Rose Investments' strategy is to acquire existing, often underperforming, real estate assets in major urban markets and provide hands-on asset management and tailored capital improvements that can reduce operating costs and enhance tenant experience, particularly through energy-saving green retrofits. The firm manages four funds totaling USD 160 million, which focus on affordable housing and office buildings suitable for renovation. They are: (1) the Rose Smart Growth Investment Fund, which acquired and retrofitted buildings in walkable, mass transit-based communities; (2) the Rose New Jersey Green Affordable Housing Preservation Fund, a partnership with Goldman Sachs, which acquires existing Community Reinvestment Act-eligible affordable housing in mass transit-accessible communities and preserves their long-term affordability; (3) the Rose Green Cities Fund, a partnership with Citi Community Capital, which acquires, retrofits, and preserves multifamily properties along the East Coast; and (4) the Rose Value-Add Office Retrofit Fund, which seeks to reposition, rebrand, and retrofit well-located but undermanaged office assets. Many Rose Investments' projects have become national models of best practice, generating positive social and environmental benefits, as well as the potential for strong returns.

LeapFrog Investments is the world's first microinsurance fund. The fund invests in businesses in Africa and Asia that provide affordable insurance to low-income and vulnerable people. Its priority countries include India, the Philippines, South Africa, Ghana, and Kenya. LeapFrog's profit-with-purpose approach targets strong returns for its investors, and has attracted leading banks, funds, reinsurers, and microfinance institutions as investors. The Fund has offices in Johannesburg, Sydney, Edinburgh, and Washington, DC.

LeapFrog brings together a leading global team and industry experts in microinsurance to meet the escalating demand for microinsurance products at the right time: Lloyds recently estimated a 1.5 billion person market, which is significantly underpenetrated. The Fund both invests in growth-stage opportunities and partners with distribution channels that reach low-income populations, including banks, retail stores, mobile phone networks, religious groups, and microfinance institutions. LeapFrog will also evaluate opportunities in related financial services supporting large low-income populations. Portfolio companies must meet LeapFrog's criteria for quality, affordability, and relevance to low-income people. Beyond financial capital, LeapFrog provides investee companies with support in business planning, product design, regulatory and risk management, and development of efficient high-volume distribution channels. Through its portfolio companies, the fund aims to reach 25 million low-income and vulnerable people with essential financial services, 15 million of them women and children, providing protection against life's tragedies and ending cycles of poverty.

Founded in 2005, Lundin Foundation (LF) is the philanthropic arm of the Lundin Group of Companies, which has invested actively in Africa for over 35 years. Through a mixture of grants and impact investments, LF supports innovative, high-impact initiatives that enable sustainable agricultural livelihoods and support small and medium enterprise (SME) development across sub-Saharan Africa.

Since inception, LF has seeded and sponsored three venture capital funds in sub-Saharan Africa, focused on high-potential small and medium enterprises along the agribusiness value chain. LF also invests in third-party fund and invests directly in select companies that meet both its financial and social/environmental objectives.

Morgan Stanley is a global financial services firm providing investment banking, securities, investment management and wealth management services. The firm serves clients worldwide, including corporations, governments, institutions and individuals, in 42 countries.

Morgan Stanley's Global Sustainable Finance (GSF) group harnesses the power and discipline of the capital markets to enhance environmental sustainability, advance economic opportunity and support community development. Launched in 2009, GSF works with investors and companies to support the development of long-term business models capable of achieving compelling financial, social, and environmental returns, and to build a suite of impact investing products. The firm has intermediated more than $550 million of microfinance equity, debt, and structured product securities to the benefit of more than 30 microfinance institutions worldwide. In addition, in the last three years, Morgan Stanley has provided nearly $3 billion to develop affordable housing, build small businesses, create jobs, and strengthen communities in the United States. The Firm has also invested over $2 billion of its own capital in large-scale wind, solar, and geothermal power generation projects.

