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data-event-name="pinnable-header.vector-appearance.unpin">hide</button> </div> </div> </div> </nav> </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"><p><b>Patient capital</b> is another name for long term <a href="/wiki/Capital_(economics)" title="Capital (economics)">capital</a>. With patient capital, the investor is willing to make a financial investment in a business with no expectation of turning a quick profit. Instead, the investor is willing to forgo an immediate return in anticipation of more substantial returns down the road. Prominent examples of patient capital includes pensions, sovereign wealth funds, and university endowments.<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> Governments with access to patient capital may have greater maneuverability in formulating domestic economic policies.<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> </p><p>Although patient capital can be considered a traditional investment instrument, it has gained new life with the rise in environmentally and socially responsible enterprises. In these cases, it may take the form of <a href="/wiki/Equity_(finance)" title="Equity (finance)">equity</a>, <a href="/wiki/Debt" title="Debt">debt</a>, loan guarantees or other financial instruments, and is characterized by: </p> <ul><li>Willingness to forgo maximum financial returns for social impact, and an unwillingness to sacrifice the interests of the end customer for the sake of shareholders</li> <li>Greater tolerance for risk than traditional investment capital</li> <li>Longer time horizons for <a href="/wiki/Return_of_capital" title="Return of capital">return of capital</a></li> <li>Intensive support of management as they grow their enterprise</li></ul> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:PatientCapitalgraphic.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6e/PatientCapitalgraphic.jpg/220px-PatientCapitalgraphic.jpg" decoding="async" width="220" height="141" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6e/PatientCapitalgraphic.jpg/330px-PatientCapitalgraphic.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6e/PatientCapitalgraphic.jpg/440px-PatientCapitalgraphic.jpg 2x" data-file-width="701" data-file-height="448" /></a><figcaption>Patient capital</figcaption></figure><p>The source of capital may be <a href="/wiki/Philanthropy" title="Philanthropy">philanthropy</a>, investment capital, or some combination of the two. Patient capital is not a grant, it is an investment intended to return its principal plus (often below market-rate) interest. It does not seek to maximize financial returns to investors; it seeks to maximize social impact and to catalyze the creation of markets to combat poverty. On the spectrum of capital available to both <a href="/wiki/Non-profits" class="mw-redirect" title="Non-profits">non-profits</a> and for-profits, patient capital sits between traditional <a href="/wiki/Venture_capital" title="Venture capital">venture capital</a> and traditional philanthropy, between development aid and foreign direct investment. </p><p><a href="/wiki/Thomas_Friedman" title="Thomas Friedman">Thomas Friedman</a> of the <i><a href="/wiki/New_York_Times" class="mw-redirect" title="New York Times">New York Times</a></i> describes patient capital as having "all the discipline of venture capital – demanding a return, and therefore rigor in how it is deployed – but expecting a return that is more in the 5 to 10 percent range, rather than the 35 percent that venture capitalists look for."<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> <a href="/wiki/Jacqueline_Novogratz" title="Jacqueline Novogratz">Jacqueline Novogratz</a> of <a href="/wiki/Acumen_Fund" class="mw-redirect" title="Acumen Fund">Acumen</a> adds: patient capital "takes the best of the markets as well as philanthropy and aid. Patient capital is money invested in entrepreneurs building companies and organizations that solve tough problems like healthcare, water, housing, alternative energy."<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>The success of the <a href="/wiki/Platform_economy" title="Platform economy">platform company</a> business model is in large part due to patient capital, as investors are prepared to accept long periods without profit in the hopes that the platform company obtains a dominant market position.<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> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Patient_capital&action=edit&section=1" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></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 .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .