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<span>Market structure</span> </div> </a> <ul id="toc-Market_structure-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Scale_of_operations" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Scale_of_operations"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Scale of operations</span> </div> </a> <ul id="toc-Scale_of_operations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Examples" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Examples"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Examples</span> </div> </a> <button aria-controls="toc-Examples-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Examples subsection</span> </button> <ul id="toc-Examples-sublist" class="vector-toc-list"> <li id="toc-Social_impact_bonds" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Social_impact_bonds"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Social impact bonds</span> </div> </a> <ul id="toc-Social_impact_bonds-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Social_investment_funds" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Social_investment_funds"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Social investment funds</span> </div> </a> <ul id="toc-Social_investment_funds-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Comparisons_with_other_forms_of_social_welfare_enhancement" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Comparisons_with_other_forms_of_social_welfare_enhancement"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Comparisons with other forms of social welfare enhancement</span> </div> </a> <button aria-controls="toc-Comparisons_with_other_forms_of_social_welfare_enhancement-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Comparisons with other forms of social welfare enhancement subsection</span> </button> <ul id="toc-Comparisons_with_other_forms_of_social_welfare_enhancement-sublist" class="vector-toc-list"> <li id="toc-Comparison_with_corporate_social_responsibility" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Comparison_with_corporate_social_responsibility"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Comparison with corporate social responsibility</span> </div> </a> <ul id="toc-Comparison_with_corporate_social_responsibility-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Challenges_and_future_direction" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Challenges_and_future_direction"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Challenges and future direction</span> </div> </a> <ul id="toc-Challenges_and_future_direction-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div 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</div> </div> <div id="bodyContent" class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">For other uses, see <a href="/wiki/Social_finance_(disambiguation)" class="mw-disambig" title="Social finance (disambiguation)">Social finance (disambiguation)</a>.</div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:The-role-of-Social-Finance-source-author.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/86/The-role-of-Social-Finance-source-author.png/288px-The-role-of-Social-Finance-source-author.png" decoding="async" width="288" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/86/The-role-of-Social-Finance-source-author.png/432px-The-role-of-Social-Finance-source-author.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/86/The-role-of-Social-Finance-source-author.png/576px-The-role-of-Social-Finance-source-author.png 2x" data-file-width="850" data-file-height="442" /></a><figcaption>Social finance serves as a middle ground between traditional business, whose main driver is to achieve <a href="/wiki/Value_(economics)" title="Value (economics)">financial value</a> and traditional charity, whose main driver is to achieve <a href="/wiki/Social_capital" title="Social capital">social value</a>. </figcaption></figure><p><b>Social finance</b> is a category of <a href="/wiki/Financial_services" title="Financial services">financial services</a> that aims to leverage private capital to address challenges in areas of social and environmental need.<sup id="cite_ref-:10_1-0" class="reference"><a href="#cite_note-:10-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Having gained popularity in the aftermath of the <a href="/wiki/2007%E2%80%932008_financial_crisis" class="mw-redirect" title="2007–2008 financial crisis">2007–2008 financial crisis</a>, it is notable for its public benefit focus.<sup id="cite_ref-:11_2-0" class="reference"><a href="#cite_note-:11-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:12_3-0" class="reference"><a href="#cite_note-:12-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:1_4-0" class="reference"><a href="#cite_note-:1-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Mechanisms of creating shared <a href="/wiki/Social_capital" title="Social capital">social value</a> are not new; however, social finance is conceptually unique as an approach to solving social problems while simultaneously creating economic value.<sup id="cite_ref-:13_5-0" class="reference"><a href="#cite_note-:13-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Unlike philanthropy, which has a similar mission-motive, social finance secures its own sustainability by being profitable for investors.