Resources

Resources

A key part of the Impact Programme is to carry out and disseminate research on impact investing in Sub-Saharan Africa and South Asia.

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Impact Programme research and resources

Deep Dive. At the heart of impact measurement: listening to customers

November 2017

The first Impact Programme Deep Dive looks at Agricare, a Ghanaian-owned animal feed producer, to share practical guidance on how to use customer centricity to meet data collection needs for both business and social performance measurement.

Insights from the Impact Programme: Using Technical Assistance to Build Impactful Businesses

July 2017

This briefing paper summaries insights generated by the Technical Assistance Facility which provides support to pipeline and portfolio companies in both the Impact Fund and Impact Accelerator, the Impact Programme’s two investment vehicles. The Technical Assistance has supported over 30 interventions across 14 companies in the Impact Fund portfolio. To date, this is helping portfolio companies to realise a diverse range of outputs and outcomes which you can find listed in the briefing paper.

Taking Impact Investing Public

June 2017

The Impact Programme recently supported Eighteen East Capital to test market appetite for the launch of an Impact Investment Trust on the London Stock Exchange. If successful, this would make impact investing in frontier markets accessible to all categories of investor, including private individuals, by providing a regulated product offering liquidity and a low minimum investment size.

DFID Impact Fund Snapshot: Infrontier

March 2017

This Snapshot provides a brief profile of the DFID Impact Fund’s Infrontier Afghanistan Fund. It outlines the investment and sector focus of the fund.

The Business Value of Impact Measurement

August 2016

This report by the GIIN highlights ways in which impact investors and investees use impact measurement practices to inform investment and management decisions to drive business value. The report focuses on the connection between measuring the social and environmental performance of impact investments, and the application of these data to generate business value for investors and investees. 

Catalysing Impact Deal Flow in East Africa

June 2016

This report by FSG looks at the barriers preventing deal flow and provides recommendations for donors seeking to sustainably build the market. Based on consultations with over 80 stakeholders in Kenya, Tanzania, Uganda, and Rwanda, the report recommends the creation of a donor-funded ‘Facility’ to help service providers reach deeper into the pool of enterprises that need support, and to develop a more vibrant impact investing market overall.www.fsg.org

The Landscape for impact investing in Southern Africa

February 2016

This report by the GIIN, in partnership with Open Capital Advisors, analyzes a market comprising countries that vary substantially in their level of development but that present common challenges and opportunities for investments to drive social and environmental impact. It includes findings from 12 countries, as well as a dedicated chapter exploring the role of development finance institutions (DFIs) across Southern Africa. Please find the overview for download below and for the full report please visit www.thegiin.org

The Impact Programme Annual Report 2015

2016

This report summarises the work that was undertaken in 2015: the investments made, their intended impact, and insights from Impact Programme’s engagement in the market during the year.

The Landscape for impact investing in West Africa

December 2015

This report by the Global Impact Investing Network (GIIN) and Dalberg, provides a state of the market analysis of the impact investing industry in West Africa. It includes regional findings from 15 countries, as well as dedicated chapters covering the most active markets: Nigeria, Ghana, and Senegal. Across the region, investors highlight opportunities for impact and financial return, particularly in the key sectors of energy, financial technologies, and agriculture. Please find the overview for download below and for the full report please visit www.thegiin.org

The Survey of the Impact Investment Markets 2014

August 2015

This report presents findings from our market survey that examined the current patterns of investment – as well as plans for future investment – perceptions of risks, returns, trends and recommendations for the market development of impact investment markets in Sub-Saharan Africa and South Asia.

The Landscape for impact investing in East Africa

July 2015

This report by the Global Impact Investing Network (GIIN) in partnership with Open Capital Advisors, is a comprehensive study of impact investment activity in East Africa. It includes detailed chapters on five ‘focus’ countries: Kenya, Uganda, Tanzania, Ethiopia, and Rwanda plus chapters on six additional countries in the region. You can download the executive summary below and for the full report please visit – www.thegiin.org

The Landscape for impact investing in South Asia

April 2015

This report by the Global Impact Investing Network (GIIN) and Dalberg is a comprehensive study of impact investment activity in South Asia. The full report includes a chapter for each of the six countries studied—Bangladesh, India, Myanmar, Nepal, Pakistan, and Sri Lanka. 

The Impact Programme Annual Report 2014

April 2015

This report is a summary of the findings, activities and outputs from the second year of the Impact Programme. It outlines insights from the development of the core elements of the programme and activities undertaken and progress made during 2014. It will be of particular interest to donors, members of the investment
community and Fund Managers. 

DFID Impact Fund: Fund Snapshot – Energy Access Ventures Fund

March 2015

This Snapshot provides a brief profile of the DFID Impact Fund’s first investee Novastar Ventures. It outlines the investment and sector focus as well as the other investors of the fund. It also lists the current investment portfolio of the fund. 

