Overview


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Risk, return and impact: a new role for capital markets in building a better world

Join editors of The Economist and more than 200 leading financiers, institutional investors, policymakers, academics, impact investors and philanthropies to analyse the main opportunities and obstacles to the mainstreaming of impact investment.

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The relationship between the private capital markets and the well-being of society and the planet has become a hot topic. In 2015, in New York and Paris, the world’s governments signed up to ambitious goals to curb climate change and generate the sort of economic growth that benefits everyone, not just a wealthy minority – goals that it is estimated will require over $2.5 trillion a year of additional private investment. At the same time, partly in response to criticisms that irresponsible short-termism in the capital markets caused the 2008 financial crash and the Great Recession that followed, some leading capital-market institutions have pledged to take a more long-term, sustainable and socially responsible approach to investing.

The growing demand for a more socially-responsible, purpose-driven finance has been best illustrated by the emergence of a new approach to putting capital to work called “impact investing.” Having started out as a niche activity, largely practised by wealthy and philanthropically-inclined individuals, impact investment is now championed by a growing number of leading institutions in the capital markets.  As a recent G8 taskforce on impact investing predicted, perhaps the 20th Century approach to investing, based on risk and return, will be replaced by a 21st Century model built on risk, return and impact.

Yet such a shift is by no means inevitable. Critics question whether the recent commitment of mainstream finance to impact investing is more than skin deep. Meanwhile, the election of Donald Trump as President, and his inclusion in his government of several people closely associated with an earlier, more free-wheeling approach to investing, raises the question of whether there will be anything socially- or environmentally-responsible about the future direction of capitalism, at least the American version of it.

We will convene, under the chairmanship of Economist editors, leading financiers, institutional investors, policymakers, academics, impact investors and philanthropies to analyse the main opportunities and obstacles to the mainstreaming of impact investment and to identify what needs to be done to make it happen. It will be an important conversation: how trillions of dollars will be invested is at stake.

 

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Why attend

Topics we’ll discuss:

  • How to build impact investment cultures in traditional investment firms
  • Redefining the relationship between impact investing, ethical investing and ESG
  • How to incentivize fund managers and financial advisors to take impact seriously
  • Regulatory changes are needed to encourage impact investing
  • Setting the right return expectations for impact investing, both financial and impact
  • Measuring impact in ways that are clear and credible for investors
  • Creating new impact financial products for the mass market
  • Ensuring a full deal pipeline of impact investments to meet rising demand

Who should attend?

  • Diversified financial institutions
  • Pension funds
  • Foundations
  • Insurance companies
  • Development finance institutions
  • Family offices
  • Fund managers
  • Individual investors
  • Government investors

 

Speakers

David Blood

Co-founder and senior partner, Generation Investment Management

Neil Blumenthal

Co-founder and chief executive, Warby Parker

Sallie Krawcheck

Chief executive and co-founder, Ellevest

Deborah Winshel

Managing director, Global Head of Impact Investing, BlackRock

Nancy E. Pfund

Managing partner and founder, DBL Partners

Olivier Brousse

Chief executive, John Laing

Agenda

February 15th
Wednesday
  • 8:00 AM

    Registration

  • 8:45 AM

    Chairman's opening remarks

    Matthew Bishop

    Managing director, Rockefeller Foundation and former senior editor, The Economist

  • 9:00 AM

    Mainstreaming impact investing: The investment opportunity of a lifetime, or mission impossible?

    Our opening panel will set the scene by examining the broad trends that are pushing social and environmental impact to the top of the agenda in capital markets. A diverse group of influential investors and business people will explore whether or not a focus on impact can become the "new normal" for investors, and if so what needs to be done to make it happen.

    David Blood

    Co-founder and senior partner, Generation Investment Management

    Neil Blumenthal

    Co-founder and chief executive, Warby Parker

    Roland Lescure

    Chief investment officer, Caisse de dépôt et placement du Québec

    Nancy E. Pfund

    Managing partner and founder, DBL Partners

    Matthew Bishop

    Managing director, Rockefeller Foundation and former senior editor, The Economist

  • 9:50 AM

    Faces of impact

    The first in a series of "spotlight" talks in which leading impact investors talk about how they see the opportunity for moving what they do further into the mainstream of the capital markets

    Andrew Kuper

    Founder and chief executive, LeapFrog

    Andrew Palmer

    Business affairs editor, The Economist

  • 10:00 AM

    Where are the customers? Mapping demand, creating desirable products

    There is a wide range of consumers of investment management, from sovereign funds to ordinary retail consumers. What trends are there in demand for investment with a focus on social and environmental impact? Which products are appealing most to which customers? What strategies, if any, are available to sell this approach to investment to mainstream customers, and turn them into a driving force in popularizing purpose-driven investing?