Created in 1996, NCIFSM is an independent non-profit private equity trust fund that invests capital into Community Development Banking Institutions (CDBIs), certified Community Development Financial Institutions (CDFIs), and Minority-owned and focused Depository Institutions (MDIs). NCIF has partnered with impact investors - foundations, large banks, pension funds, and faith-based and socially responsible investors - with the mission of increasing the flow of resources into the most distressed markets around the country. Working toward this same goal, NCIF also pioneered Social Performance Metrics that measure US banks' social outputs by mining data on 8000+ banks since 1996. These metrics are complemented by NCIF's Model CDBI Framework, which identifies and certifies banks as CDBIs.

NCIF pursues its mission through four lines of business: core investing in Tier 1 capital of banks/credit unions that have a social mission; 2) facilitating deposits into these mission-oriented banks/credit unions; 3) helping mission-oriented banks/credit unions book loans using New Markets Tax Credits (NMTC); and, 4) building capacity in governance, risk management, capital raising, and other key functions for the NCIF Network of Banks. NCIF's total assets under management are $150 million, including $128 million in New Markets Tax Credits. Since its inception, NCIF has invested in 45 financial institutions nationwide that direct loans to low-income borrowers and low- to moderate-income communities. Cumulatively, NCIF's portfolio of banks and credit unions has generated over $4.3 billion in development loans. NCIF also expects to create a rating mechanism for CDBIs using the Social Performance Metrics, the Model CDBI Framework, and qualitative analysis.

Established in 2004 by eBay founder Pierre Omidyar and his wife Pam, Omidyar Network is a philanthropic investment firm dedicated to harnessing the power of markets to create opportunity for people to improve their lives. Omidyar Network is structured to support the notion that philanthropy is not a type of funding, but rather about improving the lives of others through all available tools. Consequently, the organization works across social and business sectors, operating both a Limited Liability Company (LLC) and a 501(c)(3) foundation. Investments in for-profit companies are made through the LLC, while grants and program-related investments are made through the 501(c)(3) entity. To date, Omidyar Network has committed more than $330 million in grants and for-profit investments.

Omidyar Network's activities are organized around two initiatives: Access to Capital; and, Media, Markets, and Transparency. Through its Access to Capital initiative, Omidyar Network aims to foster entrepreneurial behavior, economic activity, and job creation by investing in organizations that improve access to financial services, business opportunities, and property rights. Omidyar Network's Media, Markets, and Transparency initiative supports individual participation in media, markets, and government. Through this initiative, Omidyar Network invests in technology that connects individuals with shared interests, helps people engage in critical issues, and increases access to credible information.

The Overseas Private Investment Corporation (OPIC) is the U.S. Government's development finance institution (DFI). Founded in 1971, OPIC mobilizes private capital to help solve critical world challenge and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets by catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance and support for private equity investment funds. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide.

As a DFI, OPIC makes investments that other private investors would not make, paving the way for other private sector capital to successfully enter emerging markets. OPIC's instruments are also more flexible than those of traditional investors, with loan tenors up to 20 years, and transaction sizes ranging from $100,000 to $250 million. Since 1971, OPIC has supported $188 billion of investment across nearly 4,000 projects in developing countries and emerging markets. OPIC projects have also generated $74 billion in U.S. exports and supported more than 275,000 American jobs to date. OPIC operates on a self-sustaining basis at no net cost to American taxpayers. In fact, OPIC has returned money to the federal government for 33 consecutive years. From 2006 to 2010, OPIC contributed over $2 billion to the federal budget. OPIC's impact objectives focus first on doing no harm: projects are required to adhere to stringent international standards on environmental, labor, and human rights. Second, OPIC aims to maximize positive social and environmental impact through investment, with a current focus on renewable environmental resources.

The David and Lucile Packard Foundation is a private family foundation created in 1964 and guided by some of the same innovative approaches that helped transform a small electronics shop in a garage into one of the world's leading technology companies. The Foundation, based in Los Altos, California, invests in issues its founders cared about most, including conserving and restoring the earth's natural systems, improving the lives of children, advancing reproductive health, and investing in its local community.

