The Role of Government, Nonprofit, and Private Facilitation of the Impact Investing Marketplace

Abstract

This article examines the public, private, and nonprofit facilitators at play in the growing field of impact investing, explores their roles, and proposes market rationales for their involvement. We identify four types of facilitation in which actors may participate. Enabling, improving, moving, and launching facilitation types are developed, and case examples of each are mapped to this framework. This article is the first step in creating a broader model of the impact investing marketplace, which will assist market actors in identifying the optimal or most efficient investment for both investor and investee. By envisioning the landscape of facilitation, we can begin to imagine the optimal type of facilitation as well as the facilitator best suited to undertake it for a particular investment. KEYWORDS government; impact investing; nonprofit organizations; social enterprise; social finance A large number of actors are now at play in the emerging marketplace of impact investing, which includes among others a multinational group of national governments and local government agencies; nonprofit organizations and foundations; for-profit corporations; asset managers; and institutional investors (Littlefield, 2011; Tekula & Shah, 2016). A growing body of literature examines impact investment as an emerging asset class (Lehner, 2016; Nicholls, Paton, & Emerson, 2015), yet one area with significant theoretical and practical implications that warrants close observation and study is the facilitation of this marketplace. This article examines the facilitators at play in the growing field of impact investing and explores roles and market rationales for their involvement. We propose four facilitation types across a spectrum of the degree to which market and impact goals are already aligned: enabling, improving, moving, and launching. This theory and study contributes to the public administration, public policy, and nonprofit literature in two ways: first, it addresses a gap in the

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