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Evolving approaches to impact investments: a focus on us philanthropy
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This thesis examines the evolution of impact investing strategies in both capital markets and
philanthropic foundations. The group's primary objective was to highlight the history and development
of these strategies in two distinct geographical contexts: the United States and Europe.
As a team, we identified the key events that have shaped the evolution of these strategies and
collectively reviewed the existing academic research on the topic. Additionally, we collaboratively
developed the methodology for the thesis. After conducting individual analyses, we came together to
construct final considerations, identifying the common factors that have influenced and continue to
influence impact investing in both regions.
In my individual contribution to the thesis, I conducted a detailed analysis of how philanthropic
foundations in the United States have approached impact investing over the past twenty years. In
particular, I focused on two major foundations: the Heron Foundation and the W.K. Kellogg
Foundation. In my analysis, I examined the key investment strategies of the Heron Foundation and the
W.K. Kellogg Foundation. This included examining how each foundation selected its investment
portfolios, the criteria it used to evaluate potential investments, and the specific sectors it prioritised.
I also examined the ecosystems of actors with which these foundations worked. In addition, I analysed
the primary sources of capital used by these foundations for their impact investing activities. Finally,
I assessed the goals these foundations sought to achieve through their impact investing efforts. This
included examining their mission statements, strategic goals, and specific objectives related to social
and environmental outcomes. Finally, I conducted a comparative analysis of the Heron Foundation
and the W.K. Kellogg Foundation to provide a comprehensive overview of their impact investing
behaviours and practices. This comparison highlighted similarities and differences in their approaches,
such as their investment philosophies, risk tolerance and the impact metrics they use to evaluate their
success.
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Impact investing Evolution Strategies Usa Philantrophy