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 id="CITEREFIvashina2021" class="citation book cs1">Ivashina, Victoria (2021). <a rel="nofollow" class="external text" href="https://press.princeton.edu/books/paperback/9780691217086/patient-capital"><i>Patient Capital: The Challenges and Promises of Long-Term Investing</i></a>. Princeton University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-691-21708-6" title="Special:BookSources/978-0-691-21708-6"><bdi>978-0-691-21708-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Patient+Capital%3A+The+Challenges+and+Promises+of+Long-Term+Investing&rft.pub=Princeton+University+Press&rft.date=2021&rft.isbn=978-0-691-21708-6&rft.aulast=Ivashina&rft.aufirst=Victoria&rft_id=https%3A%2F%2Fpress.princeton.edu%2Fbooks%2Fpaperback%2F9780691217086%2Fpatient-capital&rfr_id=info%3Asid%2Fen.wikipedia.org%3APatient+capital" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKaplan2021" class="citation book cs1">Kaplan, Stephen B. (2021). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=SssvEAAAQBAJ"><i>Globalizing Patient Capital: The Political Economy of Chinese Finance in the Americas</i></a>. Cambridge University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-107-18231-8" title="Special:BookSources/978-1-107-18231-8"><bdi>978-1-107-18231-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Globalizing+Patient+Capital%3A+The+Political+Economy+of+Chinese+Finance+in+the+Americas&rft.pub=Cambridge+University+Press&rft.date=2021&rft.isbn=978-1-107-18231-8&rft.aulast=Kaplan&rft.aufirst=Stephen+B.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DSssvEAAAQBAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3APatient+capital" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFriedman2007" class="citation news cs1">Friedman, Thomas L. (2007-04-20). <a rel="nofollow" class="external text" href="https://query.nytimes.com/gst/fullpage.html?res=9806E6DF163EF933A15757C0A9619C8B63&sec=&spon=&&scp=2&sq=patient%20capital&st=cse">"Patient Capital for an Africa That Can't Wait"</a>. <i>The New York Times</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2007-04-20</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Patient+Capital+for+an+Africa+That+Can%27t+Wait&rft.date=2007-04-20&rft.aulast=Friedman&rft.aufirst=Thomas+L.&rft_id=https%3A%2F%2Fquery.nytimes.com%2Fgst%2Ffullpage.html%3Fres%3D9806E6DF163EF933A15757C0A9619C8B63%26sec%3D%26spon%3D%26%26scp%3D2%26sq%3Dpatient%2520capital%26st%3Dcse&rfr_id=info%3Asid%2Fen.wikipedia.org%3APatient+capital" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNovogratz2009" class="citation cs2">Novogratz, Jacqueline (June 2009), <a rel="nofollow" class="external text" href="https://www.ted.com/talks/jacqueline_novogratz_a_third_way_to_think_about_aid"><i>A third way to think about aid</i></a>, TED<span class="reference-accessdate">, retrieved <span class="nowrap">December 18,</span> 2017</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+third+way+to+think+about+aid&rft.pub=TED&rft.date=2009-06&rft.aulast=Novogratz&rft.aufirst=Jacqueline&rft_id=https%3A%2F%2Fwww.ted.com%2Ftalks%2Fjacqueline_novogratz_a_third_way_to_think_about_aid&rfr_id=info%3Asid%2Fen.wikipedia.org%3APatient+capital" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRahmanThelen2019" class="citation journal cs1">Rahman, K. Sabeel; Thelen, Kathleen (2019-06-01). <a rel="nofollow" class="external text" href="https://doi.org/10.1177/0032329219838932">"The Rise of the Platform Business Model and the Transformation of Twenty-First-Century Capitalism"</a>. <i>Politics & Society</i>. <b>47</b> (2): <span class="nowrap">177–</span>204. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1177%2F0032329219838932">10.1177/0032329219838932</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://hdl.handle.net/21.11116%2F0000-0003-400C-8">21.11116/0000-0003-400C-8</a></span>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0032-3292">0032-3292</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:159239875">159239875</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Politics+%26+Society&rft.atitle=The+Rise+of+the+Platform+Business+Model+and+the+Transformation+of+Twenty-First-Century+Capitalism&rft.volume=47&rft.issue=2&rft.pages=%3Cspan+class%3D%22nowrap%22%3E177-%3C%2Fspan%3E204&rft.date=2019-06-01&rft_id=info%3Ahdl%2F21.11116%2F0000-0003-400C-8&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A159239875%23id-name%3DS2CID&rft.issn=0032-3292&rft_id=info%3Adoi%2F10.1177%2F0032329219838932&rft.aulast=Rahman&rft.aufirst=K.