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About
About the meeting
About SASIX
About the Rockefeller Foundation
About the Bellagio Center
About the meeting
It is increasingly accepted today that development aid and philanthropic giving is not sufficient to achieve sustainable solutions to the problem of poverty. This, in light of the vast sums of aid and philanthropic money that has gone into social and economic development in developing countries over the last decade, with little substantial improvement in the lives of the poor or in the major challenges we face globally. Without fundamentally changing our thinking about the nature of capital markets, finance and social investment – as individuals, as companies and as communities – we will not achieve real and lasting change or stimulate economic development that addresses the social and environmental challenges we face. Ultimately, we need to develop a new investment industry that places capital efficiently and effectively into investments generating both social and environmental value as well as financial return.
Impact investing
The past few years have seen the creation of a new focus on impact investing. The idea that investors can actively put capital to work for good beyond financial return has evolved from a fringe movement of activists and pioneers to an emerging industry – one that is increasingly gathering mainstream participants and influence. Investors and entrepreneurs have launched dedicated impact investing banks, raised impact investing funds, made multimillion dollar impact investments and created impact investing units in established institutions. But despite this momentum, real barriers stand between the promise and the reality for impact investors. The founders of the South African Social Investment Exchange (SASIX) have initiated the Global Social Investment Exchange (GSIX) concept to build on the experience of SASIX and respond to requests for assistance in its replication worldwide. In collaboration with the Rockefeller Foundation as part of their new initiative on "Harnessing the Power of Impact Investing” and the European Foundation Centre, this meeting is bringing together thought leaders from finance, philanthropy, policy, research and nonprofit/social enterprise practice who are committed to breaking the barriers of inefficiency that currently apply in the realm of responsible social and environmental investment. The meeting’s aims are to: Discuss the potential for a Global Federation of Social Investment Exchanges representing a universal action platform with comparative listing, governance, due diligence, risk and return assessment standards and a global reporting framework. Determine what the nature, purpose and structure of such a Federation should be in order that it could bring regulatory compliance standards and efficiencies to social capital and create a regulated exchange environment to provide orderly market operations that treat investors fairly, are transparent in their processes, and assure clear, pertinent and accessible information. Identify what policies, principles, structures, practice mechanisms (legal, operational and financial) and collaborative partnerships/relationships should be put in place to create this framework and to address critical issues of legal/financial structures for investment, taxation, cross border remittances; cost of information for products, building capacity for compliance/governance etc. Articulate the specific barriers and inefficiencies that this body should/could address and solve. Consider how participants could engage and assist in making this a reality and how an effective business model could be implemented to effectively support both the development and sustainability of such an infrastructure and the viability of local operators/intermediaries/country exchanges.
There are many conversations and efforts already underway in the world around these issues – we are now at a major upward inflection point in this area of work. This meeting is intended to connect these conversations at an international level and promote galvanizing leadership to work with and across these efforts to build a global focus and momentum to ensure its realization in practice.
Beyond Bellagio
Beyond the initial meeting and planning session, the GSIX Initiative will convene focused working groups and utilize electronic and other means of interaction to progress key strategic issues identified by this core group of participants and partner institutions. Smaller working groups, pursuing specific ideas and proposals, will continue to work between in-person meetings. The topics of these sessions and the working group assignments will be more precisely defined after the initial framing work is completed at Bellagio. It is likely that these sub-topics will explore, among other things: The nature of the capital market and the requirements of a regulated social exchange environmentThe potential for social profit organisations to create trade-able investment opportunities for investors interested in high social impact but financially viable investment opportunities within non profit/community structuresThe tools for risk/return assessment and measurement and the potential to leverage resources through partnerships and collaborations to aggregate and allocate private capital to impact investment. Throughout, the goal is to determine the practical steps that both the GSIX initiative and participants – individually, collectively and collaboratively – can take to define and create a collaborative, globally connected investment infrastructure. At the conclusion of this meeting, a clear report and business plan based on identified needs and recommendations will be put forward to inform the next steps in the creation of a Global Federation of Social Investment Exchanges Network. Download the GSIX Concept Document
About SASIX
The GSIX concept emerged out of the experience and success of the South African Social Investment Exchange (SASIX), a social investment exchange where carefully selected development projects are listed and made available to interested investors worldwide. Africa’s SA Social Investment Exchange (SASIX) is an innovative process and technology platform which connects social investors with the development world. SASIX lists evaluated projects in priority development sectors for corporate and individual donors to invest in. The return on their investment is primarily social, rather than financial, but is nonetheless vital for South Africa’s future.
