SmarterMoney+ - Maximize Impact + Maximize Return - July 19-20, 2017 Nantucket - LOCUS Impact Investing
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SmarterMoney + TM
July 19-20, 2017
Nantucket
Maximize Impact + Maximize Return
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THIS IS NOT AN OFFERING OF SECURITIES. SUCH AN OFFER MAY ONLY BE MADE IN
COMPLIANCE WITH DISCLOSURE AND DELIVERY REQUIREMENTS UNDER APPLICABLE
SECURITIES LAWS AND WILL BE LIMITED TO PRESCRIBED CATEGORIES OF INVESTORS.
THESE DOCUMENTS ARE CONFIDENTIAL AND FOR INFORMATIONAL PURPOSES ONLY. DO NOT
FORWARD THIS INFORMATION TO ANY OTHER PERSONS WITHOUT THE WRITTEN CONSENT OF
THE SPONSORS. THE SPONSORS OF THIS PROGRAM BELIEVE THE INFORMATION
CONTAINED HEREIN IS ACCURATE BUT WE HAVE NOT INDEPENDENTLY VERIFIED ANY
INFORMATION AND DO NOT UNDERTAKE TO UPDATE ANY INFORMATION CONTAINED HERE.
PLEASE CONDUCT YOUR OWN DUE DILIGENCE. THE MATERIAL CONTAINS FORWARD LOOKING
STATEMENTS. NOTHING HEREIN SHOULD BE INTENDED AS GUARANTIES OF FUTURE
PERFORMANCE. ANY FUTURE PERFORMANCE OF ANY COMPANY DISCUSSED HEREIN IS SUBJECT
TO MANY RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT.
SECURITIES OFFERED THROUGH INTELLIVEST SECURITIES, INC. MEMBER FINRA SIPC.
THE SPONSORS OF THIS EVENT HAVE ATTEMPTED TO LIMIT ATTENDANCE TO ONLY THOSE WHO
HAVE QUALIFIED AS ACCREDITED INVESTORS UNDER REGULATION D PROMULGATED BY THE
SEC UNDER THE U.S. SECURITIES AND EXCHANGE ACT OF 1934 AND WHO ALSO QUALIFY AS
ENJOYING THE REQUISITE LEGAL PRE-EXISTING RELATIONSHIPS AS MANDATED BY US
SECURITIES LAWS. IF YOU HAVE NOT BEEN INVITED TO THIS EVENT, PLEASE LEAVE NOW AS YOU
ARE TRESPASSING. SOME PRESENTERS AT THIS EVENT ARE CLIENTS OF BIG PATH CAPITAL AND
INTELLIVEST SECURITIES AND HAVE PAID A FEE FOR CONSULTING OR INVESTING BANKING
SERVICES OR TO SPEAK AT THIS EVENT. NOTWITHSTANDING ANY LANGUAGE CONTAINED
HEREIN TO THE CONTRARY, THE PURPOSE OF THIS EVENT IS EDUCATIONAL WITH RESPECT TO
PROVIDING INFORMATION ABOUT THE EMERGING CLEANTECH AND IMPACT INVESTING
INDUSTRIES AND IS NOT DESIGNED TO SELL SECURITIES OR INVESTMENTS. IF ANY ATTENDEE
AT THIS EVENT ENTERS INTO A RELATIONSHIP WITH ANYONE MET AT THIS EVENT, INCLUDING,
WITHOUT LIMITATION, ANY PRESENTER, AND REGARDLESS OF THE NATURE OF THE
SUBSEQUENT RELATIONSHIP, INCLUDING, WITHOUT LIMITATION, AS CUSTOMER, SUPPLIER,
LENDER, INVESTOR, EMPLOYEE, INDEPENDENT CONTRACTOR, THE ATTENDEE DOES SO AT HER
OR HIS OWN RISK AND YOU MUST DO YOUR OWN DUE DILIGENCE AS BIG PATH CAPITAL LLC,
INTELLIVEST SECURITIES, INC. AND THEIR EMPLOYEES, AFFILIATES, AND AGENTS ARE IN NO
WAY RESPONSIBLE FOR ANY LOSS SUFFERED BY YOU IF THE RELATIONSHIP DOES NOT WORK
OUT. THE SPONSORS OF THIS EVENT ARE NOT ENDORSING ANY PRODUCTS OR SERVICES THAT
ARE DESCRIBED IN THE ADVERTISEMENTS CONTAINED HEREIN. OUR RESPONSIBILITY IS
LIMITED TO PROVIDING A COMFORTABLE FORUM FOR YOUR EDUCATION AND
ENTERTAINMENT AT THIS EVENT. YOUR ATTENDANCE AT THIS EVENT IS YOUR
ACKNOWLEDGEMENT OF THE FOREGOING. THANK YOU FOR ATTENDING.
