The venture capital and private equity industries represent nearly $4 trillion of assets under management and have produced some of the world’s most innovative and powerful companies.
这并不总是这样。在20世纪70年代，风险投资和私募股权资产主要是富裕人士和家庭的领域，管理层的资产在制度上微不足道。大幅增长，行业需要获得更大的资本池。监管环境没有帮助：当员工退休收入保障法案（Erisa）was signed into law in 1974, the U.S. Department of Labor prohibited corporate pension plans from making risky investments, including investments in privately held companies. Although the intention of this regulation was to protect participants’ interests, it was unintentionally hurting pension fund returns by restricting access to this asset class.
五年后，DOL修订了Erisa所谓的审慎人类统治，允许养老金计划在风险基金和私募股权中投入高达10％的资产。改变解锁资本并推动指数增长。对冒险和私募股权投资的承诺在十年中增长了近20倍。养老基金和其他机构投资者成为一个蓬勃发展的市场的亚博赞助欧冠动力。我们知道它从根本上改变的金融世界。和那些出现的公司 -Apple那eBay, Genentech, to name a few — have transformed entire sectors of the economy and have had a profound impact on the way we live and work.
We are on the cusp of another such revolution. A new generation of investors and entrepreneurs is challenging the idea that for-profit investments and social impact are at odds. They, and we, believe that investment can create positive societal impact at the same time as financial returns.
这是影响投资。It is taking root across the globe, from entrepreneurs in India to venture capitalists on Silicon Valley’s Sand Hill Road, and from the halls of Congress to the Global Task Force on Impact Investment, established by the Group of Eight in 2013. Investors understand that they can invest in the public good while also making financial returns. Impact investments come in different forms: social impact bonds, to alleviate such issues as recidivism, health disparities and the achievement gap; support for entrepreneurs promoting financial inclusion; and growth capital for renewable energy. All share the common goal of leveraging the power of markets to achieve social and environmental objectives that address many of the world’s intractable problems.
上个月，秘书长的DOL托马斯佩雷斯，帮助推动冲击投资前进。二十年前，DOL发布了指导，澄清ERISA计划在决定可比机会时可能会考虑其投资的社会影响。然而，七年前，在2008年的金融危机中，乔治·W·布什总统的行政缩小了指导，向养老基金人发出指导，即这种选择可能被视为不明调。
A diverse set of policymakers, investors, entrepreneurs, philanthropists and others have since worked to reverse the 2008 decision. Among them was the U.S. National Advisory Board for Impact Investing (NAB), a policy group developed last year under the auspices of the G-8’s Social Investment Task Force, which brought renewed energy in focusing on the issue. Changing the 2008 ERISA guidance was among NAB’s most significant recommendations for policy reform to support impact investing. Significantly, NAB also recommended that the Internal Revenue Service clarify guidelines for foundations making mission-related investments — which it did last month — and that Congress pass legislation to support federal participation in social impact bonds, by which investors commit to pay for improved social outcomes that help the public sector save money.
伯里兹秘书写在Huffington Poston10月22日，DOL“删除[D]束缚并将[ED]返回到1994年最初澄清的声音原则上。”这是聪明的政策和直接领导。废除2008年的指导允许养老基金考虑全方位的投资机会，同时保持其信托义务对努力工作的养老金受益者前沿和中心。
让我们清楚：修改埃里萨指南的效果可能比1979年审慎人类规则变化更为微妙。但它并不少。养老基金占投资资本的万亿。允许Erisa投资者在投资决策中考虑到社会和环境的影响，将有助于提高长期回报和进一步的社会的利益。它将在养老金领取者，纳税人或投资者身上进行。事实上，我们认为新的指导将有助于推进新的机会，最大化增长和价值的新机会。
最终，我们认为这项政策变革将对可用于影响投资的资本产生巨大影响。在恢复过去的智慧时，劳动部和总统巴拉克·奥巴马的行政吹入了冲击投资的帆 - 一个全球运动。摩根和摩根Global Impact Investing Network今天估计价值超过500亿美元nd growing fast. Revising ERISA moves us a step closer to a world that more effectively harnesses private capital, entrepreneurship and innovation for public good.
罗纳德科恩爵士是Apax Partners，Big Social Capital，Bridges Ventures和社会金融英国的联合创始人和社会财务全球社会影响投资指导小组那which succeeded the G-8 task force he headed. Matt Bannick is managing partner ofOmidyar Network。特雷西帕兰德是首席执行官和联合创始人社会的Finance US。Bannick和Palandjian担任美国国家咨询委员会的联合主席社会影响投资工作组。
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