Weekly News Round-Up: March 22, 2019

Please find this week's news round-up below.

The monumental flooding impacting the U.S. midwest, Mozambique, Malawi, and Zimbabwe this week puts the urgency of climate action in stark terms. This week’s news summary includes views on how to communicate that urgency effectively, the impact of shareholder engagement, and developments on the policy front. In the broader sustainable investing space, IEN members released tools and commentary on gender lens investing and environmental, social, and governance (ESG) investment myth-busting. Our network is also gearing up for a series of powerful conversations over the next six weeks, including a Student Conference for Corporate Responsibility, HBCU Impact Investment Summit, and Intentionally Designed Endowment Roundtable at Total Impact Philadelphia 2019. Stay tuned for more information about a west coast Community Impact Investing Roundtable in September as well.

Since the new year kicked off, IEN has been doubling-down on capacity building in order to better serve members. You may have seen recent announcements about the expansion of our team—we now have a Membership Manager focused on expanding our community, and myself as Network Manager working to strengthen partnerships and communications. A new addition to our member benefits will be Community Conversations, a quarterly online peer networking convening. The format will be facilitated dialogue in order to build stronger peer-to-peer connections and learning. An email invitation is forthcoming. Please email Membership Manager Erina McWilliam-Lopez with any questions or requests for the agenda: erina@intentionalendowments.org.

Have a great weekend, 

Hannah Bowen
Network Manager, The Intentional Endowments Network

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IEN in the News

2019 Proxy Voting Season Kicks Off | IEN Blog

  • Notes the launch of the 2019 Proxy Preview, a resource from As You Sow, the Sustainable Investment Institute (SI2), and Proxy Impact about the nearly 400 shareholder resolutions filed this year on ESG topics.


Sustainable Investing By Institutional Asset Owners

Impact Investing for Educational Progress | Stanford Social Innovation Review

  • The Lumina Foundation discusses its strategies for investing in racial equity through both grants and impact investing. The Fund for Racial Justice and Equity has provided 19 grants to colleges and universities working to foster constructive racial dialogue on their campuses. The Talent, Innovation and Equity Partnership program provides grants, research, and other supports to help a select group of states increase college completion. In 2010, Lumina carved out 2 percent of its endowment to invest in fund managers who had expertise in building portfolios of companies that align with Lumina’s mission and deliver market-rate financial returns, and has since brought that expertise in house with the creation of Lumina Impact Ventures (LIV). The purpose of LIV is to make direct investments in individual companies that are aligned with our mission and can help accelerate our progress.

Japan Post Insurance Eyes Firms with Tech Edge in New ESG Investment Strategy | Japan Times

  • With total assets of ¥74.5 trillion ($670 billion), Japan Post Insurance is one of Japan’s biggest institutional investors and a major player in the world’s third-largest stock market. The firm plans to triple the portion of ESG investments in its domestic stock portfolio to around ¥100 billion over the next couple of fiscal years, starting in April, Chief Investment Officer Atsushi Tachibana said. It is also shifting its approach to sustainable investing by picking companies with a technological edge for solving global problems, its investment chief said, in a move away from typical ESG selection criteria.

Sustainable, Responsible, Impact & ESG Investing

The Future is Now for Hedge Funds Embracing ESG Strategies | Absolute Return

  • IEN member Alternative Investment Group is featured in this discussion of hedge fund ESG strategies. To some it is a list of corporate stocks to short, others say it is activist engagement, and still others say it is quant-oriented strategies based on big data, but for hedge funds ESG may just be good business.

Socially Responsible ETFs: Q&A with Impact Shares’ CEO | IR Magazine

  • In this Q&A, IR Magazine talks with Ethan Powell, CEO of Impact Shares, to get an insight into the ESG-ETF convergence, trends within the impact investing space and its benefits for the investor relations community.

Europe’s Push on Sustainable Finance: It Matters | BNP Paribas Asset Management Investors Corner

  • Overview of proposals before the European Parliament to drive businesses across the financial value chain towards integrating sustainability into their activities. Three key areas of focus: to reorient capital flows towards more sustainable technologies and businesses through better standards and reliable information; to dovetail sustainability into the mainstream of risk management; and to foster transparency and long-termism in financial and economic activity.

