Invest Northwest Ten Year Performance Review

Tom WoelfelImpact Investing, InSight, Publications

Invest Northwest Ten Year Performance Review

We are pleased to share our latest report: Invest Northwest: Ten-Year Final Performance Review. For ten years Pacific Community Ventures has worked with the Northwest Area Foundation (NWAF) and the Annie E. Casey Foundation (AECF) to annually evaluate the social performance of Invest Northwest, a place-based mission-related private equity fund. Invest Northwest was created in 2004 with the twin objectives of generating market-rate financial returns and social returns aligned with NWAF’s mission — to support efforts by people, organizations and communities to reduce poverty and achieve sustainable prosperity in the northwestern states of the U.S. As a place-based investment, Invest Northwest was established to support business growth and retention as well as the creation of good jobs for residents within NWAF’s eight-state service region that encompasses Idaho, Iowa, Minnesota, Montana, North Dakota, Oregon, South Dakota, and Washington.  Invest Northwest was developed at a time when mission investing was still an emerging … Read More

Catalog of Economically Targeted Investments by Pension Funds

Patrick DugganImpact Investing, InSight, Publications

catalog of economically trageted investments

In October of 2015, the Department of Labor released new guidance on the Employee Retirement Income Security Act (ERISA). This reaffirmed that pension funds — holders of $20+ trillion in capital — could pursue economically-targeted investments (ETIs). These kinds of investments let pension funds put their capital to work in ways that not only generate financial returns but also create jobs and support local economies and the environment — furthering the long-term interests of their plan participants and beneficiaries. Following the one-year anniversary of the ERISA ETI guidance, the Accelerating Impact Investing Initiative (AI3) is pleased to share a first-of-its kind online catalog of 118 pension fund ETIs and an accompanying research brief that extensively documents ETIs and offers insight into trends, analysis, and reflections. The majority of ETIs (70%) were made by public pension funds The average number of ETIs per year was highest between 1994 and 2008, with … Read More

California Organized Investment Network Report

Patrick DugganImpact Investing, InSight, Publications

COIN Report PCV

Despite the increasing size and sophistication of community financial development institutions (CDFIs) like PCV — as well as the broader impact investing industry — accessing capital from institutional investors like insurance companies remains exceptionally difficult for most CDFIs and other investors seeking financial returns in addition to positive social or environmental impact. Raising institutional capital can be challenging for several reasons, namely the institutional investors’ stringent investment policies, lack of familiarity with the impact investing industry, the misconception that investments in this arena are necessarily concessionary, and the mismatch between supply and demand for capital — the smallest investments that large institutional investors can make (e.g. $20 million) is often much larger what a CDFI or small fund manager wants or is able to raise. Yet with over a trillion dollars in annual revenues, the U.S. insurance industry represents a vast, largely untapped source of capital for impact investors. The California Organized Investment … Read More

California Initiative 2015 Report

PCV InSightImpact Investing, InSight, Publications

CalPERS for California

The eleventh annual report examining CalPERS’ California Initiative, a $1 billion private equity, economically targeted investment (ETI). The California Initiative seeks to invest in companies located in traditionally underserved markets, primarily, but not exclusively, located in California. The California Initiative’s primary objective is to generate attractive financial returns, meeting or exceeding private equity benchmarks. As an ancillary benefit, the California Initiative was designed to focus investment in California’s underserved markets and invest in portfolio companies that: Have historically had limited access to institutional equity capital Employ workers who reside in economically disadvantaged areas Provide employment opportunities to women and minority entrepreneurs and managers

CalPERS For California 2015 Report

PCV InSightImpact Investing, InSight, Publications

CalPERS for California

The sixth annual report documenting the California Public Employees Retirement System’s $27.8 billion of investments in California as of June 30, 2015. The report provides an examination of the broad ancillary benefits of all CalPERS investments in California across the asset classes of public equity, fixed income, private equity, real estate, and infrastructure. CalPERS is the nation’s largest public pension fund, with assets totaling $300 billion as of March 31, 2016. They have a strong track record of long-term returns, and of mobilizing financial capital in new and innovative ways. Ancillary benefits of CalPERS investments described in this report include the creation and support of jobs, infrastructure for communities and commerce, and business expansion and related economic activity.

