2015 was a watershed year for impact investing. We saw the launch of new funds, several new companies and initiatives, and most importantly, more governments committed to directing more private capital for public purpose. As founders of the IIPC, we especially laud the efforts made in policy and practice, catalyzed by the leadership of entities such as the Social Impact Investment Taskforce, established under the UK’s presidency of the G8, and its affiliate National Advisory Boards. Closer to home in the U.S., the U.S Government Department of Labor’s new guidance on “economically targeted investments” for pension funds came as a welcome move, giving coverage to fund managers that consider the social and environmental impact of their investments while fulfilling their fiduciary duty to beneficiaries.
In 2011, when PCV and IRI launched the IIPC, we aimed to bring together policymakers and practitioners committed to policy innovation that promotes investing for social and environmental impact. It was a nascent conversation, and we’re grateful to all of you for being early promoters and visionaries. From the very first IIPC conference in Brazil to the launch of several significant publications, which continue to be cited as key resources on any conversation on impact investing and policy, we have benefitted from your ongoing support. While the last five years haven’t been easy, it has been extremely rewarding to see our collective vision taken forward by partners and collaborators through significant market and policy initiatives, as there is growing awareness about the need for government intervention and new policy frameworks to take impact investing to a tipping point globally.
While our work here is certainly not done, we believe it is time for us to move on to other areas that require our efforts and resources. It has been a busy time for PCV and IRI. At PCV, under the leadership of our new President and CEO, we are committed to taking forward our experience and expertise in impact investing policy to the Accelerating Impact Investing Initiative (read our latest issue brief here). PCV InSight, our impact investing research and consulting team, is focused on developing new ideas and tools on impact measurement and analysis, while working towards PCV’s mission of ensuring an economy that works for all, through creation of quality jobs and investments. At the IRI, we are using our policy experience to support efforts in the U.S. to bring together public and private actors to develop socially beneficial infrastructure, and are expanding our work with cities and towns across the country to build stronger community investment systems. We continue to engage in research projects that explore the social utility of finance, from capital suppliers and investment opportunities to the governance and social ecosystems that promote particular kinds of behavior.
While the IIPC brand will officially cease to exist, the resources and ideas developed through our collaborative partnerships will be available on the PCV and IRI websites. It has been a rewarding five years for us and we would like to thank you once again for your leadership and partnership through this incredibly important effort.