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Impact Capitalism Summit Nantucket
AGENDA AT A GLANCE
Pre-Event - Wednesday, July 19
8.45am Registration and Welcome Foyer
TED Talk: Addressing Low Carbon Transition
9.05am The Grand Ballroom
Through Policy & Investing
Beachside Chat 1: Decarbonization Strategies being
9.25am The Grand Ballroom
Employed by Foundations & Endowments
TED Talk: Reflections from the Former Chief of
10.05am The Grand Ballroom
Staff, US Department of Energy
Beachside Chat 2: Improving Risk-Return Profiles by
10.20am The Grand Ballroom
Families Investing in Climate Solutions
Beachside Chat 3: Building a Larger Tent to
10.40am The Grand Ballroom
Mobilize Capital & Exert Influence
11.20am TED Talk: Empirical Evidence The Grand Ballroom
11:35am Q & A - Wrap up The Grand Ballroom
5
Impact Capitalism Summit Nantucket
AGENDA AT A GLANCE
Wednesday, July 19
12:00pm Registration & Networking The Grand Ballroom
1:00pm Welcome to Nantucket The Grand Ballroom
Keynote
1:15pm Sandra Urie, Chairman Emeritus, Cambridge The Grand Ballroom
Associates
Roundtable Discussion #1: Using Impact Investments
1:30pm The Grand Ballroom
to Serve Our Planet
TED Talk: Decision Making Styles across Gender &
2:20pm The Grand Ballroom
Generations
Roundtable Discussion #2: The Knowledge Gap in
2:35pm The Grand Ballroom
Impact Investing
3:25pm Networking Break The Grand Ballroom
4:00pm TED Talk: Community The Grand Ballroom
Roundtable Discussion #3: Public Equities
4:15pm The Grand Ballroom
Shareholder Engagement & Impact Strategies
5:00pm Day 1 Wrap-up The Grand Ballroom
5:30pm Cocktail Reception The Great Harbor Yacht Club
6:30pm New England Clambake The Great Harbor Yacht Club
Ted Talk: Reflections on the Clean Energy Sector:
7:30pm Moving on From the Past and Collectively Shaping a The Great Harbor Yacht Club
Successful Future
Fireside Chat: Scaling Clean Energy Economy in the
7:45pm The Great Harbor Yacht Club
Age of Trump
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Impact Capitalism Summit Nantucket
AGENDA AT A GLANCE (continued)
Thursday, July 20
8:00am Breakfast The Grand Ballroom
Keynote
9:00am Kelly Williams, Chair & CEO, Private Equity The Grand Ballroom
Women Investor Network
TED Talk: How Impact Investing can Reach
9:20am The Grand Ballroom
Mainstream Investors
9:40am Investor Connect The Grand Ballroom
TED Talk: A New Approach to Healthcare - A
11:00am The Grand Ballroom
Healthier Nation
Roundtable Discussion #4: Direct Investments:
11:15am The Grand Ballroom
Wisdom From the Trenches
12:05pm Lunch The Grand Ballroom
Keynote Address
12:15pm Ken Mehlman, Member & Global Head of Public The Grand Ballroom
Affairs, KKR
TED Talk: Engaging Millennials in the Impact
1:00pm The Grand Ballroom
Investment Process
Roundtable Discussion #5: Sustainability & Impact:
1:15pm The Grand Ballroom
Can They Co-Exist for Market Return?
TED Talk: A Woman & a Millennial Walk into a
2:05pm The Grand Ballroom
Bar: Conscious Movement of Money & Meaning
2:20pm Roundtable Discussion #6: Women in Impact The Grand Ballroom
3:45pm Closing Reception 127 Main St (Kelly Williams' Residence)
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Table of Contents
About Big Path Capital 10
Upcoming Events
Impact Capitalism Summit London – November 7th & 8th 2017 52
Conference details
Agenda Breakdown 13
Speaker Biographies 32
Investor Connect
Arabesque Asset Management 20
Bernstein 21
Developing World Markets 22
Invenergy 23
JCM Power 24
New Markets Venture Partners 25
Sambazon 26
Shared X 27
Shift Capital 28
Vermont Works 29
WeSpire 30
Wireframe Ventures 31
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Welcome
Dear Participants,
On behalf of Big Path Capital, it is our pleasure to welcome you to Impact Capitalism Summit IX. ICS represents the largest
gathering of investable assets focused on return and impact in the world, convening institutional investors with a portfolio
approach to Impact Investing interested in deploying capital across asset classes.
At Big Path Capital, we are convinced that the engine of capitalism has been misused, underused, and ultimately squandered.
Big Path works exclusively with companies, funds, and investors who are harnessing the power of capital markets to create
social, environmental and financial returns.