(Listen) Deval Patrick Says Impact Investing Is Essential to Long-Term Value | Chronicle of Philanthropy

  • In this Business of Giving podcast, Deval Patrick, the former governor of Massachusetts and current managing director of Bain Capital’s Double Impact Fund discusses the private-equity fund’s focus on lower middle-market companies engaged in health and wellness, sustainability, or community building. You can’t have long-term success with investments anymore if all you’re focused on is financial gains, he says.

Factors and ESG: The Truth Behind Three Myths | MSCI blog

  • IEN member MSCI explored three common myths and observed that, contrary to popular belief, quality was not the same as ESG, momentum and ESG were compatible and some smaller-cap stocks had superior ESG characteristics.

Future Returns: How to Incorporate ESG Strategies | Barron’s

  • Overview of ESG strategies across asset classes and approaches. The surge in popularity of socially responsible investing is partly due to a strong 10-year performance record of many new ESG strategies—investors no longer have to give up performance if they want to do some good—and partly to a profound demographic shift among wealthy investors.

(Watch) NYU On ESG Integration And Corporate Financial Performance | ValueWalk

  • Video of the recent NYU Center for Sustainable Business second annual Practice Forum entitled, “How to Assess the ROI on Sustainability for Corporate Practitioners and Investors.”

How Socially Responsible Investing Can Help End Modern Slavery | South China Modern Post

  • Investors have a key role to play in fighting against modern slavery. Certain goods are more likely to have been produced in conditions of modern slavery, if sourced from certain territories. It is essential that investors carefully assess companies in these sectors and have adequate policies and procedures in place to identify and address modern slavery in their supply chains.

Chicago’s Impact Investing Landscape: A Conversation | Medill Reports Chicago

  • Discussion from Northwestern’s Medill School of Journalism with experts in both the private and public sector about the the benefits and challenges of impact investing today, and how they apply to the Chicago context.

Forum Highlights Environmental and Social Concerns in Volatile Global Markets | Shine

  • At a forum co-hosted by the CEIBS Centre for Wealth Management and Darden School of Business at the University of Virginia, experts discussed the evolution of ESG investing, noting the links and differences in terminology across gender-diversity investing, green finance, impact investing, mission-related investing, purpose-drive capital, responsible investing, socially responsible investing, sustainable investing, triple bottom line, or values-based investing.

Shareholder Engagement

Why Proxy Votes are Important for ESG Investing | ThinkAdvisor

  • Drawing from a new Morningstar analysis of ESG funds, the author advises that when investing client assets in ESG-focused funds, don’t just consider a fund’s investment strategy and holdings; look also at its proxy voting history and current votes on shareholder resolutions, now that the proxy voting season is underway. What you find may surprise you and/or your clients.

Large Fund Firms’ Support for Combating Climate Change is All Talk, as Proxy Voting Record Shows Bottom Performance | CNBC

  • Two of the biggest index fund providers, Vanguard Group and BlackRock, have been more vocal in recent years on the subject of corporate responsibility. A recent analysis of their proxy voting records on climate change shows them to be among the worst in the fund industry, but they are not alone. T. Rowe Price Group, Putnam Investment and Dimensional Fund Advisors also were among the bottom tier of fund companies.

AT&T Peels Off Layer of Political Spending Secrecy — Thanks to Pushy Investors and the Michael Cohen Fiasco | Dallas Morning News

  • AT&T is bowing to activist shareholders calling for more transparency about the company's political spending. A new report released by the company details payments totaling about $4.2 million to industry groups and think tanks that was used for lobbying during a portion of last year. The disclosure is the product of a years-long shareholder campaign and allows AT&T to avoid a proxy fight at its April 26 annual shareholder meeting. For the past five years, AT&T had advised investors to vote against nonbinding proposals asking for a report on lobby payments to outside groups.

Green Bonds

Invesco Global Fixed Income Study of CIOs and Asset Owners Totaling $14.1 Trillion in AUM Finds Interest in ESG On the Rise | Invesco

  • Invesco released findings from its second annual Global Fixed Income Study, showing investors are grappling with how to incorporate ESG principles into fixed income portfolios and measure the impact. Regionally, EMEA continues to lead the charge with 76% of respondents having an overall ESG commitment policy and 51% considering ESG factors within their fixed income portfolio. North America's commitment to ESG is growing, but still lags with 44% having an overall commitment and just 38% considering ESG within their fixed income portfolio.

Diversity, Equity, and Inclusion

Admissions Scandal Reinforces Stereotypes but Elite Colleges Admitting More Low-Income Students | LA TImes

  • Officials at many leading private colleges and universities say they are working harder than they ever have before to seek out, recruit, enroll and support high-achieving, low-income students. They are increasingly tapping their vast resources to try to lift those on the bottom.