Since 1980, the foundation has made a diverse array of program-related investments (PRIs) to extend its impact, encompassing all of the foundation's program areas. The foundation currently has a $180 million allocation for this purpose, which is available for investments that advance specific programmatic strategies of the foundation, while maintaining preservation of its capital to serve future needs. The foundation has made loans, guarantees, and equity investments. It has the ability to make both PRIs and other types of mission-related investments from its $180 million capital allocation; to date all of its investments have been structured as PRIs as the most suitable tool to achieve its programmatic objectives.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $690 billion of assets under management as of June 30, 2010, has operations in the United States, Asia, Europe, and Latin America. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth.

Impact investments made by Prudential and The Prudential Foundation are managed by an internal asset management group called Social Investments. Social Investments invests in the domestic economic development and education sectors though private placement debt and equity. Special emphasis is placed on investing in urban communities where Prudential has a significant business presence, including Newark, N.J. The group has expanded its geographic reach to Latin America and Asia with microfinance and social venture investing. The group currently manages $437 million in assets. Since its creation in 1976, the unit has invested more than $1.3 billion in impact investments.

The Rockefeller Foundation, a global philanthropic organization based in New York City, supports work that expands opportunity and strengthens resilience to social, economic, health and environmental challenges - affirming its pioneering mission since 1913 to "promote the well-being" of humanity. Foundation initiatives focus on strengthening food security in sub-Saharan Africa, protecting economic security for American workers, promoting access to affordable and high-quality health systems in developing countries, and developing strategies and services that help vulnerable communities cope with the impacts of climate change.

The Rockefeller Foundation realizes that there is not enough charitable capital to solve the world's social and environmental problems. In response to this, the Foundation launched a $28 million Harnessing the Power of Impact Investing initiative, as a complement to charity and government in an effort to bring social and environmental solutions to scale. This initiative manages grants given to catalyze the leadership that this emerging industry needs at this crucial stage in its development. The Foundation also oversees a $20 million Program Related Investment (PRI) allocation which is intended to align with the Foundation's grant-making priorities. Rockefeller's PRI portfolio has taken the form of loans, equity, and guarantees which align with the Foundation's grant-making priorities.

Root Capital is a nonprofit social investment fund that is pioneering finance for grassroots businesses in rural areas of developing countries. Root Capital aims to fill the "missing middle" of finance - the underserved gap between microfinance and commercial banking - by providing loan capital, delivering financial training, and strengthening market connections for small and growing businesses. Root Capital employs a value chain financing model that provides short- and long-term loans against signed purchase orders between grassroots businesses and their buyers, primarily located in North America and Europe. Investors earn an average return of 2.5%.

Since its inception in 1999, Root Capital has provided more than $256 million in loans to 320 small and growing businesses, representing more than 450,000 farmers in 30 countries throughout Latin America and sub-Saharan Africa (all numbers as of 12/31/10). Root Capital partners with global buyers such as Green Mountain Coffee Roasters, Home Depot, Starbucks, The Body Shop, and Whole Foods Market to strengthen global supply chains for sustainable natural products such as coffee, cocoa, shea butter, and honey.

RSF Social Finance (RSF) is a non-profit financial services organization dedicated to changing the way the world works with money. In achieving this vision of change, RSF seeks to build financial relationships that are transparent, direct, long-term, relationship-based, and focused on communities. RSF's investing, lending, and philanthropic-giving products serve a range of clients, from retail investors to foundations. RSF works in three key issue areas of food and agriculture, education and the arts, and ecological stewardship.