<sup id="cite_ref-:2_7-0" class="reference"><a href="#cite_note-:2-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Capital providers lend to <a href="/wiki/Social_enterprise" title="Social enterprise">social enterprises</a>, who in turn, by investing borrowed funds in socially beneficial initiatives, deliver investors measurable <a href="/wiki/Social_return_on_investment" title="Social return on investment">social returns</a> in addition to traditional <a href="/wiki/Return_on_capital" title="Return on capital">financial returns</a> on their investment.<sup id="cite_ref-:14_8-0" class="reference"><a href="#cite_note-:14-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Consensus has yet to be established on a formal definition of social finance due to a lack of clarity around its scope and intent;<sup id="cite_ref-:4_9-0" class="reference"><a href="#cite_note-:4-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> however, it is said to include elements of <a href="/wiki/Impact_investing" title="Impact investing">impact investing</a>, <a href="/wiki/Socially-responsible_investing" class="mw-redirect" title="Socially-responsible investing">socially responsible investing</a>, and <a href="/wiki/Social_enterprise_lending" title="Social enterprise lending">social enterprise lending</a>.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Investors include <a href="/wiki/Charitable_foundation" class="mw-redirect" title="Charitable foundation">charitable foundations</a>, <a href="/wiki/Retail_investors" class="mw-redirect" title="Retail investors">retail investors</a>, and <a href="/wiki/Institutional_investors" class="mw-redirect" title="Institutional investors">institutional investors</a>.<sup id="cite_ref-:0_11-0" class="reference"><a href="#cite_note-:0-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Notable examples of social finance instruments are <a href="/wiki/Social_impact_bond" title="Social impact bond">social impact bonds</a> and social impact funds.<sup id="cite_ref-:4_9-1" class="reference"><a href="#cite_note-:4-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>Since the <a href="/wiki/2007%E2%80%932008_financial_crisis" class="mw-redirect" title="2007–2008 financial crisis">2007–2008 financial crisis</a>, the social finance industry has been experiencing a period of accelerated growth as shifts in investor sentiment have increased demand for <a href="/wiki/Socially_responsible_investing" title="Socially responsible investing">ethically responsible investment</a> alternatives by retail investors.<sup id="cite_ref-:11_2-1" class="reference"><a href="#cite_note-:11-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:12_3-1" class="reference"><a href="#cite_note-:12-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Mainstream sources of capital have entered the market as a result, including Deutsche Bank, which in 2011 became the first commercial bank to raise a social investment fund.<sup id="cite_ref-:3_12-0" class="reference"><a href="#cite_note-:3-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>New research in the field calls for increasing the role of government in social finance to help overcome the challenges the industry currently faces, including the struggle to produce desirable returns for investors, high start-up and regulatory costs, neglect from mainstream banks, and a lack of access to retail investors.<sup id="cite_ref-:0_11-1" class="reference"><a href="#cite_note-:0-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:5_14-0" class="reference"><a href="#cite_note-:5-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Proponents of social finance argue that until these gaps are addressed, mass participation in social finance will be prevented.<sup id="cite_ref-:3_12-1" class="reference"><a href="#cite_note-:3-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Origin">Origin</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Social_finance&action=edit&section=1" title="Edit section: Origin"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The history of social finance has its origins in 20th-century <a href="/wiki/Neoliberalism" title="Neoliberalism">neoliberal economics</a> and the ideas that it proposed, such as an emphasis on the role of the <a href="/wiki/Free_market" title="Free market">free market</a> in society.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> The concept itself first came in to use in the 1970s in the United States, where it emerged as an innovative approach to solve social problems while creating economic value. The appeal to government was clear: access to swaths of private capital to fund social programs at a time of deep austerity and retrenchment of state programs under neoliberal politics.<sup id="cite_ref-:0_11-2" class="reference"><a href="#cite_note-:0-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> In 1977 in the United States, the <a href="/wiki/Community_Reinvestment_Act" title="Community Reinvestment Act">Community Reinvestment Act</a> provided the impetus for financial institutions to invest in underserved local regions and marginalized sectors of the economy, furthering state transfers of wealth to the private sector. This spawned a plethora of community <a href="/wiki/Development_finance_institution" title="Development finance institution">development financial institutions</a>, which deployed significant amounts of capital in affordable housing, renewable energy, and financial inclusion across the United States. Furthermore, many prominent foundations, including the Ford, Rockefeller, and MacArthur Foundations, have actively invested their endowments in a manner that aligns with this practice of <a href="/wiki/Impact_investing" title="Impact investing">mission-related investing</a>.