{"id":2552,"date":"2020-08-26T00:00:59","date_gmt":"2020-08-25T18:30:59","guid":{"rendered":"http:\/\/wishesandblessings.net\/blog\/?p=2552"},"modified":"2020-08-26T11:59:40","modified_gmt":"2020-08-26T06:29:40","slug":"2552-2","status":"publish","type":"post","link":"https:\/\/wishesandblessings.net\/blog\/2552-2\/","title":{"rendered":"IMPACT INVESTING AND NONPROFITS"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Relationship between Nonprofits and Impact Investing<\/h3>\n\n\n\n<p>Nonprofits have typically been active\nlonger than impact companies and have developed cost-effective mechanisms for\ndelivering products and services and implementing business plans. Impact\ninvestors could be seen as strategic investors in nonprofits, which in turn\nplay a role in scale-up, talent attraction, and the delivery of financial and\noperating leverage. One impact investor, for instance, built a sister\norganization to coach microfinance founders as they set out, and helped them\nbuild skills<sup>(1)<\/sup><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The nonprofit sector can call on unique expertise to contribute to the impact investing space, including local relationships that enable strong risk assessments and the ability to provide technical assistance. What sets nonprofits apart and establishes them as important actors in the impact investing ecosystem is that they are driven by impact, not financial returns<sup>(2)<\/sup><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>\u201cFor impact investing, people are not deploying because there\u2019s either not enough deals that are ready or not enough technical assistance to really protect investments,\u201d said Ben Wihebrink, Heifer\u2019s director of impact ventures<sup>(2)<\/sup><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>NGOs can provide technical assistance, and some can help create a pipeline of deals. In the long run, impact investing can be another tool or service NGOs can be counted on to provide<sup>(2)<\/sup><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Why do NGOs Consider Impact Investment?<\/h3>\n\n\n\n<p>The principal reason NGOs consider getting into impact investment is\nto increase their access to private capital or to leverage their own assets\nmore effectively to create greater impact and to generate investment returns to\nfurther their mission. NGOs cannot issue equity, although they can issue\ncharitable debt securities to supplement the charitable donations that\ngenerally provide their funding<sup>(3)<\/sup><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Whether for purchasing property, working capital to invest in the community, or just trying to refinance a loan that is coming due, nonprofits have historically had to turn to the banking industry to address financing needs. Impact Investing can create a win-win solution bringing socially-minded individuals together to address these needs, realize a financial benefit, and drive social impact as more of the nonprofits resources can then be available for mission purposes<sup>(4)<\/sup><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Impact investing is not a replacement for\nphilanthropic contributions, but rather a complement, helping organizations to\ngrow once they have proven the success of their model using, frequently,\nphilanthropic contributions.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">How Impact Investing can help Nonprofits using \u2018Patient Capital\u2019<\/h3>\n\n\n\n<p>The markets alone cannot solve the problems of poverty; nor are\ncharity and aid enough to tackle the challenges faced by over two-thirds of the\nworld\u2019s population living in poverty<sup>(5)<\/sup><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Impact investors often use \u2018Patient capital\u2019 that seeks to bridge\nthe gap between the efficiency and scale of market-based approaches and the\nsocial impact of pure philanthropy. Patient capital has a high tolerance for\nrisk, has long time horizons, is flexible to meet the needs of entrepreneurs,\nand is unwilling to sacrifice the needs of end customers for the sake of\nshareholders. At the same time, patient capital ultimately demands\naccountability in the form of a return of capital: proof that the underlying\nenterprise can grow sustainably in the long run. Exciting new business models\ncapable of bringing affordable, life-changing products and services to the\npoor, these businesses have the power of transforming the lives of their\ncustomers, and creating jobs that lead directly to economic growth<sup>(5)<\/sup><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Nonprofit organizations face pressures to focus spending on external\noperations and pull back on central administrative costs, but this emphasis can\nundermine the ability of the organization to effectively deliver its services.