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<span>Industry</span> </div> </a> <ul id="toc-Industry-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Institutional_impact_investing" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Institutional_impact_investing"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Institutional impact investing</span> </div> </a> <button aria-controls="toc-Institutional_impact_investing-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 Institutional impact investing subsection</span> </button> <ul id="toc-Institutional_impact_investing-sublist" class="vector-toc-list"> <li id="toc-Institutional_investors" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Institutional_investors"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Institutional investors</span> </div> </a> <ul id="toc-Institutional_investors-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Increased_supranational_and_pension_cooperation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Increased_supranational_and_pension_cooperation"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Increased supranational and pension cooperation</span> </div> </a> <ul id="toc-Increased_supranational_and_pension_cooperation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Mission_investing_by_foundations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Mission_investing_by_foundations"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Mission investing by foundations</span> </div> </a> <ul id="toc-Mission_investing_by_foundations-sublist" class="vector-toc-list"> <li id="toc-Program-related_investments_(PRIs)" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Program-related_investments_(PRIs)"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3.1</span> <span>Program-related investments (PRIs)</span> </div> </a> <ul id="toc-Program-related_investments_(PRIs)-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Mission-related_investments_(MRIs)" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Mission-related_investments_(MRIs)"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3.2</span> <span>Mission-related investments (MRIs)</span> </div> </a> <ul id="toc-Mission-related_investments_(MRIs)-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Impact_investing_by_individuals" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Impact_investing_by_individuals"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Impact investing by individuals</span> </div> </a> <button aria-controls="toc-Impact_investing_by_individuals-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 Impact investing by individuals subsection</span> </button> <ul id="toc-Impact_investing_by_individuals-sublist" class="vector-toc-list"> <li id="toc-Exchange-traded_funds" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Exchange-traded_funds"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Exchange-traded funds</span> </div> </a> <ul id="toc-Exchange-traded_funds-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Syndicate_or_pooled_investing" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Syndicate_or_pooled_investing"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Syndicate or pooled investing</span> </div> </a> <ul id="toc-Syndicate_or_pooled_investing-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Digital_microfinance_platforms" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Digital_microfinance_platforms"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>Digital microfinance platforms</span> </div> </a> <ul id="toc-Digital_microfinance_platforms-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Impact_investing_in_Asia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Impact_investing_in_Asia"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.4</span> <span>Impact investing in Asia</span> </div> </a> <ul id="toc-Impact_investing_in_Asia-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Private_equity_and_venture_capital" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Private_equity_and_venture_capital"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Private equity and venture capital</span> </div> </a> <ul id="toc-Private_equity_and_venture_capital-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Gender_lens_investing" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Gender_lens_investing"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Gender lens investing</span> </div> </a> <ul id="toc-Gender_lens_investing-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" 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class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/%C4%B0nvestisiyaya_t%C9%99sir" title="İnvestisiyaya təsir – Azerbaijani" lang="az" hreflang="az" data-title="İnvestisiyaya təsir" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Investissement_%C3%A0_impact_social" title="Investissement à impact social – French" lang="fr" hreflang="fr" data-title="Investissement à impact social" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%9E%84%ED%8C%A9%ED%8A%B8_%ED%88%AC%EC%9E%90" title="임팩트 투자 – Korean" lang="ko" hreflang="ko" data-title="임팩트 투자" data-language-autonym="한국어" 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lang="pt" hreflang="pt" data-title="Investimento de impacto" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A1%D0%BE%D1%86%D0%B8%D0%B0%D0%BB%D1%8C%D0%BD%D0%BE-%D0%BF%D1%80%D0%B5%D0%BE%D0%B1%D1%80%D0%B0%D0%B7%D1%83%D1%8E%D1%89%D0%B8%D0%B5_%D0%B8%D0%BD%D0%B2%D0%B5%D1%81%D1%82%D0%B8%D1%86%D0%B8%D0%B8" title="Социально-преобразующие инвестиции – Russian" lang="ru" hreflang="ru" data-title="Социально-преобразующие инвестиции" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Impact_investing" title="Impact investing – Swedish" lang="sv" hreflang="sv" data-title="Impact investing" data-language-autonym="Svenska" 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dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Investing in enterprises aiming at creating social/environmental impact alongside profit</div> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": 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href="/wiki/File:Philippine-stock-market-board.jpg" class="mw-file-description"><img alt="Looking up at a computerized stocks-value board at the Philippine Stock Exchange" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/200px-Philippine-stock-market-board.jpg" decoding="async" width="200" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/300px-Philippine-stock-market-board.