    Audrey Choi

    Chief executive, Morgan Stanley's Institute for Sustainable Investing

    Joshua Levin

    Co-founder and chief strategy officer, OpenInvest

    Debra Schwartz

    Managing director, MacArthur Foundation

    Andrew Palmer

    Business affairs editor, The Economist

  • 10:45 AM

    Networking break

  • 11:15 AM

    Seeking impact: The measurement challenge

    You can’t manage what you don’t measure, as the adage goes. Big advances are being made in measuring social impact and environmental sustainability thanks to the efforts of organisations such as the Sustainable Accounting Standards Board and Global Impact Investment Network. But what remains to be done? Are the right things being measured? What reporting and auditing rules are needed to create confidence in claims about achieving impact and sustainability? What do we already know about the impact of current investment choices?

    Jessica Matthews

    Managing director and head of mission-related investing practice, Cambridge Associates

    Matthew Weatherley-White

    Co-founder and managing director, Caprock

    Dan Hanson

    Partner, Jarislowsky Fraser Global Investment Management and founding member, SASB Board

    Erika Karp

    Founder and chief executive, Cornerstone Capital Inc.

    Matthew Bishop

    Managing director, Rockefeller Foundation and former senior editor, The Economist

  • 12:00 PM

    Gender lens: Investing in women

    One of the most encouraging global trends is the growing economic role of women. Two leading investors discuss how to invest in and accelerate this trend. Do companies that empower women perform better? Should investors demand more women on boards?

    Sallie Krawcheck

    Chief executive and co-founder, Ellevest

    Jackie VanderBrug

    Managing director and investment strategist, U.S. Trust

    Andrew Palmer

    Business affairs editor, The Economist

  • 12:30 PM

    Faces of impact

    The second in a series of "spotlight" talks in which leading impact investors talk about how they see the opportunity for moving what they do further into the mainstream of the capital markets

    Ela Madej

    Managing partner, Fifty Years

    Andrew Palmer

    Business affairs editor, The Economist

  • 1:00 PM

    Lunch session:

    Sponsored by Bank of America Merrill Lynch The language of impact is starting to be heard in the C-Suites of leading firms. But how deep does this go, and what can be done to accelerate the shift from talk to action?

    Andy Sieg

    Head of Wealth Management, Merrill Lynch

    Deval Patrick

    Managing director, Bain Capital Double Impact and former governor of Massachusetts

    Amit Bouri

    Chief executive and co-founder, GIIN

    Deborah Winshel

    Managing director, Global Head of Impact Investing, BlackRock

    Matthew Bishop

    Managing director, Rockefeller Foundation and former senior editor, The Economist

  • 2:00 PM

    From poverty to a thriving global middle class:

    In the next few years, hundreds of millions of people in emerging economies are expected to enter the middle class, many of them living in mega-cties that are still being built. Arif Naqvi has built Abraaj by investing in these trends, and trying to do so in ways that promote sustainable, socially-impactful growth. In this one to one conversation, he will discuss lessons learnt and the challenges to come, as well as some bold new investment strategies focused on improving the quality of life in big cities.

    Arif Naqvi

    Founder and chief executive, The Abraaj Group

    Matthew Bishop

    Managing director, Rockefeller Foundation and former senior editor, The Economist

  • 2:20 PM

    Parallel Strategy Sessions

    A. Session One Frontiers of impact: Africa, India and beyond Some of the biggest opportunities for investing in ways that can have a big positive impact are in Africa and India, where huge needs must be met in everything from building infrastructure to giving people access to mobile data services. What are the trends for investing impactfully in these frontier economies? What needs to be done to ensure that purpose-driven investment flourishes and that irresponsible, short-term investment does not prosper instead?Speakers Jacqueline Novogratz, founder and chief executive, Acumen Vineet Rai, founder, Aavishkaar–Intellecap Group Amy Jadesimi, managing Director, LADOL (Lagos Deep Offshore Logistics Base) Bertrand Badré, chief executive and founder, BlueOrange Capital

    Vineet Rai

    Founder, Aavishkaar–Intellecap Group

    Amy Jadesimi

    Managing director, LADOL (Lagos Deep Offshore Logistics Base)

    Jacqueline Novogratz

    Chief executive, ACUMEN

    Bertrand Badré

    Chief executive and founder, BlueOrange Capital

    Andrew Palmer

    Business affairs editor, The Economist

  • 2:20 PM

    Session Two

    Many of the pioneers of impact investing have been mission driven families and charitable foundations. In this panel, practitioners discuss what strategies have had the greatest impact so far, and explore how mission driven investors should can maximise their influence and impact during the process of mainstreaming purpose-driven finance. Will different approaches work better in the future? Should they be the primary investors in the infrastructure of impact measurement? What can they do to ensure that mainstreaming doesn't become superficial "impact washing"?