<sup id="cite_ref-:4_9-2" class="reference"><a href="#cite_note-:4-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:3_12-2" class="reference"><a href="#cite_note-:3-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>Some scholars contest that social finance has its origins in Islamic finance, which was practiced by the sharia-compliant Islamic economies of the 1960s and which is characterized by socially responsible investment.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Market_structure">Market structure</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Social_finance&action=edit&section=2" title="Edit section: Market structure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Social_finance_market_structure.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5d/Social_finance_market_structure.png/423px-Social_finance_market_structure.png" decoding="async" width="423" height="200" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5d/Social_finance_market_structure.png/635px-Social_finance_market_structure.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5d/Social_finance_market_structure.png/846px-Social_finance_market_structure.png 2x" data-file-width="1175" data-file-height="556" /></a><figcaption>Capital flows in the social finance marketplace.</figcaption></figure> <p>The social finance ecosystem is composed of four key groups:<sup id="cite_ref-:0_11-3" class="reference"><a href="#cite_note-:0-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <ol><li><a href="/wiki/Investor" title="Investor"><b>Investors</b></a>: Investors, or capital providers, serve as the initial and primary source of capital in social finance. Examples include <a href="/wiki/Investor" title="Investor">retail investors</a>, <a href="/wiki/High-net-worth_individual" title="High-net-worth individual">high-net-worth individuals</a>, <a href="/wiki/Pension_fund" title="Pension fund">pension funds</a>, <a href="/wiki/Foundation_(nonprofit)" title="Foundation (nonprofit)">charitable foundations</a>, and <a href="/wiki/Private_foundation" title="Private foundation">private foundations</a>.<sup id="cite_ref-:10_1-1" class="reference"><a href="#cite_note-:10-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Social_enterprise" title="Social enterprise"><b>Social enterprises</b></a>: Social enterprises represent the demand for investment in social finance. They absorb the capital invested by investors, reinvest this money in various socially beneficial initiatives, or <a href="/wiki/Socially_responsible_investing" title="Socially responsible investing">social investments</a>, and finally deliver investors twin social and financial returns on their investment.<sup id="cite_ref-:14_8-1" class="reference"><a href="#cite_note-:14-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> Examples include <a href="/wiki/Nonprofit_organization" title="Nonprofit organization">nonprofit organizations</a> such as the <a href="/wiki/Bill_%26_Melinda_Gates_Foundation" class="mw-redirect" title="Bill & Melinda Gates Foundation">Bill and Melinda Gates Foundation</a>.</li> <li><b>Social finance institutions</b>: Social finance institutions act as <a href="/wiki/Financial_intermediary" title="Financial intermediary">financial intermediaries</a> by linking the supply and demand of capital. They are responsible for raising funds from investors, pooling these funds, and redistributing them to social enterprises.<sup id="cite_ref-:0_11-4" class="reference"><a href="#cite_note-:0-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Social enterprises are ranked by profitability, and preference is given to organizations with strong track records of effective social service.<sup id="cite_ref-:15_20-0" class="reference"><a href="#cite_note-:15-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup></li> <li><b><a href="/wiki/Intermediary" title="Intermediary">Intermediaries</a></b>: Intermediaries facilitate and oversee the myriad connections between the first three groups. They include <a href="/wiki/Regulators_(Competition)" class="mw-redirect" title="Regulators (Competition)">regulators</a>, <a href="/wiki/Trade_association" title="Trade association">trade groups</a>, and <a href="/wiki/Service_provider" title="Service provider">service providers</a>.<sup id="cite_ref-:4_9-3" class="reference"><a href="#cite_note-:4-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:0_11-5" class="reference"><a href="#cite_note-:0-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup></li></ol> <div class="mw-heading mw-heading2"><h2 id="Scale_of_operations">Scale of operations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Social_finance&action=edit&section=3" title="Edit section: Scale of operations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Research reveals that the term social finance is familiar mainly to people working in the niche sector of financial services.<sup id="cite_ref-:6_21-0" class="reference"><a href="#cite_note-:6-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> Since the <a href="/wiki/2007%E2%80%932008_financial_crisis" class="mw-redirect" title="2007–2008 financial crisis">2007–2008 financial crisis</a>, however, the social finance industry has experienced a period of accelerated growth and institutional uptake. For example, in 2011 <a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a> became the first commercial bank to raise a social investment fund, in 2012 <a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a> floated Social Impact Bonds in the US, and in 2012 the <a href="/wiki/European_Investment_Fund" title="European Investment Fund">European Investment Fund</a> made a direct investment into the UK social finance marketplace.