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/400px-Philippine-stock-market-board.jpg 2x" data-file-width="640" data-file-height="480" /></a></span></td></tr><tr><td class="sidebar-above" style="padding-bottom:0.7em;"> <ul><li><a href="/wiki/Market_(economics)" title="Market (economics)">Public market</a></li> <li><a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <b>·</b> <a href="/wiki/Security_(finance)" title="Security (finance)">Securities</a></li></ul></td></tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Bond_market" title="Bond market">Bond market</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Bond_valuation" title="Bond valuation">Bond valuation</a></li> <li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate bond</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal bond</a></li> <li><br /><a href="/wiki/Securitization" title="Securitization">Securitization</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Stock_market" title="Stock market">Stock market</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Common_stock" title="Common stock">Common stock</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a></li> <li><a href="/wiki/Registered_share" title="Registered share">Registered share</a></li> <li><a href="/wiki/Shareholder" title="Shareholder">Shareholder</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Stockbroker" title="Stockbroker">Stockbroker</a></li> <li><a href="/wiki/Stock_certificate" title="Stock certificate">Stock certificate</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Other markets</th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;"><a href="/wiki/Derivatives_market" title="Derivatives market">Derivatives</a> <div class="hlist"><ul><li>(<a href="/wiki/Credit_derivative" title="Credit derivative">Credit derivative</a></li><li><a href="/wiki/Futures_exchange" title="Futures exchange">Futures exchange</a></li><li><a href="/wiki/Hybrid_security" title="Hybrid security">Hybrid security</a>)</li></ul></div> </div> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;padding-bottom:0.25em;"><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange</a> <div class="hlist"><ul><li>(<a href="/wiki/Currency" title="Currency">Currency</a></li><li><a href="/wiki/Exchange_rate" title="Exchange rate">Exchange rate</a>)</li></ul></div> </div> <ul><li><a href="/wiki/Commodity_market" title="Commodity market">Commodity</a></li> <li><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">ETF</a></li> <li><a href="/wiki/Money_market" title="Money market">Money</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Option_(finance)" title="Option (finance)">Option</a></li> <li><a href="/wiki/Real_estate" title="Real estate">Real estate</a></li> <li><a href="/wiki/Reinsurance" title="Reinsurance">Reinsurance</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swap (finance)</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter (off-exchange)</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <div class="hlist"><ul><li><a href="/wiki/Forward_contract" title="Forward contract">Forwards</a></li><li><a href="/wiki/Option_(finance)" title="Option (finance)">Options</a></li></ul></div> <div class="hlist"><ul><li><a href="/wiki/Spot_market" title="Spot market">Spot market</a></li><li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swaps</a></li></ul></div></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Trader_(finance)" title="Trader (finance)">Trading</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Financial_market_participants" title="Financial market participants">Participants</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulation</a></li> <li><a href="/wiki/Clearing_(finance)" title="Clearing (finance)">Clearing</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Related areas</th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></li> <li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Asset_(economics)" title="Asset (economics)">Asset (economics)</a></li> <li><a href="/wiki/Asset_pricing" title="Asset pricing">Asset pricing</a></li> <li><a href="/wiki/Bank" title="Bank">Banks and banking</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bull</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification (finance)</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Environmental_finance" title="Environmental finance">Environmental finance</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_analysis" title="Financial analysis">analysis</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">analyst</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_betting" title="Financial betting">betting</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">corporate</a></li> <li><a href="/wiki/Financial_crime" title="Financial crime">crime</a></li> <li><a href="/wiki/Financial_forecast" title="Financial forecast">forecast</a></li> <li><a href="/wiki/Personal_finance" title="Personal finance">personal</a></li> <li><a href="/wiki/Public_finance" title="Public finance">public</a></li> <li><a href="/wiki/Financial_services" title="Financial services">services</a></li></ul></li> <li><a href="/wiki/Fintech" title="Fintech">Fintech</a></li> <li><a href="/wiki/Greenwashing" title="Greenwashing">Greenwashing</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a class="mw-selflink selflink">Impact investing</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Speculative_attack" title="Speculative attack">Speculative attack</a></li> <li><a href="/wiki/Sustainable_development_goals" class="mw-redirect" title="Sustainable development goals">Sustainable development goals</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li></ul></td> </tr><tr><td class="sidebar-navbar" style="border-top:1px solid #aaa;"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_markets" title="Template:Financial markets"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_markets" title="Template talk:Financial markets"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_markets" title="Special:EditPage/Template:Financial markets"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Impact investing</b> refers to <a href="/wiki/Investing" class="mw-redirect" title="Investing">investments</a> "made into companies, organizations, and funds with the intention to generate a measurable, beneficial social or environmental impact alongside a financial return".<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> At its core, impact investing is about an alignment of an investor's beliefs and values with the allocation of capital to address social and/or environmental issues. </p><p>Impact investors actively seek to place capital in businesses, <a href="/wiki/Nonprofit_organization" title="Nonprofit organization">nonprofits</a>, and funds in industries such as <a href="/wiki/Renewable_energy" title="Renewable energy">renewable energy</a>,<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> housing, healthcare, education, <a href="/wiki/Microfinance" title="Microfinance">microfinance</a>, and <a href="/wiki/Sustainable_agriculture" title="Sustainable agriculture">sustainable agriculture</a>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Institutional investors, notably <a href="/wiki/North_American" class="mw-redirect" title="North American">North American</a> and <a href="/wiki/Europe" title="Europe">European</a> <a href="/wiki/Development_finance_institution" title="Development finance institution">development finance institutions</a>, <a href="/wiki/Pension_fund" title="Pension fund">pension funds</a> and <a href="/wiki/Financial_endowment" title="Financial endowment">endowments</a> have played a leading role in the development of impact investing.<sup id="cite_ref-auto1_4-0" class="reference"><a href="#cite_note-auto1-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Under <a href="/wiki/Pope_Francis" title="Pope Francis">Pope Francis</a>, the <a href="/wiki/Catholic_Church" title="Catholic Church">Catholic Church</a> has seen an increased interest in impact investing.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>Impact investing occurs across <a href="/wiki/Asset_classes" title="Asset classes">asset classes</a>; for example, <a href="/wiki/Private_equity" title="Private equity">private equity</a>/<a href="/wiki/Venture_capital" title="Venture capital">venture capital</a>, debt, and fixed income. Impact investments can be made in either emerging or developed markets, and depending on the goals of the investors, can "target a range of returns from below-market to above-market rates".