Meet 5 People Bringing Equity to the Fight Against Climate Change | Grist

  • Every year, Grist compiles a list of emerging leaders — the Grist 50 — working toward a sustainable, equitable future. Meet five environmental justice advocates from this year’s list who are challenging those biased systems, righting wrongs, and ensuring that marginalized communities are at the center of climate solutions.

Gender Lens Investing

Arnerich Massena Publishes White Paper: “Women in Investing: Why balanced gender representation on your advisory team helps lead to success” | Oregon Business

  • From IEN member Anrerich Massena: while other industries are beginning to see a greater balance between men and women, the financial services industry continues to be heavily male dominated. This paper discusses why the investment industry would benefit from including more female financial professionals and how to foster that change.

Goldman Sachs Says It Wants Half of Its Entry-level Recruits to Be Women | Washington Post

  • Crane Institute of Sustainability (IEN’s host organization) Board Member Natasha Lamb comments on the impact of the UK requirement for companies with over 250 employees to report on their gender pay gap.

How to Evaluate Funds that Invest in Women | US News and World Report

  • Discussion of three trends in gender-lens investing: data are starting to improve; there are now gender-equity funds tools; and funds with this focus can be expensive.

Community Impact Investing

New Opportunity Zone Funds Seek to Ensure Investments Help Distressed Areas | The Real Deal

  • Investors are hoping to raise billions of dollars for Opportunity Zones projects across the country, but critics worry little of that money will go to the troubled neighborhoods the federal tax incentive initiative was meant to help. Now, the philanthropic Kresge Foundation is partnering with two investment firms that are launching Opportunity Zone funds, in an effort to ensure development projects go to communities most in need.

Wisdom Fund Aims to Close Lending Gap for Women | Sustainable Brands

  • Working with community development financial institutions (CDFIs), the newly launched CNote Wisdom Fund funnels money from accredited investors — institutions, funds, foundations, family offices and individuals — into business loans for low- to moderate-income women and women of color. The loans are provided by nonprofit community lenders with decades of experience delivering the capital and resources that women small business owners need.

Creating a New Marketplace for Resilient Infrastructure Investment | Brookings

  • Communities need a new approach to accelerate investment in infrastructure that is resilient to growing climate pressures. To jumpstart resilient investment, however, policymakers must help create a new marketplace for it. Local leaders need to more clearly account for the benefits of resilient infrastructure in order to achieve community (and investor) buy-in. They need a more flexible set of financing tools to pay for upgrades, and room for experimentation to test out new solutions. This brief discusses these considerations in greater depth and lays out several potential areas for future action.

Student Managed Funds

How the MIINT Program Trains Students to Think Like Impact Investors | Wharton School, University of Pennsylvania

  • A collaboration between Bridges Impact Foundation and Wharton Social Impact, MIINT (MBA Impact Investing Network & Training) is a year-long experiential program designed to give students at business and graduate schools a hands-on education in impact investing. Students learn about integrating social and environmental impact into the investment process as they assess early-stage impact venture capital deals.

Investment Firm News

Neuberger Berman Climate Review Finds Big Holes in Readiness | Pensions & Investments

  • Neuberger Berman began a comprehensive review of its $304 billion portfolio last year, specifically to understand how its investments will be affected by climate change. "The unfortunate overall conclusion is that developed markets are not on track," said Jonathan Bailey, head of ESG investing. With the help of three climate scientists who joined the firm in November, Neuberger Berman plans to push companies for progress — and quickly. If the firm isn't satisfied, Mr. Bailey said, it might reconsider the investments. (Available with free registration)

BNY Mellon Launches ESG Investing Tools as Client Demand Rises | Global Custodian

  • BNY Mellon has debuted a range of reporting tools to track investments based on ESG issues and United Nations Global Compact (UNGC) principles. The global custodian said it hopes to capture demand from institutional investors that are exploring how ESG and other types of sustainability data can help them fine-tune their risk management practices and investment decisions.

ESG funds have never been cheaper as Vanguard sets off fee war | InvestmentNews

  • The price war has come to socially conscious investing. Sustainable funds — historically more expensive than their peers — have struggled to compete with traditional offerings, managing just $9 billion of the almost $4 trillion in U.S. ETFs. But as the bulk of investors seek funds charging $2 or less and fees fall toward zero, issuers are rebranding ESG strategies as cheap, broad funds. It seems to be working. ESG ETFs have already attracted $1.3 billion in new assets so far this year, more than half what the funds took in during 2018.

