When it comes to listed impact, the questions are often similarly philosophical while the answers are simultaneously obvious to some and ambiguous to others.
Let’s start with the basics. Is listed impact as good as unlisted impact? Well, yes, of course, or it depends: what is it we want to achieve with impact? What is ‘good’?
Ok then, let’s get more technical: is there additionality in listed impact? Well, is there additionality in unlisted impact? How do we measure it?
Ok, let’s try another direction: Is Article 9 beneficial to listed impact funds? That question typically unleashes a whole new set of arguments. Some welcome the question, while some try to get away by praising the regulator’s efforts.
So, one sunny day of August, we assembled five specialists around a delicious menu (of neither eggs nor chicken) and let the discussion run. From beta exposure to transition investments, from the sustainable development goals to engagement, the time flew, and all had fun.
In short, skeptics can say what they want, there are some managers out there who do what they believe in: invest in listed companies profitably, with a long-term horizon and a purpose beyond financial returns.
Increasingly, investors are also looking for these opportunities to do well by doing good. As confusing as they may be, regulatory labels do seem to make it easier for listed impact funds to explain what they are. It is not to say that all funds are born equal, far from it. Impact washing is a new station in the green laundry which is getting quite busy these days. So, do not put all your eggs in the same basket and don’t be a chicken: read on and find out from these committed investors how listed impact is far from second best, after all.
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