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New Frontiers of PhilanthropyA Guide to the New Tools and New Actors that Are Reshaping Global Philanthropy and Social Investing$
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Lester M. Salamon

Print publication date: 2014

Print ISBN-13: 9780199357543

Published to Oxford Scholarship Online: August 2014

DOI: 10.1093/acprof:oso/9780199357543.001.0001

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Capital Aggregators

Capital Aggregators

Chapter:
(p.91) Chapter 2 Capital Aggregators
Source:
New Frontiers of Philanthropy
Author(s):

Lisa Richter

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199357543.003.0002

Chapter 2 describes the typology, accomplishments, opportunities, and challenges of social-impact investment capital aggregators. Worldwide, these mission-driven financial institutions perform an intermediary role to provide capital for activities that serve some social or environmental purpose. They raise capital from institutional and individual investors who seek social or environmental as well as financial return, often leveraging these resources to attract other, larger capital sources to the sectors they serve. They take many forms, including microfinance institutions and US community development financial institutions. Each raises and deploys capital in the form best suited to the underserved needs of its target market, including the asset class (investment structure such as equity or debt), and risk-adjusted expected financial return. They typically combine their financing with capacity-building services for their investees and seek to influence public policy and capital markets by demonstrating the creditworthiness and efficacy of the projects, organizations, and populations they finance.

Keywords:   capital aggregator, intermediary, CDFI, Community Reinvestment Act, CRA, regulated financial institution, asset class, credit enhancement, microfinance

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