The Double Delta Of Impact Investing - Credit Suisse
The Double Deltaof Impact Investing:Impact at boththe investor andcompany level.Exploring impact series: Part 2
Our commitmentto the SDGsCredit Suisse and the Sustainable Development GoalsThe 17 Sustainable Development Goals (SDGs) adopted by the United Nations in 2015 forma core element of the UN Agenda 2030 for Sustainable Development. As the SDGs arebased on a participatory process, responsibility for achieving them is shared among states,the private sector, the scientific community and civil society. Credit Suisse contributes to therealization of the SDGs in various ways, including in our role as steward of clients’ capital,as a global citizen, and as a principled employer.We deliver this ambition through such activities as sustainable, impact and SDG-orientedthematic investment products and services, and through our philanthropic activities targetingeducation and financial inclusion. At the same time, our focus on sustainability riskmanagement can help us to reduce potential negative impacts that certain business activitesmight have on the realization of the SDGs.2
Table of contentsThe Double Deltaof Impact Investing:Impact at boththe investor andcompany level.0412ForewordDelta 2: The impact thatinvestors can make0614 Does an investor have theright strategy to deliver impact?Introduction16 How do investors create impact?18 Impact through capital allocation0824 Impact through active ownershipCredit Suisse’s approachto sustainable investing32 How do we measure and reporton investor impact?1033The “Double Delta”of impact investingConclusion3411Important informationDelta 1: The impactthat companies makeExploring impact series: The Double Delta of impact investing – Credit Suisse3
ForewordAt the company level, companies delivering thesolutions we need to achieve the United NationsSustainable Development Goals (SDGs) byoperating in impact-aligned industries, such aseducation technology, financial inclusion, greentechnology or healthcare, are a good startingpoint. In principle, they are easiest to measure,because the sector they operate in has aninherent impactful mission at its core.For companies operating outside these sectors,we can also look at the impact of a company’sproducts and services on the world. This canbe more difficult to measure and to capture allexternalities, but it presents another impact lensto the investor in evaluating where to deployvalues-driven capital.While most investors attempt to measure impactfrom these perspectives – analyzing the impactof a company’s business model, its operationsor products – rarely do investors look at thepower of their investment capital in its own rightto drive change.It is encouraging to see that across the board,corporates, investors, regulators and otherstakeholders increasingly recognize that they havean important role to play in delivering solutionsto even the most intractable world problems.In particular, the positive contribution that businesscan make on society is no longer divorced fromthe role of making money for shareholders.Investors are actively seeking exposure to thosecompanies that can effectively demonstrate theirsocietal and environmental contribution, inrecognition that these are the companies mostlikely to outperform their peer group.Yet when it comes to measuring this contribution,or “impact”, the market is still developing and thereis a wide range of investment strategies thatsupport and deliver impactful outcomes.4This paper is the second in the ExploringImpact Series, examining developments inthe sustainable and impact investing sector,and attempts to distinguish between differentimpact strategies and impact evaluationmethodologies.In Part 1: Exploring Impact Series: FromESG to the SDGs, we covered the shift in themarket from concentrating solely on companyESG processes and policies, to looking deeperat company level to explore the impact ofa company’s products.Here in Part 2 of the series, we further probecompany contributions to actively helping solvethe world’s most pressing challenges, assessinghow to evaluate their impact, and examine howinvestors can gain exposure to these companies.We go beyond company-level only analysis toexplore how to evidence change (or Delta) attwo levels: company level (Delta 1) and investorlevel (Delta 2).