Discussion Paper: Tracking reach to the Base of the Pyramid through impact investing

January 2015

This paper shares discussion on assumptions and definitions that are needed to track benefits to low-income people resulting from impact investment. The material in this paper has been used to develop the DFID Impact Fund Results Framework.

The Impact Programme – a summary

November 2014

A two page briefing document which summarises the activities of the Impact Programme.

DFID Impact Fund: Fund Snapshot – Injaro Agricultural Capital Holdings Ltd

November 2014

This Snapshot provides a brief profile of the DFID Impact Fund’s second investee Injaro Capital Holdings Ltd. It outlines the investment and sector focus as well as the other investors of the fund. It also lists the current investment portfolio of the fund.

DFID Impact Fund: Fund Snapshot – Novastar Ventures

September 2014

This Snapshot provides a brief profile of the DFID Impact Fund’s first investee Novastar Ventures. It outlines the investment and sector focus as well as the other investors of the fund. It also lists the current investment portfolio of the fund.

The Impact Programme – Annual Report 2013

April 2014

This report provides a summary of the findings and activity from the first year of the Impact Programme. It provides an insight into the operations of the programme and the progress that has been made in that time. The report draws together material from all of the programme partners and highlights the main findings that have come out of their initial work – from CDC’s interaction with the market, the GIIN’s most up to date research and the PCU’s (PwC) baseline work. It will be of particular interest to donors, members of the investment community and Fund Managers.

The Impact Programme – Market Baseline Study: Impact investment in Sub-Saharan Africa and South Asia in 2013

April 2014

The baseline study assesses and records the characteristics of the impact investment market at the outset of the Impact Programme in 2013 in order to provide a critical reference resource at the conclusion of the programme in 2026, when changes attributable to it will be assessed. The baseline is focused on the impact investment market in Sub-Saharan Africa and South Asia but, importantly, it seeks to place trends in these regions in a global impact investment context. It also focuses on DFID’s impact investment priority – benefiting those living at the Base of the Pyramid.

Beyond the Pioneer – Getting Inclusive Industries to Scale

April 2014

The report, partly funded by the Impact Programme, looks closely at the challenge of scaling up inclusive business. It examines why aren’t more market-based solution models scaling, what barriers do they face, where market-based solutions have achieved scale, and how this has been achieved. The report hopes that by addressing these questions it helps a range of stakeholders – including philanthropic foundations, aid donor agencies, development institutions, non-profits, impact investors, Governments, and companies.

The DFID Impact Fund – Frequently asked questions

April 2014

The following document provides an overview of frequently asked questions in relation to the DFID Impact Fund.

Financial Times/IFC Sustainable Finance Conference and Awards

June 2013

Justine Greening, the UK Secretary of State for International Development, announced two new elements to the DFID Impact Programme – support to set up a network of Fund Managers working on basic services, and an Advancing Impact Management Skills (AIMS) project.

Secretary of State Speech

June 2013

Justine Greening, the UK Secretary of State for International Development, spoke on impact investment and the Impact Programme at the Financial Times/International Finance Corporation Sustainable Finance Conference and Awards.

Other resources

The following publications represent a selection of interesting resources on impact investing.

Investing for Impact: How Can We Collaborate to Unlock Investment to Deliver the Sustainable Development Goals in Challenging Places?

September 2017

The report asks the question: “How can we collaborate to unlock investment to deliver the Sustainable Development Goals in challenging places?” and is designed to serve as a basis for discussion for the spectrum of stakeholders involved in the investment space around the SDGs. Download report.

Impact Accelerator 2017 Building an impact-driven investment portfolio

August 2017

Two years since the launch of the Impact Accelerator, CDC has produced a publication which makes a series of practical recommendations to investors in emerging markets on how to build an impact-focused portfolio.

Annual Impact Investor Survey 2017

May 2017

The GIIN’s 2017 Annual Impact Investor Survey is based on an analysis of the activities of 209 of the world’s leading impact investing organizations, including fund managers, foundations, banks, development finance institutions, family offices, pension funds, and insurance companies.

The Business Value of Impact Measurement

August 2016

This report by the GIIN highlights ways in which impact investors and investees use impact measurement practices to inform investment and management decisions to drive business value. The report focuses on the connection between measuring the social and environmental performance of impact investments, and the application of these data to generate business value for investors and investees. Please find the download below and for a link to the supplement or for more information please visit www.thegiin.org 

Introducing the Impact Investing Benchmark

June 2015

The Introducing the impact investing benchmark report by GIIN and Cambridge Associates presents findings from the first comprehensive analysis of financial performance in impact investing. The report specifically evaluates the performance of market rate private investment funds in the impact investing space. It also marks the launch of the first financial performance benchmark of private impact investing funds, which Cambridge Associates will maintain and update on a quarterly basis going forward. 

