“At a certain point you realise that it is about ‘Return on Lifetime’ rather than ‘Return on Investment’.”  

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    Impact investments are investments with the primary purpose of generating positive social effects. Financial return is also essential, but not the first priority. First and foremost, the investor wants to generate social impact with the investment (the so-called impact first). Still, any financial return is not ruled out and is one of the targets as well. This idea of a combination of social and financial targets is also known as a triple bottom line or a blended value. Paul Sullivan of the New York Times calls impact investment an “emerging hybrid of philanthropy and private equity”.

    Authorities and charitable organizations appear to be insufficiently capable of solving certain (persistent) social issues on their own. In this context, impact investments are an interesting alternative. Private equity can be mobilized on a large scale, so that social changes (impact) can be realized. JP Morgan says the following in a report of 2010: An increasing number of investors is interested in making funds available in the form of an alternative investment category. A literal quote from the report: “…we argue that impact investments are emerging as an alternative asset class.”

    In the aforementioned report, a number of questions are answered:

    What is the definition and what is the distinctive meaning of impact investments?
    Impact investments are investments that are meant to realize a positive impact beyond financial return. This means, for instance, that the social impact is an important element that is also the subject of control and management. In addition, it goes without saying that the financial return and risks are elements of control and management as well. Impact investments are not the same as socially responsible investments (SRI). In general, the latter form of investment is primarily focused on minimizing any negative impact. Impact investments on the other hand are actively aiming at creating a positive impact.

    Who are active in this growing market and how are the funds deployed?
    it is a wide group of investors that is active in this market: varying from philanthropic organizations (foundations) to commercial financial institutions and wealthy private investors. The deployment of funds is also very diverse, both in view of the forms of providing capital, and the themes, sectors and impact targets.

    What makes impact investments an emerging asset class?
    Certain forms of impact investment can be characterized as ‘traditional’ investments, for instance loans, shares and venture capital. Other forms of impact investment have other characteristic elements however. The report states literally: “We argue that an asset class is no longer simply typified by the nature of the assets, but by the way in which the investor organizes himself and/or takes position in his relationship with the investee. That is why we need to formulate a number of characteristics: impact investing asset classes…

    •  Require a unique set of investment and risk management skills;
    •  Demand organizational structures in order to comply with this set of skills;
    •  Need their own business sector, (professional) organizations and trainings;
    •  Encourage the development and introduction of (standardized) statistics and benchmarks.

    Case Studies

    Andere Handen Community

    Andere Handen Community

    Het werk in de zorg verandert snel door de toepassing van technologie en social media en de toenemende nadruk op zelfregie en samenredzaamheid. Andere Handen Community faciliteert een web-based ontmoetingsplek waar zorgwerkers worden geactiveerd en gestimuleerd zichzelf te ontwikkelen. Dit gebeurt door de gebruikmaking van discussies, experts, kennis, innovaties, tips en ervaringen aan te bieden. Voor onze opdrachtgever hebben we de investering geanalyseerd, due diligence en structurering uitgevoerd en begeleiden we de sociale onderneming.

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    Dementie en Alzheimer tasten de kwaliteit van leven zwaar aan; cliënten raken geïsoleerd, rusteloos en agressief. Het herstellen van het contact tussen patiënten, familie en zorgverlener zal het sociaal isolement en de mate van agressie verminderen. MemorieCare ontwikkelt en verkoopt diverse producten die het contact met dementie- en alzeheimer patiënten herstellen. Voor onze opdrachtgever hebben we de investering geanalyseerd, due diligence en structurering uitgevoerd en begeleiden we deze sociale onderneming.

    Into D'mentia

    Into D'mentia

    A simulation training to bring caregivers and care professionals into the perception of persons with alzheimers or dementia. Into D’mentia offers a  lifelike experience. When you experienced how it is to live with dementia, you will understand better, show more understanding, offer better care, and feel the care as less burdensome….

    For our client we structured the investment and provide a coaching role for the social enterprise.

    Het Paradijs

    Het Paradijs

    This Dutch care farm caters for children with ADHD and their parents.

    We represent our client as a member of the board of this organisation.Furthermore, amongst many other activities, we have carried out analysis with regard to social return on investment and we have contributed to the efforts to structure the business as a social interest organisation.

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