BlackRock in Push to Make Sustainable Investment Mainstream | Ethical Corporation

  • The world’s largest asset manager, with $6.32 trillion under management, has launched six new sustainable equity ETFs, which target a 30% carbon reduction compared with six parent MSCI indices with no loss of performance. BlackRock has sought to promote sustainable investment through chairman Larry Fink’s annual letter to CEOs, its stewardship processes, and its direct engagement with over 1,000 companies, but "the most important way we can drive this forward is through capital allocation: if you start to see, as a company, that because you have a low ESG score capital is being withdrawn from you and being reallocated to a competitor with an elevated ESG score, what stronger incentive can there be?”

UBS Widens Sustainability Label | Finews

  • UBS aims to double assets under management in the “sustainable” segment by the end of next year versus 2017 - in part by bolstering the funds it defines as «sustainable» at its asset management division. Even if the additional criteria in asset management are mainly a bid to bolster returns, UBS is fulfilling the expectations of a key group of clients. Roughly 60 percent of wealthy and ultra-rich clients expect these type of investments to become de rigueur in the next ten years, Angela Wiebeck, the bank's head of UBS in society, said. UBS said that it sees more client demand for the investment niche in its mandates, a lucrative offering for the bank. The wealth arm launched the offering at the beginning of last year.

The Awkward Tension of Running ESG Strategies at Traditional Fund Firms | New Model Adviser

  • Optimists might say running a sustainability fund at all is a step in the right direction. Others might call it cynical, or even hypocritical, to be riding both horses. The time horizon on investments is where ESG strategies differ from many funds. Historically fund managers have come under great pressure to perform against quarterly targets. By contrast sustainable funds, by their nature, have to consider and account for their own long-term non-financial impact.

Alt Managers Face Growing Demand for ESG Integration | Investment Executive

  • Hedge funds and other alternative asset managers should be integrating socially responsible investing factors into their investment strategies, suggests a new report from Cerulli Associates. The report found there’s a growing demand from investors for alt managers to consider the environmental, social and governance (ESG) factors in their funds, alongside their financial returns.

ESG options scarce in 401(k) plans | Investment News

  • The exact numbers are difficult to pinpoint, and some progress is being made, but most calculations estimate that less than 8% of company-sponsored retirement plans include even a single ESG fund option on the investment menu. This is despite data such as a Natixis survey showing that 74% of plan participants want access to ESG funds in their retirement savings plan.

529 Plans Also Miss the Boat When It Comes to ESG | Investment News

  • If​ ever there was a market ripe for ESG investments, it would seem to be the 529 college savings program, which turns 20 this year. only 10 states, plus Washington, D.C., offer even a single ESG fund on their 529 plan investment menus. In those plans, just 2% of assets have been allocated to ESG funds.

Climate Risk, Science, and Regulation

The Climate Strikers Should Inspire Us All to Act at the Next UN Summit | The Guardian

  • UN Secretary General António Guterres calls on world leaders to attend a UN summit in New York in September “with concrete, realistic plans to enhance their nationally determined contributions by 2020, in line with reducing greenhouse gas emissions by 45% over the next decade, and to net zero by 2050.”

America Cares About Climate Change Again | The Atlantic

  • It’s not just the Green New Deal. Around the country, the loose alliance of politicians, activists, and organizations concerned about climate change is mobilizing. They are deploying a new set of strategies aimed at changing the minds—or at least the behaviors—of a large swath of Americans, including utility managers, school principals, political donors, and rank-and-file voters.

Why Climate Change Pundits Aren’t Convincing Anyone | Undark

  • There is a common approach to communicating risk issues, known as the deficit model: Proceeding from the assumption that your audience lacks facts, all you need to do is give them the facts, in clear and eloquent and dramatic enough terms, and you can make them feel like you want them to feel, how they ought to feel, how you feel. But research on the practice of risk communication has found that this approach usually fails, and often backfires. For more than 50 years, the cognitive sciences have amassed a mountainous body of insight into why we think and choose and act as we do. And what they have found is that facts alone are literally meaningless. We interpret every bit of cold objective information through a thick set of affective filters that determine how those facts feel — and how they feel is what determines what those facts mean and how we behave.

