Impact Investing

Il existe diverses définitions de l’impact investing, cependant un objectif largement commun est le financement de sociétés et/ou projets dans le « Sud » qui créent, à travers leurs produits et leurs services, une valeur positive pour la population de la base de la pyramide. En pratique, l’impact investing s’étend également dans les pays riches, surtout dans le financement de projets environnementaux. Dans le monde de l’investissement responsable, nous pouvons situer l’impact investing comme suit :

Autant le cadre de la microfinance est clairement défini, il existe un flou dans la compréhension des différences entre l’investissement socialement responsable (ISR) et l’impact investing. L’ISR est une notion appliquée principalement dans les marchés financiers traditionnels, l’impact investing dans les marchés « non-cotés ».  La différence centrale entre l’ISR et l’impact investing se situe dans la mesure tangible de la valeur ajoutée sociale et environnementale. Sans cette mesure, il est difficile de parler d’impact. En résumé, l’ISR cherche en premier lieu un rendement financier et prend également en compte les aspects sociaux, environnementaux et de gouvernance (ESG), tandis que l’impact investing cherche en premier lieu la valeur ajoutée couplé avec un rendement financier. Une autre différence importante entre l’ISR et l’impact investing est le manque de liquidité du sous-jacent et l’absence de tout marché secondaire. Par ailleurs, l’impact investing est fréquemment décorrélé des marchés.

L’impact investing, dont la microfinance fait intégralement partie, prend de l’ampleur. Plusieurs études montrent un attrait grandissant parmi les personnes fortunées, mais également pour les fondations qui cherchent à aligner leurs capitaux avec leurs missions. Pourtant, à l’heure actuelle, la majorité des capitaux sont investis par des institutions gouvernementales, des fonds de pension, des banques, et des family offices. Les fondations sont loin derrière en matière d’engagements financiers, même si à première vue  elles devraient être pionnières en la matière: ceci s’explique par la pratique fiduciaire des conseils d’administration de fondation, qui se consacrent davantage à la gouvernance des donations et ont tendance à confier la gestion des actifs financiers à des tiers-gérants.



10 questions pour l’investisseur responsable

1.    Quels sont les grands enjeux/thèmes de l’impact investing?
2.    Comment mesurer la valeur ajoutée des investissements?
3.    Quels sont les points centraux de la mesure d’impact?
4.    Quelles ressources utilisent les sociétés pour mesurer l’impact?
5.    Quels outils existent-ils pour faire la mesure d’impact?
6.    Comment éviter un impact négatif?
7.    Comment gérer le risque des investissements de nature « non-côtés »?
8.    Quelles sont les différents types d’investissements dans l’impact investing ?
9.    Quelles sont les compétences nécessaires pour faire de l’impact investing?
10.  Est-ce qu’il y a un « trade-off » entre le rendement financier et l’impact?



Ressources

Achieving Takeoff Part VI in Omidyar Network’s case for a sector-based approach to impact investing
 
Investing for impact. How social entrepreneurship is redefining the meaning return 2012 | Credit Suisse
 
Guide to Impact Investing – For Family Offices and High Net Worth Individuals - Managing Wealth for Impact and Profit | 2011 | Julia Balandina Jaquier.
Un “qui fait quoi” dans l’impact investing destiné au Family Office et High Net Worth Individuals.
 
Impact Investors Handbook – Lessons from the world of microfinance | 2011 | CAF (Charities Aid Foundation). 
Ce manuel retrace 30 années d’expérience dans la microfinance, avec les points clés dans le développement de la microfinance d’une industrie de niche à un phénomène global de plusieurs milliard de dollars.
 
European Early Stage Impact Investing | 2011 | EBAN White Paper. 
Comment financer des jeunes start-ups qui intègre des aspects sociaux et environnementaux dans leur ADN.
 
Insight into the Impact Investment Market | 2011 | J.P. Morgan.
Une analyse détaillée des perceptives du marché et plus de 2’200 transactions.
 
Investing in Emerging Markets | May 2011 | Responsible Research.
 
An Unconventional Perspective on Impact Investing | December 2011 | IESE.
 
Impact Finance Study | 2010 | Alphamundi.
Premier grand sondage de l’industrie en Europe.

Investing for Impact – Case Studies Across Asset Classes | 2010 | Bridges Ventures.
Solutions d’investissement pour chaque classe d’actif.
 
Solutions for Impact Investors – From Strategy to Implementation | 2009 | Rockefeller Philanthropy Advisors.
La bible de l’impact investing. Solutions à travers les différentes classes d’actifs.
  
Investing for Social & Environmental Impact – A Design for Catalyzing an Emerging Industry | 2009 | Monitor Institute. 
Première grande publication sur l’impact investing. Détail sur la façon de faire grandir l’industrie.
  
Impact Investing | A framework for Policy Design and Analysis.
 

Une alternative au microcrédit | 2012-02-27.
Encore dans l’enfance, l’«impact investing» s’offre comme nouvelle manière de financer des projets de éveloppement de manière responsable, durable et rentable. En Suisse, il est promu par un descendant de banquiers privés rompu à l’exercice, Cédric Lombard.