The theme for ICS Nantucket 2017 is At The Helm: Women + Millennials + $60 Trillion Wealth Transfer & Moving Towards The
Clean Energy Economy in the Era of Trump – two key issues informing and forming the impact investing landscape. The biggest
transfer of wealth in human history has started. Over the next 35 years, an unprecedented $60 trillion dollars of wealth will
transfer to women and millennials. Women will inherit 70% of this wealth. By 2030, two thirds of the wealth in the United
States will be in women's hands. Lastly, women and millennials factor a company's social and environmental impact into their
investing decisions at a dramatically higher rate. There is a similar set of undercurrents happening in the clean energy world.
With the US’ withdrawal from the Paris Accord and the lack of a clear energy policy, investors, states, and companies are
taking matters into their own hands and having an impact. It is our belief that this confluence of factors will drive change and
growth in the sector.
ICS Nantucket draws attendance from leading family offices, foundations, global wealth investment firms, investment advisors,
fund managers, companies and service providers who make up the growing ecosystem of the Impact Capitalism community.
The overarching philosophy of the Summit is SmarterMoney+™: Maximize Impact + Maximize Return. Smarter capital
generates returns as it generates good. Smarter capital creates returns as it benefits a broader set of stakeholders: shareholders,
the environment, and society.
The conference program is built around three components: panels on key asset classes and impact themes, Impact in Action,
and empirical data. The agenda contains a wide range of panels on diverse asset classes and impact themes. Impact in Action
relates to real world examples of funds and companies (one-page summaries contained in the program guide) realizing return
and impact. In addition, there will be a series of presentations and the ability to meet one-on-one with these funds and
companies.
ICS provides a rich environment for learning alongside business development opportunities. The purpose of the event is
educational with respect to providing information about the Impact Investing sector and is not designed to sell securities or
investments.
Welcome to the Summit.
Sincerely,
Shawn Lesser Michael Whelchel
Co-Chairs, Impact Capitalism Summit
9
About
Founded in 2007
Impact investment bank working with impact & sustainable companies and funds
Largest global network of Impact Investors
Worked in over 120 engagements (companies and funds) more than any investment bank in the sector
The conduit between companies, funds, and investors focused on impact and return
Select Clients Select Clients
Companies Funds
Our Focus Areas
Convenings Education
1,400+ individuals (mainly
investors) have attended our Published 6 SmarterMoney+
events, including global Impact Reviews – The Reader Digest for
Investors Events Impact Investors
Contact us for more details
Jyoti Aggarwala, Director E: jyoti@bigpathcapital.com 10Meet the Team
Michael Whelchel – Co-Founder & Partner
Michael is Co-Founder and Managing Partner of Big Path Capital, a leading boutique impact
investment bank focused on providing Corporate Finance, M&A, and Placement Agent services to
impact companies and funds globally. Big Path has worked with over 120 impact and sustainable
companies and funds, more than any firm in the sector. In 2007 the old economy driven by the
single gear of profit maximization reached a dead end in the financial crisis. It was a moment of
reckoning during which Michael left his fifteen-year career in private equity to form Big Path
Capital with his partner, Shawn Lesser, leveraging the engine of capitalism for an expansive
economy built on natural, social, and financial capital.
Recognizing that impact investing isn’t just a different way of investing but a superior way of
deploying capital, Michael is committed to challenging the status quo and to raising the expectation
of capital. In this vein, Big Path has created a number of first-in-class initiatives demonstrating
SmarterMoney+: Maximize impact, Maximize return. These include the Five Fund Forum, Impact
Capitalism Summit, and Impact & Sustainable Trade Missions. Michael received a BA summa cum
laude, Phi Beta Kappa from the University of the South in Sewanee, TN and a MBA from the
Kellogg School of Management, Northwestern University. Michael is an advisory board member of
the Croatan Institute and the Babson Center for Global Commerce and is a member of the Social
Venture Network and Net Impact.
Shawn Lesser – Co-Founder & Partner
Shawn Lesser has over twenty years of experience in the financial advisory sector to Big Path
Capital. Prior to co-founding Big Path Capital, Shawn founded the investment bank, Sustainable
World Capital, which assisted cleantech companies in raising capital from European institutional
investors. Shawn has been Co-Head and Managing Director of the international equity teams at
Morgan Keegan and at Deutsche Bank.
He is the author of the book, 2012 Global Cleantech Directory: 100 Cleantech Lists That Matter.
In partnership with Michael Whelchel, Shawn has founded a number of first of their kind
initiatives all of which demonstrate SmarterMoney+, maximize return, maximize impact. Those
include the Five Fund Forum, Impact Capitalism Summit, and Impact & Sustainable Trade
Missions. In 2010, Shawn also co-founded the Global Cleantech Cluster Association as a meta-
cluster to create momentum and move the cleantech market by networking global clusters together.