+Sabeel&rft.au=Thelen%2C+Kathleen&rft_id=https%3A%2F%2Fdoi.org%2F10.1177%2F0032329219838932&rfr_id=info%3Asid%2Fen.wikipedia.org%3APatient+capital" class="Z3988"></span></span> </li> </ol></div> <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=Patient_capital&action=edit&section=2" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20090406142514/http://www.businessweek.com/smallbiz/content/mar2009/sb20090330_622387.htm?">More 'Patient Capital' for Social Ventures; Business Week</a></li> <li><a rel="nofollow" class="external text" href="http://www.businessweek.com/smallbiz/content/mar2009/sb20090330_647056.htm?chan=smallbiz_special+report+-+social+entrepreneurs+2009_special+report%3A+social+entrepreneurs+2009:Social">Entrepreneurship: Resources for 'Patient' Capital; Business Week</a><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged January 2025">dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup></li> <li><a rel="nofollow" class="external text" href="http://www.economist.com/people/displaystory.cfm?story_id=13692513:">The Patient Capitalist; The Economist</a></li></ul> <div class="navbox-styles"><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 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aria-labelledby="Types_of_capital94" 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"><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 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capital"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Types_of_capital94" style="font-size:114%;margin:0 4em">Types of <a href="/wiki/Capital_(economics)" title="Capital (economics)">capital</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">By form</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/Academic_capital" title="Academic capital">Academic</a></li> <li><a href="/wiki/Accumulation_of_capital" class="mw-redirect" title="Accumulation of capital">Accumulation of capital</a></li> <li><a href="/wiki/Circulating_capital" title="Circulating capital">Circulating</a>/<a href="/wiki/Floating_capital" title="Floating capital">Floating</a></li> <li><a href="/wiki/Cultural_capital" title="Cultural capital">Cultural</a></li> <li><a href="/wiki/Cross-cultural_capital" title="Cross-cultural capital">Cross-cultural</a></li> <li><a href="/wiki/Educational_capital" title="Educational capital">Educational</a></li> <li><a href="/wiki/Financial_capital" title="Financial capital">Financial</a></li> <li><a href="/wiki/Fixed_capital" title="Fixed capital">Fixed</a></li> <li><a href="/wiki/Human_capital" title="Human capital">Human</a></li> <li><a href="/wiki/Individual_capital" title="Individual capital">Individual</a></li> <li><a href="/wiki/Information_capital" title="Information capital">Information</a></li> <li><a href="/wiki/Intangible_asset" title="Intangible asset">Intangible</a></li> <li><a href="/wiki/Intellectual_capital" title="Intellectual capital">Intellectual</a></li> <li><a href="/wiki/Natural_capital" title="Natural capital">Natural</a></li> <li><a href="/wiki/Organizational_capital" title="Organizational capital">Organizational</a></li> <li><a href="/wiki/Physical_capital" title="Physical capital">Physical</a></li> <li><a href="/wiki/Political_capital" title="Political capital">Political</a></li> <li><a href="/wiki/Public_capital" title="Public capital">Public</a></li> <li><a href="/wiki/Reputation_capital" title="Reputation capital">Reputation</a></li> <li><a href="/wiki/Sexual_capital" title="Sexual capital">Sexual</a></li> <li><a href="/wiki/Social_capital" title="Social capital">Social</a></li> <li><a href="/wiki/Symbolic_capital" title="Symbolic capital">Symbolic</a></li> <li><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></li> <li><a href="/wiki/Working_capital" title="Working capital">Working</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">By term</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/Market_liquidity" title="Market liquidity">Liquid</a> (short) vs. <a class="mw-selflink selflink">Patient</a> (long)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Marxist" class="mw-redirect" title="Marxist">Marxist</a> analytical</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/Constant_capital" class="mw-redirect" title="Constant capital">Constant</a></li> <li><a href="/wiki/Variable_capital" class="mw-redirect" title="Variable capital">Variable</a></li> <li><a href="/wiki/Fictitious_capital" title="Fictitious capital">Fictitious</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Marxist historical</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/Monopoly_Capital" title="Monopoly Capital">Monopoly</a></li> <li><a href="/wiki/Financial_capital" title="Financial capital">Financial capital</a></li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img 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