<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> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Development">Development</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Impact_investing&action=edit&section=1" title="Edit section: Development"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Historically, regulation—and to a lesser extent, <a href="/wiki/Philanthrocapitalism" title="Philanthrocapitalism">philanthropy</a>—was an attempt to minimize the negative social consequences (<a href="/wiki/Unintended_consequences" title="Unintended consequences">unintended consequences</a>, <a href="/wiki/Externality" title="Externality">externalities</a>) of business activities.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2018)">citation needed</span></a></i>]</sup> However, a <a href="/wiki/Socially_responsible_investing#History" title="Socially responsible investing">history</a> of individual investors using <a href="/wiki/Socially_responsible_investing" title="Socially responsible investing">socially responsible investing</a> to express their values exists, and such investing behavior is usually defined by the avoidance of investments in specific companies or activities with negative effects.<sup id="cite_ref-HAYATusman_7-0" class="reference"><a href="#cite_note-HAYATusman-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>Simultaneously, approaches such as <a href="/wiki/Pollution_prevention_(disambiguation)" class="mw-redirect mw-disambig" title="Pollution prevention (disambiguation)">pollution prevention</a>, <a href="/wiki/Corporate_social_responsibility" title="Corporate social responsibility">corporate social responsibility</a>, and <a href="/wiki/Triple_bottom_line" title="Triple bottom line">triple bottom line</a> began as measurements of non-financial effects, both inside and outside of corporations.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> In 2000, Baruch Lev of the <a href="/wiki/NYU" class="mw-redirect" title="NYU">NYU</a>'s <a href="/wiki/Stern_School_of_Business" class="mw-redirect" title="Stern School of Business">Stern School of Business</a> collated thinking about <a href="/wiki/Intangible_asset" title="Intangible asset">intangible assets</a> in a book of the same name, which furthered thinking about the non-financial effects of corporate production.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>The term "impact investing" was coined in 2005 by Mark Zapletal of Wartenberg Trust in his presentation "Impact Investing, a Door to Sustainable Philanthropy", at the Global Family Office Summit in <a href="/wiki/New_York_City" title="New York City">New York</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> A commitment to measuring social and environmental performance, with the same rigor as that applied to financial performance, is a critical component of impact investing.<sup id="cite_ref-FORBESP_11-0" class="reference"><a href="#cite_note-FORBESP-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Industry">Industry</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Impact_investing&action=edit&section=2" title="Edit section: Industry"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The number of funds engaged in impact investing grew quickly over a five-year period, and a 2009 report from research firm the <a href="/wiki/Monitor_Group" class="mw-redirect" title="Monitor Group">Monitor Group</a> estimated that the impact investing industry could grow from around US$50 billion in assets to $500 billion in assets within the subsequent decade.<sup id="cite_ref-Monitor09_12-0" class="reference"><a href="#cite_note-Monitor09-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items" title="Wikipedia:Manual of Style/Dates and numbers"><span title="The date of the event predicted near this tag has passed. (December 2021)">needs update</span></a></i>]</sup> Such capital may be deployed using a range of investment instruments, including equity, debt, real assets, loan guarantees, and others.<sup id="cite_ref-Monitor09_12-1" class="reference"><a href="#cite_note-Monitor09-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> The growth of impact investing is partly attributed to the criticism of traditional forms of philanthropy and <a href="/wiki/International_development" title="International development">international development</a>, which have been characterized as unsustainable and driven by the goals—or whims—of the corresponding donors.<sup id="cite_ref-PARTNERS_13-0" class="reference"><a href="#cite_note-PARTNERS-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>As of 2015, impact investing was still only a small market when compared to the global equity market, estimated at US$61 trillion (market capitalization of domestic listed companies) by the World Bank.<sup id="cite_ref-THEGIIN_14-0" class="reference"><a href="#cite_note-THEGIIN-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Impact investors managed US$114 billion in impact investing assets, a figure that serves as a best-available "floor" for the size of the impact investing market, according to GIIN's 2017 <i>Annual Impact Investor Survey</i>. The largest sectors by asset allocation were microfinance, energy, housing, and financial services.<sup id="cite_ref-FORBESMORATA_15-0" class="reference"><a href="#cite_note-FORBESMORATA-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-THEGIIN_14-1" class="reference"><a href="#cite_note-THEGIIN-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>Many <a href="/wiki/Development_finance_institution" title="Development finance institution">development finance institutions</a>, such as the British <a href="/wiki/Commonwealth_Development_Corporation" class="mw-redirect" title="Commonwealth Development Corporation">Commonwealth Development Corporation</a> or Norwegian <a href="/wiki/Norfund" title="Norfund">Norfund</a>, can also be considered impact investors, because they allocate a portion of their portfolio to investments that deliver financial as well as social or environmental benefits.<sup id="cite_ref-INVESTO_16-0" class="reference"><a href="#cite_note-INVESTO-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>Impact investing is distinguished from <a href="/wiki/Crowdfunding" title="Crowdfunding">crowdfunding</a> sites, such as <a href="/wiki/Indiegogo" title="Indiegogo">Indiegogo</a> or <a href="/wiki/Kickstarter" title="Kickstarter">Kickstarter</a>, because impact investments are typically debt or equity investments over US$1,000—with longer-than-traditional <a href="/wiki/Venture_capital" title="Venture capital">venture capital</a> payment times—and an "exit strategy" (traditionally an <a href="/wiki/Initial_public_offering" title="Initial public offering">initial public offering (IPO)</a> or buyout in the for-profit <a href="/wiki/Startup_company" title="Startup company">startup</a> sector) may be non-existent. Although some social enterprises are nonprofits, impact investing typically involves for-profit, social- or environmental-mission-driven businesses. </p><p>Organizations receiving impact investment capital may be set up legally as a for-profit, not-for profit, <a href="/wiki/Benefit_corporation" title="Benefit corporation">Benefit corporation</a>, <a href="/wiki/Low-profit_limited_liability_company" title="Low-profit limited liability company">Low-profit limited liability company</a> (L3C), <a href="/wiki/Community_interest_company" title="Community interest company">Community interest company</a>, or other designations that may vary by country. In much of Europe, these are known as "<a href="/wiki/Social_enterprise" title="Social enterprise">social enterprises</a>".