Delta 2 level, at its heart, is about the investor’sability to create high-impact outcomes. Investorscan do this by allocating capital to high impactcompanies and projects in private equity anddebt where their patient capital is a key factorin being able to achieve the desired outcomes,but investors can also create real impact throughactive ownership. Both of these strategies deliverDelta 2 impact.At Credit Suisse, we see sustainable investingas a spectrum that covers a variety of investmentstrategies and approaches. Our clients wantsolutions ranging from ESG strategies ofexclusions and integration, through to thematicand impact-aligned, all the way to deep impactinvesting, each delivering different outcomes andvarying levels of values alignment and impact.We recognize that not everything in an investmentportfolio needs to be a high-impact strategy.There is an important role for exclusions, ESGintegration and thematic approaches in a welldiversified portfolio. In fact, high-impact strategieswill likely only ever represent a small percentageof the portfolios of most clients, as they typicallyfall into alternative asset classes – and that’s OK.But where we classify an investment opportunityas “impact”, we are committed to deliveringdemonstrable, measurable impact, and toreporting outcomes in a transparent and openmanner, so that investors can understand thepower of their capital to drive change.At Credit Suisse,we see sustainableinvesting asa spectrum thatcovers a varietyof investmentstrategies andapproaches.This paper builds on Part 1 of the ExploringImpact Series: From ESG to the SDGs.We focus on investor level impact, how investorscan evaluate investments and increase thelikelihood of delivering real impact.From ESG to the SDGs:The shift from processand policies to deliveringpositive contribution.Generating returns. Sustainably.Marisa DrewChief Sustainability OfficerGlobal Head of Sustainability Strategy,Advisory and Finance (SSAF)Credit SuisseExploring impact series: Part 1Exploring impact series: The Double Delta of impact investing – Credit Suisse5
IntroductionSustainable investing has a long history and has evolvedconsiderably in recent decades. While there are manydifferent approaches, the industry unites around threeoverarching sustainable strategies - exclusions, ESGintegration, and thematic and impact investing - eachwith different motivations and purposes, and with differentfunctions within a portfolio.1. Exclusions: The primary purpose of exclusionstrategies is to provide investments that alignwith client values, and typically involve theexclusion of firms or sectors that produceso-called “sin products” such as tobacco,alcohol, adult entertainment and weaponsmanufacturers. These strategies can alsoexclude companies that violate human rights,breach UN norms or cause severe environmentaldamage. Implemented traditionally in publicmarket fund strategies, these can easily replicatetraditional benchmarks and passive strategies.2. ESG integration: ESG strategies integratematerial environmental, social and governance(ESG) factors into investment processes fordelivering superior risk-adjusted returns.Catalyzed by the launch of the UN Principles forResponsible Investment (UN PRI) in 2006, ESGintegration focuses on how risk and opportunityaround environmental issues, human capital,human rights, supply chain management,corporate governance and other issues canbe material to the financial prospects ofcompanies, and how they should be consideredfor mainstream investment processes. They areapplied most explicitly in active management,where ESG issues are part of the fundamentalanalysis of a company.63. Thematic and impact investing: Thepurpose of thematic and impact investingstrategies is to mobilize capital into companiesthat offer solutions to society’s challenges.There are two sub-categories:ƏƏThematic and impact-aligned: In recentdecades, sectors such as education,healthcare and clean energy have grownstrongly, and fund managers have set upthematic funds to invest in these companiesin both public and private markets. Interestin investing in solutions has grownconsiderably since the launch of the SDGsand mainstream investors are now exploringhow they can proactively mobilize capitaltowards the SDGs. While ESG integrationstrategies focus on the sustainability of thecompany’s operations and processes,thematic and impact-aligned strategies focuson investing in companies whose products andservices are inherently impactful.Impact investing: Coined by the RockefellerFoundation in 2007, impact investingdescribes sustainable investing strategieswith the intention to deliver measurableimpact. A key element of impact investingis investor contribution or additionality. This isthe idea that the investment into a company,or the “value add” investors can bring toa company, generates more impact thanif they had not invested. Impact investinghas primarily focused on private marketinvestments, early stage or developing countrycompanies.