Eyes on the Horizon: The Impact Investor Survey

May 2015

The GIIN Eyes on the Horizon Impact Investor Survey 2015, reveals a growing global market, with impact investments being made across all geographies and a range of sectors. The survey provides detailed insight into a number of key market variables such as the types of investors, the number and size of investments made and targeted, as well as reported risk and use of loss protection. 

Aavishkaar Impact Report 2014

December 2014

The latest Impact report from Aavishkaar 2014 demonstrates the impact of the Aavishkaar Fund’s investments in inclusive ventures and the progress they are making in impact measurement through the PRISM tool. 

Choosing Social Impact Bonds: A Practitioner’s Guide

October 2014

In the light of significant global momentum around Social Impact Bonds, this report by Bridges Impact + aims to cut through some of the complexity surrounding SIBs to provide a timely guide to help all parties involved set themselves up for success.

Impact Measurement Working Group of the G8 Social Impact Investment Taskforce – Measuring Impact

September 2014

Good impact measurement generates intrinsic value for all impact investment stakeholders, yields data to mobilize greater capital toward generating impact, and increases the transparency and accountability for the impact delivered. Measuring Impact was developed by the Impact Measurement Working Group (IMWG) of the Social Impact Investment Taskforce established under the UK’s presidency of the G8. The report elevates existing best practices and aligns with the European Standard for Social Impact Measurement.

G8 Social Impact Investment Taskforce – Impact Investment: The Invisible Heart of Markets

September 2014

This report by the Social Impact Investment Taskforce established by the UK Presidency of the G8 examines what is needed to catalyse the growth of a global market for impact investment. It makes recommendations that can be implemented across Taskforce countries and beyond to deliver better social outcomes and improve millions of lives across the world.

Impact Economy – Building Impact Businesses through Hybrid Financing: Special Impact Starter Edition

May 2014

The report shows how social enterprises can be funded efficiently, and in ways that are compatible with their underlying business models, by combining both grants and different forms of investment capital. Financial sustainability remains one of the most pressing issues facing the social enterprise sector, despite rapid development over the past few decades. The report includes a series of practical case studies and connections to support materials and the online platform Impact Starter—revealing how hybrid financing strategies can enable and enhance the organic growth of social enterprises and drive greater impact.

Impact Economy – Serving Client Demand for Impact Investing: A hands-on guide for financial advisors and senior management

May 2014

Various factors are contributing to growing awareness around impact investing, with the prospect of servicing latent client demand (i.e., future business growth) being chief among them. This Hands-On Guide explores how major financial advisors and institutions could go further and optimize both the impact and financial proposition of their impact investments by venturing to actually align them; making impact both commercially viable and socially transformative. 

Intellecap – Invest. Catalyze. Mainstream. The Indian Impact Investing Story

May 2014

A new report by Intellecap takes a consolidated view of impact investments in India in the last 14 years. India is globally regarded as a major hub for impact investing, with a highly evolved ecosystem comprising diverse stakeholders, well regarded successes in BoP entrepreneurship, pioneering investors, and a wide array of enterprise enablers. This study provides a ring side view of the development of this investing ecosystem. It draws out some of the main influences around the sector’s emergence and unique characteristics, the dominant approach to investing, and the key areas of focus for the sector going forward.

JP Morgan and the GIIN – Spotlight on the Market

May 2014

A new JP Morgan and GIIN survey indicates higher impact investment commitments and investor satisfaction. Spotlight on the Market, the 2014 edition of the JP Morgan and GIIN annual impact investor survey, reveals market growth amidst greater government support, new product and fund launches, and widespread impact measurement. For the first time, the survey provides detailed insight into asset allocation trends across regions, sectors, and financial instruments from the largest-ever respondent group, up 26% this year from 2013.

JP Morgan – The Promise of Impact Investing

April 2014

This paper, produced by JP Morgan, summarises their engagement with DFID and CDC to invest a combined $20m in Novastar Ventures as part of the Impact Programme. The paper looks at the increasing focus on and growth of impact investment in Europe and the US to help developing economies build from the “bottom-up”.

From ideas to practice, pilots to strategy practical solutions and actionable insights on how to do impact investing

December 2013

The report, produced by the World Economic Forum, is an attempt to disseminate the best practice and lessons learned from the first movers, early adopters and bold innovators in the field of impact investing, with the goal of further advancing the sector.

Impact Investing 2.0 – insight from 12 outstanding funds

November 2013

The report profiles the experience of 12 impact investing funds from all over the world. It is designed to act as a resource for those interested in the future of impact investing, but particularly for impact investing practioners – such as Fund Managers, investors, entrepreneurs, policymakers and advisors creating and managing new and existing funds and working to achieve successful social and financial performance.