<sup id="cite_ref-FTbob_17-0" class="reference"><a href="#cite_note-FTbob-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>The main activists in this market have been <a href="/wiki/Impax_Asset_Management_Group" title="Impax Asset Management Group">Impax Asset Management Group</a>, which is a UK-based specialist in environmental impact investing, Sarasin and Partners, which has a history of pressing investee companies on sustainability issues, and <a href="/wiki/Triodos_Bank" title="Triodos Bank">Triodos Investment Management</a>, which is a <a href="/wiki/Netherlands" title="Netherlands">Netherlands</a>-based manager which focuses on sustainability issues.<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> </p><p>India is emerging as a major geography for impact investors according to consulting firm, McKinsey, with over $1.1 billion already invested as of 2016.<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="Institutional_impact_investing">Institutional impact investing</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Impact_investing&action=edit&section=3" title="Edit section: Institutional impact investing"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Institutional_investors">Institutional investors</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Impact_investing&action=edit&section=4" title="Edit section: Institutional investors"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Impact investments occur across asset classes and investment amounts. Among the best-known mechanism is private equity or venture capital. "<a href="/wiki/Social_venture_capital" title="Social venture capital">Social venture capital</a>", or "patient capital", impact investments are structured similarly to those in the rest of the venture capital community. Investors may take an active role mentoring or leading the growth of the company,<sup id="cite_ref-NASDAQ_20-0" class="reference"><a href="#cite_note-NASDAQ-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> similar to the way a venture capital firm assists in the growth of an early-stage company. Hedge funds and private equity funds may also pursue impact investing strategies.<sup id="cite_ref-EST_21-0" class="reference"><a href="#cite_note-EST-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>Impact investment "accelerators" also exist for seed- and growth-stage social enterprises. Similar to seed-stage accelerators for traditional startups, impact investment accelerators provide smaller amounts of capital than Series A financings or larger impact investment deals.<sup id="cite_ref-PIONEERGAP_22-0" class="reference"><a href="#cite_note-PIONEERGAP-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> Most "impact investment accelerators" are nonprofits, raising grants from donors to pay for business development services; however, commercially orientated accelerators providing investment readiness and capital-raising advisory services are emerging. </p><p>Large corporations are also emerging as powerful mechanisms for impact investing. Companies that seek to create shared value through developing new products/services, or positively impacting their operations, are beginning to employ impact investments through their value chain, particularly their supply chain.<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> </p><p>Impact investing can help organizations become self-sufficient by enabling them to carry out their projects and initiatives without having to rely heavily on donations and state subsidies. </p><p>There has been a growing interest in impact investing from faith-based investors, as they seek to align their investments with their core beliefs.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Increased_supranational_and_pension_cooperation">Increased supranational and pension cooperation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Impact_investing&action=edit&section=5" title="Edit section: Increased supranational and pension cooperation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div><p> Governments and national and international public institutions including <a href="/wiki/Development_finance_institution" title="Development finance institution">development finance institutions</a> have sought to leverage their impact-oriented policies by encouraging <a href="/wiki/Pension_fund" title="Pension fund">pension funds</a> and other large asset owners to co-invest with them in impact-informed assets and projects, notably in the <a href="/wiki/Global_South" class="mw-redirect" title="Global South">Global South</a>. <a href="/wiki/World_Pensions_%26_Investments_Forum" title="World Pensions & Investments Forum">World Pensions Council</a> and other US and European experts have welcome this course of action, insisting nonetheless that: </p><blockquote><p>Governments and international institutions need to do more if they truly seek to 'unlock' private sector capital in a meaningful way. They have to ask themselves the following questions: what are the concrete legal, regulatory, financial and <a href="/wiki/Fiduciary" title="Fiduciary">fiduciary</a> concerns facing pension fund <a href="/wiki/Board_members" class="mw-redirect" title="Board members">board members</a>? How can we improve emerging industry standards for impact measurement and help pension trustees steer more long-term capital towards valuable economic endeavors at home and abroad, while, simultaneously, ensuring fair <a href="/wiki/Risk-adjusted_return_on_capital" title="Risk-adjusted return on capital">risk-adjusted returns</a> for future pensioners?<sup id="cite_ref-auto1_4-1" class="reference"><a href="#cite_note-auto1-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup></p></blockquote> <div class="mw-heading mw-heading3"><h3 id="Mission_investing_by_foundations">Mission investing by foundations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Impact_investing&action=edit&section=6" title="Edit section: Mission investing by foundations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Mission investments are investments made by foundations and other mission-based organizations to further their philanthropic goals, either with a portion or with the entirety of their <a href="/wiki/Financial_endowment" title="Financial endowment">endowment</a>.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> They include any type of investment that is intended and designed to generate both a measurable social or environmental benefit and a financial return. For example, after the <a href="/w/index.php?title=Heron_Foundation&action=edit&redlink=1" class="new" title="Heron Foundation (page does not exist)">Heron Foundation</a>'s internal audit of its investments in 2011 uncovered an investment in a private prison that was directly contrary to the foundation's mission, the foundation developed and then began to advocate for a four-part <a href="/wiki/Financial_endowment#Ethics_and_endowment_repatriation" title="Financial endowment">ethical framework to endowment investments</a> conceptualized as Human Capital, Natural Capital, Civic Capital, and Financial Capital.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><p>Foundations that make investments aligned with related philanthropic work include the <a href="/wiki/Bill_%26_Melinda_Gates_Foundation" title="Bill & Melinda Gates Foundation">Bill & Melinda Gates Foundation</a>, <a href="/wiki/Soros_Economic_Development_Fund" class="mw-redirect" title="Soros Economic Development Fund">Soros Economic Development Fund</a>, and <a href="/wiki/Ford_Foundation" title="Ford Foundation">Ford Foundation</a>.