These strategies tend to be cumulative; fundmanagers (and clients) typically start with basicexclusions, begin to integrate material ESGissues into investment processes, explore howthey can develop strategies to invest in solutions,and finally move into impact investments that candeliver additional impact.Much discussion within sustainable investingfocuses on the company level: Are thecompanies sustainable? Where do we draw theline on what should be in or out of a portfolio?Is the ESG issue material to financial returns ordoes it pose a financial risk to the company? Area company and the SDGs aligned? Do companiesmeasure their impact?However, we are yet to evaluate the impactthat investors themselves are making throughtheir investments in detail. There are vastdifferences in impact generated throughallocating capital into different strategies, assetclasses or stages of a company lifecycle andin the value add that investors bring to impactduring the investment period.Different strategies play different roles ina portfolio; not everything needs to be highlyimpactful. If a client wants to create asustainable portfolio, replicating a conventionalone from a risk/return perspective, it wouldprobably include a majority of assets classifiedas exclusion and ESG integration, a minorityin high-conviction thematic strategies, anda smaller minority in impact investments (suchas private equity or debt). For these (typicallysmaller) allocations, where investors really wantto make deep impact, we need to be able toidentify and implement the strategies likelyto deliver that impact.This paper pulls apart the two dimensions ofimpact that need to be maximized – the impactthe companies make (Delta 1) and the impactthat investors into those companies can make(Delta 2) – and focuses on how to evaluate andenhance the latter.We feel that this level of analysis, whenconducted in a robust way, will lead to betterdecisions and greater impact on the world.We are yet toevaluate the impactthat investorsthemselves aremaking throughtheir investments.Dr. James GiffordHead of Impact AdvisorySustainability Strategy, Advisoryand Finance (SSAF)Credit SuisseExploring impact series: The Double Delta of impact investing – Credit Suisse7
Credit Suisse’s approachto sustainable investingSustainable investing as a spectrum covers a variety of investment strategies and approaches.Sustainability Strategy, Advisory and Finance (SSAF) aims to deliver solutions - ranging fromESG strategies or exclusions and integration, through to thematic/impact-aligned and impactinvesting - that are focused on market rate of return for the given opportunity.In this paper, we delve deeper into the impact investing section of this spectrum, whichcontains the highest-impact investments.8
Credit Suisse’s sustainable and impact investment focusTraditionalinvestmentsExclusionThematic & impact investingESGintegrationThematic & impactalignedPhilanthropyImpact investingReturnfirstImpactfirstDelivering competitive financial returnsMitigating environmental, social and governance (ESG) risksPursuing environmental, social and governance (ESG) opportunitiesFocusing on measurable high-impact solutionsƁLimited or noconsiderationfor environmental,social orgovernanceaspects in of exposure tocontroversialbusiness areasor exclusionsCountry exclusions(sanctions)Exclusions basedon businessconduct (UNGlobal Compactbreaches)ƁƁƁƁƁConsideration offinancially materialESG risks andopportunitiesBased onindustry-specificsustainabilityexpertiseReflects theCredit Suissehouse viewon ESG topicsESG integratrionin investmentprocessesin combinationwith financialanalysisApproach adaptedto asset class,productcharacteristicsand investmentobjectiveƁƁƁƁParticipationin sustainablegrowth themesContribution tothe SustainableDevelopmentGoals (SDG)Alignment ofinvestor andenterprise missionto generate impactAddress societalchallengesthat generatecompetitivefinancial returnsƁƁƁImpact investingfully compliantwith the IFCPrinciplesClear anddirect investorcontribution tothe impact of theenterprises viafinancing growthor activeownershipMay includemodels where therisk and returnto investors maybe blended i.e.catalytic capitalto crowd in forprofit investorsƁAddress societalchallengesthat do notask to generatea financial returnExploring impact series: The Double Delta of impact investing – Credit Suisse9
The “Double Delta”of impact investingThere has been a dramatic increase in interest in impactinvesting, and aligning investments with the SDGs.Much of this discussion – and almost all thedebate around metrics – is at the company1 level.To what extent are these companies deliveringsustainable and impactful change (Delta) tosociety and the planet?This focus on the impact of companies is animportant development: exclusion strategies focuson what not to own, while ESG integrationstrategies focus on how we leverage material ESGissues to achieve superior risk-adjusted return.While the sustainability of companies producing“regular” products and services is important,innovative companies addressing specific solutions,such as access to water, clean energy andhealthcare, are more likely to solve the world’s mostpressing problems. The increased focus on theultimate