Socially important projects can be commercially successful if they help them at the stage of development. Western investors investing in social enterprises receive not only moral satisfaction, but also an average of 5.8% per annum. The fast-growing sector of the impact investment attracts major players. Is it possible to develop in Russia and what can investors of Russian social companies count on?
Money from the heartSocial entrepreneurship sector originated in developed countries. Pioneers were performed by the United States, United Kingdom, Canada and Australia. In 1984, the Associations of the Sustainable Development Industry were created in the United States, and this can be considered the date of birth of such investments. In 2007, The Rockefeller Foudation introduced the term - "Impact investment". This investment in commercial companies that their main goal makes a solution to social problems, environmental protection, the implementation of the objectives of the Sustainable Development of the UN and in second place - profit. Such enterprises are not at all charitable. This is their difference from non-commercial projects that can be planned and unprofitable.
Since then, the Social Investment Sector has grown almost from scratch to $ 502 billion, the Global Impact Investing Network (GIIN) study said. In this area there are large players - management companies, development institutions, banks. For example, Black Rock has invested $ 90 billion in sustainable development, Goldman Sachs - $ 7 billion in the social sector. Most of all the money is sent to projects in agriculture, energy, health care, the joint study of the Foundation "Our Future" and the Higher School of Economics.
What exactly are we talking about? The Clearlyso major investment fund, founded in 2008 in London former investment banking, is fully focused on working with social companies. He has already provided 450 million pounds of 150 such organizations. One of them is Harry Specters Handmade Chocolate Manufacturer. The company provides a job and decent payment to people with autism. In October 2016, Clearlyso gave her a loan for 35,000 pounds, and in September 2018 he entered the company's capital by 457,000 pounds. Now it is a successful business, 60% of whose profits are on social goals (financial indicators are not disclosed).
No worse than othersThere is a stereotype: the solution of socially significant issues is associated only with costs. And rich businessmen who have a desire to make a good deed, must simply give money to people with burning eyes and forget about them. Social entrepreneurship tries to destroy this installation, showing that such companies are able to generate profits, even below the average in their sector.
In 2015, Morgan Stanley studied investment portfolios of companies with a social mission. It turned out that their yield is even more, and the volatility is less than that of ordinary stocks of stocks. In 2019, Morgan Stanley in a new study confirmed this conclusion.
According to the survey GIIN, the yield of impact investment justifies expectations of 76% of investors. It is less than the stock market brings, but in the West is an average of 5.8% per annum - not so bad. The weighted average capitalization index of companies with environmental, social or managerial values (KLD 400 Social Index) correlates with the Benchmark of the American market S & P 500.
And what about usWe have social entrepreneurship only originate. In Russia, there are two types of investors who are ready for such investments, realizing that they will bring less income. First, these are wealthy older businessmen who satisfied the need for resource accumulation and now want to share them. Their businesses consistently bring profits - more than they can spend, and they are interested in participating in the conversion of the world. The second type is Millenniyala, who quite early felt responsibility for the future and are ready to spend money on socially significant goals. And although the amount of their investment is less, the number of such investors will only grow.
And those and others came to the belief that the funds who were alive for charity solve important local tasks (the construction of the orphanage, payment of the operation, etc.), but are not able to build sustainable social organizations. They understand that this company should provide themselves and bring some profit to investors, and not live on grants and subsidies.
Now people who want to give money for social business, unite in clubs of business angels. As a rule, these are experienced businessmen and financiers who may appreciate the prospects for the project, to determine the form of support for the social company (preferential loan or capital entry) and issue all procedures. In addition, there is at least one fund in Russia, which put such investments on the flow, "our future." For 13 years, he financed 255 projects that solve various problems of society, by 693.2 million rubles.
As an example, I will lead the Foundation "Second Breath" - it was financed by one of the associations of impact investors. The fund collects used clothing through a network of own urban containers. The company earns on things in excellent condition, which go for sale through their own shops and other second-hands. Part of the collected clothes, it sacrifice in social organizations to gratuitous issuing in need. Things are in poor condition going on processing. The organization received a loan from the club of business angels by 1.6 million rubles. For 1.5 years on a preferential rate at that time, a bet of 10% and used money to open regional stores. Collects company and donations. Revenue for 2019 amounted to 29 million rubles, this year the turnover will be about 70 million rubles. and profits about 6 million.
Everything gradually goes to the fact that the support of social business will cease to be the case of only the communities of the IPCT investors and become a separate segment of the market. Our confidence is based on the fact that the demand for such investments on the part of social entrepreneurs, and proposals from caring businessmen will grow. This confirms world experience, and Russia does not remain aside of these processes. The main question: What profit can investors who have provided funding for social companies can be calculated? We will find out the answer to it in 5-7 years - investors invest in such a term.
The author's opinion may not coincide with the position of the VTIMES edition.