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Program-related_investments_(PRIs)"><span id="Program-related_investments_.28PRIs.29"></span>Program-related investments (PRIs)</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Impact_investing&action=edit&section=7" title="Edit section: Program-related investments (PRIs)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Program-related investments (PRIs) are investments, usually by foundations, into below-market rate or concessionary investments that are primarily made to achieve charitable or "programmatic" objectives rather than financial objectives. This category includes recoverable grants, below-market-rate loans, R&D or seed stage equity investments (stock), loan guarantees and volume guarantees. For private foundations, PRIs count towards the required 5 percent annual payout. </p> <div class="mw-heading mw-heading4"><h4 id="Mission-related_investments_(MRIs)"><span id="Mission-related_investments_.28MRIs.29"></span>Mission-related investments (MRIs)</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Impact_investing&action=edit&section=8" title="Edit section: Mission-related investments (MRIs)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Mission-related investments (MRIs) are investments, generally made from endowments, into mission-driven organizations that are expected to generate market-rate financial returns comparable to an ordinary investment of a similar type and risk profile. MRIs are designed to have both a positive social impact and contribute to the endowment's long-term financial stability and growth. Examples of MRIs include loans to mission-aligned non-profit organizations (e.g., charter schools, hospitals or research centers) that are expected to pay back loans with interest, as well as investments in for-profit social impact companies, social impact funds, socially responsible fixed income (bond) funds, impact-oriented private equity funds and public equity portfolios (stocks).<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Impact_investing_by_individuals">Impact investing by individuals</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Impact_investing&action=edit&section=9" title="Edit section: Impact investing by individuals"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Impact investing historically took place through mechanisms aimed at institutional investors. However, there are ways for individuals to participate in providing early stage or growth funding to such ventures. </p> <div class="mw-heading mw-heading3"><h3 id="Exchange-traded_funds">Exchange-traded funds</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Impact_investing&action=edit&section=10" title="Edit section: Exchange-traded funds"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">Exchange-traded funds</a> like the SPDR Gender Diversity ETF from <a href="/wiki/State_Street_Global_Advisors" title="State Street Global Advisors">State Street</a> are publicly traded and hence available to anyone with a stock brokerage account. <a href="/wiki/MSCI" title="MSCI">MSCI</a> offers 11 environmental, social and governance index ETFs, including popular low-carbon and sustainability indexes.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Syndicate_or_pooled_investing">Syndicate or pooled investing</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Impact_investing&action=edit&section=11" title="Edit section: Syndicate or pooled investing"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Groups of <a href="/wiki/Angel_investor" title="Angel investor">angel investors</a> focused on impact, where individuals invest as a syndicate also exist. Examples include Investors' Circle in the US,<sup id="cite_ref-UPWARD_30-0" class="reference"><a href="#cite_note-UPWARD-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> Clearly Social Angels in the United Kingdom<sup id="cite_ref-FTnorma_31-0" class="reference"><a href="#cite_note-FTnorma-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> and the global investor network Toniic.<sup id="cite_ref-KEYTRENDS_32-0" class="reference"><a href="#cite_note-KEYTRENDS-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Digital_microfinance_platforms">Digital microfinance platforms</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Impact_investing&action=edit&section=12" title="Edit section: Digital microfinance platforms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Web-based investing platforms, which offer lower-cost investing services, also exist. As equity deals can be prohibitively expensive for small-scale transactions, microfinance loans, rather than equity investment, are prevalent in these platforms. <a href="/wiki/MyC4" class="mw-redirect" title="MyC4">MyC4</a>, founded in 2006, allowed retail investors to loan to small businesses in African countries via local intermediaries, though the service permanently closed in 2019. <a href="/wiki/Microplace" class="mw-redirect" title="Microplace">Microplace</a> was an early United States provider of such services which ceased taking on new loans in 2014, stating that its results "haven't scaled to the widespread social impact we aspire to achieve".<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Impact_investing_in_Asia">Impact investing in Asia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Impact_investing&action=edit&section=13" title="Edit section: Impact investing in Asia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Impact Investing in Asia is a burgeoning sector with many funds currently in play. In South East Asia, from 2007 to 2017, US$904 million impact capital was deployed by Private Impact Investors (PIIs) and US$11.9 million was deployed by Development Finance Institutions (DFIs).<sup id="cite_ref-auto_34-0" class="reference"><a href="#cite_note-auto-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Private_equity_and_venture_capital">Private equity and venture capital</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Impact_investing&action=edit&section=14" title="Edit section: Private equity and venture capital"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Impact investing organizations and funds also make equity <a href="/wiki/Investment" title="Investment">investments</a> like traditional <a href="/wiki/Private_equity" title="Private equity">private equity</a> and <a href="/wiki/Venture_capital" title="Venture capital">venture capital</a> funds, but only investments with developmental impact.<sup id="cite_ref-Devex_35-0" class="reference"><a href="#cite_note-Devex-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-TechCrunch_36-0" class="reference"><a href="#cite_note-TechCrunch-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-TheGuardian_37-0" class="reference"><a href="#cite_note-TheGuardian-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> According to a <a rel="nofollow" class="external text" href="https://socialimpact.wharton.upenn.edu/research-reports/reports-2/project-sage-4/">2021 study</a> by the <a href="/wiki/Wharton_School_of_the_University_of_Pennsylvania" class="mw-redirect" title="Wharton School of the University of Pennsylvania">Wharton School of the University of Pennsylvania</a> venture capital has been dominating the impact investment space. </p> <div class="mw-heading mw-heading2"><h2 id="Gender_lens_investing">Gender lens investing</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Impact_investing&action=edit&section=15" title="Edit section: Gender lens investing"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Gender_lens_investing" title="Gender lens investing">Gender lens investing</a> is a subsection of Impact Investing, and refers to investments which are "made into companies, organizations, and funds with the explicit intent to create a positive impact on gender". Investments which promote gender equity and address gender based issues can be made by investing in gender led enterprises, enterprises which promote gender equality through hiring, women in positions of authority, or in their supply chain, as well as supporting services which support, empower and develop capacity of women.