impact of the products and services - andnot just the sustainability of production processes- is a welcome evolution. There are now fundsthat focus on offering clients exposure to theseimpactful companies. See Part 1 of the ExploringImpact Series: From ESG to the SDGs fora deep dive into these developments.As investors, we also need to explore the impactof different impact investment strategies. How canthey create impact? In which stages of a company’slifecycle is investment most impactful? How canInvestor /fundmanagerDelta 2ƏƏ Capital allocationimpactinvestors add value to the company in terms ofadditional impact during the investment period?Investors have the greatest impact when theyhelp fund the growth of impactful companies wherethat capital is additive or additional, as is often thecase with innovative early-stage companies, orcompanies in developing countries (where capitalis scarce and expensive). Investors can also behighly impactful when they are active owners,and influence companies through joining boards,becoming trusted advisors to the companymanagement, or by exercising shareholder rights,resulting in improvements or changes in corporatesustainability performance.We therefore differentiate two levels of impact:ƏƏCompany impact (Delta 1): the positive impact/change a company generates through itsproducts and servicesInvestor impact (Delta 2): the positive impact/change an investor generates, through enhancingthe quality/quantity of the impact a company isgenerating by financing or active ownership.This paper focuses on the investor layer (Delta 2),and how investors can evaluate and maximizetheir impact.CompanyDelta 1ƏProducts impactƏServices impactPeopleandplanetActive ownershipimpact1. In this publication, we use the term “company” to refer to businesses producing goods and services as opposed to entities financing these businesses.10
Delta 1: The impactthat companies makePart 1 of the Exploring impact series From ESG to the SDGsexplores impact at the company level in more depth, witha number of case studies and examples.The Impact Management Project (IMP) has developed a global consensus on a high-levelframework that defines the key dimensions of impact. An analysis of these dimensions can helpinvestors evaluate likely impact of a company.ƏWhat - How does the company expect togenerate positive outcomes for people andthe planet? How relevant are the targetedSDGs in a geography or sector, and are theyimportant priorities? In a country with waterscarcity, for example, a company offeringinnovative solutions to save water is highlyrelevant to where it operates.Other important elements when assessingcompany impact include:ƏƏƏƏƏƏWho - What stakeholders will benefit fromthe positive outcome? How underserved arethey in relation to the product or serviceoffered?How much - What is the magnitude of theexpected SDG-aligned outcomes, includingthe potential scale, depth and duration of theexpected impact?Contribution - Do the company’s efforts leadto better outcomes than without its participationin that market? Contribution to the SDGsand a positive impact measures the additionalitythat we can attribute to the company’sactivities.ƏƏDoes the company have a strategy todeliver impact?Is there a clear theory of change in termsof the products and services and how theydeliver impact?Does the team have the capabilities andgovernance to deliver the impact?Is the company measuring and reportingon its impact?After evaluating these dimensions, investorscan better assess a company’s likelihood ofmeeting its impact goals. Yet none of thisanalysis evaluates how investment itselfcontributes to impact generated. We a needto explore Delta 2: the impact that investorscan make.Risk - What can go wrong? What could beunintended negative effects of delivering theexpected SDG contribution? For example, whatis the risk of not meeting impact targets or otherpotential downside ESG risks or externalities?Exploring impact series: The Double Delta of impact investing – Credit Suisse11
Delta 2: The impactthat investors can makeThe Global Impact InvestingNetwork (GIIN) definesimpact investments as“investments made withthe intention to generatepositive, measurable socialand environmental impactalongside a financial return”.The promise of impactinvesting is that investorscan drive capital intoactivities that are sustainableor that solve societal andenvironmental challenges,resulting in additionalimpact.The initial aim of impact investing was to focusthe broader sustainable investment communityon transactions and strategies with demonstrable,measurable impact. While most SRI (SociallyResponsible Investment) and ESG funds offeredclients exposure to a more sustainable subset ofpublic market securities, these strategies did notdirectly channel growth capital into companies,particularly at earlier-stages of their lifecycle orto those in developing countries. As a response,impact investing emerged to focus on thehigh-impact, private markets subset of thebroader sustainable investment space.Sustainable liquid investments have some impactin aggregate. Liquid ESG strategies have animportant role to play as they shine a light onmaterial ESG issues, and ensure a more