These Publicly Traded Companies Are Doing the Most to Help Prevent Climate Change | CNBC

  • The Carbon Clean 200 ranking of publicly traded companies from As You Sow and Corporate Knights identifies which ones are making clean energy a priority, both through revenue and through socially responsible decision-making. Updated every six months, the latest ranking just released has broadened its definition of carbon-free. Now other kinds of companies qualify, including food and apparel, real estate and banks. As a result, 78 companies made the list for the first time.

RIP Coal. Long Live Coal Country | Grist

  • According to a recent report from E2, a national nonprofit pushing policies that benefit both the economy and the environment, roughly 25,000 Kentuckians are employed in all aspects of energy efficiency. That’s more than three times as many who work in coal. So it makes sense that the Mountain Association for Community Economic Development, or MACED, is working to shift Kentucky’s workers from a dying sector to a growing one. Even though traditional coal states have been slow to embrace a clean-energy economy, making the sort of home improvements that pay for themselves through lower utility bills isn’t a tough sell.

Climate Activists Petition for Carriers in California to Reveal Fossil Fuel Insureds | Insurance Journal

  • More than 60 environmental, consumer and social justice organizations on Thursday delivered a petition to California Insurance Commissioner Ricardo Lara seeking what is believed would be the first regulations in the nation requiring insurance companies to disclose the fossil fuel projects they insure.

The Right Way For California To Divest From Natural Gas | Forbes

  • The Environmental Defense Fund asks: Who ends up paying for stranded gas infrastructure, and what is the least-cost, most efficient way to organize its passage into the technological afterworld? These are increasingly crucial issues for policy makers not just in California, but nationwide. There are no simple answers, but a new report suggests some important starting points.

General Higher Education Endowment News

A College Investor Who Beats the Ivys | New York Times

  • Profile of Paula Volent, the head of the Bowdoin College endowment, a pioneer in a male-dominated field. Only 16 percent of comparable college endowments are run by women, according to data from Charles Skorina, whose firm recruits chief investment officers. Bowdoin posted an 8.8 percent average annual return over the 10 years that ended June 30, handily beating the 6 percent average for all college endowments with assets of more than $1 billion, according to a national study.

The Harvard Tax | Harvard Political Review

  • Discussion of the impact of the Tax Cuts and Jobs Act of 2017, which cut into university endowments’ tax-exempt status, imposing a 1.4 percent tax on realized income of universities whose investment assets top $500,000 per student. According to the National Association of Independent Colleges and Universities, the endowment tax is only applicable to 35 out of the 4,583 U.S. colleges — a mere 0.8 percent — including schools such as Princeton, Yale, Stanford, and Harvard, which offer some of the most generous student financial aid packages among private institutions nationwide.

How Does Yale Do It? By Being Different | Chief Investment Officer

  • Over the past 10 years, Yale’s $29.4 billion endowment has earned annual returns of 7.4%, outpacing its benchmark and institutional fund indices, and adding $6.5 billion in value—roughly the size of the University of Chicago’s entire endowment –during that time. And for six of the past 10 years, Yale’s 10-year record has ranked first in the Cambridge Associates universe. The biggest differences between Yale and the average endowment are in its allocations to venture capital, real estate, domestic equity, and cash.

Student Success Endowments Provide NC State Division of Academic and Student Affairs with Discretionary Funding | Technician

  • Three families have worked to establish three “Student Success Endowments” to be used toward NC State’s Division of Academic and Student Affairs (DASA). DASA said that the minimum gift to create an endowment is $50,000 pledged over time (up to five years). With an expected rate of approximately four percent, she said that it usually takes a year of growth for the fund to produce a spending budget.

How the wealthiest colleges manage their endowments in a financial crisis | Education Dive

  • In an era of constrained enrollment and price pressure on tuition, endowment wealth can provide financial flexibility, security and some level of operational certainty. But endowments, at the end of the day, are investment portfolios. Examples show how universities managed the 2008 downturn and point to lessons for the future. Includes a table of the 20 private colleges most reliant on their endowment income for operating revenue.


Fossil Fuel Divestment

BNP Paribas Announces Plans To Hasten Divestment From Coal | Clean Technica

  • The investment arm of the world’s seventh-largest bank, BNP Paribas, announced plans this week to implement an enhanced coal-exclusion policy which will tighten the company’s exclusion policy on companies engaged in mining thermal coal and generating electricity from coal.