\nThe concept of \u201cpatient capital\u201d offers another point of view<sup>(6)<\/sup><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Turbulent financial times and increased competition for funding have\nbrought nonprofits\u2019 challenges into sharper focus. Internal investment, for\nexample in the implementation of a new IT system to improve service delivery,\nis typically overlooked. Expectations regarding the balance between operational\nand program funding are reflected in the policies of funding sources; there is\nusually a limit on the portion of a grant allocated to administration, for\nexample. Further, grants are often short-term in nature, restricting a\nnonprofit\u2019s ability to plan ahead for financial sustainability. The notion of\npatient capital brings a different perspective to short-term funding and\nlimited support for operations.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Investors deploy patient capital with an expectation that returns will\ntake a long time to materialize, and may be lower than the market average.\nPatient capital combines aspects of venture capital and philanthropy. Like\nventure capitalists, providers of patient capital commit to a lengthy period of\nsupport for their investees, and they have a higher tolerance than traditional\ninvestors for the risk of capital losses. Like philanthropists, patient\ncapitalists have the aim of increasing societal value, sometimes known as a\nsocial return, when disbursing funds. The attributes of patient capital\ntherefore make it an investment instrument that is naturally aligned with the\nmissions of nonprofits.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>For nonprofits, patient capital may offer a more sustainable\nalternative to short-term, restrictive funding options. Instead of spending\ntime on the continuous quest for grant funding, which may have to be set aside\nfor specific programs, nonprofits may take on patient capital to build the\noperational and strategic capability of their organization. This type of\nfunding can help nonprofits plan for the future and develop functional support\nfor front-line programs.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Nonprofits may also benefit from the management support that\naccompanies the investor\u2019s patient capital. This can be useful for\norganizations that are operating in challenging markets and providing goods or\nservices to typically underserved customers. Whereas a traditional investor\nmight find such an investment opportunity unattractive (too much risk for too\nlittle return), a patient capitalist not only provides the financial investment\nbut also advice on how to improve the operational model and increase chances of\nsuccess.<sup>(7)<\/sup>\n \n \n  \n  \n  \n  \n  \n  \n  \n  \n  \n  \n  \n  \n \n \n \n\n \n<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Case Study 1: The Educate Girls Development Impact Bond<sup>(8)<\/sup><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">The world\u2019s first development impact bond in education<\/h3>\n\n\n\n<p>The Educate Girls\nDevelopment Impact Bond was launched in 2015 and concluded in July 2018 with\nEducate Girls surpassing both of the impact bond\u2019s educational outcome targets.\nAs the first development impact bond in education and the first development\nimpact bond in Asia, lessons from this project are vital to the viability and\ndesign of future results-based financing models.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Development impact bonds<\/h3>\n\n\n\n<p>Development\nimpact bonds (DIBs) are an exciting new tool for financing social programs.\nTraditional grants are often conditional on organizations delivering on\npredetermined inputs or activities. DIBs, on the other hand, shift the focus in\ndevelopment away from inputs to outcomes by tying funding to demonstrated\nsocial impact. In a DIB, an investor invests capital in a social program. If\nthe program meets pre-determined impact targets, their investment is repaid,\nplus a return, by a donor*. As a result, the outcome payer only has to pay for\nresults achieved, and the implementer receives funding that gives them the\nfreedom to innovate and adapt their program to maximize impact.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>*Development impact bonds are similar in\nstructure to social impact bonds (SIBs), in which the final outcome payer is a\ngovernment body. SIBs were pioneered in the UK and have since spread to\ncountries including the US, Canada, and Australia.