A "how-to guide" for market developers, government and investors on designing and establishing wholesale impact investment vehicles.  

The report leans on the experience of 19 GSG Impact National Partner countries and regions across Africa, Asia, Europe and Latin America. 

What is an impact investment wholesaler?

An impact investment wholesaler is an investment vehicle that invests in intermediaries, attracts new capital, and develops the impact investing market.

What are the benefits of impact investment wholesalers? 
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The economy, market, investors, and intermediaries by unlocking new capital from commercial (institutional) and catalytic capital providers, often in local currency.

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Governments by leveraging scarce public resources to unlock additional private capital and by reducing social costs through improved social outcomes.

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Social economy and environmental enterprises by providing access to a range of funding options to enhance operations, expand impact, and engage new partners.

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Philanthropic donors by offering patient, flexible, or risk-tolerant capital to de-risk investments and attract commercially-minded investors.

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Communities by increasing resources for social purposes, enabling market-driven solutions to societal challenges, with greater transparency and accountability.

Lessons Learned:

Wholesalers should…

  1. Be independently managed, while receiving the government’s regulatory and political support during the early stages of establishment.
  2. Connect capital to impact, not impact to capital.
  3. Integrate a learning agenda to ensure new lessons are learned and re-integrated into the vehicle’s strategy.
  4. Focus on social finance intermediaries to build a market.
  5. Adopt a collaborative approach to market growth.
  6. Increase the flexibility and availability of capital to better meet the needs of investees over the long term.
  7. Be run with a private-sector mindset where fund managers help businesses grow to be financially self-sustaining and generate measurable impact.
  8. Take into account diversity, equity and inclusion (DEI).

Cliff Prior CBE

Former CEO - GSG Impact

Gila Norich

Former Head of Knowledge Development - GSG Impact

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GSG Impact

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