Spriing: Issue No. 1
Introducing Spriing, your new guide for all things impact and inclusive investing
Spriing is a platform providing insights and resources by and for the next generation of active and aspiring impact and inclusive investors. Spriing aims to democratize access and increase visibility to related education, resources, opportunities, and communities in order to accelerate, amplify, and diversify impact and inclusive investing and innovation.
An Introduction and Welcome to Spriing!
The State of Our World
We are at an inflection point, confronted by intertwined and deeply embedded social, economic and environmental challenges. The COVID-19 pandemic, global conflicts, and climate catastrophes have further exposed our need to re-envision our world and the systems and structures in which we operate.
46% of the world’s wealth is owned by 1% of the population (Credit Suisse)
1/3 of all food produced (1.3 billion tons) is lost or wasted (FAO)
135.6 years are required to close the worldwide gender pay gap (WEF)
8.6% of our global economy is circular in a world that consumes 100 billion tons of material each year (Circularity Gap Reporting)
41% of the world’s population live in water-stressed areas (WWF)
At Spriing, we fundamentally believe in the human spirit and our collective abilities to drive forward capital, technology and innovation, politics and regulation, and individual behavior and systems change for a better world. Capital allocation is not neutral, and our choices have immediate impacts on who gets served, what products and services are available, and what our communities and environments look like now and in the future.
“Each of us is the market just as we contribute to the creation of and give lifeblood to the capital markets. We each have the possibility of embracing a new, deeper and more inclusive understanding of capital’s place and purpose in our lives and in determining the future survival of this planet. That is why we should pause to reflect upon how we got here while reconsidering and redefining our understanding of the purpose of capital and how capital should serve us all- human and non-human- over centuries to come."
- Jed Emerson, Global Impact Investing Lead at Tiedemann Advisors and author of The Purpose of Capital
A New Frontier of Finance
Over the last few decades, there has been significant momentum towards a more conscious and inclusive capitalist society. Impact investing has grown from a niche concept to a successful, returns-producing, data-backed, long-term investment strategy.
According to the Global Impact Investing Network’s (GIIN) newly released 2022 market sizing report, the impact investing market has reached $1.164 trillion in assets under management, marking the first time that the network’s estimate has surpassed the $1 trillion mark. The International Finance Corporation (IFC) put 2020’s estimate even higher, at $2.3 trillion.
While the exact market total is difficult to quantify with certainty, what is apparent is that impact investing is growing in depth of practice and sophistication of issues, and that the number of professionals who are seeking to learn, work, deploy capital, and build community at the intersection of impact, climate & sustainability, ESG, and inclusion is increasing exponentially.
Based on our experiences and those of our fellow investors, we identified the need for an accessible, inclusive guiding resource supporting any/all aspiring and practicing impact investors.
The Spriing Newsletter
The Spriing newsletter is the recurrent communication vehicle for the wider Spriing platform, covering:
📰 Industry News
💵 Investors
🤝 Networks & Communities
🌟 New and Emerging Funds
🔁 Fund Re-Ups
🛠 Resources
🗓️ Events
💼 Jobs
Now, without further ado, please see below for issue #1 and don’t forget to subscribe for future posts!
With Gratitude,
Team Spriing
📰 Industry News
The Global Impact Investing Network (GIIN) kicked off their annual investor forum by announcing a new estimate for the size of the global impact investing market - $1.164 trillion.
Deloitte will invest $1.5 billion over the next 10 years to help increase social and economic mobility, especially for those facing the greatest barriers to equity and prosperity.
Amazon will commit a total of $53 million to help accelerate women’s climate innovation, including $3 million toward the USAID partnership, and $50 million for Amazon to invest directly in climate tech companies run by women.
Florida is pulling about $2 billion from BlackRock in the largest anti-ESG withdrawal announced by a US state.
Have the Anticapitalists Reached Harvard Business School? Social justice joins discounted cash flows on the syllabus as essential knowledge for aspiring corporate leaders.
The Earthshot Prize, created by Prince William to fund projects that aim to save the planet, announced its list of 2022 winners.
The SEC launched the Climate and ESG Task Force to proactively identify climate and ESG-related misconduct.
Pitchbook research finds ESG disclosure was associated with a 4.9% increase in the net IRR of private equity funds.
💵 Investors
🔦 Spriing Spotlight with Priya Parrish and Impact Engine
📚 Spotlight Resources
Impact Measurement & Management Framework: Driving impact and returns with the 5P Framework.
Impact Engine is celebrating 10 years- check out their highlights.
🤝 Networks & Communities
🔦 Spriing Spotlight with Impact Capital Managers
📚 Spotlight Resources
Summer Internship: Impact Capital Managers (ICM) Mosaic Fellowship provides high-performing first-year graduate students from traditionally underrepresented backgrounds the opportunity to spend a summer as a Summer Associate at one of ICM’s member funds. To learn more about ICM’s Mosaic Fellowship, see here.