    Fran Seegull

    Executive director, US Impact Investing Alliance

    Abigail Noble

    Chief executive, ImPact

    Ron D. Cordes

    Co-founder, Cordes Foundation

    Matthew Bishop

    Managing director, Rockefeller Foundation and former senior editor, The Economist

  • 3:00 PM

    When public meets private: Can impact capital lead a "moneyball for government" revolution in public services?

    Social impact bonds, also known as "pay for success" contracts, have prompted talk of an impact-investment driven performance revolution in government services. With the prospect of a sharp increase in spending on infrastructure in America occurring hand-in-hand with ever intensifying pressure to demonstrate value for money in public spending, what can be done to bring private capital into partnership with public goals in ways that deliver demonstrable benefits to taxpayers and investors alike? What lessons can be learnt from previous efforts at public-private collaboration and partnership? Where will be the greatest opportunities to deploy significant amounts of capital to achieve large scale change?

    Olivier Brousse

    Chief executive, John Laing

    Tracy Palandjian

    Chief executive and co-founder, Social Finance

    Staci Warden

    Executive director, Center for Financial Markets, Milken Institute

    Andrew Palmer

    Business affairs editor, The Economist

  • 3:50 PM

    Faces of impact

    The third in a series of "spotlight" talks in which leading impact investors talk about how they see the opportunity for moving what they do further into the mainstream of the capital markets

    Brian Trelstad

    Partner, Bridges Ventures

    Andrew Palmer

    Business affairs editor, The Economist

  • 4:00 PM

    Afternoon networking break

  • 4:30 PM

    Green washing or real change: Lessons from carbon markets, clean energy and green bonds

    How can the capital markets be harnessed as a driving force for environmentally sustainable economies, rather than against them? In recent years there have been several significant efforts to create sustainability products for investors, including through markets in carbon credits and for "green bonds". At the same time, tools such as Carbon Tracker have encouraged a more sophisticated, data-driven approach to carbon by investors, even as the growing Divest/Invest movement has encouraged investors to avoid carbon altogether. What lessons have been learnt? What can be done to ensure that capital market innovation around the environment is not "green washing" but drives real change? What light does experience with green investing shed on how to invest in other kinds of positive impact?

    Mark Campanale

    Founder and executive director, Carbon Tracker Initiative

    John Goldstein

    Managing director, Goldman Sachs Asset Management

    Lenora Suki

    Head of product strategy, sustainable finance, Bloomberg

    Matthew Bishop

    Managing director, Rockefeller Foundation and former senior editor, The Economist

  • 5:10 PM

    Faces of impact

    The fourth in a series of "spotlight" talks in which leading impact investors talk about how they see the opportunity for moving what they do further into the mainstream of the capital markets

    Ian Simmons

    Co-founder and principal, Blue Haven Initiative

    Andrew Palmer

    Business affairs editor, The Economist

  • 5:20 PM

    Activism with impact: How shareholders can better engage public companies

    Some of the fastest growth in impact investing has been focused on publicly-traded companies. Yet many of these investments have largely involved screening out "undesirable" companies from investment portfolios, rather than actively trying to make every company more virtuous. Does this really count as impact investing? What are the effective strategies that institutional shareholders could use to engage with company management to drive more sustainable and socially-impactful behaviour?

    Colin Melvin

    Chair, The Social Stock Exchange

    Catherine Howarth

    Chief executive, ShareAction

    Sarah Williamson

    Chief executive, Focusing Capital on the Long Term (FCLT Global)

    Matthew Bishop

    Managing director, Rockefeller Foundation and former senior editor, The Economist

  • 6:00 PM

    Final remarks and cocktail reception

    Matthew Bishop

    Managing director, Rockefeller Foundation and former senior editor, The Economist

Venue

10 on the Park is located on the 10th floor of the Time Warner Center, overlooking New York's skyline and Central Park. 10 on the Park provides a unique experience for entertaining that is not to be missed. Designed to host up to 700 guests and equipped with state-of-the-art technology, our multiple event spaces are ideal for a variety of functions. 10 on the Park is conveniently located above The Shops at Columbus Circle, and steps away from the subway. Extensive parking is located within two blocks of Time Warner building. Guests can be comfortably accommodated at the notable hotels that are located within walking distance.

10onthepark.com

Hotels nearby:

10 on the Park at Time Warner Center

60 Columbus Circle - New York

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