October 3, 2012—Omidyar Network, The Rockefeller Foundation, and the United States Agency for International Development (USAID) announced today a collaboration to promote impact investing by supporting research, outreach, and other field-building activities undertaken by the Global Impact Investing Network (GIIN). Together the partners have committed $6.5 million to support the GIIN’s work to increase the accessibility of impact investing.
GIIN Expands Collaboration with Omidyar Network, USAID, and The Rockefeller Foundation to Support Growth of the Impact Investing Field
Impact investments are investments made into companies, organizations, and funds with the intention to generate positive measurable social and environmental impact alongside a financial return. The impact investing industry has the potential to steer significant capital to market-based solutions in sustainable agriculture, affordable housing, affordable and accessible healthcare, clean technology, financial services for the poor, and other sectors addressing the world’s most pressing problems. Impact investments can be made in both emerging and developed markets, and target a range of returns from below market to market rate, depending upon the circumstances. The partnership is intended to increase the scale and effectiveness of impact investing and to sustain the GIIN’s leadership as a steward of the emerging impact investing market.
“Impact investing promises to improve billions of lives by catalyzing sectors, from affordable, high-quality education to clean, solar lighting,” said Matt Bannick, Managing Partner of Omidyar Network. “Omidyar Network’s support of the mission and the team at the GIIN is founded on the belief that the GIIN is uniquely positioned to accelerate the growth of impact investing globally.”
"The Rockefeller Foundation is proud to partner with USAID and Omidyar Network to support the leadership and industry-building activities fostered by the GIIN and integral to the development of a strong and sustainable impact investing sector,” said Dr. Judith Rodin, President of The Rockefeller Foundation. “In 2008, knowing that it will require more dollars than philanthropy and governments have to solve the world’s most significant challenges, the Foundation began a multi-year initiative aimed at fostering the impact investing sector to help support poor and vulnerable populations. Supporting important networks like the GIIN has been an integral part of achieving impact and contributing to large scale social change.”
“Proudly providing clear and credible standards for impact investment, GIIN gives people and companies the tools they need to make smart investments that can make a real difference in the lives of millions,” said Maura O’Neill, USAID’s Chief Innovation Counselor and Director of the Office of Innovation and Development Alliances.
“The impact investing industry is at an inflection point as interest and practice broaden and offer new opportunities for coordinated market growth,” said Luther Ragin, Jr., Chief Executive Officer of the Global Impact Investing Network. “We are tremendously grateful for the support of Omidyar Network, The Rockefeller Foundation, and USAID as we work to expand the reach of impact investing.”
The funding will be distributed to the GIIN over three years and will be used to build critical infrastructure and support activities, education, and research that help attract more investment capital in poverty alleviation and environmental solutions. Support from Omidyar Network totals $2.5 million. The Rockefeller Foundation and USAID have each granted $2 million. USAID’s funding will support impact investing in emerging markets. Funding from Omidyar Network and The Rockefeller Foundation will support projects worldwide.
About The Rockefeller Foundation
The Rockefeller Foundation aims to achieve equitable growth by expanding opportunity for more people in more places worldwide, and to build resilience by helping them prepare for, withstand, and emerge stronger from acute shocks and chronic stresses. Throughout its 100 year history, the Rockefeller Foundation has enhanced the impact of innovative thinkers and actors working to change The world by providing the resources, networks, convening power, and technologies to move them from idea to impact. In today’s dynamic and interconnected world, The Rockefeller Foundation has the ability to address the emerging challenges facing humankind through innovation, intervention and influence in order to shape agendas and inform decision making. For more information, please visit www.rockefellerfoundation.org.
About Omidyar Network
Omidyar Network is a philanthropic investment firm dedicated to harnessing the power of markets to create opportunity for people to improve their lives. Established in 2004 by eBay founder Pierre Omidyar and his wife Pam, the organization invests in and helps scale innovative organizations to catalyze economic and social change. To date, Omidyar Network has committed more than $550 million to for-profit companies and non-profit organizations that foster economic advancement and encourage individual participation across multiple initiatives, including entrepreneurship, financial inclusion, property rights, government transparency, consumer Internet and mobile. To learn more, visit www.omidyar.com.
USAID is a U.S. Government agency that provides economic, development, and humanitarian assistance around the world in support of the foreign policy goals of the United States. USAID’s Global Development Alliance (GDA) is an innovative public-private partnership model that combines the assets and experience of strategic partners, leveraging their capital and investments, creativity, and access to markets to solve complex problems facing government, business, and communities.
About the Global Impact Investing Network
The Global Impact Investing Network (GIIN) is a nonprofit organization dedicated to increasing the scale and effectiveness of impact investing. The GIIN builds critical infrastructure and supports activities, education, and research that help accelerate the development of a coherent impact investing industry. For more information, please visit www.thegiin.org.