Legal Tools for Impact: To learn more about a variety of legal tools and processes used by private capital investors to protect and enhance impact investments, check out ICM’s published "Legal Innovations in Impact Investing.”
The Alpha in Impact: Tideline and Impact Capital Managers research demonstrating a social and environmental focus on investment management can boost financial returns.
🌟 New and Emerging Funds
🔦 Spriing Spotlight with Noramay Cadena and Shayna Harris at Supply Change Capital
📚 Spotlight Resources
💬 Emerging Fund Announcements
🌱 Climate:
L Catterton, the French-American private equity fund co-founded by LVMH, is launching an impact fund platform dedicated to supporting social impact companies "whose missions include making the economy cleaner, healthier and more equitable.”
Paris based, Satgana, completed its first close of a €30 million climate-tech focused fund.
Third Nature targets $35 million fund focused on ‘earth systems’ investing.
💲Financial Inclusion:
Fiat Ventures closes $25 million first fund, investing predominantly in underrepresented fintech founders.
🏥 Healthcare:
Acclaimed life sciences leaders launch, Syridex Bio, an impact investment firm focused on accelerating health equity.
🔀 Cross-Sector:
Pact launched with a £30 million to back early-stage “mission-driven” startups across Europe in the “ABC” categories: Access (economic inclusion), Betterment (personal and professional well-being) and Climate.
Prediction Capital hits first close of €30 million for new fund to back startups addressing UN SDGs.
Orchard Street announces first close of inaugural £400 million Impact Fund focused on decarbonization, community investment and wellness.
Mozilla announces, Mozilla Ventures, a new $35 million early-stage fund investing in responsible tech.
Redstone and EnjoyVenture have combined forces to create Human Impact Capital (HIC), a $50 million fund, and Germany’s first, social impact VC fund.
🔁 Fund Re-Ups
🌱Climate:
Morgan Stanley launched a new $1 billion private equity strategy investing in decarbonization.
USAID announced the launch of its new $21.8 million Climate Gender Equity Fund, which will leverage private sector funding to scale climate finance that advances gender-equitable climate action.
BDC, the bank for Canadian entrepreneurs, announced its new $400 million Climate Tech Fund II, focused on low carbon technologies.
Sopoong, closes $8 million for its sixth fund, investing in climate tech to help South Korean and Southeast Asian manufacturers become more sustainable.
💲 Financial Inclusion:
Quona Capital had its final close on Fund III, $332 million for investments in emerging markets that accelerate financial inclusion.
Creation Investments, announced the final close of $270 million Fund V, committed to increasing access to financial capital to the unbanked and underbanked populations in emerging markets, with a focus on India and Mexico.
➕ Inclusive:
Sweden-based venture fund BackingMinds, launched a new €50 million fund investing in companies with high potential outside of Europe’s capital cities and entrepreneurs often overlooked by traditional investors.
Seedstars Capital launches to support emerging diverse fund managers around the world.
Goodwell Investments launched a €150 million fund to finance innovative, scalable, small and medium-sized businesses that improve the access and affordability of basic goods and services for underserved consumers in Africa.
Boston Impact Initiative (BII) announced its second integrated capital fund, a $20 million fund that will invest in enterprises owned by entrepreneurs of color and in community-owned or controlled commercial and residential real estate.
Privilège Ventures launches $20 million fourth fund, investing in women-led startups.
🛠 Resources
The Spriing Resource Database: Always growing database of publicly-available guides, networks, resources, and tools for investors and innovators.
VentureESG releases insights from pilot “Internal Fund Management Survey” exploring ESG integration into venture capital operations and processes.
The US Federal Reserve Board issues for comment a series of proposed principles for large banks with over $100B in assets to manage and monitor (physical and transition) climate risk.
Morgan Stanley on Three Ways Asset Managers Can Help Meet Asset Owners’ Sustainability Demands.
ESG Is Not Impact Investing and Impact Investing Is Not ESG. A quick primer on the difference between impact and ESG from the Stanford Social Innovation Review.
The UNPRI launches its first ESG Due Diligence Questionnaire for VC funds.
The Global Reporting Initiative publishes Biodiversity Standard, aimed at public disclosure of companies’ significant biodiversity impacts and management systems.
🗓️ Events
Impact Investing World Forum 2022
❓When: Dec 7 - 8
📍Where: London, UK
Carta Equity Summit
❓When: December 7
📍Where: Virtual
Conference of Parties to the Convention on Biological Diversity (COP15)
❓When: December 7 - 19
📍Where: Montreal, Canada
Better Business Summit
❓When: Jan 19
📍Where: London, UK
💼 Jobs
Senior Impact Investments Officer @MacArthur Foundation
Winter Ventures Intern @Closed Loop Partners
Senior Associate / Director, Investments @Closed Loop Partners
Associate, Growth Equity - Portfolio Management @Generation
Investment Analyst @Community Investment Management
Investment Associate @Reach Capital
MBA Due Diligence Fellow @Citrine Angels
👩🏾💻 Engage with Spriing
Written by: Alita Carbone, Ian Heinrich
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