Shawn speaks at events around the world on the topic of Impact and Sustainable Investment and
partners with the US Department of Commerce conducting the Impact and Sustainable Trade
Mission across the globe. Shawn received his BS in Finance from Syracuse University. He is
conversant in German and Spanish and lives in Atlanta, Georgia.
Nancy Rosenzweig – Director
Nancy has two decades of leadership experience in values driven, consumer-facing companies. She
has held C level and / or governance positions at Bright Horizons, Tom’s of Maine, ZipCar, Mama
Chia, Root Capital and Trillium Asset Management. Nancy has an impressive track record of
creating business value by identifying consumer trends ahead of the curve. In her leadership roles,
Nancy has been successful at raising capital, managing mergers, spin-outs and corporate sales to
strategic buyers.
11Meet the team (continued)
Jyoti Aggarwala – Director
Jyoti is a seasoned financial services professional with more than twenty five years of finance and
institutional sales experience. She has dedicated the last fifteen years of her career to building
relationships with top-tier institutional investors globally who are investing in alternative assets,
primarily venture capital and private equity. She has approached her career in an entrepreneurial
manner working independently for the last nine years during which time she was registered with
Scarsdale Equities, LLC between 2009 and 2015. Prior to that she was a partner with Thomas
Capital Group, a Seattle based boutique private placement firm. She has also worked with leading
domestic and international brokerage firms including Ladenburg, Thalmann & Co, Nomura
Securities, and Peregrine Brokerage, Inc. She holds Series 7, 63, 79 and 24 registrations. She
earned an MBA in Finance from Bentley University and a BA (Honors) in Economics from Delhi
University. She frequently volunteers to teach financial literacy to students through the High Water
Women financial literacy program.
Dan Kolber – Broker Dealer
Dan Kolber is President of Intellivest Securities, Inc., Big Path Capital's FINRA broker dealer. Dan
has over 25 years experience as a securities attorney and is a member of the Georgia, Florida, New
York and Virginia Bars. His education is as follows: New York University School of Law, L.L.M.,
1981; University of Virginia School of Law, J.D., 1978; and Boston University, B.A., 1975, magna
cum laude. He has experience in raising capital in exempt and registered offerings, representing
securities broker-dealers and registered investment advisors in all areas of compliance and
regulatory matters, and representing clients in securities arbitration and mediation proceedings. In
addition, Dan has experience as and is currently on the Chairman Arbitration and Mediator rosters
for FINRA (formerly the National Association of Securities Dealers).
12Agenda
JULY 19-20, 2017 • NANTUCKET, MA • NANTUCKET HOTEL & RESORT
Wednesday, July 19 – Pre-Event
8:45 a.m. Registration & Welcome
………………………………………………………………………………………………………………………………………………………………………………………
9:05 a.m. TED Talk: Addressing Low Carbon Transition Through Policy & Investing
Mindy Lubber
President
Ceres
………………………………………………………………………………………………………………………………………………………………………………………
9:25 a.m. Beachside Chat 1: Decarbonization Strategies Being Employed by Foundations & Endowments
Georges Dyer Dr Robert Johnson
Moderator
Principal Chancellor
Intentional Endowments UMass Dartmouth
Dana K Bezerra
Vice President
The F.B. Heron Foundation
………………………………………………………………………………………………………………………………………………………………………………………
10:05 a.m. TED Talk: Reflections From the Former Chief of Staff, US Department of Energy
Kevin Knobloch
Sr Research Associate
Center for International Environmental Research Policy
at The Fletcher School of Law & Diplomacy
………………………………………………………………………………………………………………………………………………………………………………………
10:20 a.m. Beachside Chat 2: Improving Risk-Return Profiles by Families Investing in Climate Solutions
Sarah Kearney Arunas Chesonis
Moderator
Executive Director Chairman & CEO
PRIME Chesonis Family Foundation
………………………………………………………………………………………………………………………………………………………………………………
13Agenda
Wednesday, July 19 – Pre-Event
10:40 a.m. Beachside Chat 3: Building a Larger Tent to Mobilize Capital & Exert Influence
Tom Burton Emma Howard Boyd
Member Chair
Mintz Levin Environment Agency UK
Moderator
Andrea Strimling Yodsampa
Founder & CEO
DEPLOY/US
………………………………………………………………………………………………………………………………………………………………………………………
11:20 a.m. TED Talk: Empirical Evidence
Leopold Peavy
Head of Investor Products
Preqin
………………………………………………………………………………………………………………………………………………………………………………………
11:35 a.m. Final Q&A
………………………………………………………………………………………………………………………………………………………………………………………
14Agenda
JULY 19-20, 2017 • NANTUCKET, MA • NANTUCKET HOTEL & RESORT
Wednesday, July 19
12:00 p.m. Registration & Networking