<sup id="cite_ref-auto_34-1" class="reference"><a href="#cite_note-auto-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> Gender lens investing was created in response to the difficulty which woman face in accessing capital, as women globally have less access and higher barriers to obtaining capital.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </p><p>Female entrepreneurs have routinely struggled to attract capital from male investors. In 2019 <i>Fortune</i> magazine reported that just 2.2% of all venture capital went to female founders. Taken together, all female founders raised less in capital than one e-cigarette manufacturer. Some have gone to great lengths to avoid experiencing gender discrimination. In 2017 the <i>Telegraph</i> reported on the founders of Witchsy who created an imaginary third male founder in order to converse with male investors.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p><p>Gender lens investing is growing rapidly. More than 100 funds are open to private investors. In 2018 the number of gender lens assets under management grow by 40% according to analysis by Veris Wealth Partners.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> Demand is rising with major banks offering gender lens bonds including NAG, Goldman Sachs, Merrill Lynch and many others. </p> <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=Impact_investing&action=edit&section=16" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Effective_altruism" title="Effective altruism">Effective altruism</a></li> <li><a href="/wiki/Double_bottom_line" title="Double bottom line">Double bottom line</a></li> <li><a href="/wiki/Financial_inclusion" title="Financial inclusion">Financial inclusion</a></li> <li><a href="/wiki/Social_business" title="Social business">Social business</a></li> <li><a href="/wiki/Social_finance" title="Social finance">Social finance</a></li> <li><a href="/wiki/Social_return_on_investment" title="Social return on investment">Social return on investment</a></li> <li><a href="/wiki/Socially_responsible_investing" 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=Impact_investing&action=edit&section=17" 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 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.cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20160902224437/https://thegiin.org/assets/GIIN_AnnualImpactInvestorSurvey_2017_Web_Final.pdf">"2017 Annual Impact Investor Survey"</a> <span class="cs1-format">(PDF)</span>. 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Penguin. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0241457238" title="Special:BookSources/978-0241457238"><bdi>978-0241457238</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230701100606/https://books.google.com/books?id=rLLMDwAAQBAJ&pg=PT66">Archived</a> from the original on 2023-07-01<span class="reference-accessdate">. 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class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Outline_of_sustainability" title="Outline of sustainability">Outline</a></li> <li><a href="/wiki/Index_of_sustainability_articles" title="Index of sustainability articles">Index</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Sustainability#Principles_and_concepts" title="Sustainability">Principles</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Anthropocene" title="Anthropocene">Anthropocene</a></li> <li><a href="/wiki/Environmentalism" title="Environmentalism">Environmentalism</a></li> <li><a href="/wiki/Global_governance" title="Global governance">Global governance</a></li> <li><a href="/wiki/Human_impact_on_the_environment" title="Human impact on the environment">Human impact on the environment</a></li> <li><a href="/wiki/Planetary_boundaries" title="Planetary boundaries">Planetary boundaries</a></li> <li><a href="/wiki/Sustainable_development" title="Sustainable development">Development</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Sustainable_consumption" title="Sustainable consumption">Consumption</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Anthropization" title="Anthropization">Anthropization</a></li> <li><a href="/wiki/Anti-consumerism" title="Anti-consumerism">Anti-consumerism</a></li> <li><a href="/wiki/Circular_economy" title="Circular economy">Circular economy</a></li> <li><a href="/wiki/Durable_good" title="Durable good">Durable good</a></li> <li><a href="/wiki/Earth_Overshoot_Day" title="Earth Overshoot Day">Earth Overshoot Day</a></li> <li><a href="/wiki/Ecological_footprint" title="Ecological footprint">Ecological footprint</a></li> <li><a href="/wiki/Ethical_consumerism" title="Ethical consumerism">Ethical</a></li> <li><a href="/wiki/Green_consumption" title="Green consumption">Green consumption</a></li> <li><a href="/wiki/Micro-sustainability" title="Micro-sustainability">Micro-sustainability</a></li> <li><a href="/wiki/Over-consumption" class="mw-redirect" title="Over-consumption">Over-consumption</a></li> <li><a href="/wiki/Product_stewardship" title="Product stewardship">Product stewardship</a></li> <li><a href="/wiki/Simple_living" title="Simple living">Simple living</a></li> <li><a href="/wiki/Social_return_on_investment" title="Social return on investment">Social return on investment</a></li> <li><a href="/wiki/Steady-state_economy" title="Steady-state economy">Steady-state economy</a></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainability</a> <ul><li><a href="/wiki/Sustainability_advertising" title="Sustainability advertising">Advertising</a></li> <li><a href="/wiki/Sustainability_brand" title="Sustainability brand">Brand</a></li> <li><a href="/wiki/Sustainability_marketing_myopia" title="Sustainability marketing myopia">Marketing myopia</a></li></ul></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainable</a> <ul><li><a href="/wiki/Sustainable_consumer_behaviour" title="Sustainable consumer behaviour">Consumer behaviour</a></li> <li><a href="/wiki/Sustainable_market" class="mw-redirect" title="Sustainable market">Market</a></li></ul></li> <li><a href="/wiki/Sustainability_and_systemic_change_resistance" title="Sustainability and systemic change resistance">Systemic change resistance</a></li> <li><a href="/wiki/Tragedy_of_the_commons" title="Tragedy of the commons">Tragedy of the commons</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/World_population" title="World population">World population</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Demographic_transition" title="Demographic transition">Demographic transition</a></li> <li><a href="/wiki/Family_planning" title="Family planning">Family planning</a></li> <li><a href="/wiki/Human_population_control" class="mw-redirect" title="Human population control">Control</a></li> <li><a href="/wiki/Sustainable_population" title="Sustainable population">Sustainable population</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Technology</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Appropriate_technology" title="Appropriate technology">Appropriate</a></li> <li><a href="/wiki/Environmental_technology" title="Environmental technology">Environmental technology</a></li> <li><a href="/wiki/Natural_building" title="Natural