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Educate Girls DIB &#8211; Putting the model to the test<\/h3>\n\n\n\n<p>The Educate\nGirls Development Impact Bond was launched in 2015 with the goal of improving\neducation outcomes for primary school students in rural Rajasthan by funding programming\nby the nonprofit Educate Girls. In addition, this project provided an\nopportunity to test the DIB model and explore whether the proposed benefits\noutweigh the costs of setting up and maintaining this complex partnership.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>UBS Optimus\nFoundation, acting as the investor, financed Educate Girls\u2019 project\nimplementation, while Children\u2019s Investment Fund Foundation (CIFF) agreed to\npay for educational outcomes as evaluated by IDinsight. Instiglio managed the\nproject.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Educate Girls\u2019 program<\/h3>\n\n\n\n<p>Educate Girls\nlaunched their program in Rajasthan\u2019s Bhilwara district in September 2015.\nWhile improving public provision of education is a priority across India,\nRajasthan presents particular challenges. 1 in 10 girls ages 11-14 in the state\nare not enrolled in school, and less than a quarter of rural children in Grade\n3 can read a Grade 2-level paragraph or solve a subtraction problem. Educate\nGirls seeks to address these educational inequities by encouraging families to\nsend their children to school and by improving the quality of the instruction\nthey receive once enrolled. They train community volunteers to make\ndoor-to-door household visits and to deliver a child-friendly supplementary\ncurriculum in classrooms to improve basic reading and math skills.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Final Evaluation Results<\/h3>\n\n\n\n<p>Educate Girls\nsurpassed the three-year DIB targets for both learning gains and enrollment.\nThese impressive results were not a foregone conclusion. While Educate Girls\nwas consistently on track to meet the enrollment target throughout the DIB,\nprogress against the learning target lagged behind. Two years into the three-year\nDIB, Educate Girls had reached just half the target. However, massive increases\nin Year 3 drove them to exceed the final target by 60%. The effects of Educate\nGirls\u2019 program on learning gains were large and statistically significant over\nthe three-year program: Students in Educate Girls schools gained on average 28%\nmore than students in control schools.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>1. Educate Girls\u2019 program in Year 3 was particularly effective in increasing test scores: In the final year, learning levels for students in program schools grew 79% more than their peers in other schools \u2013 almost the difference of an entire additional year of instruction.<\/li><li>2. Prior to Educate Girls\u2019 program, almost none of the students in treatment and control group were able to solve a division problem. After the three-year program, half the students in the treatment group, but less than a quarter of students in the control were able to do so.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">DIB payments<\/h3>\n\n\n\n<p>UBS Optimus\nFoundation recouped its initial funding (USD 270,000) plus a 15% internal rate of\nreturn. The total payout of USD 144,085 will be reinvested in UBS Optimus Foundation\u2019s\ngrantee programs, including a grant to Educate Girls.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">What can we learn from the Educate Girls DIB experience?<\/h3>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Lesson 1: DIB\u2019s hidden superpower may\nbe encouraging innovation<\/strong><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Although a\nDIB\u2019s focus on outcomes is usually framed as a way to promote accountability,\nit may be equally important in stimulating innovation. The massive increase in\nthe effectiveness of Educate Girls\u2019 program in the final year suggests that the\ncombination of implementer flexibility and rigorous evaluation can create\nconditions for rapid learning and improvements. For example, the first two\nyears of the evaluation showed that children who were chronically absent from\nschool were not benefitting from the program. In the third year, Educate Girls\nadded home visits and remedial classes to better reach these students, and\nsubsequently their gains were comparable to students who attended school\nregularly.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Lesson 2: Rigorous and responsible\nevaluation is key<\/strong><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The benefits\nof DIBs\u2019 laser focus on outcomes can only be realized if those outcomes are measured\ncorrectly. Less rigorous methods, such as before and after studies, risk\nreaching the wrong conclusion about whether targets are met. This damages the\ncore value proposition of a DIB in the following ways:<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>1. Incorrect payments:<\/strong> All parties must have full confidence that they will be paid based on actual performance, not other factors that affect outcomes. In the Educate Girls DIB, a control group was necessary to measure \u2018business-as-usual\u2019 learning gains in order to isolate the value-add of the Educate Girls program.