………………………………………………………………………………………………………………………………………………………………………………………
1:00 p.m. Welcome to Nantucket
Shawn Lesser Michael Whelchel
Co-Founder & Partner Co-Founder & Partner
Big Path Capital Big Path Capital
………………………………………………………………………………………………………………………………………………………………………………………
1:15 p.m. Opening Keynote
Sandra Urie
Chairman Emeritus
Cambridge Associates
………………………………………………………………………………………………………………………………………………………………………………………
1:30 p.m. Roundtable Discussion #1: Using Impact Investments to Serve Our Planet
Christie Zarkovich Nancy Pfund
Moderator
Managing Director Investment Committee Member
Cambridge Associates National Geographic Society
Kristen Tongberg Michael Ulica
Managing Director Executive VP, COO & CFO
Cambridge Associates National Geographic Society
………………………………………………………………………………………………………………………………………………………………………………………
2:20 p.m. TED Talk: Decision Making Styles Across Gender & Generations
Randy Kaufman
Director
EMM
…………………………………………………………………………………………………………………………………………………………………………………
15Wednesday, July 19 (continued)
2:35 p.m. Roundtable Discussion #2: The Knowledge Gap in Impact Investing
Jeremy Keele Megan Starr
Moderator
President & CIO Vice President
Sorenson Impact Center Goldman Sachs Asset Management
Justin Conway Gretchen Anderson
Vice President, Investment Partnerships Managing Director, Strategic Initiatives
Calvert Foundation Sorenson Impact Center
Sarah Gelfand
Director
Fidelity Charitable
……………………………………………………………………………………………………………………………………………………………………………………
3:35 p.m. Networking Break
……………………………………………………………………………………………………………………………………………………………………………………
4:00 p.m. TED Talk: Community
John Denniston
Founder & Chairman
Shared X
……………………………………………………………………………………………………………………………………………………………………………………
4:15 p.m. Roundtable Discussion #3: Public Equities Shareholder Engagement & Impact Strategies
Lindsey White Natasha Lamb
Sr Manager, Investor Network Managing Partner ,Director of Equity
Moderator
Ceres Research & Shareholder Engagement
Arjuna Capital
Jeffrey Scheer Brace Young
Director Partner
Pathstone Federal Street Arabesque Asset Management Ltd
Emily Chasan Kirsty Jenkinson
Sustainable Finance Editor Managing Director
Bloomberg Wespath
……………………………………………………………………………………………………………………………………………………………………………………………………….
5:00 p.m. Venue Change: Proceed to the Great Harbor Yacht Club. Transportation will be provided.
16Wednesday, July 19 (continued)
5:30 p.m. Cocktail Reception
………………………………………………………………………………………………………………………………………………………………………………………
6:30 p.m. New England Clambake
………………………………………………………………………………………………………………………………………………………………………………………
7:30 p.m. TED Talk: Reflections on the Clean Energy Sector: Moving on From the Past & Collectively
Shaping a Successful Future
Liqian Ma
Managing Director
Cambridge Associates
………………………………………………………………………………………………………………………………………………………………………………………
7:45 p.m. Scaling Clean Energy Economy in the Age of Trump
Alicia Seiger Christian Wray
Moderator
Deputy Director CEO & Co-Founder
Stanford-Taylor Center for Energy JCM Power
Policy & Finance
Amy Francetic Robert Costantino
SVP New Ventures & Corporate Affairs Director, Latin America
Invenergy Developing World Markets
………………………………………………………………………………………………………………………………………………………………………………………
Thursday, July 20
8:00 a.m. Breakfast
………………………………………………………………………………………………………………………………………………………………………………………
9:00 a.m. Keynote
Kelly Williams
Chair & CEO
Private Equity Women Investor Network
………………………………………………………………………………………………………………………………………………………………………………………
9:20 a.m. TED Talk: How Impact Investing Can Reach Mainstream Investors
Jonathan Godsall
Associate Partner
McKinsey
………………………………………………………………………………………………………………………………………………………………………………………
9:40 a.m. Investor Connect: Impact in Action
17Thursday, July 20 (continued)
11:00 a.m. TED Talk: A New Approach to Healthcare – A Healthier Nation
Dr. Phillip Polakoff
Founder & CEO
A Healthier Me
………………………………………………………………………………………………………………………………………………………………………………………
11:15 p.m. Roundtable Discussion #4: Direct Investments – Wisdom From the Trenches
Nancy Rosenzweig Dr. Cody Friesen
Moderator
Director Founder & CEO
Big Path Capital Zero Mass Water
Tony Arnerich Jen Paragallo
CO-CIO & Principal VP Marketing
Arnerich Massena & Associates Fishpeople Seafood
Jonathan Levy
Director of Policy & Strategy
Visionridge
………………………………………………………………………………………………………………………………………………………………………………………
12:05 p.m. Lunch
………………………………………………………………………………………………………………………………………………………………………………………
12:15 p.m. Keynote Address: A Conversation with KKR
Ken Mehlman Vipul Bhagat
Member & Global Head of Public Affairs Global Client Leader
KKR IFC
……………………………………………………………………………………………………………………………………………………………………………………
1:00 P.M. TED Talk: Engaging Millennials in the Impact Investing Process
Temple Fennell
Managing Director
Keller Enterprises
18Thursday, July 20 (continued)
1:15 p.m. Roundtable Discussion #5: Sustainability & Impact – Can They Co-Exist for Market Return?