efficientpricing of risks and opportunities around thesustainability performance of companies. Theysend signals to management that an increasinglysignificant proportion of the investment communitycares about ESG performance and incorporatesthese issues into investment processes. We hopethat these signals translate into greater attentionto ESG issues from company management, andcontribute to improving sustainability performance.These strategies also finance the ESG researchindustry, which has dramatically increasedtransparency and awareness about corporateESG performance, both within companies andin the broader society.However, there are vast differences in directimpact from these different investment strategies,and here we explore the spectrum of investorimpact and the different approaches fundmanagers can take.For Delta 2, the IFC’s Operating Principles forImpact Management (OPIM) is a key reference tohelp investors maximize and manage the impactthat they can make.12
IFC Operating Principles for Impact ManagementStrategic intentOrigination& structuringPortfoliomanagementImpact at exit1. Define strategicimpact objective(s),consistent with theinvestment strategy.3. Establish theManager’scontribution tothe achievementof impact.6. Monitor the progressof each investmentin achieving impactagainst expectationsand respondappropriately.7. Conduct exitsconsidering theeffect on sustainedimpact.2. Manage strategicimpact on a portfoliobasis.4. Assess the expectedimpact of eachinvestment, basedon a systematicapproach.8. Review, document,and improvedecisions andprocesses basedon the achievementof impact andlessons learned.5. Access, address, monitor and manage potentialnegative impacts of each investment.Independent verification9. Publicly disclose alignment with the Principles and provide regular independent verificationof the alignment.We need to focus on the impact that fund managers (or other direct investors) can have through enhancing theimpact of the underlying companies in which they invest, with a focus on Principle 3 of the OPIM – the fundmanager’s contribution to the impact – as this principle is the key to ensuring investor impact.Exploring impact series: The Double Delta of impact investing – Credit Suisse13
Does an investor have theright strategy to deliver impact?Intentionality at the fund manager levelLike impact-focused companies, intentionality isalso important for fund managers. Strategic intentby investors is a key factor in successful impactinvesting, together with defined objectives.2 Formany impact fund managers, intentionality is core,with investment opportunities viewed through thelens of both financial and impact returns.However, intentionality isn’t necessarilya prerequisite for an investment or an investmentfund to be impactful. Development FinanceInstitutions (DFIs), with a raison d’être to deliverimpact, invest in both intentionally impact-focused,and traditional companies and funds in developingcountries; their theory of change involvesenhancing the capacity of the finance sectorand responsible businesses in developingcountries, which in turn supports economicdevelopment. They also work with mainstreamfunds to ensure they meet minimum ESGperformance standards, and measure andmonitor their positive and negative impacts.Fund managers can also create substantialadditional impact through active ownershipactivities. Yet without intention, a fund manageris unlikely to invest the time and effort to helpa company enhance its sustainability and impactperformance, or lead on more impact-orienteddirections.In addition, investors with a clear intention tocreate positive impact are likely to require impactmeasurement and reporting by their underlyingcompanies. This is important in assessing whethera company is delivering the expected impact.Intentional impact fund managers also put in placechecks and balances in investment agreements(primarily in private markets) to maintain missionfocus, as companies may be tempted to drift orpivot towards less impactful strategies.Impact investors can encourage traditional fundmanagers and companies to develop intentionality,and objective setting, measurement and reportingover time. An effective impact investing approach(routinely employed by DFIs) is to invest instrategies that may not demonstrate, initially,a clear intention around impact, and work withinvestees to build their capabilities to set impactand ESG objectives, measuring and reporting theirachievements over time.Intentionality is an important indicator in assessingthe likelihood of delivering of impact, but it is nota prerequisite. The most important question is ifinvestors deliver additional impact, and whetherthe impact is enhanced through investing in thatcompany or fund.2. See Principle 1 of the IFC Operating Principles forImpact Management.14