<\/li><\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>2.<\/strong> <strong>Ineffective or harmful program adjustments:<\/strong> Faulty data could lead implementers to course correct in the wrong direction. In the Educate Girls DIB, learning gains in the treatment group were largest in Hindi; in the absence of a control group, which showed that students typically perform better in Hindi, Educate Girls may have incorrectly doubled down on their least effective subject.<\/li><\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>3.<\/strong> <strong>Perverse incentives:<\/strong> Everything from the type of assessment to choosing a sample shapes the incentives felt by the implementer. In the Educate Girls DIB, a simple decision to base targets on the average treatment effect (instead of the aggregate treatment effect) could have effectively penalized Educate Girls for their efforts to enroll the most marginalized children.<\/li><\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>4. Reputational risk:<\/strong> At least one SIB faced public backlash when money seemed to be going to a failed program after the rigour of the evaluation was called into question.<\/li><\/ul>\n\n\n\n<p>There must be close coordination between\nthe various partners when designing a DIB to minimize risk and maximize\ncredibility and impact.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Lesson 3: The possibilities are\nendless<\/strong><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The launch of\nmany new DIBs and several large outcome funds provides an exciting opportunity\nto experiment. While the Educate Girls DIB was expensive relative to the cost of\nthe program, there are many opportunities to streamline and improve on the\nbasic DIB model. Options currently being explored include creating much larger\nDIBs that benefit from economies of scale to keep administrative costs low;\nsmall DIBs engineered to rapidly refine a program that, if successful, can then\nbe scaled up; and creative tools to reduce the set-up costs of DIBs, such as\nsetting fixed payments for certain outcomes (rate cards) or standardizing contracts.\nWe encourage creative thinking about how best to adapt DIBs to different\ncontexts and needs, as well as careful documentation of lessons learned as this\nsector expands.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p>For more cases studies, please refer to links 9 and 10.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<ol class=\"wp-block-list\"><li>1.<a href=\"https:\/\/www.mckinsey.com\/industries\/private-equity-and-principal-investors\/our-insights\/a-closer-look-at-impact-investing\" rel=\"nofollow noopener\">https:\/\/www.mckinsey.com\/industries\/private-equity-and-principal-investors\/our-insights\/a-closer-look-at-impact-investing<\/a><\/li><li>2.<a href=\"https:\/\/www.devex.com\/news\/nonprofits-are-carving-their-own-impact-investing-niche-94217\" rel=\"nofollow noopener\">https:\/\/www.devex.com\/news\/nonprofits-are-carving-their-own-impact-investing-niche-94217<\/a><\/li><li>3.<a href=\"https:\/\/www.law.umich.edu\/clinical\/internationaltransactionclinic\/Documents\/May%2011%20Conference%20Docs\/NGO%20Ready.pdf\" rel=\"nofollow noopener\">https:\/\/www.law.umich.edu\/clinical\/internationaltransactionclinic\/Documents\/May%2011%20Conference%20Docs\/NGO%20Ready.pdf<\/a><\/li><li>4.<a href=\"https:\/\/www.semble.com\/home\/why-invest\" rel=\"nofollow noopener\">https:\/\/www.semble.com\/home\/why-invest<\/a><\/li><li>5.<a href=\"https:\/\/acumen.org\/about\/patient-capital\/\" rel=\"nofollow noopener\">https:\/\/acumen.org\/about\/patient-capital\/<\/a><\/li><li>6.<a href=\"https:\/\/blogs.ei.columbia.edu\/2017\/02\/15\/patient-capital-financing-nonprofits\/\" rel=\"nofollow noopener\">https:\/\/blogs.ei.columbia.edu\/2017\/02\/15\/patient-capital-financing-nonprofits\/<\/a><\/li><li>7.<a href=\"https:\/\/www.un.org\/esa\/ffd\/wp-content\/uploads\/2014\/11\/pbf_Presentation_Rudra_13Nov14.pdf\" rel=\"nofollow noopener\">https:\/\/www.un.org\/esa\/ffd\/wp-content\/uploads\/2014\/11\/pbf_Presentation_Rudra_13Nov14.pdf<\/a><\/li><li>8.<a href=\"https:\/\/static1.squarespace.com\/static\/5b7cc54eec4eb7d25f7af2be\/t\/5b8f0cbb575d1fff85e7397c\/1536101613230\/Project+Report_28th+August_Revised.pdf\" rel=\"nofollow noopener\">https:\/\/static1.squarespace.com\/static\/5b7cc54eec4eb7d25f7af2be\/t\/5b8f0cbb575d1fff85e7397c\/1536101613230\/Project+Report_28th+August_Revised.pdf<\/a><\/li><li>9.