Aligning Capital With Mission

PCV InSightImpact Investing, InSight, Publications

casey foundation mission investing

We are pleased to share with you our latest report, Aligning Capital with Mission: Lessons from the Annie E. Casey Foundation’s Social Investment Program. The Annie E. Casey Foundation, a private foundation dedicated to improving the lives of America’s children and families, engaged InSight at Pacific Community Ventures — with research support from The Center for the Advancement of Social Entrepreneurship (CASE) at Duke University — to conduct the first comprehensive third-party evaluation of its Social Investment Program, a $125 million allocation from its endowment dedicated to mission investing. Through the Social Investment Program, the Foundation invests in Community Development Financial Institutions (CDFIs), impact funds, and nonprofit organizations supporting low-income and vulnerable communities across the United States. In an effort to support the broader mission investing field, Aligning Capital with Mission offers, for the first time publicly, findings that highlight the strong alignment of the Social Investment Program’s impact with the Foundation’s … Read More

Defining and Measuring The Creation of Quality Jobs

PCV InSightInSight, Publications, Quality Jobs

pacific community ventures small business impact investing quality jobs

Since the end of the Great Recession, almost 12 million jobs have been created — but most have been in low-wage occupations and at places like strip malls and fast-food restaurants. Average wages for working Americans have dropped 23 percent. It’s become clear that job creation does not equate to lasting economic change. In order to reverse the troubling trends we’re seeing, we no longer find it defensible to focus on job creation alone. We must shift our focus to the creation of higher quality jobs that are good for workers and their families, good for businesses, and good for communities. We are excited to share with you our latest discussion paper: Moving Beyond Job Creation: Defining and Measuring the Creation of Quality Jobs.  Moving Beyond Job Creation has been made possible thanks to the support of the Surdna Foundation, and is the result of a year and a half of extensive research on the topic of … Read More

AI3 Brief: Unleashing The Power Of Pensions

Patrick DugganImpact Investing, InSight, Publications

AI3 report

Enterprise Community Partners and Insight at Pacific Community Ventures — co-sponsors of the Accelerating Impact Investing Initiative (AI3) — have released a new issue brief on impact investments by U.S. pension funds. The brief highlights public and private pension funds that have pursued “economically targeted investments” (ETIs), a type of impact investment that seeks certain social goals alongside a market-rate financial return. It comes just weeks after the U.S. Department of Labor, which oversees the fiduciary rules for many U.S. pension funds, issued new regulatory guidance that is expected to open the door to more ETIs in the years to come. To read the full issue brief released today, download the PDF below. The new ETI guidance was just one of several advancements in impact investing policies in 2015. Earlier this month, Congress authorized a new Pay for Success (PFS) demonstration within the Department of Housing and Urban Development to … Read More

California Initiative 2014 Report

PCV InSightImpact Investing, InSight, Publications

pacific community ventures small business quality jobs impact investing

The tenth annual report examining CalPERS’ California Initiative, a $1 billion private equity, economically targeted investment (ETI). The California Initiative seeks to invest in companies located in traditionally underserved markets, primarily, but not exclusively, located in California. The California Initiative’s primary objective is to generate attractive financial returns, meeting or exceeding private equity benchmarks. As an ancillary benefit, the California Initiative was designed to focus investment in California’s underserved markets and invest in portfolio companies that: Have historically had limited access to institutional equity capital Employ workers who reside in economically disadvantaged areas Provide employment opportunities to women and minority entrepreneurs and managers

CalPERS For California 2014 Report

PCV InSightImpact Investing, InSight, Publications

pacific community ventures small business quality jobs impact investing

The fifth annual report documenting the California Public Employees Retirement System’s $25.7 billion of investments in California as of June 30, 2014. The report provides an examination of the broad ancillary benefits of all CalPERS investments in California across the asset classes of public equity, fixed income, private equity, real estate, and infrastructure. CalPERS is the nation’s largest public pension fund, with assets totaling $299.6 billion as of March 31, 2015. They have a strong track record of long-term returns, and of mobilizing financial capital in new and innovative ways. Ancillary benefits of CalPERS investments described in this report include the creation and support of jobs, infrastructure for communities and commerce, and business expansion and related economic activity.