building">Natural building</a></li> <li><a href="/wiki/Sustainable_architecture" title="Sustainable architecture">Sustainable architecture</a></li> <li><a href="/wiki/Sustainable_design" title="Sustainable design">Sustainable design</a></li> <li><a href="/wiki/Sustainable_industries" title="Sustainable industries">Sustainable industries</a></li> <li><a href="/wiki/Sustainable_packaging" title="Sustainable packaging">Sustainable packaging</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Biodiversity" title="Biodiversity">Biodiversity</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Biosecurity" title="Biosecurity">Biosecurity</a></li> <li><a href="/wiki/Biosphere" title="Biosphere">Biosphere</a></li> <li><a href="/wiki/Conservation_biology" title="Conservation biology">Conservation biology</a></li> <li><a href="/wiki/Endangered_species" title="Endangered species">Endangered species</a></li> <li><a href="/wiki/Holocene_extinction" title="Holocene extinction">Holocene extinction</a></li> <li><a href="/wiki/Invasive_species" title="Invasive species">Invasive species</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Energy" title="Energy">Energy</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Carbon_footprint" title="Carbon footprint">Carbon footprint</a></li> <li><a href="/wiki/Renewable_energy" title="Renewable energy">Renewable energy</a></li> <li><a href="/wiki/Sustainable_energy" title="Sustainable energy">Sustainable energy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Sustainable_food_system" title="Sustainable food system">Food</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Civic_agriculture" title="Civic agriculture">Civic agriculture</a></li> <li><a href="/wiki/Climate-smart_agriculture" title="Climate-smart agriculture">Climate-smart agriculture</a></li> <li><a href="/wiki/Community-supported_agriculture" title="Community-supported agriculture">Community-supported agriculture</a></li> <li><a href="/wiki/Cultured_meat" title="Cultured meat">Cultured meat</a></li> <li><a href="/wiki/Sustainable_agriculture" title="Sustainable agriculture">Sustainable agriculture</a></li> <li><a href="/wiki/Sustainable_diet" title="Sustainable diet">Sustainable diet</a></li> <li><a href="/wiki/Sustainable_fishery" title="Sustainable fishery">Sustainable fishery</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Water</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Air_well_(condenser)" title="Air well (condenser)">Air well (condenser)</a></li> <li><a href="/wiki/Bioretention" title="Bioretention">Bioretention</a></li> <li><a href="/wiki/Bioswale" title="Bioswale">Bioswale</a></li> <li><a href="/wiki/Blue_roof" title="Blue roof">Blue roof</a></li> <li><a href="/wiki/Catchwater" title="Catchwater">Catchwater</a></li> <li><a href="/wiki/Constructed_wetland" title="Constructed wetland">Constructed wetland</a></li> <li><a href="/wiki/Detention_basin" title="Detention basin">Detention basin</a></li> <li><a href="/wiki/Dew_pond" title="Dew pond">Dew pond</a></li> <li><a href="/wiki/Water_footprint" title="Water footprint">Footprint</a></li> <li><a href="/wiki/Hydroelectricity" title="Hydroelectricity">Hydroelectricity</a></li> <li><a href="/wiki/Hydropower" title="Hydropower">Hydropower</a></li> <li><a href="/wiki/Infiltration_basin" title="Infiltration basin">Infiltration basin</a></li> <li><a href="/wiki/Irrigation_tank" title="Irrigation tank">Irrigation tank</a></li> <li><a href="/wiki/Marine_energy" title="Marine energy">Marine energy</a></li> <li><a href="/wiki/Micro_hydro" title="Micro hydro">Micro hydro</a></li> <li><a href="/wiki/Ocean_thermal_energy_conversion" title="Ocean thermal energy conversion">Ocean thermal energy conversion</a></li> <li><a href="/wiki/Pico_hydro" title="Pico hydro">Pico hydro</a></li> <li><a href="/wiki/Rain_garden" title="Rain garden">Rain garden</a></li> <li><a href="/wiki/Rainwater_harvesting" title="Rainwater harvesting">Rainwater harvesting</a></li> <li><a href="/wiki/Rainwater_tank" title="Rainwater tank">Rainwater tank</a></li> <li><a href="/wiki/Reclaimed_water" title="Reclaimed water">Reclaimed water</a></li> <li><a href="/wiki/Retention_basin" title="Retention basin">Retention basin</a></li> <li><a href="/wiki/Run-of-the-river_hydroelectricity" title="Run-of-the-river hydroelectricity">Run-of-the-river hydroelectricity</a></li> <li><a href="/wiki/Water_scarcity" title="Water scarcity">Scarcity</a></li> <li><a href="/wiki/Water_security" title="Water security">Security</a></li> <li><a href="/wiki/Small_hydro" title="Small hydro">Small hydro</a></li> <li><a href="/wiki/Sustainable_drainage_system" title="Sustainable drainage system">Sustainable drainage system</a></li> <li><a href="/wiki/Tidal_power" title="Tidal power">Tidal power</a></li> <li><a href="/wiki/Tidal_stream_generator" title="Tidal stream generator">Tidal stream generator</a></li> <li><a href="/wiki/Tree_box_filter" title="Tree box filter">Tree box filter</a></li> <li><a href="/wiki/Water_conservation" title="Water conservation">Water conservation</a></li> <li><a href="/wiki/Water_heat_recycling" title="Water heat recycling">Water heat recycling</a></li> <li><a href="/wiki/Water_recycling_shower" title="Water recycling shower">Water recycling shower</a></li> <li><a href="/wiki/Water-sensitive_urban_design" title="Water-sensitive urban design">Water-sensitive urban design</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Accountability</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corporate_environmental_responsibility" title="Corporate environmental responsibility">Corporate environmental responsibility</a></li> <li><a href="/wiki/Corporate_social_responsibility" title="Corporate social responsibility">Corporate social responsibility</a></li> <li><a href="/wiki/Environmental_accounting" title="Environmental accounting">Environmental accounting</a></li> <li><a href="/wiki/Environmental_full-cost_accounting" title="Environmental full-cost accounting">Environmental full-cost accounting</a></li> <li><a href="/wiki/Environmental_planning" title="Environmental planning">Environmental planning</a></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainability</a> <ul><li><a href="/wiki/Sustainability_accounting" title="Sustainability accounting">Accounting</a></li> <li><a href="/wiki/Sustainability_measurement" title="Sustainability measurement">Measurement</a></li> <li><a href="/wiki/Sustainability_metrics_and_indices" title="Sustainability metrics and indices">Metrics and indices</a></li> <li><a href="/wiki/Sustainability_reporting" title="Sustainability reporting">Reporting</a></li> <li><a href="/wiki/Sustainability_standards_and_certification" title="Sustainability standards and certification">Standards and certification</a></li></ul></li> <li><a href="/wiki/Sustainable_yield" title="Sustainable yield">Sustainable yield</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Applications</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Sustainable_advertising" class="mw-redirect" title="Sustainable advertising">Advertising</a></li> <li><a href="/wiki/Sustainable_art" title="Sustainable art">Art</a></li> <li><a href="/wiki/Sustainable_business" title="Sustainable business">Business</a></li> <li><a href="/wiki/Sustainable_city" title="Sustainable city">City</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Sustainable_community" title="Sustainable community">Community</a></li> <li><a href="/wiki/Disinvestment" title="Disinvestment">Disinvestment</a></li> <li><a href="/wiki/Eco-capitalism" title="Eco-capitalism">Eco-capitalism</a></li> <li><a