Investment continuum
In 2008, SASIX extended its offering and now provides investment opportunities throughout the continuum from corporate philanthropy or social return only investments (ie grants) to financial investments in high social impact initiatives or social enterprises that offer varying rates of financial return (sometimes above market) in addition to their social return. SASIX applies the same sort of assessment and due diligence consideration to projects as would be applied to financial investments and so helps to raise the bar for public, corporate and civil society participation in social development in South Africa. The Exchange also works to level the playing field by giving small, pioneering non profit organisations the same access to funds and capacity development as the better-known causes. SASIX success
With the help of considered corporate and individual givers, SASIX is taking on South African development issues and having a great deal of success: over R22.6 million (US$2.7m) has been invested in 53 social development projects in just over two years. The innovation of SASIX has been to move donors from a charity mentality of reactive or feel-good giving to a more analytical and considered approach to tackling poverty in South Africa, achieved by applying the same sort of due diligence consideration to projects as would be applied to financial investments, including evaluating project strengths and risks. In this way, SASIX raises the bar for public and corporate participation in social development in South Africa as well as building a culture of accountability for social performance amongst beneficiary organisations. Find out more about SASIX
About the Rockefeller Foundation
Since its establishment in 1913, the Rockefeller Foundation has sought to identify and attack at their source the underlying causes of human suffering. The Foundation pioneered the frontier of global philanthropy and continues to find and fund solutions to many of the world’s most intractable challenges. The Rockefeller Foundation attempts to harness the creative forces of globalization, supporting breakthrough solutions to 21st century challenges. This is smart globalization: ensuring that the opportunities unleashed by globalization are accessible to more people, more fully, in more places — and that poor and vulnerable people are equipped to seize them. With assets of more than $4 billion, the Rockefeller Foundation operates both within the United States and around the world. The Foundation’s efforts are overseen by an independent board of trustees and managed by its president through a staff drawn from scholarly, scientific, and professional disciplines.
Impact investing
The supply of capital for Impact investing – investing that generates both social value and financial returns – is increasing. At the same time, there is an increased appetite among businesses and investment funds to absorb this capital. Meanwhile, a new generation of business-savvy, socially-conscious entrepreneurs is launching workable ventures across a variety of regions and sectors. Matching these sources of capital to the entrepreneurs who can apply these funds effectively could create commercially viable solutions to a broad set of intractable social problems. Building a system that will allow impact investment to flow into broader areas of public interest – such as healthcare provision for poor people in emerging markets, financing for slum upgrading, financial innovation for smallholder farmers – will enable the impact investment movement to expand opportunities for poor and vulnerable people and ensure the benefits of globalization are more broadly shared. To this end, the Rockefeller Foundation’s Impact Investing work is built on three pillars: Integrating Impact Investment
Building Intermediation
Fostering the Field
Read more about the Rockefeller Foundation’s Impact Investing initiative
About the Bellagio Center
The Rockefeller Foundation has operated the Bellagio Center in Italy since 1960. In leaving the property to the Foundation, the previous owner mandated that it be used “for purposes connected with the promotion of international understanding.” The Center supports and implements the Foundation’s mission, vision and initiatives, and serves the worlds of scholarship, science, art, and public affairs. You will be staying in the Frati, a 17th-century friary that has been fully modernized. The facility includes dining rooms and 18 bedrooms (plus 1 extra with no lock on the door), with private bathrooms, as well as meeting rooms and public informal gathering spaces. Room assignment is made ahead of time, so changes cannot be made once participants get here. Please make sure you have filled in the Participant Information Form before your arrival at the Center.
Download the Bellagio Center information pack CONTACT INFORMATION
Rockefeller Foundation Bellagio Center
Villa SerbelloniVia Garibaldi, 822021
Bellagio (Como), ITALY
Phone: +39-031-9551
Fax: +39-031-955-259 Ms. Pilar Palaciá
Managing Director Frati at Bellagio Center
Ms. Laura Podio
Frati Meetings Coordinator
E-mail:
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Emergency contact number: 800-06-5858 (no charge if calling from Italy)
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