Aavishkaar releases its Annual Impact Report 2013

October 2013

Aavishkaar, an India-based early stage investor, has released its Annual Impact Report for 2013. The report highlights Aavishkaar’s journey since inception and provides insights into the social and environmental performance of its investees. It also introduces readers to “Prabhav” an impact fund rating tool, developed to capture the contribution of impact funds in developing, sustaining and regulating the impact investing eco-system.

Perspectives on Progress – The Impact Investor Survey

July 2013

Perspectives on Progress is a research report released by JP Morgan and the Global Impact Investing Network (GIIN). The report reveals the experiences, expectations, and perceptions of 99 impact investors in 2012, as well as their plans for 2013. Investors surveyed for the report include fund managers, development finance institutions, foundations, diversified financial institutions, and other investors with at least $10 million committed to impact investment.

A Practical Guide to Measuring and Managing Impact

April 2013

This manual, written by the European Venture Philanthropy Association, is targeted specifically at venture philanthropy organisations and social investors (VPO/SI), and more generally at impact investors. It focuses on two levels: how to measure and manage the impact of specific investments, and how the VPO/SI itself contributes to that impact. The manual uses real-life examples and should be useful both for beginners in impact measurement, and for more advanced investors.

The Good Investor – A Book of Best Impact Practice

March 2013

The Good Investor acts as a guide aimed primarily at impact investors. It is structured as an investment process – progressing from the investor’s initial exposure to investment opportunities, through the screening and analysis, and on to making investment decisions and deals, monitoring and evaluating them, and reporting upon the impact achieved.

Guidebook for Impact Investors: Impact Measurement

February 2013

The guide, produced by Purpose Capital, provides investors with a basic overview of social metrics for impact investing, as well as an outline of the issues and challenges of social impact measurement. It also provides a summary of existing social measurement tools and a description of how they are being used, and a set of diagnostic tools to help think through key questions and issues related to measurement and to select appropriate social impact metrics based on selected goals.

Accelerating Impact – Achievements, Challenges and What’s Next in Building the Impact Investing Industry

July 2012

This report, prepared for The Rockefeller Foundation, assesses the progress made over the previous four years in building the global impact investing industry. The first section of the report introduces the structure and key actors in the impact investing field, followed by an examination of the recent achievements and challenges in building the impact investing marketplace. Finally, a set of recommendations are presented for accelerating the rate of growth of the field.

Impact investing in West Africa

April 2011[/p]

This report provides a first comprehensive analysis of the impact investing industry in West Africa. It aims to: map the landscape of impact investing supply and demand in West Africa; identify the substantive challenges that hamper the growth of the industry and recommend solutions for overcoming them; and serve as a starting point for regional dialogue and local network development activities among impact investors.

Helpful links

Acumen – a non-profit that raises charitable donations to invest in companies, leaders and ideas that are changing the way the world targets poverty.

B Lab – a non-profit dedicated to using the power of business to solve social and environmental problems.

Bridges Ventures – a specialist Fund Manager, dedicated to using an impact-driven investment approach to create superior returns for investors and society.

CDC Group – the UK’s development finance institution and manager of the DFID Impact Fund.

Department for International Development (DFID) – leading the UK’s work to end extreme poverty.

The Global Impact Investing Network (GIIN) – a non-profit organisation dedicated to increasing the scale and effectiveness of impact investing.

Global Learning Exchange – an inclusive platform for cross-sector collaboration to further the networks and knowledge base on impact investing.

Grassroots Business Fund – invests in businesses in emerging markets to drive economic development and improve local standards of living.

International Finance Corporation (IFC) – the largest global development institution focussed exclusively on the private sector in developing countries.

JP Morgan Social Finance – servicing the growing market for impact investments through principal investments, thought leadership and client advisory.

Novastar Ventures – the first Fund Manager selected as part of the DFID Impact Fund. Novastar is focused on investing in East Africa businesses that can transform markets at the base of the pyramid.

Omidyar Network – a philanthropic investment firm dedicated to harnessing the power of markets to create opportunity for people to improve their lives.

Overseas Development Institute – the UK’s leading independent think-tank on international development and humanitarian issues.

PwC – acting as the Programme Coordination Unit for the Impact Programme.

Rockefeller Foundation – supporting working that expands opportunity and strengthens resilience to social, economic, health and environmental challenges.

Root Capital – a non-profit social investment fund and winner of a special award for ‘Achievement in Impact Investing’ at the FT/IFC Sustainable Finance Awards.

Shell Foundation – focuses on global development and environmental challenges linked to the impact of energy and globalisation.

Skoll Foundation – one of the world’s leading foundations in the field of social entrepreneurship.