Perspectives on progress JPMogan.pdf


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Yasemin Saltuk
(44-20) 7742-6426
yasemin.x.saltuk@jpmorgan.com

Global Social Finance
Perspectives on Progress
07 January 2013

Executive Summary
 Our third annual survey on the impact investment market sheds light on this
nascent and growing market by collecting data on investors’ expectations and
experiences in 2012, as well as their plans for 2013.
 Respondents report that they committed USD 8bn to impact investments in 2012,
and that they plan to commit USD 9bn in 2013.
 Most respondents report that their portfolios’ financial and impact performance
are in line with their expectations, with nearly two-thirds of the sample targeting
market rate financial returns on their impact investments.
 Ninety-six percent of respondents measure their social and/or environmental
impact, and four out of five fund managers highlight the importance of impact
measurement for raising capital.
 While respondents believe the market continues to be challenged by a lack of
appropriate capital across the risk/return spectrum and a shortage of high quality
investment opportunities, they indicate progress is being made evenly across
these and other indicators of market growth.

Table of Contents
The Impact Investor Survey.....................................................3
Characteristics of the survey respondent sample.......................................................3
Indicators of the state of the impact investment market ............................................9
Expectations and performance: Return, risk and impact .........................................13
Impact measurement .............................................................................................16
Investor motivations and drivers of demand...........................................................17
Fund managers’ experience ...................................................................................19

Looking Forward ....................................................................21

Appendices
Appendix I: Acknowledgements ...........................................22
Appendix II: Further Reading: Impact Investment Research
.................................................................................................24

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