Investing for Impact | 2012-02-02.
Credit Suisse Research Institute: The growing interest in impact investing is hard to miss. Today, more investors and entrepreneurs than ever are proactively investing their capital in solutions designed to generate a positive social or environmental impact, while also having the potential for some financial return. In practice, such opportunities are emerging in most parts of the world, across nearly all asset classes, and at many different levels of risk and return.

Insight into the Impact Investment Market | 2011-12-14.
The report finds that the majority of the 52 surveyed impact investors have tempered optimism about the impact investing industry: they believe it is “in its infancy and growing.” The investors plan to invest almost USD 4 billion over the next year, and most expect that 5-10 percent of typical investors’ portfolios will be allocated to impact investments in ten years. This report expands on the 2010 report Impact Investments: An emerging asset class. The analysis was done by J.P. Morgan and relied on survey data collected by the GIIN. Supporting last year’s findings, impact investors’ expectations for financial returns range from concessionary to market-beating, indicating there is room in the market for a range of performance. The report also finds that investor use of third party systems for impact measurement has increased by 10 percent since 2010. The lack of track record of successful investments is identified as the industry’s biggest challenge, with the biggest risks around investment illiquidity and uncertainty of financial returns. Increased government activity and infrastructure development are helping to address these challenges by increasing market information and promoting growth.

Impact Investments An emerging asset class |2010-11-29.
Investments intended to create positive impact beyond financial return Impact investments are investments intended to create positive impact beyond financial return. This definition captures the key themes characterizing impact investments as illustrated in Figure 1: impact investments provide capital, expecting financial returns, to businesses (fund managers or companies) designed with the intent to generate positive social and/or environmental impact.

It's Time to Standardize Integrated Reporting of Financial and Sustainability Performance | 2010-08-02.
Two groups dedicated to sustainability — the London-based Prince's Accounting for Sustainability Project (A4S) and the Amsterdam-based Global Reporting Initiative (GRI) — today announced (pdf) the formation of an organization to develop and promote global standards for companies to report both their financial performance and their performance in the areas of environmental sustainability, social responsibility, and governance in an integrated fashion. This is important because integrated reporting is the best way to ensure that companies have sustainable strategies; define them in financial, economic, social, and governance terms; and then communicate the results.

Money for Good | 2010-05-02.
The US Market for Impact Investments and Charitable Gifts from Individual Donors and Investors.

Investing for Impact: Case Studies Across Asset Classes | 2010-04-16.
Impact Investment, often referred to using other terms such as social investment or sustainable investment, is defined as “actively placing capital in businesses and funds that generate social and/or environmental good and a range of returns, from principal to above market, to the investor.”1 By leveraging the private sector, these investments can provide solutions at a scale that purely philanthropic interventions usually cannot reach. Investors in Impact Investment Funds include high-net-worth individuals, institutional investors, corporations or foundations, who invest in a wide range of asset classes. The intention of Impact Investment vehicles to make a social/environmental impact is a primary qualifying criterion; investments that unintentionally result in social good are not regarded as Impact Investments. Impact Investment is closely allied to but differentiated from Socially Responsible Investment (SRI) which generally employs negative screening to avoid investing in harmful companies or shareholder activism/advocacy to encourage corporate social responsibility practices.

Better Returns in a Better World The Role of Institutional Investors in Private Equity Investing in Developing Countries | 2010-04-07.
On 27 January 2010, the sixth Better Returns in a Better World workshop took place at Lambeth Palace in London. It focused on the role of institutional investors when investing in Private Equity (PE) funds that invest in developing countries. The focus was primarily on learning from the experiences of institutional investors, particularly CDC, the UK’s Development Financial Institution (DFI) which has a long record investing in developing countries, as well as from PE fund managers Actis and Aureos. Two case studies were used to frame the discussion, one on Sub-Saharan Africa from CDC, the second on India from Actis.

Impact Investing Newsbrief | 2010-02-16.
This Newsbrief provides an update of the work of the Rockefeller Foundation’s initiative Harnessing the Power of Impact Investing. Over the past three years, we have met with many of you and benefited from your insights while drawing inspiration from your work. We are now planning to send updates about our initiative in order to convey a better understanding of where our work is going. We also hope to highlight insights and opportunities for collaboration. 

Book Review: Solutions for Impact Investors: From Strategy to Implementation | 2010-02-14.
Published in November 2009 by Rockefeller Philanthropy Advisors, the monograph Soluti ons for Impact Investors: From Strategy to Implementation asserts that the “sharp dichotomy between profit-maximizing financial investment and ‘give-it-away’ charity is gradually losing its edge.” Authors Steven Godeke and Raul Pomares choose the term “impact investing” to describe a dual investment goal of producing a socially beneficial impact while seeking an appropriate investment return as well. Although investment strategies among impact investors may differ—the range of strategies can extend from those that seek to optimize financial returns to those that prioritize social or environmental benefits—a “well-considered investment strategy and a rigorous execution process” is essential for success, whatever the investment approach.