A New Fund Seeks Both Financial and Social Returns
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Bono, the musician, activist and investor, at a Senate meeting on Capitol Hill in April. He is a board member for a new social impact fund called Rise. CreditZach Gibson/The New York Times
“There is a lazy mindedness that we afford the do-gooders.”
That was Bono, the musician turned activist turned investor, lamenting the pitfalls of what has become an increasingly fashionable form of financing: social impact investing.
Just about every big Wall Street firm and big-time philanthropist has recently tried to get in on what’s often called double bottom line investing. The idea is that an investment isn’t just intended to score a high return; perhaps more important, it is supposed to make a significant difference in an area that had been considered un-investable. Goldman Sachs, for example, created social impact bonds to reduce the recidivism rate for adolescent offenders at the Rikers Island correctional facility in New York City…
A New Fund Seeks Both Financial and Social Returns
