Building Impact Investment Wholesalers
Key Questions in Design of an Impact Investment Wholesaler
This report shows how the first wholesalers are speeding up and scaling up impact investment in their countries, building a market which goes far beyond their direct activity, developing strong intermediary structures and connecting capital to social enterprises to help them achieve greater impact.
It invests indirectly (it invests in funds or other intermediaries). It may also invest directly (it may invest straight into social enterprises).
It invests in ways designed to catalyze capital from other investors (such as foundations, individuals and institutional investors).
It measures impact and financial data at the wholesale, intermediary and (if possible) enterprise levels. It reports as transparently as possible. It facilitates progress toward shared norms for measuring and managing impact.
It builds the market by methods outside investment. Among other efforts, it may strengthen enterprise capacity, encourage policy change, build new intermediaries and promote integrity.
The report draws principally on data, publications and interviews related to the two first wholesalers: Big Society Capital (BSC) in the UK and the European Investment Fund (the EIF) and its Social Impact Accelerator (the SIA). Further information was gathered from Portugal and Japan – both in late-stage design and implementation of their wholesale activities –as well as a number of other countries seeking to develop wholesalers.
Alex Begg
Big Society Capital
Amit Bhatia (ex officio)
GSG Impact
Bjorn Vennema
Social Finance Netherlands
Chul Woo Moon
Sungkyunkwan University
Clara Barby
Impact Management Project
Cliff Prior
GSG Impact
David Galipeau
United Nations Development Programme
Debra Schwartz
MacArthur Foundation
Duncan Farthing-Nichol
MaRS Centre for Impact Investing
Filipe Almeida
Portugal Social Innovation
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Ilse Treurnicht
João Machado
Portugal Social Innovation
Karen Wilson
Organisation for Economic Co-operation and Development
Krisztina Tora
Chief of Strategic Initiatives and Partnerships - GSG Impact
Leehe Skuler
Social Finance Israel
Maria Laura Tinelli
Acrux Partners
Masataka Uo
Japan Fundraising Association
Rajiv Lallompany
Infrastructure Development Finance Company
Sally McCutchan
Impact Investing Australia
Silvia Manca
European Investment Fund
Susan de Witt
Bertha Centre for Social Innovation and Entrepreneurship
Uli Grabenwarter
European Investment Fund
Publication Enquiries
realimpact@gsgii.org
A guide for Development Finance institutions (DFIs) and all practitioners wanting to increase the flow of capital to SMEs in emerging markets and developing economies (EMDEs).
The report offers impact economy ecosystem analysis on impact progress in 34 countries with cross-cutting insights. What's unique is that it offers more than market sizing data; it explains how countries are redesigning for impact through policy and practices, building the infrastructure and incentives for impact economies. This includes tracking government actions, market building, impact capital supply, impact capital demand, and contributions to the UN Sustainable Development Goals.
Solutions for scaling outcomes-based partnerships, addressing institutional and political challenges, and leveraging data for effective social service delivery.
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