Theory of changeInvestors into impact funds need to evaluatewhether a fund manager has a clearly articulatedtheory of change regarding their contribution tothe impact of the investees. The contributionvaries based on the fund manager’s strategyor approach to create impact, whether throughcapital allocation or active ownership, or acombination of both.For example, some impact fund strategies investin high-impact sectors (education, healthcare,access to finance, clean technology) andseek to grow them. Others (such as the DFIs)invest in non-traditional impact sectors in orderto drive improvement or encourage higherstandards, and their impact is the Delta theycan create over time.In liquid markets, where it is difficult to establishimpact through capital allocation, the theoryof change focuses on active ownership. Fundmanagers can invest in listed companiesproviding solutions to sustainability problems,and then engage to enhance the impact of theseproducts and services. In addition, they mightinvest in “regular” companies with the goal ofimproving their corporate ESG performance,with impact based on improvement catalyzedin ESG metrics.Team capabilities and governance of impactImpact fund manager due diligence processesmirror those used for traditional funds i.e.assessing people, process, philosophy andperformance to provide confidence that the fundmanager can deliver on the investment strategy.However, with impact funds, there are additionalsteps taken to ensure that the fund manager isequipped to deliver impact.In private markets, where a fund takes asignificant share of a company’s equity, fundmanagers are able to set clear requirements fora company to meet ESG and impact standardsand goals. In liquid markets, investors seekingimpact should expect fund managers to haverobust shareholder engagement and votingstrategies to deliver attributable sustainability andimpact outcomes - through company dialogueor filing shareholder proposals - and reporton progress and any concrete outcomes ona regular basis.Investors need to assess the credibility of the fundmanagement team in terms of impact capabilities,and their capacity to deliver both impact andfinancial returns. As part of a due diligence, strongteams demonstrate their capabilities througha strong track record of delivering impact, andworking for organizations with credibility in theimpact space.Obviam: linking carried interest to impactoutcomesObviam manages private and public mandates,including the Swiss Government’s DevelopmentFinance Institution, SIFEM which invests intodeveloping country private equity and private debtfunds, including investing in first-time funds. Theyseek to invest profitably for improving livelihoodsin developing countries and thus support inclusivegrowth. Obviam has developed an incentive systemfor one of its private clients that links the fundmanager’s 10% carried interest entitlement,in part, to the achievement of goals such asimplementation of ESG policies and job creationwithin investee companies.Investors should assess how the fund managementteam’s incentives align with achieving impact. Forexample, a number of impact funds compensatetheir team, in part, based on the level of impactdelivered.For funds that invest in inherently impactfulbusiness models delivering high-impact solutions,the financial performance (e.g. growth) can bea proxy for impact achievement, and in thosecases, the fund manager will incentivize the teambased on traditional performance metrics.Exploring impact series: The Double Delta of impact investing – Credit Suisse15
How do investors create impact?What are the actual mechanisms of impactavailable to investors? Fund managers or otherdirect investors create impact through financing,or enhancing the quality or quantity of theimpact generated by their investee companiesor projects.There are two main mechanisms of investor impact:ƏPrinciple 3 of IFC Operating Principles for ImpactManagement asks investors to:Establish the Manager’s contribution tothe achievement of impact.The [fund] Manager shall seek to establish anddocument a credible narrative on its contributionto the achievement of impact for each investment.Contributions can be made through one or morefinancial and/or non-financial channels. Thenarrative should be stated in clear terms andsupported, as much as possible, by evidence.For example, this may include: improving thecost of capital, active shareholder engagement,specific financial structuring, offering innovativefinancing instruments, assisting with furtherresource mobilization, creating long-term trustedpartnerships, providing technical/market adviceor capacity building to the investee, and/or helpingthe investee to meet higher operational standards.ƏCapital allocation: Investors create impactthrough directly financing the growth of impactfulcompanies. They can also create impact throughfinancing the upgrading or improvement ofa company (from a sustainability or impactperspective). Allocating capital is most impactfulin private markets, in particular at the earlierstages of a company’s lifecycle, as this whencapital is most needed by a company and mostdifficult to access. Capital allocation is also highlyimpactful in develop
on investing in companies whose products and services are inherently impactful. Ə Impact investing: Coined by the Rockefeller Foundation in 2007, impact investing describes sustainable investing strategies with the intention to deliver measurable impact. A key element of impact investing is investor contribution or additionality. This is
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