Vipul Bhagat Eric Glass
Moderator
Global Client Leader Portfolio Manager, Fixed Income Impact
IFC AB Global
Shuaib Sidiqqui Christine Looney
Director – Impact Investing Deputy Director, Mission Investments
Surdna Foundation Ford Foundation
Ali Hartman
Head of Global Citizenship
KKR
………………………………………………………………………………………………………………………………………………………………………………………
2:05 P.M. TED Talk: A Woman and a Millennial Walk Into a Bar: Conscious Movement of
Money & Meaning
Elana Yonah Alexander McCobin
Chief Advancement Officer Co-CEO
Conscious Capitalism Conscious Capitalism
………………………………………………………………………………………………………………………………………………………………………………………
2:20 p.m. Roundtable Discussion #6: Women in Impact
Lindsay Zizumbo Elizabeth Chou
Moderator
Chief Operating Officer Partner
Sorenson Impact Center New Markets Venture Partners
Jessica Bissey Liz Luckett
Sr Associate President at The Social Entrepreneurs’ Fund
Morrison & Foerster Maycomb Capital
Andrea Phillips
Founder & Managing Partner at
The Community Outcomes Fund
Maycomb Capital
………………………………………………………………………………………………………………………………………………………………………………………
3:45 p.m. Venue Change: Walk over to Kelly William’s Residence for the Closing Reception (127 Main Street)
………………………………………………………………………………………………………………………………………………………………………………………
19Investment Process: Transparent & Rules-Based
Arabesque S-Ray™ USA Universe
The Fund's sustainable equity universe consists of around 1.100 liquid
US stocks that have passed Arabesque S-RayTM screening: Arabesque’s
proprietary assessment of non-financial risk factors such as
environmental, social and governance (“ESG”) issues as well as
alignment with the principles of the UN Global Compact.
Asset Allocation
Arabesque Systematic USA Fund
is a balanced US equity fund that On a daily basis, the Fund
uniquely combines sustainability assesses the equity market
values with a sophisticated risk using a rules-based Stock Selection
fundamental and quantitative process and allocates
stock selection process. between equity and cash. The stock selection is based
on a rules-based portfolio
optimization taking into
Fund Overview consideration price
Capital Protection information, financial data,
Ticker ASUIX analyst estimates and
The Fund aims to have transactions costs. The
ISIN US3608752982 returns that are portfolio consists of up to
Inception May 2nd, 2017 approximately 25% less around 50 stocks.
volatile than the benchmark
Benchmark MSCI USA
and to limit maximum
Fund Assets $11.5M drawdowns to around 25%.
Firm Assets $72.8M
About Arabesque The Mission
• Arabesque was founded in
June 2013, is authorised and Making
regulated by the Financial
Conduct Authority (FCA) and sustainable
registered as an investment
adviser with the SEC.
investing
• The majority of Arabesque is
attractive and
owned by its founders and available to all.
employees.
Freely explore S-Ray™on
• Arabesque Management and www.arabesque.com/s-ray/
Advisory Boards are composed Investment Philosophy
by experts in the field of
sustainable investing and
quantitative finance.
• By combining sophisticated
and systematic investment
processes with values of the We believe integrating material The rules-based quantitative
UN Global Compact and the sustainability information in the investment process helps to avoid
Principles of Responsible investment process is the fourth typical behavioural biases and
Investment (PRI), Arabesque dimension of security analysis, to makes for a transparent,
aims to make sustainable help reduce risk and increase disciplined strategy, capable of
investing financially attractive. performance. processing vast data streams.