<sup id="cite_ref-:4_9-4" class="reference"><a href="#cite_note-:4-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>Explanation of the post-crisis popularization of social finance is the subject of extensive academic research. Social theorist <a href="/wiki/Bill_Maurer" title="Bill Maurer">Bill Maurer</a> explains it as the result of shifts in investor sentiment in the aftermath of the <a href="/wiki/2007%E2%80%932008_financial_crisis" class="mw-redirect" title="2007–2008 financial crisis">2007–2008 financial crisis</a>. Social finance, through its innovative approach to solving social problems while creating economic value, has met the need of disaffected retail investors who seek ethical investment alternatives following revelations in the aftermath of the <a href="/wiki/2007%E2%80%932008_financial_crisis" class="mw-redirect" title="2007–2008 financial crisis">2007–2008 financial crisis</a> of widespread unethical business practices by mainstream corporations in pursuit of profit. As a result, Maurer suggests, mainstream corporations looking to rebuild their reputations are now entering the market, bringing with them significant inflows of capital and investment.<sup id="cite_ref-:6_21-1" class="reference"><a href="#cite_note-:6-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>One study, which provides a statistical analysis of participation, satisfaction, and retention rates in the European social finance market, suggests that the <a href="/wiki/2007%E2%80%932008_financial_crisis" class="mw-redirect" title="2007–2008 financial crisis">2007–2008 financial crisis</a> occurred at a time when social finance organizations were beginning to develop track records that demonstrated their market feasibility.<sup id="cite_ref-:15_20-1" class="reference"><a href="#cite_note-:15-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Geobey and Harji, in their anecdotal study of social finance in the post-crisis United States, document similar findings in the North American case. Their study, which synthesizes interviews with executives from North American social finance organizations, confirms that demonstration of commercial viability by current actors in the North American social finance market since 2008 has proved themselves to mainstream financiers, enabled the scaling up of operations, and created a "signalling effect" that has attracted new investment and ultimately staved off existential questions that have been asked of the social finance industry.<sup id="cite_ref-:3_12-3" class="reference"><a href="#cite_note-:3-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>Proponents of social finance Kent Baker and John Nofsinger claim that these trends of <a href="/wiki/Institutionalisation" title="Institutionalisation">institutionalisation</a> will lead to the legitimisation of the social finance industry, give way to the widespread institutional uptake of social finance, and ultimately embed social finance as a mainstream <a href="/wiki/Asset_classes" title="Asset classes">asset class</a> of financial investments among the likes of stocks and bonds.<sup id="cite_ref-:14_8-2" class="reference"><a href="#cite_note-:14-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> However, several unfavourable trends have also become apparent, including uneven uptake. Key challenges remain, including the struggle to produce desirable returns for investors, high start-up and regulatory costs, and lack of access to retail investors.<sup id="cite_ref-:4_9-5" class="reference"><a href="#cite_note-:4-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> Baker and Nofsinger argue that until these gaps are addressed, mass participation in social finance will be prevented.<sup id="cite_ref-:14_8-3" class="reference"><a href="#cite_note-:14-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Examples">Examples</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Social_finance&action=edit&section=4" title="Edit section: Examples"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Social_impact_bonds">Social impact bonds</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Social_finance&action=edit&section=5" title="Edit section: Social impact bonds"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Uganda_Nutrition_(40911014075).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cf/Uganda_Nutrition_%2840911014075%29.jpg/220px-Uganda_Nutrition_%2840911014075%29.jpg" decoding="async" width="220" height="146" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cf/Uganda_Nutrition_%2840911014075%29.jpg/330px-Uganda_Nutrition_%2840911014075%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cf/Uganda_Nutrition_%2840911014075%29.jpg/440px-Uganda_Nutrition_%2840911014075%29.jpg 2x" data-file-width="3216" data-file-height="2136" /></a><figcaption>A caregiver teaches mothers with small children about nutrition at a hospital in <a href="/wiki/Jinja,_Uganda" title="Jinja, Uganda">Jinja, Uganda</a> as part of a program funded by the <a href="/wiki/Office_of_Social_Innovation_and_Civic_Participation" title="Office of Social Innovation and Civic Participation">Social Innovation Fund</a>.