1 JP Morgan and GIIN’s Investor’s survey, 2014, pg 6.
2 McKinsey,
3 In 2009, Monitor projected the market potential at ~$500B by 2020. See Jessica Freireich and Katherine Fulton, Investing for Social and Environmental Impact (Monitor Institute, 2009). In 2010, the Rockefeller Foundation and JP Morgan affirmed the growth potential of the market, stating that impact capital could total anywhere between US$400 billion and US$1 trillion in enterprises providing essential, bottom-of-the-pyramid services. Nick O’Donohoe et al., Impact Investments: An Emerging Asset Class (JP Morgan, The Rockefeller Foundation, and the Global Impact Investing Network, 2010). Calvert offered a similar estimate in 2012, reporting that the market could grow up to US$650 billion.
8 Includes seed funding from impact investor DBL Investors, loans from nonprofit RSF Social Finance, a program-related investment from the Kellogg Foundation, and private venture capital from Oak Investment Partners, Catamount Ventures, The Westly Group, and others. Pfund Omidyar presentation; Kellogg Foundation (;;
12 On the heels of legislated budget cuts, discretionary government social spending is on track to reach new lows. Center for American Progress, “Budget Cuts Set Funding Path to Historic Lows,” January 2013:
13 “An estimated 250 funds are actively raising capital in a market that the Global Impact Investing Network estimates at $25 billion.” Sasha Dichter, “Give Impact Investing Time and Space to Develop,” March 17, 2014 <>
14 Economist, “Spreading gospels of wealth,”
15 Michael E. Porter  and Mark R. Kramer, “Creating Shared Value,” Harvard Business Review, Jan/Feb2011, Vol. 89 Issue 1/2, p62-77
16 Ford Foundation. “Program-Related Investment.” Accessed March 4, 2014. program-related-investment.
17 Grameen Bank. “A Short History of Grameen Bank.” Accessed March 4, 2014.
18 Michael S. Knoll, “Ethical Screening in Modern Financial Markets: The Conflicting Claims Underlying Socially Responsible Investment,” Business Lawyer (Feb. 2002): 57 Bus. Law. 681. Accessed March 4, 2014.
19 U.S. CDFI Fund, “About the CDFI Fund,” <>
20 Una Osili et al., Leveraging the Power of Foundations: An Analysis of Program-Related Investing (The Lilly Family School of Philanthropy at Indiana University, 2012).
21 In 2012, the top 100 foundations gave out ~$21B in grants. Assume that has remained constant 2000-2010. Foundation Center <>
22 Michael Drexler, Abigail Noble and Joel Bryce, From the Margins to the Mainstream: Assessment of the Impact Investment Sector and Opportunities to Engage Mainstream Investors (The World Economic Forum and Deloitte, 2013).
23 Ibid.
24 Jessica Freireich and Katherine Fulton, Investing for Social and Environmental Impact (Monitor Institute, 2009).
25 Global Impact Investing Network. “About Impact Investing.” Accessed March 4, 2014.
30 JP Morgan and GIIN, “Spotlight on the Market,” May 2, 2014. Other researchers, drawing on this work, have attempted to use the investor survey to estimate the full market size. See: World Economic Forum, “From the Margins to the Mainstream,” 2013. Drawing from research on: Perspectives on Progress: The Impact Investor Survey (J.P. Morgan and the Global Impact Investing Network), 51 impact investment funds each expect to raise an average of US$ 112 million in 2013 (median of $US 60 million); given there are approximately 250 global impact investing funds, a crude estimate of the market size is likely between US$ 15 and US $28 billion. This is likely a low estimate given it only includes certain asset classes (e.g. venture capital, private equity, etc.) and excludes others (e.g. green bonds, infrastructure, etc.). Furthermore, CGAP estimates that in 2011 cross-border funders committed at least US$ 25 billion to microfinance and financial services to the poor (see: Current Trends in Cross-Border Funding for Microfinance (December 2012), CGAP). Although not all of these investments would be considering impact investments, it confirms that an existing market size of US$ 25 billion may be understated.
31 McKinsey,
35 “Institutional Investors and Green Infrastructure Investments,” OECDE Working Papers on Finance, Insurance and Private Pensions, OECD 2013.
40 Roberto Quercia and Janneke Ratcliffe, The UNC Center for Community Capital, “The Community Reinvestment Act: Outstanding, and Needs to Improve” <>
41 Insert footnote of New York State pay-for-success contract and other documents related to the transaction.;;
42 Guay Justin (2014) What d.light’s $11 Million Investment Means for Off Grid Solar  Huffington Post Accessed March 26, 2014
43 Market Wired (2014) d.light Announces $11 Million Series C Financing, Expands Board of Directors Accessed March 26, 2014
44 Market Wired (2014)
45 William D. Bygrave, Jeffry A. Timmons, Venture Capital at the Crossroads, pg 24.