• www.arabesque.com
It is not our intent to provide any
information about any current or
future offering. Any information The Investment Committee The Fund only invests in liquid
provided herein is intended to be reviews all decisions and has the equity and cash instruments. No
general information about our ability to reduce the risk level of derivatives, no leverage, no
management and business model the portfolio in case of exceptional shorting, no stock lending.
and historical data only. circumstances. 201Q
03/31/17
AB MUNICIPAL IMPACT ERIC GLASS, PORTFOLIO MANAGER IMPACT STRATEGIES
212-756-4427 eric.glass@abglobal.com
INVESTMENT STRATEGY ENVIRONMENTAL AND SOCIAL CONSIDERATIONS VARY BY SECTOR
AB is a leading global investment management firm that offers high-
quality research and diversified investment services to institutional
investors, individuals and private wealth clients in major world
markets. We are one of the largest investment management firms
Mass Transit Water/Sewer Education
in the world, with $498 billion in assets under management as of
■ Carbon emission ■ Conservation, water ■ Attendance, graduation
March 31, 2017. AB is singularly focused on asset management and reduction quality rates, proficiency,
research. We believe our exclusive focus on asset management— ■ Access for low-income ■ Access/outreach outreach to at-risk
without the potential distractions or conflicts associated with populations for low-income youth
investment banking, insurance writing or commercial banking— populations ■ Free and reduced-
helps us maintain a highly effective investment organization with price meals
a culture that exists solely to benefit our clients. As a global firm,
we care deeply about environmental, social and governance issues Energy Economic/Community Healthcare
and the impact they can have on the world and our clients’ financial ■ Transition to Development ■ Quality/safety of care
interests. AB is committed to responsible investing: it is part of renewables ■ “Green” use of ■ Charity care and
our fiduciary obligation in partnering with our clients to help them ■ Access/outreach for proceeds Medicaid exposure
achieve their long-term investment objectives. We have been a low-income ■ Underserved
populations communities
signatory of the Principles for Responsible Investment (PRI) since
November 2011.
SUMMARY Environmental Social
Delivers positive social and environmental impact, favoring
investments in underserved and low socio-economic status
communities. Entities with good corporate governance, transparent
financial reporting, forward-thinking environmental practices, Governance
and responsible behavior towards its employees and community ■ Stewardship of Capital ■ Transparency
should have better long-term prospects than those deficient in
these characteristics. We believe applying environmental, social
and governance criteria to our investment process uncovers
value, reduces volatility, and provides additional risk mitigation
from a credit perspective. Each investment represents a specific
intentionality whether it be promoting a transition to renewable
energy or reducing the academic achievement gaps that exist PORTFOLIO CHARACTERISTICS
between school districts of means and those with less resources
and high percentages of economically-disadvantaged students.
Average Duration Range: 5 to 6 Years
OPPORTUNITY Average Credit Quality: A to A+
Over the next several decades, we expect to see a transfer of wealth Minimum Investment: $3 Million
upwards of tens of trillions of dollars to women and millennials
who have suggested that they would like to better align their values
with their investments. In other words, doing well and doing good!
Unlike other impact-investment models where return is expected State Profile (Percent)
to be sacrificed to achieve impact, we believe that the AB Municipal
Impact Strategy will provide at-or-above market returns to investors. OR
Simply put, municipal entities with strong environmental, social CA
9 TX
and governance practices will perform better than one’s with poor
ESG practices over the long term.without the potential distractions 7
35
or conflicts associated with investment banking, insurance writing 7 NV
or commercial banking—helps us maintain a highly effective
investment organization with a culture that exists solely to benefit 7 NY
our clients. As a global firm, we care deeply about environmental, 17
social and governance issues and the impact they can have on 7
the world and our clients’ financial interests. AB is committed Other 7 4 MA
to responsible investing: it is part of our fiduciary obligation in MI
partnering with our clients to help them achieve their long-term
KY
investment objectives. We have been a signatory of the Principles for
Responsible Investment (PRI) since November 2011.
You should not assume that these securities or investments we make in the future were or will be profitable or will equal the performance of the securities
discussed in this document. Market Risk: The market values of the portfolio’s holdings rise and fall from day to day, so investments may lose value.
Based on a representative account as of March 31, 2017. Portfolio holdings, characteristics, and weightings will vary over time. Contact your Bernstein Advisor for a complete list
of portfolio holdings.
AllianceBernstein® and the [A/B] logo are registered service marks used by permission of the owner, AllianceBernstein L.P. © 2017 AllianceBernstein L.P. | bernstein.com 21InvesƟng for impact.
As a pioneer in the field of impact inves ng,
DWM has invested or arranged $1.5 billion in
financing for more than 170 socially posi ve
companies in 50 emerging and fron er markets.
Through our approach of seeking risk‐adjusted
returns and measurable social and environmental
outcomes, we partner with some of world’s
largest ins tu onal investors and wealth
managers to help address some of the most
pressing challenges facing the developing world.