</figcaption></figure> <p>Of all forms of social finance, the most used and developed is the <a href="/wiki/Social_impact_bond" title="Social impact bond">Social impact bond</a> (SIB).<sup id="cite_ref-:2_7-1" class="reference"><a href="#cite_note-:2-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> SIBs are structured <a href="/wiki/Financial_instrument" title="Financial instrument">financial instruments</a> that raise private capital to fund prevention and early intervention programs in areas of pressing social need, reducing the need for expensive safety net services in the future. Investors provide up-front capital to fund these programs and receive a prearranged amount of money (including the principal plus some financial return) if performance results are achieved.<sup id="cite_ref-:5_14-1" class="reference"><a href="#cite_note-:5-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>Funds from SIBs are spent on services like <a href="/wiki/Counseling_psychology" title="Counseling psychology">counselling</a>, <a href="/wiki/Health_care" title="Health care">health care</a>, and <a href="/wiki/Immigration_detention" title="Immigration detention">detention</a>, with the aim of reducing the need for these services in the first place. Proceeds from the savings are used to reward investors for facilitating the process.<sup id="cite_ref-:0_11-6" class="reference"><a href="#cite_note-:0-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Unlike conventional bonds, however, SIBs operate on a <a href="/wiki/Pay-for-performance_(Investment)" title="Pay-for-performance (Investment)">pay-for-performance</a> basis, in which bondholders are repaid only if the program’s outcome targets are achieved. </p> <div class="mw-heading mw-heading3"><h3 id="Social_investment_funds">Social investment funds</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Social_finance&action=edit&section=6" title="Edit section: Social investment funds"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Social_fund" title="Social fund">Social investment funds</a> (SIFs) pool funds from investors to provide <a href="/wiki/Nonprofit_organization" title="Nonprofit organization">not-for-profit</a> organisations with “patient working capital” (funding with a longer-term repayment schedule).<sup id="cite_ref-:2_7-2" class="reference"><a href="#cite_note-:2-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Office_of_Social_Innovation_and_Civic_Participation#Social_Innovation_Fund" title="Office of Social Innovation and Civic Participation">Social Innovation Fund</a> is a well-known example of a SIF. Through a competitive process, it awards grants of up to $10 million per year to organisations with strong track records of effective social service.<sup id="cite_ref-:5_14-2" class="reference"><a href="#cite_note-:5-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Comparisons_with_other_forms_of_social_welfare_enhancement">Comparisons with other forms of social welfare enhancement</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Social_finance&action=edit&section=7" title="Edit section: Comparisons with other forms of social welfare enhancement"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Efforts to create mechanisms to allocate capital for combined social and economic <a href="/wiki/Creating_shared_value" title="Creating shared value">value creation</a> are not new.<sup id="cite_ref-:13_5-1" class="reference"><a href="#cite_note-:13-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> Social finance is conceptually a very different approach to social welfare enhancement, however, in that, by combining the ideas of <a href="/wiki/Neoliberalism" title="Neoliberalism">neoliberal markets</a> (in creating a profit and financial return) with taking care of social needs (in the way that a charity would), social finance secures its own sustainability by being profitable for those who fund these organisations.<sup id="cite_ref-:2_7-3" class="reference"><a href="#cite_note-:2-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> It is funded by investors, who receive a return on their investment, rather than donors, who forgo their contribution at the time of donation.<sup id="cite_ref-:4_9-6" class="reference"><a href="#cite_note-:4-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> The ‘<a href="/wiki/Blended_value" title="Blended value">blended’</a> social and financial returns are a defining characteristic of social finance and distinguish it from related practices, such as not-for-profit investing, charity, and philanthropy.<sup id="cite_ref-:4_9-7" class="reference"><a href="#cite_note-:4-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Comparison_with_corporate_social_responsibility">Comparison with corporate social responsibility</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Social_finance&action=edit&section=8" title="Edit section: Comparison with corporate social responsibility"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Leading scholars in the field of social innovation, such as Stephen Sinclair, Neil McHugh, and Michael Roy, question the need for social finance given the extensive existing <a href="/wiki/Corporate_governance" title="Corporate governance">frameworks</a> that govern <a href="/wiki/Corporate_social_responsibility" title="Corporate social responsibility">corporate social responsibility</a> in capital markets.