New Frontiers of Philanthropy: A Guide to the New Tools and New Actors that Are Reshaping Global Philanthropy and Social Investing

769 Pages·2014·7.13 MB·English

by  Lester M. Salamon

New FroNtiers oF
PhilaNthroPy

New FroNtiers oF
PHILANTHROPY
A Guide to the New Tools
and Actors Reshaping Global
Philanthropy and Social Investing
Lester M. Salamon, Editor
1
1
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© Lester M. Salamon 2014
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Library of Congress Cataloging-in-Publication Data
New frontiers of philanthropy : a guide to the new tools and actors reshaping global
philanthropy and social investing / edited by Lester M. Salamon.
pages cm
Includes bibliographical references and index.
ISBN 978–0–19–935754–3 (hardback : alk. paper) 1. Charities.
2. Investments—Moral and ethical aspects. I. Salamon, Lester M.
HV40.N448 2014
361.7—dc23
2013043895
9 8 7 6 5 4 3 2 1
Printed in the United States of America
on acid-free paper
For Vanessa, Cas, Ben, Dominick, Zoe, and Zev,
May they grow up in a world in which the new frontiers of
philanthropy
Have helped to open opportunities and improve life chances
For all of the world’s children.
There are moments in history when the needs of an age prompt lasting,
promising innovation.
—Monitor Institute, 2009
CoNteNts
List of Figures ....................................................xi
List of Tables ...................................................xiii
List of Boxes .....................................................xv
Foreword .......................................................xvii
Preface ........................................................xxi
Acknowledgments ...............................................xxv
Directory of Participants ........................................xxvii
PART I INTRODUCTION . . . . . . . . . . . . . . . . . . . . 1
CHAPTER 1 THE REvoluTion on THE FRonTiERs oF PHilAnTHRoPy:
An inTRoDuCTion ..........................................................................3
Lester M. Salamon
PART II NEW ACTORS . . . . . . . . . . . . . . . . . . . . . 89
CHAPTER 2 CAPiTAl AggREgAToRs ...................................................... 91
Lisa Richter
CHAPTER 3 sEConDARy MARkETs ......................................................121
David J. Erickson
CHAPTER 4 soCiAl AnD EnviRonMEnTAl ExCHAngEs ...........................144
Durreen Shahnaz, Robert Kraybill, and Lester M. Salamon
CHAPTER 5 FounDATions As “PHilAnTHRoPiC BAnks” ........................165
Lester M. Salamon and William Burckart
CHAPTER 6 EnTERPRisE BRokERs .......................................................209
Lisa Hagerman and David Wood
CHAPTER 7 CAPACiTy BuilDERs .........................................................221
Melinda T. Tuan
CHAPTER 8 onlinE PoRTAls AnD ExCHAngEs ......................................240
Vince Stehle
CHAPTER 9 CoRPoRATE-oRiginATED CHARiTABlE FunDs .......................255
Rick Cohen
CHAPTER 10 FunDing CollABoRATivEs ..............................................291
Angela M. Eikenberry and Jessica Bearman
viii CONTENTS
PART III NEW TOOLS . . . . . . . . . . . . . . . . . . . . . 309
CHAPTER 11 ovERviEw: THE nEw Tools oF “PHilAnTHRoPy” ................311
Luther M. Ragin Jr.
CHAPTER 12 loAns, loAn guARAnTEEs, AnD oTHER CREDiT
EnHAnCEMEnTs ..........................................................................314
Norah McVeigh and Julia Sass Rubin
CHAPTER 13 FixED-inCoME sECuRiTiEs ..............................................341
Elise Balboni and Shari Berenbach
CHAPTER 14 sECuRiTizATion ............................................................366
Mary Tingerthal
CHAPTER 15 PRivATE EquiTy invEsTMEnTs .........................................395
Monica Brand and John Kohler
CHAPTER 16 soCiAl-iMPACT BonDs/PAy-FoR-suCCEss FinAnCing .........424
Drew von Glahn and Caroline Whistler
CHAPTER 17 insuRAnCE ...................................................................457
Craig Churchill and Lauren Peterson
CHAPTER 18 soCiAlly REsPonsiBlE invEsTing AnD PuRCHAsing .........495
Steve Lydenberg and Katie Grace
CHAPTER 19 nEw FoRMs oF gRAnTMAking: CoMPETiTions,
PRizEs, AnD CRowD souRCing .....................................................514
Peter Frumkin
PART IV CROSSCUTTING ISSUES . . . . . . . . . . . . . 537
CHAPTER 20 wHo gAins, wHo losEs? DisTRiBuTionAl
iMPACTs oF THE nEw PHilAnTHRoPy ..............................................539
Part A: Who Loses?
Michael Edwards
Part B: Who Gains?
Matthew Bishop and Michael Green
CHAPTER 21 THE DEMAnD siDE oF THE soCiAl invEsTMEnT
MARkETPlACE .............................................................................562
Alex Nicholls and Rod Schwartz
CHAPTER 22 THE ElusivE quEsT FoR iMPACT: THE Evolving PRACTiCE oF
soCiAl-iMPACT MEAsuREMEnT .....................................................583
Brian Trelstad
Contents ix
CHAPTER 23 THE nEw FRonTiERs oF PHilAnTHRoPy in gloBAl
PERsPECTivE ..............................................................................604
Maximilian Martin
CHAPTER 24 A PoliCy AgEnDA FoR THE nEw FRonTiERs
oF PHilAnTHRoPy .......................................................................636
Shirley Sagawa
Appendix: New Frontiers of Philanthropy Project Advisory Committee ...655
Glossary .......................................................657
Bibliography ....................................................663
Index ..........................................................703