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

<p><b>THE AUTHORS</b> <p><b>Antony Bugg-Levine</b> designed and leads 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. 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. <p><b>Jed Emerson,</b> 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.

<p>This groundbreaking book charts the path of a new industry, explaining how impact investing <i>is</i> and <i>can</i> be a positive disruptive force. <i>Impact Investing</i> affirms that it is possible and desirable to address social and environmental problems with investments that generate financial profits.</p> <p>Antony Bugg-Levine and Jed Emerson reveal how impact investing is a transformational vehicle for delivering blended value through investment. The authors—two leaders in the burgeoning field of impact investing—give a name to a set of activities previously siloed in enclaves and reveal how these activities are linked within what is becoming a new and dynamic field. <p>The authors don’t take a normative approach to argue how investors should behave but instead show how entrepreneurial people and institutions are already offering an integrated alternative. <i>Impact Investing</i> defines this emerging industry for all the institutions and people it is affecting (investors, funders, social entrepreneurs, educators, policy makers, and marginalized communities) and showcases illustrative examples of challenges and successes. The book also explores the potential that impact investing holds to tackle the most critical social and environmental issues of our day on a scale never seen before. <p>Ultimately, <i>Impact Investing</i> offers a fundamentally optimistic vision. This unifying vision illuminates what can be achieved when we capture total blended value, when <i>all</i> our assets work in unison with our values and beliefs.</p>

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