The momentum is growing, the addition of players such as Chase and the Gates foundation all ought to be a huge filip to both the credibility and overall development of SIBs.
Ready For Social Impact Investment Funds?
The idea seems to be catching on. But there are other ways to finance projects with ambitious social goals.
For example, JPMorgan Chase has joined forces with the Bill and Melinda Gates Foundation and others to create a fund that will finance technologies to stave off disease in third world countries. Should we call it a social impact fund?
The Global Health Investment Fund will tackle the likes of malaria, tuberculosis and HIV, as well as maternal and infant mortality, as noted by Bloomberg.
JPMorgan Chase & Co. and the Bill & Melinda Gates Foundation formed an investment fund that will back late-stage development of technologies to fight killer diseases in low-income countries.
A group of investors including the Canadian and German governments and the Children’s Investment Fund Foundation committed $94 million to the fund. The International Finance Corp.,GlaxoSmithKline Plc (GSK), Merck & Co. (MRK), Pfizer Inc. (PFE)’s foundation, Storebrand ASA (STB) and JPMorgan Chase also invested. The Global Health Investment Fund will tackle diseases including malaria, tuberculosis and HIV, as well as maternal and infant mortality, according to a statement.
The private financing seeks to address the fact that global health funding barely grew last year. The U.S. and other governments cut their aid to programs in developing nations by 4.4 percent, according to the Institute for Health Metrics and Evaluation.