Activists Emphasize Urgency, Hope at Catholic Divestment Conference | National Catholic Reporter

  • On the same day that thousands of students around the world participated in the global Youth Climate Strikes to protest inaction on climate legislation, three Catholics prominent in climate action efforts spoke about the importance of divesting from fossil fuels as part of the Catholic Divestment" conference sponsored by the Global Catholic Climate Movement. So far, more than 120 Catholic organizations have announced their intention to cut fossil fuels from their portfolios.

Amid Student Calls for a Forum on Divestment, Harvard President Remains Steadfast | Harvard Crimson

  • Students seeking divestment from fossil fuel have delivered petitions, met personally with Harvard President Lawrence Bacow, and most recently, demanded Bacow participate in a public forum with students. Bacow reiterated Harvard presidents’ long standing policy against divestment: Harvard’s nearly $40 billion endowment is not — and has never been — a mechanism for social change. Bacow also said that in order to decrease fossil fuel use in the long run, the University must “engage with the fossil fuel industry” as “shareholders,” as well as through research.

DivestBU submits proposal requesting Boston University fully divest from fossil fuels | Daily Free Press

  • DivestBU submitted a proposal to the Board of Trustees’ Advisory Committee on Socially Responsible Investing Tuesday, asking Boston University to fully divest from fossil fuels and reinvest into both a Green Economies Fund and a Social Impact Fund. Five BU community members involved with DivestBU authored the proposal, which reads “BU should reconsider its 2016 divestment decision.” The proposal said although BU committed in 2016 to avoid investing in companies that extract coal and tar sands, the university did not divest its holdings in fossil fuel companies.

Vice-Chancellor Responds to Criticism Over Failure in Fossil Fuel Divestment | Forge Press

  • Vice-Chancellor Koen Lamberts has responded to criticism over the University of Sheffield’s failure to divest from fossil fuels, and recommitted to completing the pledge. Forge Press reported earlier this month that, according to their latest summary of investments, dated July 2018, the University still had ties with three companies who made money from fossil fuels. Lamberts said they now only have one such investment, and that they were still working to divest from that company, and complete the divestment project “as soon as possible.”

Viewpoint: Georgetown University Should Divest from Fossil Fuels | The Hoya

  • A student member of Georgetown University Fossil Free advocates for a proposal to immediately freeze all new direct investments in the fossil fuel industry, along with a 5-year timeline to work with fund managers to divest from all such investments it currently holds. The proposal represents a shift from a 2013 divestment proposal, which recommended divesting from only the top 200 fossil fuel companies over a two-year period.

Queen’s Should Divest from the Source of Climate Change | Queen’s University Journal

  • A student editor makes the case for divestment from fossil fuels. Queen’s last formally considered divestment in 2015. Following a six-month consultation, the University rejected the proposal on two premises.

Fossil Fuel Divestment Re-emerges as Hot Topic in University of British Columbia Alma Mater Society Elections | The Ubyssey

  • Three years ago, the UBC Board of Governors rejected a student and faculty proposal for the university to cease future investments in fossil fuel companies and to divest from current fossil fuel holdings within five years. But this past year there has been a renewed advocacy effort pushing the university to divest, fuelled by campus groups. During this year’s AMS elections, many candidates have made it a central part of their electoral platforms.

Calendar of Upcoming Events

IEN Events:

Student Conference for Corporate Responsibility l Yale's Dwight Hall SRI Fund and The Intentional Endowments Network, April 13-14, 2019, New Haven, CT 

HBCU Impact Investment Summit | HBCU Green Fund and The Intentional Endowments Network, April 17, 2019, Durham, North Carolina

Intentionally Designed Endowment Roundtable at Total Impact Philadelphia | May 2, 2019, 1:00 - 5:00 p.m. ET, Philadelphia, PA

Other Events:

Yale Impact Investing Conference 2019 | Yale School of Management, April 5, 2019, New Haven, CT

5th Annual Responsible Investing Summit l Financial Research Associates, April 9-10, 2019, New York, NY

Fundamentals of the Opportunity Finance Industry/Certificate in Community Development Finance Course l  Center for Impact Finance at the University of New Hampshire & Opportunity Finance Network, April 10-12, 2019, Durham, NC

National Conference on Trusteeship | Association of Governing Boards of Universities and Colleges, April 12-14, 2019, Orlando, FL

Total Impact Philadelphia 2019 l Total Impact, May 1-2, 2019, Philadelphia, PA 

Davos on the Delta l iSelect Fund, May 14-15, 2019, Memphis, TN

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