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Keith A. Allman [Keith A. Allman] - Impact Investment: A Practical Guide to Investment Process and Social Impact Analysis

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Keith A. Allman [Keith A. Allman] Impact Investment: A Practical Guide to Investment Process and Social Impact Analysis
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Apply a rigorous investment process and integrate social impact analyses to successfully select and invest in social impact investments

Impact Investment: A Practical Guide to Investment Process and Social Impact Analysis is a must-read guide for investors and wealth managers entering the social finance investment space known as impact investing. This book walks readers through the demanding task of properly executing an impact investment strategy, providing solutions to some of the most vexing challenges that arise when investing for both financial return and social impact. Readers will learn how impact investing is different from other strategies, how the organizations mission affects investment decisions and structures, and what to look for in an organization prior to investing. A running example of a village distribution company illustrates the methods and concepts in action, and a full-fledged case study utilizing downloadable professional level analytical tools consolidates all examples into a real-world setting.

Impact investing is generating significant momentum, but many individuals operating in this space come from alternative backgrounds and lack the knowledge to form a rigorous investment process. Disparate funding sources, immature markets, variations in fund economics, and the need to generate and report social impact all complicate the industry even further, creating a barrier for curious investors. This book is a guide to applying standard investment processes and social impact analyses to impact investing, helping readers:

  • Adjust standard analysis techniques to suit the particularities of impact investing

  • Discover how social mission influences the entire investment from entry to exit

  • Plan and execute a robust custom impact investment strategy

  • Understand social impact entities and the management of impact investments

  • Investing with the goal of social impact doesnt remove the need for rigorous investment techniques and diligent processes. Impact Investment: A Practical Guide to Investment Process and Social Impact Analysis is a guide to putting it all together, for a more targeted approach to impact investing.

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    The Wiley Finance series contains books written specifically for finance and investment professionals as well as sophisticated individual investors and their financial advisors. Book topics range from portfolio management to e-commerce, risk management, financial engineering, valuation and financial instrument analysis, as well as much more. For a list of available titles, visit our Web site at www.WileyFinance.com.

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    Cover image Cover design Copyright 2015 by Keith Allman and Ximena Escobar de - photo 1

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    Copyright 2015 by Keith Allman and Ximena Escobar de Nogales. All rights reserved.

    Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

    Published simultaneously in Canada.

    No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions.

    Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

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    Library of Congress Cataloging-in-Publication Data:

    ISBN 9781118848647 (Paperback)
    ISBN 9781119009825 (ePDF)
    ISBN 9781119009818 (ePub)

    Printed in the United States of America

    10 9 8 7 6 5 4 3 2 1

    Contents

    Preface

    Preface

    Lebanon is a beautiful country, with picture-perfect coastlines, lively cities, and, unfortunately, abject poverty in many regions. It was there, in Beirut, that my venture into impact investing began. I was conducting a pro-bono workshop on credit risk, for local microfinance analysts that were supported by the charity Relief International. On the Israeli border towns I took my first onsite visits to clients who received loans and observed how they utilized the funding to operate and expand their businesses. I was truly impressed with the effect the funding had, as I was able to see real businesses in expansion.

    At that time in my career, I had just left banking at Citigroup and was still primarily engaged in private-sector finance. I thought critically about that trip, though, and questioned whether I should make impact investing my full-time effort. I hesitated because of prior experience with nonprofit entities that operated very inefficiently. I also struggled finding clarity on whether my experience and skill set were best utilized in existing impact investing organizations. For years, I maintained my private-sector focus, but furthered my work with Relief International, consulting on microfinance capital market's issuances, and eventually joining its board of directors.

    I persisted with traditional finance and combined my prior securitization experience with early-stage company analysis to work on venture debt transactions. As I learned more about venture company drivers and private equity fund operations, I couldn't get the thought of impact investing out of my head. And as fate would have it, right around that time a former Citigroup colleague informed me about a new private equity fund that had spun off of a large commercial microfinance debt investor. The Oasis Fund, managed by Bamboo Finance, was created to invest for profit, in early-stage, private companies that also had significant social impact. When I researched its investment criteria and the impact it sought, I was enthralled.

    I decided then that I would give impact investing my full attention and moved to Switzerland to work for the Oasis Fund, where I became an investment manager tasked with sourcing, structuring, and managing for-profit, impact investments. My first year at the fund was mainly getting oriented with the fund's existing investments and simultaneously building my network for new investment opportunities. I also started learning more on topics foreign to me, such as what defines social impact and how to source investments within a social criteria.

    By my second year, I had become heavily integrated into the impact investing industry. I was in the field every few weeks, combining trips to work with the Oasis Fund's portfolio companies, meeting with new companies for potential investment, and conducting due diligences for companies that had progressed through the investment process. I regularly attended and sometimes hosted industry events such as general and sector-specific conferences, dinners, and talks. The second year culminated with successfully sourcing and closing two investments for the Oasis Fund and joining the board of directors for two of its existing portfolio companies.

    In what would be my final year with the Oasis Fund, I was promoted to senior investment manager and started working on new fund strategy and fundraising. Those tasks and responsibilities provided a more encompassing perspective on the industry. However, over the course of that last year, I encountered undercurrents of problems that I felt were systemic in nature. Difficulty sourcing investments that met most investors social criteria was a theme that echoed across my peers. This led to very competitive situations where some nontraditional investors took approaches that lacked rigor and led to inflated valuations. With costs of capital near zero for these entities, the problems could be sustained, but ultimately, it was no longer commercial investing at that point, but a charitable intermediary.

    There is efficacy in the models in between commercial investing and pure charity, but the scale is restricted by the sources of capital. Unlocking consistent sources of capital from pension funds, insurance companies, and traditional investors requires a meticulously designed investment thesis that is executed professionally, from sourcing to exit, and provides reliable, measurable financial and social returns. I believe that in order to build the desired volumes for a replicable, scalable investment model, there will have to be different social criteria for varying financial return expectations.

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