Since 1984, RSF has made over $200 million in loans to both non-profit and for-profit social enterprises. In keeping with its mission, RSF aims to generate impact through both the businesses that receive investment, and the manner in which the investment is made. It has four fund products which are invested in a range of instruments. The Social Investment Fund serves retail clients with a minimum investment of $1,000. Serving accredited investors and foundations, the Mezzanine Fund provides debt financing to growing social enterprises while the PRI Investing Fund invests in domestic food and agriculture on behalf of foundations that do not make PRIs in-house. Finally, RSF provides unique charitable-giving vehicles that allow donors to make tax-deductible contributions to RSF and then participate in selecting the grantee organizations. For these donors, RSF also provides three funds to grow their charitable capital under RSF management - the Liquidity Portfolio, Impact Portfolio, and Transformation Portfolio - which all invest in social and environmental enterprises and funds, spanning asset classes, sectors, and return profiles.

Based in Toronto, Sarona Asset Management Inc. was founded in 1953 under the name of MEDA as a private investment company with a mission of generating solid financial returns with positive economic and social impact by investing in small and medium business in poor communities in developing countries. Today, Sarona is a private equity asset manager, still targeting premium financial returns with positive social and environmental objectives.

While Sarona manages a small portfolio of direct investments on behalf of private investors, most of its assets are managed through funds. Sarona is a founder of the Sarona and MicroVest groups of funds. Together, these funds comprise approximately $180 million of assets invested in developing countries. Sarona Risk Capital Fund, which is wholly-owned by Mennonite Economic Development Associates (a business association and economic development NGO), provides early stage equity and debt financing to companies with a high potential for both financial success and positive social impact. Along with a sister fund it has assets of $18 million. In addition, the MicroVest group of funds has approx $140 million invested in the microfinance banking industry through several funds. In 2010, Sarona launched the Sarona Frontier Markets Fund I LP - a private equity fund of funds.

ShoreBank International (SBI) is dedicated to expanding access to capital, information, and financial services for unserved and under-served small businesses, entrepreneurs, and households to build a more inclusive global financial system. To achieve this, since 1988, SBI has delivered a broad range of financial services and solutions to financial institutions, investors, and entrepreneurs across various sectors globally. Specifically, SBI provides capacity-building and transaction advisory services to financial institutions, investors, and entrepreneurs in Africa, Asia, Eastern Europe, and South America with a focus on small business finance, microfinance, affordable housing finance, alternative delivery channels, value chain finance, and sustainable finance. Through twelve global offices, SBI works with more than 200 financial institutions in over 76 developing and emerging economies.

Over the past few years, SBI has responded to market need by developing a strong transactions advisory practice to complement its capacity-building practice. The transactions advisory practice, anchored by a core team of professionals with extensive investment and development credentials, focuses on capital structuring and capital raising for triple-bottom-line businesses, including financial institutions, as well as fund management. SBI raised more than $60 million in debt financing to support the expanding microfinance operations of BRAC, a Bangladesh-based development organization, in east Africa - Uganda, Tanzania, and Southern Sudan. In addition, SBI was recently selected together with Triple Jump to manage a global microhousing fund. Selectively, SBI is also prepared to invest its own capital in individual transactions where it believes triple-bottom-line return expectations can both catalyze the operating institution's growth trajectory in accordance with its mission and stimulate other investor participation. SBI challenges itself to measure return on a triple-bottom-line basis, advocating for clear and simple performance metrics.

SNS Impact investing was launched in January 2011 and is the development investments department of SNS Asset Management. SNS Impact Investing creates value for clients, investees and society by developing, promoting and/or distributing impact investment solutions. These solutions result in market rate returns while creating real value in emerging markets. They are typically accomplished by way of funds, but may also include mandates and advisory services.

In cooperation with Developing World Markets (DWM), SNS launched the SNS Institutional Microfinance Fund I in 2007 which has a current net asset value of EUR 171 million. A second institutional microfinance fund closed in 2009 with EUR 159 million of total capital committed. In 2011, SNS Impact Investing is expected to launch the SNS Africa Agriculture Fund (SAAF) in cooperation with the United Farmers Fund. SAAF will fund responsible equity investments in farmland, agribusiness, and agricultural infrastructure in southern Africa, with a specific focus on creating a positive impact for workers, local communities, and the environment.