href="/wiki/Eco-cities" title="Eco-cities">Eco-cities</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Eco-socialism" title="Eco-socialism">Eco-socialism</a></li> <li><a href="/wiki/Ecovillage" title="Ecovillage">Ecovillage</a></li> <li><a href="/wiki/Environmental_finance" title="Environmental finance">Environmental finance</a></li> <li><a href="/wiki/Green_economy" title="Green economy">Green economy</a> <ul><li><a href="/wiki/Sustainability_in_construction" title="Sustainability in construction">Construction</a></li> <li><a href="/wiki/Sustainable_fashion" title="Sustainable fashion">Fashion</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Finance</a></li></ul></li> <li><a href="/wiki/Sustainable_gardening" title="Sustainable gardening">Gardening</a></li> <li><a href="/wiki/Geopark" title="Geopark">Geopark</a></li> <li><a href="/wiki/Environmentally_friendly" title="Environmentally friendly">Green</a> <ul><li><a href="/wiki/Green_development" title="Green development">Development</a></li> <li><a href="/wiki/Green_infrastructure" title="Green infrastructure">Infrastructure</a></li> <li><a href="/wiki/Green_marketing" title="Green marketing">Marketing</a></li></ul></li> <li><a href="/wiki/Green_roof" title="Green roof">Green roof</a></li> <li><a href="/wiki/Greening" title="Greening">Greening</a></li> <li><a class="mw-selflink selflink">Impact investing</a></li> <li><a href="/wiki/Sustainable_landscape_architecture" title="Sustainable landscape architecture">Landscape</a></li> <li><a href="/wiki/Sustainable_livelihood" title="Sustainable livelihood">Livelihood</a></li> <li><a href="/wiki/Sustainable_living" title="Sustainable living">Living</a></li> <li><a href="/wiki/Sustainable_market" class="mw-redirect" title="Sustainable market">Market</a></li> <li><a href="/wiki/Organic_movement" title="Organic movement">Organic movement</a></li> <li><a href="/wiki/Sustainability_organizations" class="mw-redirect" title="Sustainability organizations">Organizations</a></li> <li><a href="/wiki/Sustainable_procurement" title="Sustainable procurement">Procurement</a></li> <li><a href="/wiki/Sustainable_refurbishment" title="Sustainable refurbishment">Refurbishment</a></li> <li><a href="/wiki/Socially_responsible_business" title="Socially responsible business">Socially responsible business</a></li> <li><a href="/wiki/Socially_responsible_marketing" title="Socially responsible marketing">Socially responsible marketing</a></li> <li><a href="/wiki/Sustainable_sanitation" title="Sustainable sanitation">Sanitation</a></li> <li><a href="/wiki/Sustainable_sourcing" title="Sustainable sourcing">Sourcing</a></li> <li><a href="/wiki/Space_sustainability" title="Space sustainability">Space</a></li> <li><a href="/wiki/Sustainability_organization" title="Sustainability organization">Sustainability organization</a></li> <li><a href="/wiki/Sustainable_tourism" title="Sustainable tourism">Tourism</a></li> <li><a href="/wiki/Sustainable_transport" title="Sustainable transport">Transport</a></li> <li><a href="/wiki/Sustainable_urban_drainage_systems" class="mw-redirect" title="Sustainable urban drainage systems">Urban drainage systems</a></li> <li><a href="/wiki/Sustainable_urban_infrastructure" title="Sustainable urban infrastructure">Urban infrastructure</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Sustainable_management" title="Sustainable management">Sustainable management</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Sustainability_and_environmental_management" title="Sustainability and environmental management">Environmental</a></li> <li><a href="/wiki/Fisheries_management" title="Fisheries management">Fisheries</a></li> <li><a href="/wiki/Sustainable_forest_management" class="mw-redirect" title="Sustainable forest management">Forest</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic capitalism</a></li> <li><a href="/wiki/Integrated_landscape_management" class="mw-redirect" title="Integrated landscape management">Landscape</a></li> <li><a href="/wiki/Sustainable_materials_management" title="Sustainable materials management">Materials</a></li> <li><a href="/wiki/Natural_resource_management" title="Natural resource management">Natural resource</a></li> <li><a href="/wiki/Planetary_management" title="Planetary management">Planetary</a></li> <li><a href="/wiki/Recycling" title="Recycling">Recycling</a></li> <li><a href="/wiki/Waste_management" title="Waste management">Waste</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Agreements and <br />conferences</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/United_Nations_Conference_on_the_Human_Environment" title="United Nations Conference on the Human Environment"><span class="wrap">UN Conference on the Human Environment (Stockholm 1972)</span></a></li> <li><a href="/wiki/Brundtland_Commission" title="Brundtland Commission">Brundtlandt Commission Report (1983)</a></li> <li><a href="/wiki/Our_Common_Future" title="Our Common Future"><i>Our Common Future</i> (1987)</a></li> <li><a href="/wiki/Earth_Summit" title="Earth Summit">Earth Summit (1992)</a></li> <li><a href="/wiki/Rio_Declaration_on_Environment_and_Development" title="Rio Declaration on Environment and Development">Rio Declaration on Environment and Development</a> (1992)</li> <li><a href="/wiki/Agenda_21" title="Agenda 21">Agenda 21 (1992)</a></li> <li><a href="/wiki/Convention_on_Biological_Diversity" title="Convention on Biological Diversity">Convention on Biological Diversity (1992)</a></li> <li><a href="/wiki/Lisbon_Principles" title="Lisbon Principles">Lisbon Principles</a> (1997)</li> <li><a href="/wiki/Earth_Charter" title="Earth Charter">Earth Charter</a> (2000)</li> <li><a href="/wiki/United_Nations_Millennium_Declaration" title="United Nations Millennium Declaration">UN Millennium Declaration (2000)</a></li> <li><a href="/wiki/Earth_Summit_2002" title="Earth Summit 2002">Earth Summit 2002</a> (Rio+10, Johannesburg)</li> <li><a href="/wiki/United_Nations_Conference_on_Sustainable_Development" title="United Nations Conference on Sustainable Development">UN Conference on Sustainable Development</a> (Rio+20, 2012)</li> <li><a href="/wiki/Sustainable_Development_Goals" title="Sustainable Development Goals">Sustainable Development Goals</a> (2015)</li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><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" data-file-height="185" /></span></span> <b><a href="/wiki/Category:Sustainability" title="Category:Sustainability">Category</a></b></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <b><a href="/wiki/Category:Sustainability_lists" title="Category:Sustainability lists">Lists</a></b></li> <li><b><a href="/wiki/Sustainability_science" title="Sustainability science">Science</a></b></li> <li><b><a href="/wiki/Sustainability_studies" title="Sustainability studies">Studies</a></b></li> <li><b><a href="/wiki/List_of_environmental_degrees" title="List of environmental degrees">Degrees</a></b></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Investment_management" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Investment_management" title="Template:Investment management"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Investment_management" title="Template talk:Investment management"><abbr title="Discuss this 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commun de placement</a> (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 class="mw-selflink selflink">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 href="/wiki/Social_finance" title="Social finance">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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