<sup id="cite_ref-:8_24-0" class="reference"><a href="#cite_note-:8-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> Their critical analysis of the efficacy of social impact bonds concludes that social finance draws capital away from productive investment opportunities and exacerbates allocative inefficiencies caused by excessive existing government regulation.<sup id="cite_ref-:8_24-1" class="reference"><a href="#cite_note-:8-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> Separate studies reaffirm these claims and argue that improved efficiencies are needed before social finance is marketized.<sup id="cite_ref-:9_25-0" class="reference"><a href="#cite_note-:9-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p><p>Proponents of social finance concede that while its intent overlaps with that of corporate social responsibility, social finance provides a means for greater direct investment in addressing social challenges, whereas existing corporate governance frameworks work at the fringe.<sup id="cite_ref-:1_4-1" class="reference"><a href="#cite_note-:1-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Othmar Lehner, Associate Professor of Social Enterprise at the University of Oxford Saïd Business School, states that while traditional financial institutions typically prioritise profitability and regard their societal impact only so much as regulation requires, social finance enterprises set social objectives as the first goal of their capital allocation strategies, channelling investors’ funds directly to organisations that prioritise projects with socially positive outcomes.<sup id="cite_ref-:0_11-7" class="reference"><a href="#cite_note-:0-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> In his opening chapter in the <i>Routledge Handbook of Social and Sustainable Finance</i>, he proposes social finance as a new source of capital to supplement existing sources, such as charitable donations and philanthropic grants, which have historically been the main source of financing social change, from poverty alleviation to international development and income inequality.<sup id="cite_ref-:0_11-8" class="reference"><a href="#cite_note-:0-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Social theorists Jed Emerson and <a href="/wiki/Alex_Nicholls_(academic)" title="Alex Nicholls (academic)">Alex Nicholls</a> reaffirm these claims by suggesting that social finance provides the greater direct investment required to address various social challenges and fill the capital gap that currently exists, given that many social needs have increased in severity, complexity, and scale, while charitable donations are on the decline.<sup id="cite_ref-:4_9-8" class="reference"><a href="#cite_note-:4-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Challenges_and_future_direction">Challenges and future direction</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Social_finance&action=edit&section=9" title="Edit section: Challenges and future direction"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The social finance industry faces several headwinds, including the struggle to produce desirable returns for investors, high start-up and regulatory costs, neglect from mainstream banks, and lack of access to retail investors, an area that is believed to have perhaps the most demand.<sup id="cite_ref-:8_24-2" class="reference"><a href="#cite_note-:8-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> Furthermore, although the industry has matured, it has done so at an uneven pace across its ecosystem, as evidenced in the United States in particular.<sup id="cite_ref-:9_25-1" class="reference"><a href="#cite_note-:9-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> While capital flows and trust between suppliers (investors) and demanders (social finance institutions) of capital are improving, regulatory developments have lagged behind.<sup id="cite_ref-:9_25-2" class="reference"><a href="#cite_note-:9-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> One study<sup id="cite_ref-:3_12-4" class="reference"><a href="#cite_note-:3-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> concedes that the rapid growth of social finance in the 21st century has exposed its self-regulatory capacity, the need to strengthen governance mechanisms, and the need to develop sophisticated intermediaries to link capital and opportunities. The source suggests that institutional uptake of social finance will be held back by these headwinds and, unless the gaps are addressed, the social finance industry will be unable to maintain its current growth rate into the future. </p><p>Consensus of experts in the field maintains that the role of government in social finance will be central to addressing the challenges that the sector currently faces.<sup id="cite_ref-:0_11-9" class="reference"><a href="#cite_note-:0-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:4_9-9" class="reference"><a href="#cite_note-:4-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> Sustainability strategist Coro Strandberg proposes<sup id="cite_ref-:7_26-0" class="reference"><a href="#cite_note-:7-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> the following six public policy changes to address these challenges: </p> <ul><li><a href="/wiki/Law_reform" title="Law reform"><b>Legislative reform</b></a><b>:</b> recast legislation from a for-profit/not-for-profit framework to a sustainable and effective framework</li> <li><b><a href="/wiki/Tax_incentive" title="Tax incentive">Tax incentives</a></b>: offer tax incentives to encourage investments in social finance</li> <li><b><a