1. The Social Investor Landscape
Dr Alex Nicholls MBA
University Lecturer in Social
Entrepreneurship
Fellow of Harris Manchester College
Alex.Nicholls@sbs.ox.ac.uk

2. Impact Investing
2

3. New Market Creation
3

4. Policy
I nvesting
in S ocial
Enterprise:
the role
of tax
incentives
B y Vince Heaney
By
Additional research: Katie Hill
Additional Katie
CSFI
Centre for the Study of
Financial Innovation
4

5. Innovation
5

6. International Interest
6

7. Social Innovation Fund
7

8. Social Innovation Fund
8

9. Investor Perspectives
9

10. Social Finance
Any flows of capital that start-up, sustain, or grow
individual, group, organizational, or sectoral
action aimed primarily at generating social and/or
environmental value, often in the form of new
public goods or additional positive externalities
10

11. Social Finance
Social finance, therefore, is more than just the flow of
money into social or environmental projects. It is
conceived as an ethos about the way money is
used…social finance can be seen as the discourse
around such flows that is developing in concrete
terms in the new institutions of supply,
intermediation, and demand. This is a discourse in
flux with competing perspectives driving the debate
Pharoah and Nicholls (2007)
11

12. Institutional Logics
• Value Creation
• Financial
• Blended
• Purely Social/Environmental
12

13. Value Creation
13

14. Value Creation
14

15. Investor Rationalities
• Instrumental (zweckrational)
• Systemic
• Values-Driven (wertrational)
15

16. Social Finance Markets
16