Threshold Group, LLC is a multi-client family office that serves the financial and wealth management needs of a select number of wealthy families and private foundations in the United States. Founded in 2004 by the Russell family, which created the global investment services firm known today as Russell Investments, Threshold Group offers integrated and personalized investment, financial, legacy, and administrative services to help clients achieve their missions and priorities.

Threshold Group's impact investing activities are client-driven, and a significant and growing number of both its family and family foundation clients seek to incorporate impact investments into their portfolios. The firm works with families that want to make a difference for future generations. To date, Threshold Group's impact investments made on behalf of its clients have focused on renewable energy, education, and women's empowerment, and have included both investments into companies and funds.

TIAA-CREF, a Fortune 100 financial services organization, is the leading retirement system for Americans who work in the academic, research, medical, and cultural fields. TIAA-CREF serves 3.7 million clients participating in more than 27,000 retirement plans at 15,000 institutions, and has $453 billion in combined assets under management, as of December 31, 2010. TIAA-CREF pursues impact investing through its Global Social and Community Investing Department within the company's Asset Management division. Investments complement the firm's other socially responsible investing strategies which include providing clients socially screened investment options and shareholder advocacy.

Through its Global Social and Community Investing program, TIAA-CREF targets investments that offer a combination of competitive returns and positive social impact. TIAA-CREF's impact investing started in the 1980s in affordable housing and sustainable development, and has since expanded to include global microfinance with the 2006 launch of a $100 million Global Microfinance Investment Program. This program was the first investment of its kind by a major American institutional investor. TIAA-CREF also manages a large US community bank deposits program which doubled in size in 2009 to $49 million in FDIC-insured deposits. TIAA-CREF is also undertaking investments in green building technology. As of December 2008, TIAA-CREF's impact investing portfolio included nearly $734 million in commitments.

The Tony Elumelu Foundation is an independent, not-for-profit institution dedicated to the promotion of excellence in business and entrepreneurship across Africa. The Foundation aims to set a new example for twenty-first century philanthropy in Africa by emphasizing impact investment as the preeminent tool by which it achieves its goals. Headquartered in Lagos, Nigeria, the Foundation was launched in 2010 by Tony Elumelu, who is also Chairman of Heirs Holdings Limited, a principal investment company.

The Foundation's impact investments focus on supporting endeavors that will create jobs and provide services for people at the base of the economic pyramid in Africa. In evaluating a potential investment opportunity, the Foundation considers whether it is financially sound, whether it can catalyze economic change, whether it can transfer innovation from one part of Africa to another, and whether the business is in an important sector for Africa's growth. Sectors of particular importance to the Foundation include agriculture, financial services, and innovative technologies. The Foundation focuses on providing capital to early stage businesses, typically in amounts under $500,000 per investment, which can be structured as debt, equity, or a combination of both.

Trans-Century Limited is a Kenya-based investment company that makes medium- and long-term investments across fast-growing, underserved sectors in sub-Saharan Africa. With approximately $100 million in assets under management, Trans-Century invests in industrials, infrastructure, financial services, and agribusinesses. Trans-Century's investments in underserved sectors aim to achieve both strong investor returns and tangible economic development by raising gross domestic product (GDP), jobs, and exports. Many of the businesses in Trans-Century's portfolio serve the bottom of the socio-economic pyramid and support small and medium enterprises across the region. Though investments are made primarily through private equity, some of Trans-Century's key portfolio companies are listed on the Nairobi and Zambia stock exchanges.

Trans-Century is looking to finance agriculture projects with potential to grow significantly through improved market reach and efficiency. These investments will aim to help create a sustainable avenue for smallholder farmers to grow their businesses into small and medium enterprises that stimulate economic activity in local communities.