href="/wiki/Capacity_building" title="Capacity building">Capacity building</a></b>: create a framework that permits organisations to build capacity through capital retention</li> <li><a href="/wiki/Socially_responsible_investing#Community_investing" title="Socially responsible investing"><b>Community investment</b></a><b>:</b> create an enabling environment for trustees to consider community investments consistent with their fiduciary duty</li> <li><b><a href="/wiki/Regulatory_reform" title="Regulatory reform">Regulatory reform</a></b>: create a permissive framework for foundations to support social finance</li> <li><a href="/wiki/Sustainable_business" title="Sustainable business"><b>Formalised sustainability plans</b></a><b>:</b> negotiate an allocation from the New Deal for Cities for the articulation of environmental, social, cultural, and economic goals into municipal sustainability plans and checklists</li></ul> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Social_finance&action=edit&section=10" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Social_enterprise" title="Social enterprise">Social enterprise</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Microfinance" title="Microfinance">Microfinance</a></li> <li><a href="/wiki/Social_impact_bond" title="Social impact bond">Social impact bond</a></li> <li><a href="/wiki/Socially-responsible_investing" class="mw-redirect" title="Socially-responsible investing">Socially-responsible investing</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Social_finance&action=edit&section=11" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-:10-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-:10_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:10_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output 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By Coro Strandberg, 13 Mar 2006, pp. 6-8.</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Social_finance&action=edit&section=12" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Canada, Department of Employment and Social Development. <a rel="nofollow" class="external text" href="https://www.canada.ca/en/employment-social-development/programs/social-finance/consultations-report.html"><i>Harnessing the power of social finance</i>.</a> 2 May 2013, pp. 10–26.</li> <li>Canada, Planned Lifetime Advocacy Network. “<a rel="nofollow" class="external text" href="https://corostrandberg.com/wp-content/uploads/2006/12/21st-century-financing-tides-canada-fdn-social-capital-market-roundtable2.pdf">Exploring new sources of investment for social transformation.</a>” <i>Social Capital Market Roundtable</i>. By Coro Strandberg, 13 Mar 2006, pp. 6–8.</li> <li>Emerson, Jed, and Nicholls, Alex. “<a rel="nofollow" class="external text" href="https://oxford.universitypressscholarship.com/view/10.1093/acprof:oso/9780198703761.001.0001/acprof-9780198703761-chapter-1">Social finance: Capitalizing social impact.</a>” <i>Social Finance</i>, edited by Jed Emerson, et al., Oxford University Press, 2015, pp. 1–45.</li> <li>Geobey, Sean, and Harji, Karim. “<a rel="nofollow" class="external text" href="http://journals.sagepub.com/doi/abs/10.1177/1468018114539864d">Social Finance in North America.</a>” <i>Global Social Policy</i>, vol. 14, 2014, pp. 274–77.</li> <li>Kramer, Mark, and Porter, Michael. “<a rel="nofollow" class="external text" href="https://hbr.org/2011/01/the-big-idea-creating-shared-value">The big idea: Creating shared value.</a>” <i>Harvard Business Review</i>, vol. 89, pp. 2–14.</li> <li>Lehner, Othmar M. “<a rel="nofollow" class="external text" href="https://www.researchgate.net/publication/312593785_THE_ARCHITECTURE_OF_SOCIAL_FINANCE">The Architecture of Social Finance.</a>” <i>Routledge Handbook of Social and Sustainable Finance</i>, edited by Gadaf Rexhepi, Routledge, 2017, pp. 35–49.</li> <li>Maurer, Bill. “<a rel="nofollow" class="external text" href="https://www.oxfordhandbooks.com/view/10.1093/oxfordhb/9780199590162.001.0001/oxfordhb-9780199590162-e-22">The Disunity of Finance: Alternative Practices to Western Finance.</a>” <i>The Oxford Handbook of the Sociology of Finance</i>, edited by Karin Cetina, et al., Oxford University Press, 2012, pp. 413–431.</li> <li>Mulgan, Geoff. “<a rel="nofollow" class="external text" href="https://ssir.org/articles/entry/measuring_social_value">Measuring social value.</a>” <i>Stanford Social Innovation Review</i>, vol. 38, pp. 38–43.</li> <li>Organisation for Economic Co-operation and Development. “<a rel="nofollow" class="external text" href="https://www.oecd-ilibrary.org/science-and-technology/new-investment-approaches-for-addressing-social-and-economic-challenges_5jz2bz8g00jj-en">New investment approaches for addressing social and economic challenges.</a>” <i>Science, Technology and Industry Policy Papers</i>. By Karen Wilson, 1 Jul 2014, pp. 41–81.</li> <li>United States, Center for American Progress. <i><a rel="nofollow" class="external text" href="https://www.americanprogress.org/issues/economy/reports/2013/11/05/78792/social-finance-a-primer/">Social Finance: A Primer. Understanding Innovation Funds, Impact Bonds, and Impact Investing.</a></i> 5 Nov 2013.</li> <li>"<a rel="nofollow" class="external text" href="https://www.economist.com/the-economist-explains/2018/04/17/what-is-sustainable-finance">What is Sustainable Finance?: The Economist Explains.</a>" <i>The Economist</i>, 17 Apr 2018, pp. 23–26.</li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Social_finance&action=edit&section=13" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Commons-logo.