I I
E F
M 1999
PÙ®òã Dã · PÙ®òã Øç®ãù · Pç½® EØç®ã®Ý
investorrela ons@dwmarkets.com | www.dwmarkets.com
22INVESTMENT OVERVIEW
Invenergy is the world’s largest independently owned clean energy producer
with 15,000 megawatts of wind, solar, gas and battery storage in operation and
development. Invenergy is now forming the Invenergy Future Fund LP (the “Fund”) to
invest in early-stage technology businesses that make clean energy more affordable,
reliable and secure. The Fund aims to leverage the decades of engineering and
www.InvenergyFutureFund.com operational expertise at Invenergy to source, diligence, and manage investments
that can provide a successful return for Fund investors. Adding value beyond just
cash, the Fund seeks to grow innovative businesses through pilot tests, engineering
Amy Francetic troubleshooting, business model improvements, and customer referrals. The
Managing Director Fund will draw upon its significant professional network across energy equipment,
312-582-1096 desk transmission, engineering services, the utility industry, regulatory and government
847-899-2225 mobile agencies, and research institutions. This deep expertise will help predict trends and
afrancetic@invenergyllc.com better understand market changes.
The Fund will be anchored by Invenergy LLC and is seeking limited partners at
Fund Overview: corporations, utilities, insurance companies, banks, pension funds, family offices,
• Fund Name: Invenergy Future Fund LP and foundations. The goal is to provide a healthy return for Fund investors, not to
• Fund Type: Venture function as a mergers and acquisition team for Invenergy.
• Fund Size: $150M
• Focus: Energy Technology INVESTMENT THESIS
• GP Commitment: 10% of aggregate The Fund will invest an average of $5-8 million in early-stage technology companies
limited partner capital commitments focused on the transitioning energy landscape that have strong potential for
• Minimum Commitment: $1M significant revenue and operating profit growth. These companies are typically at
an inflection point where seed or A round funding has helped them prove that the
Fund Highlights: technology works, but now they need capital to commercially scale the business.
• Venture fund dedicated to funding high Traditional venture capital for energy companies has shrunk by half over the past
growth technology companies that will six years, and energy companies have proven to need more help from incumbent
make energy more affordable, reliable industry leaders and regulatory specialists who stand between the entrepreneurs
and secure and their customers: utility companies, developers, equipment manufacturers, and
• Invenergy is the world’s largest system integrators. The Fund will help solve this problem for its investments by
independently owned power producer recruiting expertise and support from these key players.
with 15,000 MW developed. Includes a
portfolio of wind, solar, natural gas and INVESTMENT TEAM
battery storage The Fund team has over 20 years of combined investing experience and 60 years
• 15 year-old company employing 350 combined operating experience. This team has successfully closed the Fund’s first
people in its Chicago headquarters, investment in Aquilon, a software platform that automates the settlement of energy
800 people worldwide and run by trades. Members of the Fund team have founded or held senior operating positions
entrepreneur CEO, Michael Polsky in small and mid-sized energy, financial, and technology companies and have led
• Fund management team has investment these companies to successful liquidity events.
experience from Polsky family office,
Kleiner Perkins, Clean Energy Trust, • Michael Polsky, CEO of Invenergy and Chair of the Investment Committee:
MVC Capital, and JP Morgan Chase Mr. Polsky is a three-time entrepreneur who is a pioneer in the energy industry.
• 10-year fund with 2 additional 1 year He has built and scaled two prior companies, including the sale of SkyGen to
extensions Calpine, and has led Invenergy since its founding in 2001. He has made venture
• 2% management fee; 20% carry investments through his family office for the past decade.
• Seeking investments in technology that • Amy Francetic, Managing Director of the Fund: Founded and ran leading energy
improves the efficiency and reliability accelerator, Clean Energy Trust, and was a deal professional at private equity firm
of energy assets, battery storage MVC Capital, where she led cleantech and IT investing. She also founded and
technology, cyber security, microgrids, sold a high-tech consumer products company to Lego Systems.
and new forms
• John Tough, Partner: Former VC at Kleiner Perkins Caufield & Byers, where he
of generation
focused on platform investments at the intersection of energy and technology.
• First investment: Aquilon – software
Most recently was Chief Revenue Officer at Choose Energy, the largest online
platform for automatically settling energy
energy marketplace in North America (recently exited).
trades
• First close completed May 2017 • Juan Muldoon, Principal: Worked at JP Morgan Chase in business analysis,
Committed LP’s: GE, Wisconsin Energy, multi-asset class trading, investments strategy, and portfolio management. He
7 Chicago families also worked in venture capital leading diligence and investments for early stage
companies in technology, consumer products, and enterprise services.
One South Wacker Drive | Suite 1800 | Chicago, IL | 60606
This confidential information sheet is intended for informational purposes only and does not constitute an offer with respect to the purchase or sale of any security, which will only be made by way of definitive offering materials which
should be reviewed carefully prior to making an investment. An investment in the Fund is subject to various risks not described herein and there can be no assurance that investment objectives will be achieved. Each prospective 23
investor should consult its own advisor as to legal, business and tax matters.You can also read