<a href=\"https:\/\/www.opensocietyfoundations.org\/voices\/india-delivers-a-case-study-in-successful-impact-investing\" rel=\"nofollow noopener\">https:\/\/www.opensocietyfoundations.org\/voices\/india-delivers-a-case-study-in-successful-impact-investing<\/a><\/li><li>10.<a href=\"https:\/\/missioninvestors.org\/sites\/default\/files\/resources\/Systems%2BChange-Full%2BReport-Enclude%2BPalladium-Nov%2B2019.pdf\" rel=\"nofollow noopener\">https:\/\/missioninvestors.org\/sites\/default\/files\/resources\/Systems%2BChange-Full%2BReport-Enclude%2BPalladium-Nov%2B2019.pdf<\/a><\/li><\/ol>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p>About the Author<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignleft is-resized\"><a href=\"https:\/\/wishesandblessings.net\/blog\/?s=manik\"><img data-recalc-dims=\"1\" decoding=\"async\" data-attachment-id=\"2401\" data-permalink=\"https:\/\/wishesandblessings.net\/blog\/2389-2\/dsc_2799-1\/\" data-orig-file=\"https:\/\/i0.wp.com\/wishesandblessings.net\/blog\/wp-content\/uploads\/2020\/06\/DSC_2799-1.jpg?fit=299%2C440&amp;ssl=1\" data-orig-size=\"299,440\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;6.3&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D5200&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1582720037&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;45&quot;,&quot;iso&quot;:&quot;125&quot;,&quot;shutter_speed&quot;:&quot;0.008&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"DSC_2799-1\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wishesandblessings.net\/blog\/wp-content\/uploads\/2020\/06\/DSC_2799-1.jpg?fit=204%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wishesandblessings.net\/blog\/wp-content\/uploads\/2020\/06\/DSC_2799-1.jpg?fit=299%2C440&amp;ssl=1\" data-src=\"https:\/\/i0.wp.com\/wishesandblessings.net\/blog\/wp-content\/uploads\/2020\/06\/DSC_2799-1-204x300.jpg?resize=102%2C150\" alt=\"\" class=\"wp-image-2401 lazyload\" width=\"102\" height=\"150\" data-srcset=\"https:\/\/i0.wp.com\/wishesandblessings.net\/blog\/wp-content\/uploads\/2020\/06\/DSC_2799-1.jpg?resize=204%2C300&amp;ssl=1 204w, https:\/\/i0.wp.com\/wishesandblessings.net\/blog\/wp-content\/uploads\/2020\/06\/DSC_2799-1.jpg?w=299&amp;ssl=1 299w\" data-sizes=\"(max-width: 102px) 100vw, 102px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 102px; --smush-placeholder-aspect-ratio: 102\/150;\" \/><\/a><\/figure><\/div>\n\n\n\n<p style=\"text-align:right\"><em>Manik Bahl is a CFA\u00ae charterholder. He has 5+ years of work experience in the financial services industry. He is passionate about finance and has always wanted to help the society, thus he left his career in Investment Banking to pursue social work. He aspires to leverage these learnings to enter the Impact Investing sector. While at leisure, he could be seen spending time with his family, listening inquisitively to the stories his grandparents share<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Relationship between Nonprofits and Impact Investing Nonprofits have typically been active longer than impact companies and have developed cost-effective mechanisms for delivering products and services and implementing business plans. Impact investors could be seen as strategic investors in nonprofits, which in turn play a role in scale-up, talent attraction, and the delivery of financial [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[21],"tags":[92],"class_list":["post-2552","post","type-post","status-publish","format-standard","hentry","category-misc","tag-impact-investing"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/par1hd-Fa","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/wishesandblessings.net\/blog\/wp-json\/wp\/v2\/posts\/2552","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wishesandblessings.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wishesandblessings.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wishesandblessings.net\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/wishesandblessings.net\/blog\/wp-json\/wp\/v2\/comments?post=2552"}],"version-history":[{"count":10,"href":"https:\/\/wishesandblessings.net\/blog\/wp-json\/wp\/v2\/posts\/2552\/revisions"}],"predecessor-version":[{"id":2566,"href":"https:\/\/wishesandblessings.net\/blog\/wp-json\/wp\/v2\/posts\/2552\/revisions\/2566"}],"wp:attachment":[{"href":"https:\/\/wishesandblessings.net\/blog\/wp-json\/wp\/v2\/media?parent=2552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wishesandblessings.net\/blog\/wp-json\/wp\/v2\/categories?post=2552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wishesandblessings.net\/blog\/wp-json\/wp\/v2\/tags?post=2552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}