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" 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(FCP)</li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li> <li><a href="/wiki/Index_fund" title="Index fund">Index fund</a></li> <li><a href="/wiki/Investment_trust" title="Investment trust">Investment trust</a></li> <li><a href="/wiki/Hedge_fund" title="Hedge fund">Hedge fund</a></li> <li><a href="/wiki/Labour-sponsored_venture_capital_corporation" title="Labour-sponsored venture capital corporation">Labour-sponsored venture capital corporation</a></li> <li><a href="/wiki/Listed_investment_company" title="Listed investment company">Listed investment company</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Offshore_fund" title="Offshore fund">Offshore fund</a></li> <li><a href="/wiki/Open-ended_fund_company" title="Open-ended fund company">Open-ended fund company</a></li> <li><a href="/wiki/Open-ended_investment_company" title="Open-ended investment company">Open-ended investment company</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension fund</a></li> <li><a href="/wiki/Private-equity_fund" class="mw-redirect" title="Private-equity fund">Private-equity fund</a></li> <li><a href="/wiki/Qualifying_investor_alternative_investment_fund" title="Qualifying investor alternative investment fund">Qualifying investor alternative investment fund</a> (QIAIF)</li> <li><a href="/wiki/Real_estate_investment_trust" title="Real estate investment trust">Real estate investment trust</a> (REIT)</li> <li><a href="/wiki/Royalty_trust" title="Royalty trust">Royalty trust</a></li> <li><a href="/wiki/Short-term_investment_fund" title="Short-term investment fund">Short-term investment fund</a></li> <li><a href="/wiki/SICAV" title="SICAV">SICAV</a></li> <li><a href="/wiki/Split_capital_investment_trust" title="Split capital investment trust">Split capital investment trust</a></li> <li><a href="/wiki/Tax_transparent_fund" title="Tax transparent fund">Tax transparent fund</a></li> <li><a href="/wiki/Umbrella_fund" title="Umbrella fund">Umbrella fund</a></li> <li><a href="/wiki/Unit_investment_trust" title="Unit investment trust">Unit investment trust</a></li> <li><a href="/wiki/Unit_trust" title="Unit trust">Unit trust</a></li> <li><a href="/wiki/Unitised_insurance_fund" title="Unitised insurance fund">Unitised insurance fund</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investment styles</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Active_management" title="Active management">Active</a> / <a href="/wiki/Passive_management" title="Passive management">passive management</a></li> <li><a href="/wiki/Hedge_fund" title="Hedge fund">Hedge Funds</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Manager_of_managers_fund" class="mw-redirect" title="Manager of managers fund">Manager of managers</a></li> <li><a class="mw-selflink selflink">Social finance</a></li> <li><a href="/wiki/Socially_responsible_investing" title="Socially responsible investing">Socially responsible investing</a></li> <li><a href="/wiki/Social_trading" title="Social trading">Social trading</a></li> <li><a href="/wiki/Thematic_investing" title="Thematic investing">Thematic investing</a></li> <li><a href="/wiki/Value_investing" title="Value investing">Value</a> / <a href="/wiki/Growth_investing" title="Growth investing">growth investing</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Terminology</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Closed-end_fund" title="Closed-end fund">Closed-end fund</a></li> <li><a href="/wiki/Fund_governance" title="Fund governance">Fund governance</a></li> <li><a href="/wiki/Institutional_investor" title="Institutional investor">Institutional investor</a></li> <li><a href="/wiki/Net_asset_value" title="Net asset value">Net asset value</a></li> <li><a href="/wiki/Open-end_fund" title="Open-end fund">Open-end fund</a></li> <li><a href="/wiki/Performance_fee" title="Performance fee">Performance fee</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Theory</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a></li> <li><a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a> (<a href="/wiki/Bond_duration" class="mw-redirect" title="Bond duration">Duration</a>, <a href="/wiki/Bond_convexity" title="Bond convexity">Convexity</a>)</li> <li><a href="/wiki/Martingale_pricing" title="Martingale pricing">Martingale pricing</a></li> <li><a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a></li> <li><a href="/wiki/Noisy_market_hypothesis" title="Noisy market hypothesis">Noisy market hypothesis</a></li> <li><a href="/wiki/Yield_curve" title="Yield curve">Yield curve</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></li> <li><a href="/wiki/Commodity_pool_operator" title="Commodity pool operator">Commodity pool operator</a></li> <li><a href="/wiki/Robo-advisor" title="Robo-advisor">Robo-advisor</a></li> <li><a href="/wiki/Returns-based_style_analysis" title="Returns-based style analysis">Returns-based style analysis</a></li> <li><a href="/wiki/Traditional_investments" title="Traditional investments">Traditional investments</a></li> <li><a href="/wiki/Undertakings_for_Collective_Investment_in_Transferable_Securities_Directives" class="mw-redirect" title="Undertakings for Collective Investment in Transferable Securities Directives">UCITS</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" 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