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Hybrid financing instruments for social purpose organizations
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Orientador(es)
Resumo(s)
In the last decade, Social Purpose Organisations (SPOs) have been developing and adapting innovative
business models to achieve their mission. However, these new and sometimes complex business models
have financing needs that don’t match conventional financing instruments. So, there has been a growing
need to develop alternative financing instruments and mechanisms to meet these new business models’
needs.
In the growing field of Impact Finance, innovative funders have been experimenting with novel financing instruments that combine elements of grant, debt and equity in a way that responds to the financing needs of the Social Purpose Organisations and is closer to achieving the best possible alignment of risk, return and impact for the investors. These combinations are called hybrid financing instruments. However, there is a lack of systematic learning from the use of these instruments and there’s still a confusing nomenclature. At the same time, there isn’t a clear application context for these hybrid instruments in terms of the scenarios and the conditions that call for their use as effective financing mechanisms that generate virtuous incentives for the different parties of a financing transaction.
In this thesis we intend to analyse specific hybrid financing instruments used in practice and identify the ideal conditions for the application of each one, regarding Social Purpose Organisations’ specific business models and life-cycle stages. Thus, we intend to develop a mapping of hybrid financing instruments focused on a single investor and a single financing contract, that will allow the commitment of traditional lenders, corporate partners, foundations and other stakeholders to the development of solid, professional and financially sustainable organisations. For each hybrid financing instrument analysed we will draw learnings from specific applications and discuss its most relevant uses.
Descrição
Palavras-chave
Impact finance