In 2009, the Triodos Group, which is comprised of Triodos Bank, Triodos Investment Funds, and Triodos Private Banking, managed EUR 4.9 billion and served 242,000 customers. Triodos Investment Management BV is a full subsidiary of Triodos Bank, a fully licensed independent bank with branch offices in The Netherlands, Belgium, UK, Spain and Germany. Triodos Investment Management is responsible for managing a number of internationally operating funds that invest in both developing countries and Europe. These funds allow individuals and institutions to invest directly in sustainable sectors, including microfinance, sustainable trade, sustainable real estate, renewable energy, organic agriculture, conservation, and cultural projects. The funds also invest in listed companies worldwide that provide sustainable products or services, or achieve above-average social and environmental performance and actively contribute to sustainable development. At year-end 2009, Triodos Investment Management had EUR 1.6 billion in assets under management.

Triodos Investment Management has been a pioneering provider of capital to the microfinance sector since 1994. Through the management of four specialized microfinance investment funds, Triodos has financed over 100 microfinance institutions in 40 countries throughout Latin America, Africa, Asia, and Eastern Europe. At the close of the 2009 calendar year, Triodos' microfinance funds had EUR 227 million in total assets under management. In other areas, Triodos manages funds such as Triodos Sustainable Trade Fund which offers innovative trade finance loans that enable organic and fair trade producers in developing countries to access US and European markets, and Triodos Renewables Europe Fund which supports the expansion of renewable energy in Europe.

UBS is a global financial services firm with a 150-year heritage serving corporations, governments, institutions, and individuals. Headquartered in Zurich and Basel, Switzerland, UBS has offices in more than 50 countries. The UBS Group has four business divisions, including Wealth Management & Swiss Bank, which serves high net worth and ultra-high net worth individuals globally, as well as private and corporate clients in Switzerland. As of 2009, social investing, philanthropy, and strategic charitable services have been unified within the Wealth Management unit under a new dedicated Philanthropy & Values-Based Investing team.

The Values-Based Investing team supports ultra-high net worth clients in aligning their environmental and social values with their portfolios using portfolio screening, socially responsible investing (SRI) thematic investments, and impact investing. Through their unique global network, the UBS Philanthropy & Values-Based Investing team aims to expose a large universe of individual investors to impact investing.

The W.K. Kellogg Foundation is focused on the welfare of vulnerable children, and supports families and communities as they strengthen and create conditions that help children at risk achieve success as individuals and as contributors to the larger community and society. Of particular concern are the impacts of poverty, which limit children's access to adequate education, nutritious food, economic security, and quality health care, and the foundation's work to address these challenges is done with emphasis on racial equity and civic engagement. The foundation was established in 1930 by breakfast cereal pioneer W.K. Kellogg, and is based in Michigan. Today it ranks among the world's largest private foundations, awarding grants in the United States, Latin America and the Caribbean, and southern Africa.

In 2007, the Foundation allocated $100 million of its endowment assets for a pilot program in mission-driven investing (MDI). The goal of the program is to advance the Foundation's mission-aligned impact while preserving - and potentially growing - capital. Of the MDI allocation, $25 million is designated for investments in southern Africa, with the remaining $75 million targeting opportunities in the United States. An evaluation of opportunities in Latin America is underway. The Foundation invests across three asset classes - cash, fixed income, and private equity - with expectation of market-rate returns.

Wolfensohn Fund Management, L.P. (WFM) is a global emerging markets private equity manager that makes making active-minority investments in high growth businesses. WFM is focused on the low-carbon energy, financial services, and consumer/retail sectors across a variety of emerging markets. The firm was founded by James D. Wolfensohn, former President of the World Bank (1995-2005) and currently has offices in New York, London and New Delhi.

A top priority for the firm is addressing the critical threat of global climate change. With non-OECD countries projected to account for 91 percent of the global increase in energy demand through 2030, WFM seeks to reduce global carbon emissions by causing its affiliated funds to invest in companies developing low-carbon energy solutions for the emerging markets with particular focus on India, Brazil, and Eastern Europe. Varying by geography, WFM targets investments in solar, small hydro, geothermal, wind, sustainable biofuels and biomass. Other sectors such as consumer energy, storage, demand management, and fuel cells will also be considered.